Storage tank Market Synopsis

Storage tank Market Size is Valued at USD 24.69 Billion in 2024, and is Projected to Reach USD 45.01 Billion by 2032, Growing at a CAGR of 6.90% From 2024-2032.

The storage tank business encompasses the manufacture of sale and distribution of receptacles meant for harboring fluids, gases, and other substances across industries including the petroleum, chemical, water, and farming industries. They are made from a number of materials such as steel, plastic and fiberglass and are of different kinds such as the up GROUND and underground tanks. The market is driven by factors such as rising industry focus on safety and efficiency of storage solutions, development of new descriptive models of tanks and latest materials used in making tanks.

• The key factor that drives the Storage Tank Market mostly is the enhancement in the demand for energy and chemical products. Rising demand has brought about increased development of the oil and gas sector especially in developing nations and hence booming storage of crude oil, natural gas and petroleum products in storage tanks. Also, high environmental standards that call for safe storage of the substances are pushing for the use of new storage tanks such as those with double wall and those made from corrosion free materials. Also, escalated urbanization and industrialization create a growing demand for water and wastewater management hence increase the storage solutions demand for water treatment and distribution from the industries and municipalities.
• The other important factor that fuel the Storage Tank Market is the growth of agricultural industry, where storage tanks for water, liquid fertilizers, chemicals and other liquids are key for the farming business. In the same regard, some of the additional industry which help in the market demand includes the food and beverage industry where there is need to store the ingredients and the foods that have been processed. The introduction of smart tanks with monitoring and automation is contributing towards healthy growth of the storage market, adding to the growth of the tanks market. Also, development of renewable and bio fuelling is a driver required storage tanks for such fuels is a driver that is furthering the growth of the market.

Storage tank Market Trend Analysis

Market Dynamics, The Future of Storage Tanks in Key Industries

• The storage tank market is seen to be growing increasingly due to the growing demand in various end-use market sectors such as oil and gas, chemical, and water management. As energy demand grows on the global level, general storage is in great demand in the oil and gas industry sine they use both the open and underground tanks for storage as there expansion in the production and distribution of energy. Furthermore, design improvements and materials such as corrosion resistant materials and the insulation of two walls of the tank are improving on the efficiency of storage tanks and expanding the market.
• Another factor is also affecting patterns in the storage tank market, including enhanced environmental requirements for water and wastewater storage and treatment. Governments and industries are paying more attention to the use of sophisticated storage solutions for better water management and to fulfil the raised demand of environment compliance. Additionally, the integration of smart technologies and the internet of things in tank monitoring remains as a growing trend since it provides accuracy of data and automation on when tanks need a overhaul, therefore cutting on time wastage. As a result, it is believed that the recent changes in direction to digitization and a focus on sustainability will help push the market forward in the coming years.

Growth Catalysts in the Storage Tank Market, A Strategic Overview

• There are massive opportunities that can be targeted in the storage tank market or segments because of the rising demand in various sectors like oil & gas, chemicals, water, wastewater, as well as agriculture. Increased demand for storage facilities especially for oil & gas firms has spurred growth in the storage tanks market due to their competency for handling adverse conditions and for use of steel and fiberglass in fabrication of the tanks. Opportunities are also focused on the modern and continuous increase in sustainable water management along with wastewater treatment in the market, many municipalities and industries are participating more and investing in advanced storage solutions for water and chemicals.
•  Also, the growth of the agricultural industry especially in the developing counties is making the demand for large capacity tanks for water and fertilizer storage. In the same manner, the utilisation of bio fuels and subsequently the required storage facilities are creating new opportunities for expansion. Innovative products in the tank type include the double walled and insulated tanks, which are improving the market potential in view of the safety and stringent environmental standards. Given that companies are currently paying much attention towards the efficient use of resources and concerns of sustainability, the demand for storage tanks should enjoy a steady growth in the future.

