Storage Tank: Market Share, and Growth Analysis by Type (Aboveground Storage Tanks, Underground Storage Tanks), Material, Application

The Storage Tank Market size is valued at USD 14.3 billion in 2025 and is projected to reach USD 19.9 billion by 2033, registering a compound annual growth rate (CAGR) of 4.23% over the forecast period.

The storage tank market plays a vital role in various industries, including oil and gas, chemicals, food and beverage, and water management. Storage tanks are used for the safe and efficient storage of liquids, gases, and other materials, providing crucial support for large-scale operations. These tanks come in a variety of shapes and sizes, from small containers to large industrial tanks, and are designed to handle substances such as water, crude oil, chemicals, and liquid natural gas. The market has seen substantial growth due to the increasing demand for liquid storage solutions driven by population growth, industrial expansion, and urbanization. Additionally, the rising importance of environmental sustainability and the need for safe storage practices have pushed manufacturers to develop more advanced storage tanks with enhanced safety features and leak prevention systems. As industries look for scalable and efficient storage solutions, the demand for customized and modular storage tanks has also risen, fueling market growth. In addition to conventional storage tanks, there has been a growing need for advanced storage systems for renewable energy sources such as biofuels, further contributing to the expansion of the market.

In 2024, the storage tank market witnessed significant advancements as industries increasingly focused on improving the safety, durability, and efficiency of storage tanks. With stricter environmental regulations and safety standards being implemented worldwide, the demand for high-quality tanks that minimize leakage and prevent contamination grew. Additionally, innovations in materials, such as corrosion-resistant alloys and fiberglass, led to the development of more durable tanks that can withstand harsh environmental conditions. The food and beverage industry, in particular, saw increased adoption of advanced storage tanks for liquid ingredients, including beverages and oils, as consumer preferences shifted toward better quality and longer shelf life. Meanwhile, the oil and gas industry continued to demand storage solutions for both raw materials and finished products, with a focus on enhancing storage efficiency while reducing environmental impacts. The integration of automated monitoring systems, which allow operators to track tank levels, temperature, and pressure in real time, also gained traction, improving overall operational efficiency. However, rising raw material costs and the increasing complexity of regulations posed challenges for manufacturers in 2024.

Looking ahead to 2025 and beyond, the storage tank market is expected to continue expanding, driven by the growing demand for efficient and secure storage solutions across industries. The oil and gas sector will remain a major driver, but emerging markets in developing countries are expected to see a surge in demand for storage tanks due to increased industrial activity and infrastructure development. Furthermore, the growth of the renewable energy sector, particularly the use of biofuels and other green energy solutions, will create new opportunities for the storage tank market. Advances in technology, such as the integration of smart sensors for monitoring tank conditions and predictive maintenance, will also improve the overall performance of storage systems. As environmental concerns continue to rise, the market is likely to see increased demand for sustainable storage solutions, including tanks that are built with recyclable materials and those that offer enhanced energy efficiency. However, challenges such as the high capital investment required for large-scale tank construction, along with the need to comply with evolving safety standards and regulations, will continue to shape the market.

Key Insights: Storage Tank Market

• Growing demand for corrosion-resistant and durable materials, such as fiberglass and stainless steel, for improved tank longevity and safety.
• Integration of smart technologies, including sensors and automated monitoring systems, to enhance tank management and prevent issues such as overflows and leaks.
• Increasing adoption of sustainable storage solutions, including eco-friendly materials and energy-efficient designs, in response to environmental concerns.
• Expanding use of storage tanks in the renewable energy sector, particularly for biofuels and other green energy sources, as demand for alternative fuels grows.
• Customization and modularity of storage tank designs to cater to diverse industries, providing flexible and scalable storage solutions for various liquids and gases.
• The expansion of industrial sectors, including oil and gas, food and beverage, and chemicals, driving the need for efficient and scalable storage solutions.
• The rising demand for renewable energy sources, particularly biofuels, which require specialized storage tanks for safe and efficient storage.
• Stricter safety regulations and environmental standards, pushing industries to adopt advanced storage tanks with enhanced safety features.
• The ongoing development of infrastructure and urbanization in emerging economies, which drives the demand for storage tanks in construction, water management, and other sectors.
• High capital investment costs for building and maintaining large-scale storage tanks, along with the complexity of meeting evolving regulatory standards, continue to pose significant challenges for market players.

