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

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.