Storage tank Market Segment Analysis:

Storage tank Market Segmented on the basis of Type, Material, Capacity, Application and End User.

By Type, Above Ground segment is expected to dominate the market during the forecast period

• The storage tank market can be classified on the basis of the storage type that is the tanks type, it can be classified as over-ground and under-ground types. Above ground tanks preferred by oil & gas, chemical and agriculture industry because of easy access to the tanks, cheaper, and contents of the tank can be overviewed. Underground tanks however are more used in application where space is strictly a constraint or where environmental issues are of concern since they are less vulnerable to the harshest weather elements and endangers lives. Each of them has its peculiar characteristics and is more suitable for specific conditions of the industry that it was designed to serve.

By Application, Storage segment held the largest share in 2024

• Based on their application, the storage tank market is also divided into storage and transport. Storage tanks therefore are for long-term storage of fluids, gases and other substances in the industries which include oil & gas, chemical and water industries. These kinds of tanks are intended for storing considerable amounts of substances safely and stably in the course of time. Transportation tanks are thus designed and built for the safe and efficient transportation of the fluids and gases from one point to the other. These tanks are designed to be able to stand the strains of transportation – these are variations in temperatures, pressure, and physical shock that is imposed on it, thus are relevant for use in industries where there is constant shuffling of product content.

Storage tank Market Regional Insights:

Asia Pacific is Expected to Dominate the Market Over the Forecast period

• The storage tank market in the Asia-Pacific region is showing good growth due to the increased industrialization, urbanization and rising infrastructure in countries such as China, India and some of the SE Asian countries. Rising demand for processes such as oil extracting and production together with a growth in the chemical, and water storage industry requires more above ground as well as underground storage tanks. Fiberglass and polyethylene as carried out in the construction of tanks for storage is also common because they provide strength and are resistant to corrosion needed in the region.
• Additionally, Asian-Pacific region enjoys large investments in the improvement of the energy and water management supply, significantly in the developing countries. The need for compliance to environmental standards and the laws and regulations protecting the storage of hazardous material are also playing a role in the upsurge of new storage facilities in the region. It is for these reasons that companies have shifted their focus towards better designs and kinds of smart technologies to reduce cost and enhance the efficiency of storage tanks, and the Asia Pacific is expected to be key in the storage tank market.

Active Key Players in the Storage Tank Market

• CST Industries (United States)
• McDermott International (United States)
• Tarsco (United States)
• PermianLide (United States)
• Highland Tank & Manufacturing Company (United States)
• Superior Tank Co., Inc. (United States)
• Snyder Industries (United States)
• Tank Connection (United States)
• Roth Industries (Germany)
• ZCL Composites (Canada)
• Others

Chapter 1: Introduction
 1.1 Scope and Coverage

Chapter 2:Executive Summary

Chapter 3: Market Landscape
 3.1 Market Dynamics
  3.1.1 Drivers
  3.1.2 Restraints
  3.1.3 Opportunities
  3.1.4 Challenges
 3.2 Market Trend Analysis
 3.3 PESTLE Analysis
 3.4 Porter's Five Forces Analysis
 3.5 Industry Value Chain Analysis
 3.6 Ecosystem
 3.7 Regulatory Landscape
 3.8 Price Trend Analysis
 3.9 Patent Analysis
 3.10 Technology Evolution
 3.11 Investment Pockets
 3.12 Import-Export Analysis

Chapter 4: Storage Tank Market by Type
 4.1 Storage Tank Market Snapshot and Growth Engine
 4.2 Storage Tank Market Overview
 4.3 Above Ground
  4.3.1 Introduction and Market Overview
  4.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.3.3 Key Market Trends, Growth Factors and Opportunities
  4.3.4 Above Ground: Geographic Segmentation Analysis
 4.4 Underground
  4.4.1 Introduction and Market Overview
  4.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  4.4.3 Key Market Trends, Growth Factors and Opportunities
  4.4.4 Underground: Geographic Segmentation Analysis

