Storage Tank Market Report 2026

The storage tank market size has grown strongly in recent years. It will grow from $15.49 billion in 2025 to $16.42 billion in 2026 at a compound annual growth rate (CAGR) of 6%. The growth in the historic period can be attributed to growth of petroleum and chemical industries, expansion of food and grain storage facilities, increasing demand for water and wastewater management, conventional use of steel and concrete tanks, rise in industrial manufacturing activities.

The storage tank market size is expected to see strong growth in the next few years. It will grow to $20.72 billion in 2030 at a compound annual growth rate (CAGR) of 6%. The growth in the forecast period can be attributed to increasing adoption of renewable energy storage solutions, rising demand for underground and aboveground storage tanks, growth of automation and smart monitoring in industrial tanks, expansion of chemical and petrochemical storage requirements, adoption of lightweight and sustainable tank materials. Major trends in the forecast period include adoption of smart monitoring and iot-enabled storage tanks, integration of automation in tank fabrication and maintenance, use of advanced coatings and corrosion-resistant materials, implementation of energy-efficient heating and cooling systems, rising demand for modular and customizable tank designs.

The rising water scarcity is expected to drive the growth of the storage tank market in the coming years. Water scarcity refers to situations where water demand exceeds available supply or where water quality is insufficient for safe use, restricting access for drinking, sanitation, agriculture, and other essential purposes. This issue is intensifying due to growing population pressures and limited freshwater resources in several regions. Storage tanks help mitigate water scarcity by storing water and making it available for various uses, including drinking, irrigation, and fire suppression. For example, in November 2023, the United Nations Children’s Fund (UNICEF), a U.S.-based children’s rights agency, reported that 1 in 3 children, or 739 million worldwide, live in areas facing high or very high water scarcity, highlighting worsening global water stress. Consequently, increasing water scarcity is driving the growth of the storage tank market.

Within the storage tank market, a prevailing trend involves product innovation, wherein companies strive to fortify their market positions by introducing new products. In October 2023, Slovnaft, a prominent Slovakia-based oil refinery company, launched a cutting-edge ethylene storage tank specifically designed for liquefied ethylene storage. This non-pressurized double-walled cylindrical vessel, measuring 30 meters in diameter and 26.7 meters in height, boasts a capacity of 6,000 tons (10,000 m3) of liquid ethylene. It maintains a storage temperature of -103 degrees Celsius under an overpressure of 8 kPa (g), presenting an innovative solution in the ethylene storage domain.

In March 2024, Welspun Group, a fabric product manufacturer based in India, acquired Sintex, a leading water tank manufacturer, for $148.9 million (₹1,251 crore). This acquisition is intended to strengthen Welspun's building material portfolio, a key component of its overall business-to-consumer (B2C) strategy. Sintex specializes in the manufacturing of water storage tanks in India.

Major companies operating in the storage tank market report are McDermott International Inc., PermianLide LLC, Sintex Industries Limited, Pfaudler Group, Toyo Kanetsu K.K., Synalloy Corporation, Caldwell Tanks Inc., Snyder Industries Inc., CST Industries Inc., Highland Tank & Manufacturing Company Inc., ZCL Composites Inc., Crom Corporation, Tank Connection Affiliate Group, DN Tanks Inc., Containment Solutions Inc., Poly Processing Company LLC, Tanco Engineering Inc., Tarsco LLC, Modern Welding Company Inc., Fisher Tank Company, Fox Tank Company, Superior Tank Co Inc., Fiber Technology Corporation Inc., Ishii Iron Works Co Ltd, MEKRO Sp. z o.o., Norwesco Industries, Heartland Tank Companies, Steel Tank and Fabricating Corporation, Tankmart International LLC, Motherwell Tank Protection Limited.

North America was the largest region in the storage tank market in 2025. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the storage tank market are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the storage tank market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The storage tank market consists of sales of low carbon steel, medium carbon steel, high carbon steel, and stainless steel. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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