USD 210.9 billion
Storage Tank Market Size, Share, Growth Analysis, By Product(Hazardous and Non-hazardous), By Type(Aboveground and Underground Storage), By Industry Vertical(Oil & Gas, Water, Chemicals, Food & Beverage), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG10B2099 |
Region:
Global |
Published Date: May, 2024
Pages:
179
|Tables:
88
|Figures:
76
Storage Tank Market Insights
Global Storage Tank Market size was valued at USD 210.9 billion in 2022 and is poised to grow from USD 274 billion in 2023 to USD 781 billion by 2031, growing at a CAGR of 14.1% in the forecast period (2024-2031).
The demand for storage tanks has surged in recent years, driven by several factors including the expanding petrochemical sector, rising oil and gas consumption and increased infrastructure construction spending. These tanks play an important role in safely storing various materials such as petroleum, chemicals, water and renewable energy sources, ensuring their accessibility and reliability when needed. Particularly, the rising global energy consumption necessitates sufficient storage facilities to hold crude oil, refined goods, and natural gas, thus driving the growth of the storage tank market.
Investments in infrastructure development have further fueled the demand for storage tanks, as nations seek to enhance their metropolitan centers, industrial facilities, and transportation systems. These tanks store materials like cement and aggregates essential for construction projects, ensuring a steady supply to support infrastructure development initiatives. Additionally, the petrochemical sector significantly influences the storage tank market, with increased demand for tanks to store raw materials, intermediates, and finished goods used in the production of plastics, chemicals, fertilizers, and pharmaceuticals.
And the emphasis on renewable energy sources such as solar and wind has boosted the demand for storage tanks. These tanks store energy from renewable sources, ensuring a constant supply even during unfavorable weather conditions. The strict environmental regulations have driven the adoption of storage tanks with advanced safety features and leak detection systems to ensure secure handling and storage of hazardous materials. Rapid urbanization and industrialization have also contributed to the market growth, with storage tanks providing a reliable solution for storing water, chemicals, and other materials needed for industrial processes and urban expansion. Therefore, the technological advancements along with rising exploration and production efforts in the oil and gas sector, continue to drive revenue growth in the storage tank market.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Hazardous
Fastest Growth
Non hazardous
Growth Rate
14.1% CAGR
Global Storage Tank Market ($ Bn)
Country Share for North America Region (%)
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Storage Tank Market Segmental Analysis
The global storage tank market is segmented by type, application, sales channel and region. Based on product, the market is segmented into hazardous and non-hazardous. Based on type, the market can be segmented into aboveground and underground storage tanks. Based on industry vertical, the market can be segmented into oil & gas, water, chemicals, food & beverage and others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa.
Analysis by Product
Based on product, the market is segmented into hazardous and non-hazardous. Hazardous segment dominated the market, accounting for 61% of market revenue. Hazardous storage tanks hold a significant share of the market due to the widespread use of petroleum products, chemicals and other hazardous materials across industries such as oil and gas, chemical manufacturing, and pharmaceuticals. The demand for this segment is driven by the critical need for safe containment and handling of these substances to mitigate environmental risks, ensure worker safety, and comply with stringent regulatory standards. Industries reliant on hazardous materials, such as petrochemical refineries and chemical processing plants, require storage solutions capable of withstanding corrosive environments and extreme conditions. Additionally, the increasing focus on environmental protection and risk management further amplifies the demand for sophisticated hazardous storage tank systems equipped with advanced monitoring and safety features. As industries continue to expand globally and regulations tighten, the demand for high-quality hazardous storage tanks is expected to remain strong, albeit with growing emphasis on sustainability and compliance with environmental standards.
The fastest-growing segment in the storage tank market could be non-hazardous storage tanks, driven by several factors. One key factor is the increasing demand for storage solutions in industries such as water treatment, agriculture, and food and beverage, where non-hazardous substances like water, grains, oils, and food products need to be stored in large quantities. Population growth, urbanization, and changing consumption patterns are driving the need for efficient storage infrastructure to support food and water supply chains. Additionally, the rising adoption of renewable energy sources like solar and wind power necessitates storage facilities for non-hazardous substances such as batteries and hydrogen. Moreover, stringent regulations regarding environmental protection and food safety are prompting industries to invest in modern storage tank systems with features like insulation, corrosion resistance, and sanitation to ensure product quality and regulatory compliance. As sustainability becomes a priority, there's also a growing interest in eco-friendly storage solutions made from recyclable materials or designed for rainwater harvesting. These factors collectively contribute to the rapid growth of the non-hazardous storage tank market, making it a promising segment in the industry.