Chapter 5: Storage Tank Market by Material
 5.1 Storage Tank Market Snapshot and Growth Engine
 5.2 Storage Tank Market Overview
 5.3 Steel
  5.3.1 Introduction and Market Overview
  5.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.3.3 Key Market Trends, Growth Factors and Opportunities
  5.3.4 Steel: Geographic Segmentation Analysis
 5.4 Plastic
  5.4.1 Introduction and Market Overview
  5.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.4.3 Key Market Trends, Growth Factors and Opportunities
  5.4.4 Plastic: Geographic Segmentation Analysis
 5.5 Concrete
  5.5.1 Introduction and Market Overview
  5.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.5.3 Key Market Trends, Growth Factors and Opportunities
  5.5.4 Concrete: Geographic Segmentation Analysis
 5.6 Fiberglass
  5.6.1 Introduction and Market Overview
  5.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.6.3 Key Market Trends, Growth Factors and Opportunities
  5.6.4 Fiberglass: Geographic Segmentation Analysis
 5.7 Aluminum
  5.7.1 Introduction and Market Overview
  5.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  5.7.3 Key Market Trends, Growth Factors and Opportunities
  5.7.4 Aluminum: Geographic Segmentation Analysis

Chapter 6: Storage Tank Market by Capacity
 6.1 Storage Tank Market Snapshot and Growth Engine
 6.2 Storage Tank Market Overview
 6.3 Small (Up to 1000 liters)
  6.3.1 Introduction and Market Overview
  6.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.3.3 Key Market Trends, Growth Factors and Opportunities
  6.3.4 Small (Up to 1000 liters): Geographic Segmentation Analysis
 6.4 Medium (1000 liters to 5000 liters)
  6.4.1 Introduction and Market Overview
  6.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.4.3 Key Market Trends, Growth Factors and Opportunities
  6.4.4 Medium (1000 liters to 5000 liters): Geographic Segmentation Analysis
 6.5 Large (Above 5000 liters)
  6.5.1 Introduction and Market Overview
  6.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  6.5.3 Key Market Trends, Growth Factors and Opportunities
  6.5.4 Large (Above 5000 liters): Geographic Segmentation Analysis

Chapter 7: Storage Tank Market by Application
 7.1 Storage Tank Market Snapshot and Growth Engine
 7.2 Storage Tank Market Overview
 7.3 Storage
  7.3.1 Introduction and Market Overview
  7.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.3.3 Key Market Trends, Growth Factors and Opportunities
  7.3.4 Storage: Geographic Segmentation Analysis
 7.4 Transportation
  7.4.1 Introduction and Market Overview
  7.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  7.4.3 Key Market Trends, Growth Factors and Opportunities
  7.4.4 Transportation: Geographic Segmentation Analysis

Chapter 8: Storage Tank Market by End-User
 8.1 Storage Tank Market Snapshot and Growth Engine
 8.2 Storage Tank Market Overview
 8.3 Oil & Gas
  8.3.1 Introduction and Market Overview
  8.3.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.3.3 Key Market Trends, Growth Factors and Opportunities
  8.3.4 Oil & Gas: Geographic Segmentation Analysis
 8.4 Chemical
  8.4.1 Introduction and Market Overview
  8.4.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.4.3 Key Market Trends, Growth Factors and Opportunities
  8.4.4 Chemical: Geographic Segmentation Analysis
 8.5 Water & Wastewater
  8.5.1 Introduction and Market Overview
  8.5.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.5.3 Key Market Trends, Growth Factors and Opportunities
  8.5.4 Water & Wastewater: Geographic Segmentation Analysis
 8.6 Agriculture
  8.6.1 Introduction and Market Overview
  8.6.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.6.3 Key Market Trends, Growth Factors and Opportunities
  8.6.4 Agriculture: Geographic Segmentation Analysis
 8.7 Power Generation
  8.7.1 Introduction and Market Overview
  8.7.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.7.3 Key Market Trends, Growth Factors and Opportunities
  8.7.4 Power Generation: Geographic Segmentation Analysis
 8.8 Food & Beverage
  8.8.1 Introduction and Market Overview
  8.8.2 Historic and Forecasted Market Size in Value USD and Volume Units (2017-2032F)
  8.8.3 Key Market Trends, Growth Factors and Opportunities
  8.8.4 Food & Beverage: Geographic Segmentation Analysis

