The Global Storage Tanks Market size is expected to grow at more than 5.7% CAGR from 2018 to 2025. It is expected to reach above USD 20 billion by 2025 from a little above USD 15 billion in 2018.
Storage tanks serve as containers or reservoirs meticulously crafted to accommodate liquids, gases, or compressed air, catering to a spectrum of industrial, commercial, or residential requisites. These tanks exhibit variations in dimensions, configurations, and material composition contingent upon the precise application and the inherent properties of the substance earmarked for storage. Commonly employed materials in the construction of storage tanks encompass steel, fiberglass, concrete, and polyethylene. Functionally versatile, storage tanks fulfill a myriad of roles encompassing the storage of raw materials, intermediate products, finished goods, fuels, chemicals, water, and wastewater, thereby assuming indispensable roles across a multitude of industries such as oil and gas, chemical processing, water treatment, agriculture, and manufacturing, thereby furnishing secure and dependable storage solutions for both valuable and hazardous substances. Additionally, storage tanks may incorporate auxiliary features including vents, level indicators, agitators, heating or cooling systems, and safety mechanisms to ensure optimal functionality and compliance with regulatory stipulations.
The global storage tank market is experiencing expansion catalyzed by the burgeoning oil and gas, food and beverages, and power industries. The upsurge in demand for storage tanks within the oil and gas sector is attributed to the escalating exploration endeavors targeting shale gas and tight oil fields, necessitating more efficient storage solutions. Furthermore, heightened investments in petrochemical ventures and an amplified focus on energy efficiency constitute pivotal factors fostering market progression. Moreover, the surge in demand for bulk storage facilities is poised to fortify the global market's growth trajectory during the forecast period.
The Storage Tank Market is experiencing notable growth fueled by various factors such as the escalating demand for oil and gas storage due to increasing exploration activities and production volumes, alongside a growing emphasis on safety and compliance standards, prompting investments in advanced technologies and materials. Furthermore, the transition towards renewable energy sources is driving demand for energy storage solutions, including battery storage tanks and thermal energy storage systems, while the chemical industry's expansion necessitates secure storage facilities with a focus on corrosion resistance and safety.
Additionally, the adoption of advanced materials like polyethylene and fiberglass is reshaping the market landscape, offering enhanced durability and reduced maintenance requirements. The water and wastewater sector are also witnessing expansion, driven by efforts towards water conservation and wastewater treatment, further bolstering demand for storage tanks. This growth trend extends globally, with significant market expansion observed in regions such as the Asia-Pacific, North America, and Europe, prompting manufacturers to strategically position themselves to capitalize on emerging opportunities.
The key players are engaged with different systems, for example, mergers and acquisitions, new product advancements, coordinated efforts and associations, and development methodologies to enhance their market infiltration.
Few of the important Storage Tanks Market players include Cstindustries, Inc, McDermott, Fox Tank Company, Highland Tank & Manufacturing Company, Inc., Permianlide, Superior Tank Co., Inc., T.F Warren Group, Toyo Kanetsu K.K., Pfaudler, Ishii Iron Works Co. Ltd., etc.
Recent Developments
The ZAL Centre has revealed the installation of a massive 20-meter hydrogen tank to increase aviation capacities by a factor of twenty-fifteen on August 9, 2021. Adding a sizeable gaseous hydrogen storage tank to ZAL's infrastructure has significantly increased the company's hydrogen production capacity.
On the basis of type, Storage Tanks Market is segmented as Aboveground storage tanks and underground storage tanks. Storage tanks are mainly classified into the way they are installed.
Aboveground Storage tanks are installed above the ground and exhibit many advantages. Because of their lower long-term maintenance and upfront costs, aboveground fuel tanks (AST) are quite common. These tanks are less expensive to build than underground tanks because they don't need backfilling, deep drilling, or the concrete with more complicated piping. In comparison to below ground fuel tanks, aboveground fuel tanks are easier to maintain. You can quickly inspect them for leakage and gain access to make fixes. Aboveground petroleum storage tanks are preferred for storing fuels and chemicals because of this.
At least 10% of the stored volume of an underground storage tank (UST) is buried underground. Tanks used to store hazardous materials or fuels are restricted and must be registered with the Environmental Protection Agency. These tanks are ideal for those who want to optimize their property's space and/or utility. Subterranean concrete tanks can be buried under lawns and driveways, out of sight. These tanks are arguably better because they have a low risk of exploding. However, since these tanks cannot be monitored as often as other tanks, the risk of leakage and contamination is higher.
Based on the applications, Storage tanks can be used in industries such as, petroleum product, chemicals, food processing and others. Storage tanks in petroleum refining, transportation and delivery are same as any container used for liquid storage. The market for storage tanks in petroleum industry is expected to grow in coming years as many companies are planning to add up to their refining capacity and also reserves for balancing the all-time volatile crude oil prices.
Chemicals are stored in tanks for continuous and uninterrupted supply for processing. The food processing industry need to store man perishable and non-perishable items for the final product manufacturing. Grain and oil are stored in large tanks for ensuring steady and continuous flow of food to various regions and states in the country.
Other applications are numerous and include large scale biofuel storage, alcohol processing in sugar industry, forging industry and other. There are many applications which have need for storage tanks in the chilling, heating and circulation of fluids in the processing plants.Geographically, the global storage tanks market is segmented into North America, South America, Europe, APAC and MEA. Asia Pacific is the most prominent region who is witnessing growth in this market.
Want to know more about the report or any specific requirement?
We asked them to research ‘ Equipment market’ all over the world, and their whole arrangement was helpful to us. thehealthanalytics.com insightful analysis and reports contributed to our current analysis and in creating a future strategy. Besides, the te
We asked them to research ‘Equipment market’ all over the world, and their whole arrangement was helpful to us. thehealthanalytics.com insightful analysis and reports contributed to our current analysis and in creating a future strategy. Besides, the te
Our Report’s database covers almost all topics of all regions over the Globe.
Tie ups with top publishers around the globe.
Complete pre and post sales support.
Complete secure payment process.