Storage Tank Market Size & Growth Analysis to 2030

The global storage tank market size was valued at approximately USD 14 billion in 2022 and is estimated to grow at a compound annual growth rate (CAGR) of around 6% from 2023 to 2030. The increasing demand for storage tanks for petroleum products and the significant growth in industrial activities are some major factors driving the industry’s growth. Furthermore, the implementation of government regulations to ensure safety, the expansion of energy sector across the globe, and the growing infrastructural development are further anticipated to fuel the market growth over the forecast period.

Market Drivers:

Growing demand for petroleum products: The increasing demand for petroleum products, such as gasoline, diesel, and aviation fuel, has led to a rise in the demand for storage tanks. As the production of these products continues to grow, there is a need to store them in large quantities, which has led to an increase in the demand for storage tanks.

Increase in industrial activities: The growth of various industries, such as oil and gas, chemical, and water treatment, has led to an increase in the demand for storage tanks. These tanks are used to store various raw materials, chemicals, and waste products generated by these industries.

Government regulations: Governments around the world have implemented strict regulations to ensure the safe storage of hazardous materials. These regulations require industries to store their hazardous materials in safe and secure storage tanks, which has led to an increase in the demand for storage tanks.

Expansion of the energy sector: The expansion of the energy sector, particularly in emerging economies, has led to an increase in the demand for storage tanks. These tanks are used to store crude oil, natural gas, and other energy products, which are essential for meeting the growing energy demand.

Infrastructure development: The development of infrastructure, such as airports, seaports, and highways, has led to an increase in the demand for storage tanks. These tanks are required to store fuel and other products used by these infrastructure facilities.

Market Snapshot:

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Market Insights:

Global Storage Tanks Market Analysis by Product Type:

The global storage tanks market is bifurcated into product type, material, application, end-use, and geography. On the basis of product type, the market is further segmented into aboveground and underground storage tanks. The demand for aboveground storage tanks is increasing due to their cost-effectiveness and ease of installation. However, regulations regarding the use and installation of underground storage tanks have become stricter, leading to an increase in demand for aboveground storage tanks.

Aboveground storage tanks are usually installed above the ground and can be used to store a wide range of products such as chemicals, petroleum products, and water. These tanks are relatively easier to install and maintain compared to underground storage tanks. Underground storage tanks, on the other hand, are installed below the ground and are used to store hazardous and non-hazardous liquids such as gasoline, diesel, and waste oil. These tanks are often used by gas stations, oil companies, and other industrial applications.

Global Storage Tanks Market Analysis by Material:

On the basis of material, the global storage tanks market is bifurcated into Steel, Concrete, Polyethylene, Fiberglass, and Others. Steel storage tanks are widely used in various applications due to their durability, strength, and resistance to extreme weather conditions. Steel tanks are also used in the oil and gas industry for the storage of crude oil, refined petroleum products, and natural gas liquids.

Concrete tanks are also commonly used for water storage due to their ability to withstand high pressure and the corrosive effects of water. Polyethylene tanks are lightweight, easy to install, and have high resistance to chemicals, making them suitable for various industrial applications. Fiberglass tanks are preferred in the chemical industry due to their resistance to corrosion and ability to withstand high temperatures.

Steel: Steel is the most commonly used material in the construction of storage tanks. It is durable, strong, and can withstand extreme weather conditions. Steel storage tanks are widely used in the oil and gas industry.

Concrete: Concrete storage tanks are strong and durable, making them ideal for storing liquids such as water, chemicals, and fuels. They are also fire-resistant and can withstand harsh weather conditions.

Polyethylene: Polyethylene storage tanks are lightweight, easy to install, and can be used for a wide range of applications. They are corrosion-resistant and can withstand high temperatures, making them ideal for storing chemicals and other hazardous materials.

Fiberglass: Fiberglass storage tanks are lightweight, corrosion-resistant, and can withstand extreme weather conditions. They are commonly used for storing water, chemicals, and other liquids.

Others: Other materials used in the construction of storage tanks include aluminum, carbon steel, and nickel alloys.

Global Storage Tanks Market Analysis by Application:

On the basis of application, the global market is bifurcated into oil & gas, chemicals, water & wastewater, power, food & beverage, pharmaceuticals, and others. The oil and gas segment is expected to hold the dominant share in the storage tank market due to the large-scale storage of crude oil, refined products, and natural gas in the industry.

Oil & Gas: Storage tanks are extensively used in the oil and gas industry for storing crude oil, refined products, and natural gas. The increasing demand for crude oil and natural gas due to the growth in the energy sector is one of the key factors driving the growth of the storage tank market. The oil and gas segment is expected to hold a dominant share of the storage tank market.