Chapter 9: Company Profiles and Competitive Analysis
 9.1 Competitive Landscape
  9.1.1 Competitive Benchmarking
  9.1.2 Storage Tank Market Share by Manufacturer (2023)
  9.1.3 Industry BCG Matrix
  9.1.4 Heat Map Analysis
  9.1.5 Mergers and Acquisitions
  
 9.2 CST INDUSTRIES (UNITED STATES)
  9.2.1 Company Overview
  9.2.2 Key Executives
  9.2.3 Company Snapshot
  9.2.4 Role of the Company in the Market
  9.2.5 Sustainability and Social Responsibility
  9.2.6 Operating Business Segments
  9.2.7 Product Portfolio
  9.2.8 Business Performance
  9.2.9 Key Strategic Moves and Recent Developments
  9.2.10 SWOT Analysis
 9.3 MCDERMOTT INTERNATIONAL (UNITED STATES)
 9.4 TARSCO (UNITED STATES)
 9.5 PERMIANLIDE (UNITED STATES)
 9.6 HIGHLAND TANK & MANUFACTURING COMPANY (UNITED STATES)
 9.7 SUPERIOR TANK CO INC. (UNITED STATES)
 9.8 SNYDER INDUSTRIES (UNITED STATES)
 9.9 TANK CONNECTION (UNITED STATES)
 9.10 ROTH INDUSTRIES (GERMANY)
 9.11 ZCL COMPOSITES (CANADA)
 9.12 OTHERS

