Storage Tank Market Size Projected to Hit USD 41.8 billion, at a 6.9% CAGR by 2031 - Report by Market Transparency Market Research Inc.
Growing industrial sectors, including oil and gas, chemicals, and water treatment, drive the storage tank market.
Wilmington, Delaware, United States, Dec. 18, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. -The global storage tank market is estimated to flourish at a CAGR of 6.9% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for storage tank is estimated to reach US$ 41.8 billion by the end of the aforementioned period of assessment.
The adoption of advanced IoT-based monitoring systems facilitates remote tank monitoring. These systems enable real-time data collection on tank levels, temperature, and integrity, optimizing operations and preventive maintenance. Increasing emphasis on sustainability fosters circular economy practices in storage tank management. Recycling, repurposing, and eco-friendly disposal strategies for retired tanks contribute to resource conservation and environmental protection.
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Some prominent manufacturers are as follows:
CST Industries Inc.
ZCL Composites
Snyder Industries
Synalloy Corporation
Highland Tank & Manufacturing Company Inc.
McDermott International Inc.
Caldwell Tanks
Superior Tank Co., Inc.
Fiber Technology Corporation
Denali Incorporated
Growing demand for modular and portable tank solutions is emerging, catering to industries requiring flexible, scalable, and temporary storage solutions. These modular tanks offer easy assembly, mobility, and quick deployment, addressing dynamic storage needs. Advancements in tank coating technologies focus on eco-friendly and durable coatings. Innovative coatings with enhanced resistance to corrosion, chemicals, and abrasion prolong tank lifespan and reduce maintenance costs.
Key Findings of the Market Report
Metal is the leading material type in the storage tank market due to its durability, strength, and widespread industrial applications.
Hydrocarbon/Natural applications lead the storage tank market due to extensive usage in various industries like oil, gas, and petrochemicals.
Storage tanks with capacities above 10,001 gallons lead the storage tank market due to their extensive storage capabilities.
Storage Tank Market Growth Drivers & Trends
Increased investments in infrastructure development worldwide drive the demand for storage tanks in the construction and utilities sectors.
Rapid urban growth and population expansion fuel the need for storage tanks in water management and municipal services.
Shifting energy landscapes and renewable energy integration boost storage tank demand for oil, gas, and alternative fuels.
Innovations in tank fabrication techniques and efficient production methods enhance market competitiveness and product availability.
Heightened focus on supply chain resilience prompts industries to invest in larger storage capacities for inventory and strategic reserves.
Global Storage Tank Market: Regional Profile
North America dominates the market due to its extensive oil and gas infrastructure and increased investments in industrial sectors. The region's stringent regulations and focus on environmental safety drive the demand for storage tanks in compliance with safety standards.
Europe showcases a mature market characterized by established industries and a strong emphasis on sustainable practices. Stringent regulations and initiatives for renewable energy bolster the adoption of storage tanks in the energy and utilities sectors.
Asia Pacific exhibits rapid market growth driven by expanding industrialization and infrastructure development. Countries like China and India fuel the market, with increased demand for storage tanks in manufacturing, chemicals, and water treatment industries, driven by urbanization and increased government investments in infrastructure.
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Storage Tank Market: Competitive Landscape
The storage tank market boasts a competitive landscape with critical players like CST Industries, Inc., McDermott International, Inc., and PermianLide dominating the industry. These market leaders excel in offering a diverse range of storage tanks, focusing on quality, innovation, and technological advancements. Their portfolios encompass various tank types, including welded, bolted, and coated tanks, catering to diverse industry needs.
Emerging players and regional manufacturers also contribute significantly, leveraging niche markets and specialized tank solutions. These companies emphasize customization, cost-efficiency, and tailored offerings, targeting specific sectors and applications.
Competition thrives on technological innovation, such as advanced corrosion-resistant materials and tank coatings, enhancing durability and safety. Strategic collaborations, mergers, and acquisitions are prominent strategies among market players, aiming to expand product portfolios and geographical presence.
Amidst growing demand for storage tanks across industries like oil and gas, water treatment, and chemical manufacturing, the competitive landscape continues to evolve, fostering innovation and driving market growth.
Product Portfolio
CST Industries, Inc. specializes in providing storage solutions, including glass-fused-to-steel tanks, aluminum domes, and covers, ensuring durability and longevity for various municipal, industrial, and agricultural applications.
ZCL Composites offers a diverse product portfolio of fiberglass-reinforced plastic tanks, delivering corrosion-resistant solutions for underground and aboveground storage applications, focusing on environmental compliance and safety.
Snyder Industries manufactures a wide range of polyethylene and steel storage tanks, catering to diverse industrial, agricultural, and commercial needs, ensuring their products' reliability, durability, and environmental safety.
Storage Tank Market: Key Segments
By Material Type
Top Wear
Plastic
Metal
FRP
Others
By Application
Fluorocarbon
Inorganic
Hydrocarbon/Natural
By Installation Type
Up to 50 cu. ft.
50 cu. ft. to 100 cu. ft.
Above 100 cu. ft.
By Capacity
Less than 1,000 Gallons
1,001 to 10,000 Gallons
Above 10,001 Gallons
By End-Use Industry
Power Generation
Petrochemical
Paper & Pulp
Food & Beverage
Water & Wastewater
Oil & Gas
Others
By Region
North America
Europe
Asia Pacific
Middle East & Africa
South America
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