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

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 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 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. '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.'

The 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 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.

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 trade and commerce also amplifies demand for storage tanks to support import/export activities and ensure supply chain resilience.