Chemicals: Storage tanks are used in the chemical industry for storing various chemicals such as acids, alkalis, solvents, and other hazardous and non-hazardous chemicals. The growth of the chemical industry due to the increasing demand for various chemicals in different end-use applications is expected to drive the growth of the storage tank market in the chemical segment.

Water & Wastewater: Storage tanks are used for storing water and wastewater in various applications such as municipal water supply, industrial water supply, and wastewater treatment. The growing population and increasing demand for clean water are expected to drive the growth of the storage tank market in the water and wastewater segment.

Power: Storage tanks are used in the power industry for storing fuel for power generation. The growth of the power industry due to the increasing demand for electricity is expected to drive the growth of the storage tank market in the power segment.

Food & Beverage: Storage tanks are used in the food and beverage industry for storing various food products such as milk, wine, beer, and other beverages. The growth of the food and beverage industry due to the increasing demand for processed and packaged food products is expected to drive the growth of the storage tank market in the food and beverage segment.

Pharmaceuticals: Storage tanks are used in the pharmaceutical industry for storing various chemicals and drugs. The growth of the pharmaceutical industry due to the increasing demand for medicines and healthcare products is expected to drive the growth of the storage tank market in the pharmaceutical segment.

The storage tank market research report presents the analysis of each segment from 2020 to 2030 considering 2022 as the base year for the research. The compounded annual growth rate (CAGR) for each respective segment is calculated for the forecast period from 2023 to 2030.

Historical & Forecast Period

• 2020-21 – Historical Year
• 2022 – Base Year
• 2023-2030 – Forecast Period

Market Segmentation:

By Product Type:

• Aboveground Storage Tanks
• Underground Storage Tanks

By Material:

• Steel
• Concrete
• Polyethylene
• Fiberglass
• Others

By Application:

• Oil & Gas
• Chemicals
• Water & Wastewater
• Power
• Food & Beverage
• Pharmaceuticals
• Others

By End-Use:

• Residential
• Commercial
• Industrial

By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Geographic Coverage:

Geographically, the storage tank market report comprises dedicated sections centering on the regional market revenue and trends. The storage tank market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The storage tank market has been extensively analyzed on the basis of various regional factors such as demographics, gross domestic product (GDP), inflation rate, acceptance, and others. Storage tank market estimates have also been provided for the historical years 2020 & 2021 along with forecasts for the period from 2023 – 2030.

Competitive Assessment:

Some of the prominent market players operating in the global storage tank market are CST Industries, McDermott International, Inc., Tank Connection, Belco Manufacturing Co Inc., and Snyder Industries, Inc. Companies are exploring markets by expansion, new investment, the introduction of new services, and collaboration as their preferred strategies. For instance:

• In January 2021, Tuffa Tanks launched its new range of AdBlue storage tanks, which are designed to safely and securely store AdBlue, a urea-based fluid used to reduce nitrogen oxide emissions in diesel engines.
• In February 2021, Vopak announced the launch of its new Chemical Gateway Rotterdam (CGR) terminal, which features 16 new storage tanks with a total capacity of 64,000 cubic meters. The terminal is designed to store and handle a wide range of liquid chemicals.
• In March 2021, Highland Tank launched its new line of fire-rated aboveground storage tanks, which are designed to meet the requirements of the National Fire Protection Association (NFPA) and other regulatory bodies.
• In April 2021, Enduramaxx announced the launch of its new range of chemical storage tanks, which are made from high-density polyethylene and are suitable for storing a wide range of chemicals, including acids, alkalis, and other hazardous substances.
• In June 2021, E-Tank announced the launch of its new range of rental storage tanks, which are available in a range of sizes and configurations to meet the needs of a wide range of industries, including oil and gas, construction, and environmental remediation.
• In September 2021, AGI Envirotank announced the launch of its new double-wall storage tank system, which is designed to provide reliable and secure storage for a wide range of liquid products, including fuels, chemicals, and water. The new system features a unique modular design that allows for easy installation and customization.

Key Companies:

• CST Industries
• McDermott International, Inc.
• Tank Connection
• Belco Manufacturing Co Inc.
• Snyder Industries, Inc.
• Polymaster Group
• ZCL Composites Inc.
• Tuffa UK Ltd
• The Steel Tank Institute
• Enduro Composites Inc.

Key Questions Answered by Storage Tank Market Report

• Global storage tank market forecasts from 2023-2030
• Regional market forecasts from 2023-2030 covering Asia-Pacific, North America, Europe, Middle East & Africa, and Latin America
• Country-level forecasts from 2023-2030 covering 15 major countries from the regions as mentioned above
• Storage tank submarket forecasts from 2023-2030 covering the market by product type, material, application, end-use, and geography
• Various industry models such as SWOT analysis, Value Chain Analysis about the market
• Analysis of the key factors driving and restraining the growth of the global, regional, and country-level storage tank markets from 2023-2030
• Competitive Landscape and market positioning of top 10 players operating in the market