The Storage Tank Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Storage Tank Global Market Report 2024, The storage tank market size has grown steadily in recent years. It will grow from $14.61 billion in 2023 to $15.3 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth in the historic period can be attributed to industrial revolution and urbanization, advancements in material sciences, petroleum and oil industry expansion, regulatory compliance and safety standards, chemical industry growth.
The storage tank market size is expected to see strong growth in the next few years. It will grow to $18.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to resilient storage solutions, hydrogen storage demand, industrial expansion and infrastructure development, stricter environmental regulations, shift towards LNG and gas storage. Major trends in the forecast period include modular and customized solutions, remote monitoring and IoT integration, green and sustainable practices, rise in chemical and petrochemical industries, water conservation solutions.
Increasing water scarcity in several regions is the key factor driving the storage tank market going forward. Water scarcity limits access to safe water for drinking and for practicing basic hygiene at home, in schools, and in healthcare facilities. Storage tanks are used to store water and make it accessible for multiple uses, including drinking, irrigation, fire suppression, and others. For instance, according to the United Nations International Children’s Emergency Fund (UNICEF), a US-based agency, half of the world’s population could be living in areas facing water scarcity by as early as 2025. By 2040, around 1 in 4 children worldwide will be living in areas of extremely high water stress. Therefore, increasing water scarcity in several regions is driving the storage tank market.
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The storage tank market covered in this report is segmented –
1) By Type: Aboveground Storage Tanks, Underground Storage Tanks
2) By Material: Steel, Concrete, Polyethylene, Other Materials
3) By Application: Petroleum Industry, Chemical Industry, Grain and Oil Industry, Food Industry, Other Applications
Top Major Players:
McDermott International Inc.
PermianLide LLC
Sintex Industries Limited
Pfaudler Group
Toyo Kanetsu K.K
North America was the largest region in the storage tank market in 2023.
Major companies operating in the storage tank market are focusing on strategic collaboration to provide innovative and comprehensive storage solutions. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities that work together to achieve shared goals aligned with their individual strategic objectives. For instance, in December 2023, Value Carbon, a Netherlands-based technology company, announced a collaboration with Evos, a Netherlands-based independent liquid bulk storage provider. Through this collaboration, companies are constructing two 2,000 m3 absorption liquid storage tanks for Value Carbon’s expanding CO2 recycling business, aiming to establish an integrated CO2 Park. The objective is to build infrastructure for CO2 purification, liquefaction, and storage, enabling truck and barge loading and unloading to tap into growth opportunities. Value Carbon oversees the entire carbon value chain, emphasizing efficient carbon capture locations and cost-effective utilization or storage methods per ton.
The storage tank market report table of contents includes:
1. Executive Summary
2. Storage Tank Market Characteristics
3. Storage Tank Market Trends And Strategies
4. Storage Tank Market – Macro Economic Scenario
5. Global Storage Tank Market Size and Growth
…
32. Global Storage Tank Market Competitive Benchmarking
33. Global Storage Tank Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Storage Tank Market
35. Storage Tank Market Future Outlook and Potential Analysis
36. Appendix
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