Chapter 10: Global Storage Tank Market By Region
 10.1 Overview
 10.2. North America Storage Tank Market
  10.2.1 Key Market Trends, Growth Factors and Opportunities
  10.2.2 Top Key Companies
  10.2.3 Historic and Forecasted Market Size by Segments
  10.2.4 Historic and Forecasted Market Size By Type
   10.2.4.1 Above Ground
   10.2.4.2 Underground
  10.2.5 Historic and Forecasted Market Size By Material
   10.2.5.1 Steel
   10.2.5.2 Plastic
   10.2.5.3 Concrete
   10.2.5.4 Fiberglass
   10.2.5.5 Aluminum
  10.2.6 Historic and Forecasted Market Size By Capacity
   10.2.6.1 Small (Up to 1000 liters)
   10.2.6.2 Medium (1000 liters to 5000 liters)
   10.2.6.3 Large (Above 5000 liters)
  10.2.7 Historic and Forecasted Market Size By Application
   10.2.7.1 Storage
   10.2.7.2 Transportation
  10.2.8 Historic and Forecasted Market Size By End-User
   10.2.8.1 Oil & Gas
   10.2.8.2 Chemical
   10.2.8.3 Water & Wastewater
   10.2.8.4 Agriculture
   10.2.8.5 Power Generation
   10.2.8.6 Food & Beverage
  10.2.9 Historic and Forecast Market Size by Country
   10.2.9.1 US
   10.2.9.2 Canada
   10.2.9.3 Mexico
 10.3. Eastern Europe Storage Tank Market
  10.3.1 Key Market Trends, Growth Factors and Opportunities
  10.3.2 Top Key Companies
  10.3.3 Historic and Forecasted Market Size by Segments
  10.3.4 Historic and Forecasted Market Size By Type
   10.3.4.1 Above Ground
   10.3.4.2 Underground
  10.3.5 Historic and Forecasted Market Size By Material
   10.3.5.1 Steel
   10.3.5.2 Plastic
   10.3.5.3 Concrete
   10.3.5.4 Fiberglass
   10.3.5.5 Aluminum
  10.3.6 Historic and Forecasted Market Size By Capacity
   10.3.6.1 Small (Up to 1000 liters)
   10.3.6.2 Medium (1000 liters to 5000 liters)
   10.3.6.3 Large (Above 5000 liters)
  10.3.7 Historic and Forecasted Market Size By Application
   10.3.7.1 Storage
   10.3.7.2 Transportation
  10.3.8 Historic and Forecasted Market Size By End-User
   10.3.8.1 Oil & Gas
   10.3.8.2 Chemical
   10.3.8.3 Water & Wastewater
   10.3.8.4 Agriculture
   10.3.8.5 Power Generation
   10.3.8.6 Food & Beverage
  10.3.9 Historic and Forecast Market Size by Country
   10.3.9.1 Bulgaria
   10.3.9.2 The Czech Republic
   10.3.9.3 Hungary
   10.3.9.4 Poland
   10.3.9.5 Romania
   10.3.9.6 Rest of Eastern Europe
 10.4. Western Europe Storage Tank Market
  10.4.1 Key Market Trends, Growth Factors and Opportunities
  10.4.2 Top Key Companies
  10.4.3 Historic and Forecasted Market Size by Segments
  10.4.4 Historic and Forecasted Market Size By Type
   10.4.4.1 Above Ground
   10.4.4.2 Underground
  10.4.5 Historic and Forecasted Market Size By Material
   10.4.5.1 Steel
   10.4.5.2 Plastic
   10.4.5.3 Concrete
   10.4.5.4 Fiberglass
   10.4.5.5 Aluminum
  10.4.6 Historic and Forecasted Market Size By Capacity
   10.4.6.1 Small (Up to 1000 liters)
   10.4.6.2 Medium (1000 liters to 5000 liters)
   10.4.6.3 Large (Above 5000 liters)
  10.4.7 Historic and Forecasted Market Size By Application
   10.4.7.1 Storage
   10.4.7.2 Transportation
  10.4.8 Historic and Forecasted Market Size By End-User
   10.4.8.1 Oil & Gas
   10.4.8.2 Chemical
   10.4.8.3 Water & Wastewater
   10.4.8.4 Agriculture
   10.4.8.5 Power Generation
   10.4.8.6 Food & Beverage
  10.4.9 Historic and Forecast Market Size by Country
   10.4.9.1 Germany
   10.4.9.2 UK
   10.4.9.3 France
   10.4.9.4 Netherlands
   10.4.9.5 Italy
   10.4.9.6 Russia
   10.4.9.7 Spain
   10.4.9.8 Rest of Western Europe
 10.5. Asia Pacific Storage Tank Market
  10.5.1 Key Market Trends, Growth Factors and Opportunities
  10.5.2 Top Key Companies
