Market overview

The Storage Tank Market is expected to have a CAGR of 3.68% and USD  8.86 Billion by 2032.

Storage tanks are containers that contain cold or hot liquids and compressed gases. People can use it for long- or short-term storage. Storage tanks are used to store fluids at different stages of the refining process.

Mostly, the products are stored for less time before being transported for further processing. Industrial storage tanks contain walls made of two or more layers, with a huge vacuum maintained between these layers. It provides thermal insulation between the exterior and interior of the tank. The process of transferring liquid from a storage tank depends on its design. Self-pressurizing type of tank uses the gas or liquid pressure at the top of the tank to transfer the liquid upward through a pipe (spear) leading to the neck (known as dispensing).

Storage tanks are simply containers used to store liquid or semi-solid items, including petroleum, chemicals, milk, water, and petrochemicals. They are available in different shapes such as open top and closed top, and flat bottom, vertical and horizontal cylindrical, cone bottom, slope bottom, and dish bottom. Aboveground storage tanks (ASTs) and underground storage tanks (USTs) are the two types of storage tanks (USTs). Petroleum, waste matter, water, chemicals, and other hazardous items can all be stored in ASTs while adhering to tight industry norms and regulations. USTs are used to store either petroleum or hazardous materials. These tanks are built in accordance with the US Environmental Protection Agency (EPA) UST regulations, which went into effect in India and states without a State Program Approval in 2015.

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Growing Demand for Bulk Storage:

Many industries, such as food and beverage and pharmaceuticals, require storage tanks for bulk storage of raw materials, finished products, and intermediates.

Key Companies in the Storage Tank Market include

  • TOYO KANETSU K.K
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  • Ishii Iron Works Co., Ltd
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  • Pfaudler MEKRO Sp. Z O.O
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  • CST Industries, Inc
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  • McDermott
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  • PERMIANLIDE
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  • HIGHLAND TANK & MANUFACTURING COMPANY, INC
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  • FOX TANK COMPANY
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  • F WARREN GROUP INC
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  • SUPERIOR TANK CO., INC

Key Factors Driving the Market:

  • Growth in Oil and Gas Industry: The oil and gas industry is a significant consumer of storage tanks, particularly for crude oil and refined petroleum products. As global energy demand continues to rise, there is an increasing need for storage infrastructure to accommodate the growing supply.
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  • Chemical Industry Demand: The chemical industry requires storage tanks to store various chemicals safely. The expansion of the chemical sector, driven by industrial development and rising demand for chemical products, contributes to the growth of the storage tank market.
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  • Water and Wastewater Treatment: As the need for water and wastewater treatment grows due to increasing urbanization and industrial activities, the demand for storage tanks for water storage and treatment also increases.
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  • Infrastructure Development: Expanding infrastructure projects, such as water supply networks and pipelines, require storage tanks for storing water and other materials needed for construction and maintenance.
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  • Government Regulations: Stringent regulations and safety standards for storage tank design and operation drive the demand for modern and compliant storage tanks in various industries.

Market Segmentation

The global storage tank market has been segmented on the basis of installation type, product, material, and industry vertical. 

Storage Tank Market Type Outlook

  • Aboveground Storage Tanks
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  • Underground Storage Tanks

Storage Tank Market Product Outlook

  • Hazardous
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  • Non-Hazardous

Storage Tank Market Material Outlook

  • Steel
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  • Concrete
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  • Polyethylene
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  • Others

Storage Tank Market Industry Vertical Outlook

  • Oil & Gas
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  • Chemicals
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  • Water
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  • Food & Beverage
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  • Others

Storage Tank Market Regional Outlook

  • North America
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  • Europe
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  • Asia-Pacific
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  • Rest of the World

Regional analysis

The Storage TankMarket is studied in the major parts of the world. The principal places are  Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific dominated the market in 2018 and is expected to grow at the same rate in the forecast period. Due to the increasing need for plastic water tanks, water storage tanks, and many others, India and China dominate the market. Other regions will also increase the market in the forecast period.

Industry news

Arcosa Inc., a Dallas-based provider of infrastructure-related products and solutions, agreed to sell its storage tank business to Black Diamond Capital Management for $275 million in cash, subject to customary transaction adjustments.

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