Storage Tank Global Market Report 2024

The storage tank market size has grown steadily in recent years. It will grow from $14.61 billion in 2023 to $15.3 billion in 2024 at a compound annual growth rate (CAGR) of 4.7%. The growth observed in the historic period can be attributed to several key factors, including the influence of the industrial revolution and urbanization, significant advancements in material sciences, the expansion of the petroleum and oil industry, a focus on regulatory compliance and adherence to safety standards, and the overall growth and development of the chemical industry. These elements collectively contributed to the growth and evolution of the relevant industries or sectors during that period.

The storage tank market size is expected to see strong growth in the next few years. It will grow to $18.95 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The anticipated growth in the forecast period can be linked to several factors including the demand for resilient storage solutions, increasing need for hydrogen storage, expansions in industrial sectors and infrastructure development, stricter environmental regulations, and a notable shift towards LNG and gas storage solutions.

The exacerbating water scarcity in numerous regions stands as the primary impetus driving the storage tank market's expansion. The dearth of water access for drinking and basic hygiene, prevalent in homes, schools, and healthcare facilities, underscores the severity of water scarcity. Storage tanks serve as crucial reservoirs, ensuring access to water for various purposes, including drinking, irrigation, and fire suppression. Alarmingly, the United Nations International Children's Emergency Fund (UNICEF) forecasts that by as early as 2025, half of the world's population could inhabit areas facing water scarcity, with projections indicating that by 2040, 1 in 4 children globally will grapple with extremely high water stress. Hence, the mounting water scarcity in diverse regions emerges as the driving force behind the burgeoning storage tank market.

Projections for the storage tank market highlight growth prospects, primarily due to the rising oil and gas industry. This industry, covering activities from resource exploration to distribution, extensively relies on storage tanks for crude oil, refined products, and natural gas liquids. A report from HM Revenue and Customs in September 2023 indicated a significant increase in UK government revenues from oil and gas production, totaling $1.79 billion (£1.4 billion) in the tax year 2021 to 2022 compared to $0.38 billion (£0.3 billion) in the preceding year. This substantial growth in revenues signifies a key driver behind the expected expansion 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.

Value Carbon, a Netherlands-based technology firm, collaborated with Evos, an independent liquid bulk storage provider, in December 2023. Their joint effort involves constructing absorption liquid storage tanks for CO2 recycling, aiming to establish an integrated CO2 Park. This infrastructure facilitates CO2 purification, liquefaction, storage, and transportation, optimizing carbon capture and utilization methods.

In November 2021, KKR, a prominent global investment firm, acquired Central Tank Terminal, a Japanese chemical storage tank operator. This strategic acquisition aims to collaborate with Central Tank Terminal's management team to enhance its operational capabilities in the tank storage industry.

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 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the storage tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the storage tank market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Storage tanks primarily fall into two categories such as aboveground and underground tanks. Aboveground tanks are susceptible to pitting and crevice corrosion, often due to the pressure exerted between the tank and the soil. They are constructed from various materials including steel, concrete, polyethylene, and other substances. These tanks serve multiple sectors such as the petroleum, chemical, grain and oil, food industries, and various other applications.

The storage tank market research report is one of a series of new reports that provides storage tank market statistics, including storage tank industry global market size, regional shares, competitors with a storage tank market share, detailed storage tank market segments, market trends and opportunities, and any further data you may need to thrive in the storage tank industry. This storage tank market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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.