  10.5.3 Historic and Forecasted Market Size by Segments
  10.5.4 Historic and Forecasted Market Size By Type
   10.5.4.1 Above Ground
   10.5.4.2 Underground
  10.5.5 Historic and Forecasted Market Size By Material
   10.5.5.1 Steel
   10.5.5.2 Plastic
   10.5.5.3 Concrete
   10.5.5.4 Fiberglass
   10.5.5.5 Aluminum
  10.5.6 Historic and Forecasted Market Size By Capacity
   10.5.6.1 Small (Up to 1000 liters)
   10.5.6.2 Medium (1000 liters to 5000 liters)
   10.5.6.3 Large (Above 5000 liters)
  10.5.7 Historic and Forecasted Market Size By Application
   10.5.7.1 Storage
   10.5.7.2 Transportation
  10.5.8 Historic and Forecasted Market Size By End-User
   10.5.8.1 Oil & Gas
   10.5.8.2 Chemical
   10.5.8.3 Water & Wastewater
   10.5.8.4 Agriculture
   10.5.8.5 Power Generation
   10.5.8.6 Food & Beverage
  10.5.9 Historic and Forecast Market Size by Country
   10.5.9.1 China
   10.5.9.2 India
   10.5.9.3 Japan
   10.5.9.4 South Korea
   10.5.9.5 Malaysia
   10.5.9.6 Thailand
   10.5.9.7 Vietnam
   10.5.9.8 The Philippines
   10.5.9.9 Australia
   10.5.9.10 New Zealand
   10.5.9.11 Rest of APAC
 10.6. Middle East & Africa Storage Tank Market
  10.6.1 Key Market Trends, Growth Factors and Opportunities
  10.6.2 Top Key Companies
  10.6.3 Historic and Forecasted Market Size by Segments
  10.6.4 Historic and Forecasted Market Size By Type
   10.6.4.1 Above Ground
   10.6.4.2 Underground
  10.6.5 Historic and Forecasted Market Size By Material
   10.6.5.1 Steel
   10.6.5.2 Plastic
   10.6.5.3 Concrete
   10.6.5.4 Fiberglass
   10.6.5.5 Aluminum
  10.6.6 Historic and Forecasted Market Size By Capacity
   10.6.6.1 Small (Up to 1000 liters)
   10.6.6.2 Medium (1000 liters to 5000 liters)
   10.6.6.3 Large (Above 5000 liters)
  10.6.7 Historic and Forecasted Market Size By Application
   10.6.7.1 Storage
   10.6.7.2 Transportation
  10.6.8 Historic and Forecasted Market Size By End-User
   10.6.8.1 Oil & Gas
   10.6.8.2 Chemical
   10.6.8.3 Water & Wastewater
   10.6.8.4 Agriculture
   10.6.8.5 Power Generation
   10.6.8.6 Food & Beverage
  10.6.9 Historic and Forecast Market Size by Country
   10.6.9.1 Turkey
   10.6.9.2 Bahrain
   10.6.9.3 Kuwait
   10.6.9.4 Saudi Arabia
   10.6.9.5 Qatar
   10.6.9.6 UAE
   10.6.9.7 Israel
   10.6.9.8 South Africa
 10.7. South America Storage Tank Market
  10.7.1 Key Market Trends, Growth Factors and Opportunities
  10.7.2 Top Key Companies
  10.7.3 Historic and Forecasted Market Size by Segments
  10.7.4 Historic and Forecasted Market Size By Type
   10.7.4.1 Above Ground
   10.7.4.2 Underground
  10.7.5 Historic and Forecasted Market Size By Material
   10.7.5.1 Steel
   10.7.5.2 Plastic
   10.7.5.3 Concrete
   10.7.5.4 Fiberglass
   10.7.5.5 Aluminum
  10.7.6 Historic and Forecasted Market Size By Capacity
   10.7.6.1 Small (Up to 1000 liters)
   10.7.6.2 Medium (1000 liters to 5000 liters)
   10.7.6.3 Large (Above 5000 liters)
  10.7.7 Historic and Forecasted Market Size By Application
   10.7.7.1 Storage
   10.7.7.2 Transportation
  10.7.8 Historic and Forecasted Market Size By End-User
   10.7.8.1 Oil & Gas
   10.7.8.2 Chemical
   10.7.8.3 Water & Wastewater
   10.7.8.4 Agriculture
   10.7.8.5 Power Generation
   10.7.8.6 Food & Beverage
  10.7.9 Historic and Forecast Market Size by Country
   10.7.9.1 Brazil
   10.7.9.2 Argentina
   10.7.9.3 Rest of SA

Chapter 11 Analyst Viewpoint and Conclusion
11.1 Recommendations and Concluding Analysis
11.2 Potential Market Strategies

Chapter 12 Research Methodology
12.1 Research Process
12.2 Primary Research
12.3 Secondary Research