Storage Tank Market Size Projected to Reach 8.58 billion, at a CAGR of 3.68% by 2030 – Report by Market Research Future (MRFR)
Storage Tank Market Growth Boost by Rising Technology and Usage of Oil and Gas Extraction Across The Globe
New York, US, May 11, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Storage Tank Market Information by Installation Type, Product, Material, Industry Vertical, and Region – Forecast till 2030″, The market for storage tanks can anticipate a surge from USD 6.43 billion in 2022 to USD 8.58 billion in 2030, with a growth rate of 3.68% from 2022 to 2030.
Storage Tank Market Overview
The global storage tank market is experiencing significant growth and will grow considerably in the next few years. The property of fluids to flow freely under the action of gravity, give rise to storage problems. Water storage tanks provide a very simple and effective solution to such problems. A storage tank is an enclosed container that is used to store water, thus countering problems such as spillage and leakage. Water storage tanks are extensively used for storing potable water, rainwater, water for irrigation and water for firefighting. The availability of water storage tanks in a wide range of options including material, capacity, durability and high demand are the major factors driving the growth of the water tank storage market.
Market Competitive Landscape:
The important vendors in the storage tanks industry are
- TOYO KANETSU K.K
- Ishii Iron Works Co. Ltd
- Pfaudler
- MEKRO Sp. Z O.O
- CST Industries Inc
- McDermott
- PERMIANLIDE
- HIGHLAND TANK & MANUFACTURING COMPANY INC
- FOX TANK COMPANY
- T.F WARREN GROUP INC
- SUPERIOR TANK CO. INC
- Among others.
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Major market companies are investing a lot of money in R&D to expand their product portfolios, which will spur further growth in the storage tank industry. Market players are also enlarging their global reach through a range of tactical actions like the introduction of new products, contractual agreements, mergers and acquisitions, increased investments, and cooperation with other businesses. In an environment where competition is escalating and prices are growing, the major manufacturers are offering products that are affordable.
Storage Tank Market Regional Insights
With a market share of 35.40% in 2021, the Rest of the World came in first. According to Rystad Energy Research and Business Intelligence, the Middle East generated more than 730 billion m3 of LNG in 2020, and by 2030, production is projected to reach about 920 billion m3. In terms of gas production, the Middle East surpassed Asia in 2018, producing 665 billion m3, up from 465 billion m3 in 2010. Additionally, it is anticipated that Saudi Arabia will produce 70% of the total gas output of Saudi Arabia and the UAE, which will rise from 115 billion m3 in 2010 to 225 billion m3 in 2030. Qatar continues to be the largest producer worldwide.
In North America, the market for storage tanks has gained massive popularity as a result of quickening technical progress and product advancements. Due to the rising adoption of storage tanks to increase fuel efficiency, the rising use of water in the industrial and commercial sector, the rising adoption of poly water tanks, and the increased replacement of ageing chemical storage tanks in the North American region, the market for storage tanks appears to have a promising future.
Storage Tank Market Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 8.58 billion 2032: Significant Value |
| CAGR during 2023-2032 | 3.68% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Installation Type, Product, Material, Industry Vertical, and Region |
| Key Market Opportunities | Emergence of smart tanks |
| Key Market Dynamics | Rising extraction of oil and gas across the globe Increasing use of storage tanks in the distilled & mineral water industry |
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Storage Tank Market USP Covered:
Market Drivers:
An inlet and outlet pipe, overflow pipe, drain, air vent, sump, and manhole are all necessary parts of a storage tank. The drain and manhole are offered for the storage tank’s recurring maintenance. A water supply, a pump, and a ballcock valve are frequently used in conjunction with water storage tanks to automate and simplify the process of water storage. Thus, throughout the projected period, the storage tank market is expected to have significant expansion thanks to factors such as simple installation, low initial cost, low maintenance cost, and increasing demand.
Buildings for commercial and residential purposes are being constructed at a faster rate as a result of growing urbanization. A domestic building uses roughly 130 litres of water per person every day. Buildings need overhead and subsurface water supply tanks to accommodate the enormous home demand for water. The fundamental force behind the expansion of the worldwide storage tank market has been this. Due to ineffective municipal water delivery systems, people in developing countries have realized the necessity for extra water storage systems, which has further boosted the need for water storage tanks. The demand for big capacity industrial water delivery systems has developed as a result of the massive amounts of water needed by the paper and textile industries for their production processes.
Market Restraints:
The primary obstacles hampering the market growth can be the substantial initial investment needs for installing storage tank infrastructure and the prohibitive maintenance expenses.
Storage Tank Market COVID 19 Analysis
The COVID-19 pandemic led to a worldwide lockdown, which has halted storage tank production. This has slowed the market’s expansion for storage tanks over the past few months and this was the condition throughout 2021.
Due to the limits put in place by the government to stop the spread of COVID-19, the construction and maintenance of buildings as well as infrastructure saw a sharp fall in 2020. This had an impact on the sales of water storage tanks.
Prior to the COVID-19 outbreak, countries like the U.S., China, the UK, Mexico, Brazil, and India had a significant need for water storage tanks, which offset a decline in the market for window coverings.
Due to the limitations placed on industrial operations, the COVID-19 epidemic had a severe impact on the storage tank manufacturing facilities as well. In order to respond to current crises and establish new ways of working after COVID-19, storage tank manufacturers concentrated on safeguarding their staff, operations, and supply networks. For instance, providing hand sanitizers, upholding social distancing, and ensuring that every employee in the company has had their vaccinations can help to promote the health and safety of the workforce.
Construction and manufacturing are two end-user businesses that have recovered as a result of increased immunization campaigns and lax COVID-19 regulations. being a contributing component to the market recovery for storage tanks.
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Storage Tank Market Segmentation
By Product
The Fuel Tank Hazardous and non-hazardous products are included in product-based market segmentation. In 2021, the hazardous segment held a greater market share. Hazardous materials are any items or substances that pose an unreasonable risk to people’s health, safety, or property when they are transported in commerce. The first step in removing a substance’s risks is to identify it as harmful. The proper handling, storage, and packaging come next. Flammable and combustible liquids such as crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, Liquefied Petroleum Gas (LPG), and other chemicals such as benzene, toluene, and mercury are present in almost every workplace.
By Material
Steel, Concrete, Polyethylene, and Others are the four material categories into which the storage tank market has been divided. In 2021, the polyethylene sector held the biggest market share (34.60%). For many compounds, polyethylene is the best material for storage tanks due to its great strength, lightweight durability, and low price.
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By Vertical
Oil & Gas, Chemicals, Water, Food & Beverage, and Others are included in the segmentation of the storage tank market, depending on the industry vertical. In 2021, the oil and gas sector held the highest market share (50.13%). Oil and gas production, as the world’s main source of fuel, is a crucial sector of the economy. One of the most valuable sectors in the world, the oil and gas sector generates an estimated USD 3.3 trillion annually.
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