Analysis by Type
Based on type, the market can be segmented into aboveground and underground storage tanks
Aboveground storage tanks have been leading the market and is accounting for 57% of market revenue. ASTs offer advantages in terms of easier installation, inspection and maintenance compared to underground storage tanks (USTs). They are commonly used across a wide range of industries, including oil and gas, chemicals, water treatment, and agriculture. The visibility and accessibility of ASTs make them preferable for many applications, allowing for quick visual inspections, repairs, and modifications when needed. Additionally, ASTs are often perceived as safer and more environmentally friendly than USTs since leaks or spills are more readily detected and contained. Moreover, regulatory compliance for ASTs is typically less complex and costly compared to USTs, further driving their demand. Since industries are prioritizing safety, efficiency and regulatory compliance, the demand for aboveground storage tanks is expected to remain strong, making it a leading segment in the global market.
The fastest-growing segment in the global storage tank market is likely the underground storage tanks (USTs). Increasing urbanization and industrialization have led to a scarcity of land, prompting industries to opt for space-efficient storage solutions like USTs. The heightened environmental awareness has also driven industries to prioritize underground storage to minimize visual impact and reduce the risk of spills or leaks, which can be more easily contained underground. Moreover, advancements in UST technology have increased the confidence in their reliability and safety. With industries across various sectors recognizing the benefits of USTs in terms of space utilization, environmental stewardship, and regulatory compliance, the demand for underground storage tanks is expected to continue growing rapidly in the foreseeable future.
Analysis by Industry Verticals
Based on industry vertical, the market can be segmented into oil & gas, water, chemicals, food & beverage and others. The leading segment in the global storage tank market is the oil and gas industry. This industry has been a significant consumer of storage tanks due to its extensive need for storing crude oil, refined petroleum products, and various chemicals used in exploration, production, refining, and distribution processes. The demand for storage tanks in the oil and gas sector is driven by many factors such as fluctuations in crude oil prices and geopolitical tensions influence investments in storage infrastructure to optimize inventory management and hedge against supply disruptions. Additionally, expanding exploration and production activities, particularly in unconventional oil and gas reserves, requires additional storage capacity to accommodate increased production volumes. The global energy transition towards cleaner fuels and renewable sources necessitates storage tanks for alternative fuels such as biofuels, hydrogen, and liquefied natural gas (LNG). Stringent safety and environmental regulations mandate the use of reliable and compliant storage solutions to prevent spills, leaks, and environmental contamination driving the need for storage tanks.
The fastest-growing segment in the global storage tank market is the water industry. Rapid urbanization and population growth are driving the need for efficient water storage solutions to meet the rising demand for municipal water supply, wastewater treatment and industrial water management. Additionally, growing concerns over water scarcity, pollution and climate change are prompting investments in water infrastructure and storage facilities to enhance water conservation, resilience, and sustainability. The regulatory mandates for water quality standards and environmental protection are driving upgrades and expansions of existing water storage infrastructure. As well as the technological advancements such as smart monitoring systems, leak detection technologies, and modular tank designs are improving the efficiency, reliability, and safety of water storage solutions, further fueling market growth.
Global Storage Tank Market By Product
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Storage Tank Market Regional Insights
Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East, and Africa. North America leads the storage tank market due to the region’s consisting of a mature and diverse industrial base, including the oil and gas, chemical, manufacturing and agriculture sectors, all of which rely heavily on storage tanks for their operations. North America benefits from advanced infrastructure and logistics networks, facilitating the efficient transportation, storage and distribution of various liquids and chemicals. The region's strict environmental regulations and safety standards necessitate the use of high-quality storage tanks to mitigate risks of spills, leaks, and environmental contamination, further driving demand. Additionally, the shale revolution in the United States has led to a surge in oil and gas production, increasing the need for storage infrastructure to accommodate growing production volumes. North America's strategic position as a major hub for global trade and commerce also amplifies demand for storage tanks to support import/export activities and ensure supply chain resilience.
Asia Pacific is experiencing the fastest growth in the storage tank market. The region is undergoing significant industrialization and urbanization, driving demand for storage tanks across various sectors such as oil and gas, chemicals, water, and agriculture. Rapid economic development in countries like China and India has led to increased investments in infrastructure, manufacturing, and energy projects, creating a surge in the need for storage solutions to accommodate growing production volumes and ensure supply chain efficiency. Additionally, this region is witnessing substantial investments in renewable energy, particularly solar and wind power, which require storage tanks for the storage of energy generated from intermittent sources. And strict environmental regulations and a focus on sustainability are driving the adoption of modern storage tank solutions equipped with advanced technologies for safety, efficiency, and environmental protection. Overall, the combination of economic growth, infrastructure development, energy transition, and regulatory compliance propels the Asia Pacific region to be the fastest-growing segment in the global storage tank market.
Global Storage Tank Market By Product
- Largest
- Fastest
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Storage Tank Market Dynamics
Drivers
Energy Transition:
- The global shift towards renewable energy sources, such as solar, wind, and biofuels, necessitates storage tanks for storing energy generated from intermittent sources and supporting the transition to a low-carbon economy.
Water Scarcity and Climate Change:
- Growing concerns over water scarcity, pollution, and climate change prompt investments in water infrastructure, desalination plants, and water conservation measures, increasing the demand for storage tanks in the water and wastewater sectors.
Restraints
Environmental Concerns:
- Potential risks of spills, leaks, and environmental contamination associated with storage tanks can lead to public opposition, regulatory scrutiny, and liability concerns, affecting project approvals and permitting processes.
Land Use and Zoning Restrictions:
- Limited availability of suitable land for storage tank installations, along with zoning restrictions and land use regulations, can constrain the development of new storage tank facilities or expansions of existing ones.
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Storage Tank Market Competitive Landscape
The global storage tank market exhibits a competitive landscape characterized by the presence of a diverse range of manufacturers, suppliers and service providers catering to various industries and applications worldwide. Key players in the market often compete based on factors such as product quality, innovation, customization capabilities, geographical reach, and pricing strategies. Established companies with extensive experience and a strong reputation in the industry, such as CST Industries, McDermott International and Snyder Industries, maintain a competitive edge through their comprehensive product portfolios, technological expertise and global presence. Additionally, emerging players and regional manufacturers often focus on niche markets, specialized applications, or innovative solutions to differentiate themselves and capture market share. Strategic partnerships, mergers, acquisitions, and collaborations are common strategies employed by companies to expand their market presence, enhance their product offerings, and strengthen their competitive position in the evolving storage tank market. Regulatory compliance, environmental sustainability, and technological advancements continue to shape the competitive dynamics of the market, driving companies to continuously innovate and adapt to changing customer needs and market trends.
Top Player’s Company Profiles
- CST Industries
- McDermott International, Inc.
- Superior Tank Co., Inc.
- CB&I (Chicago Bridge & Iron Company N.V.)
- Poly Processing Company
- Snyder Industries, Inc.
- CST Canada Co.
- Containment Solutions, Inc.
- DN Tanks (a division of Core Infrastructure Holdings)
- PermianLide
- Tank Connection
- Tarsco (a division of TF Warren Group)
- Modern Welding Company, Inc.
- Red Ewald, Inc.
- Motherwell Tank Protection
- HMT LLC (formerly known as Hunt, Guillot & Associates LLC)
- HMT Tank Services
- ZCL Composites Inc.
- Roth Industries, Inc.
- Caldwell Tanks, Inc.
Recent Developments
- In 2022, Synalloy Corporation, announced that its wholly owned subsidiary ASTI Aquisition, LLC, signed a definitive agreement to acquire substantially all the assets of the ASTI i.e. American Stainless Tubing, Inc.
- In January 2021, Pfaudler declared that it has opened a fully functional facility in Liyan., China.
- In July 2021, CST Industries, Inc., announced a strategic extension of their market with Adams Brothers Inc., a manufacturer of process equipment, wherein the latter will handle the eastern United States, Virginia, and North Carolina.
Storage Tank Key Market Trends
- Water Infrastructure Investment: Increasing investments in water infrastructure, driven by urbanization, population growth, and water scarcity concerns, present opportunities for storage tank manufacturers to supply tanks for water storage, treatment, and distribution projects, including municipal water supply, wastewater treatment, and irrigation systems.
- Renewable Energy Storage: The transition to renewable energy sources such as solar and wind power creates opportunities for storage tanks to store energy generated from intermittent sources. Innovations in battery technology and grid-scale energy storage solutions offer potential for storage tank manufacturers to capitalize on this emerging market.
Storage Tank Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Storage tanks market analysis, the global storage tank market exhibits dynamic growth opportunities across its various segmentations and regions. The segmentation based on product types, including hazardous and non-hazardous storage tanks, reflects the diverse requirements of different industries and regulatory standards governing the safe storage of materials. While hazardous storage tanks cater to industries such as oil and gas and chemical manufacturing, non-hazardous storage tanks serve sectors like water treatment, food and beverage, and renewable energy. The segmentation based on industry verticals highlights the significant demand for drivers and applications across sectors such as oil and gas, chemicals, water, and others. North America emerges as a leading market due to its mature industrial base, stringent regulations, and advanced infrastructure, while the Asia Pacific region presents the fastest-growing opportunities fueled by rapid industrialization, urbanization, and infrastructure development. The competitive landscape of the storage tank market is characterized by a mix of established players and emerging companies competing based on product innovation, geographical reach, and strategic partnerships. With continued investments in infrastructure, technological advancements, and regulatory compliance, the storage tank market is poised for sustained growth and innovation to meet the evolving needs of industries worldwide.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 210.9 billion |
| Market size value in 2031 | USD 781 billion |
| Growth Rate | 14.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Storage Tank Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Storage Tank Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Storage Tank Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Storage Tank Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Storage Tank Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Storage Tank Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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