Storage Tank Market Segmentation

By Type:

• Aboveground Storage Tanks
• Underground Storage Tanks

By Material:

• Steel
• Concrete
• Polyethylene
• Other Materials

By Application:

• Petroleum Industry
• Chemical Industry
• Grain and Oil Industry
• Food Industry
• Other Applications

By Geography:

• North America (USA, Canada, Mexico)
• Europe (Germany, UK, France, Spain, Italy, Rest of Europe)
• Asia-Pacific (China, India, Japan, Australia, Vietnam, Rest of APAC)
• The Middle East and Africa (Middle East, Africa)
• South and Central America (Brazil, Argentina, Rest of SCA)

Storage Tank Market Size Data, Trends, Growth Opportunities, and Restraining Factors:

• This comprehensive Storage Tank market report delivers updated market size estimates from 2024 to 2034, offering in-depth analysis of the latest Storage Tank market trends, short-term and long-term growth drivers, competitive landscape, and new business opportunities. The report presents growth forecasts across key Storage Tank types, applications, and major segments, alongside detailed insights into the current Storage Tank market scenario to support companies in formulating effective market strategies.
• The Storage Tank market outlook thoroughly examines the impact of ongoing supply chain disruptions and geopolitical issues worldwide. Factors such as trade tariffs, regulatory restrictions, production losses, and the emergence of alternatives or substitutes are carefully considered in the Storage Tank market size projections. Additionally, the analysis highlights the effects of inflation and correlates past economic downturns with current Storage Tank market trends, providing actionable intelligence for stakeholders to navigate the evolving Storage Tank business environment with precision.

Storage Tank Market Competition, Intelligence, Key Players, and Winning Strategies to 2034:

• The 2025 Storage Tank Market Research Report identifies winning strategies for companies to register increased sales and improve market share.
• Opinions from senior executives from leading companies in the Storage Tank market are imbibed thoroughly and the Storage Tank industry expert predictions on the economic downturn, technological advancements in the Storage Tank market, and customized strategies specific to a product and geography are mentioned.
• The Storage Tank market report is a source of comprehensive data and analysis of the industry, helping businesses to make informed decisions and stay ahead of the competition. The Storage Tank market study assists investors in analyzing On Storage Tank business prospects by region, key countries, and top companies' information to channel their investments.
• The report provides insights into consumer behavior and preferences, including their buying patterns, brand loyalty, and factors influencing their purchasing decisions. It also includes an analysis of the regulatory environment and its impact on the Storage Tank industry. Shifting consumer demand despite declining GDP and burgeoning interest rates to control surging inflation is well detailed.

What's Included in the Report?

• Global Storage Tank market size and growth projections, 2024-2034
• North America Storage Tank market size and growth forecasts, 2024-2034 (United States, Canada, Mexico)
• Europe market size and growth forecasts, 2024-2034 (Germany, France, United Kingdom, Italy, Spain)
• Asia-Pacific Storage Tank market size and growth forecasts, 2024-2034 (China, India, Japan, South Korea, Australia)
• Middle East Africa Storage Tank market size and growth estimate, 2024-2034 (Middle East, Africa)
• South and Central America Storage Tank market size and growth outlook, 2024-2034 (Brazil, Argentina, Chile)
• Storage Tank market size, share and CAGR of key products, applications, and other verticals, 2024-2034
• Short- and long-term Storage Tank market trends, drivers, challenges, and opportunities
• Storage Tank market insights, Porter’s Five Forces analysis
• Profiles of 5 leading companies in the industry - overview, key strategies, financials, product portfolio and SWOT analysis
• Latest market news and developments

Key Questions Answered in This Report:

• What is the current Storage Tank market size at global, regional, and country levels?
• What is the market penetration of different types, Applications, processes/technologies, and distribution/sales channels of the Storage Tank market?
• What will be the impact of economic slowdown/recission on Storage Tank demand/sales?
• How has the global Storage Tank market evolved in past years and what will be the future trajectory?
• What is the impact of growing inflation, Russia-Ukraine war on the Storage Tank market forecast?
• What are the Supply chain challenges for Storage Tank?
• What are the potential regional Storage Tank markets to invest in?
• What is the product evolution and high-performing products to focus in the Storage Tank market?
• What are the key driving factors and opportunities in the industry?
• Who are the key players in Storage Tank market and what is the degree of competition/Storage Tank market share?
• What is the market structure /Storage Tank Market competitive Intelligence?

Available Customizations:

The standard syndicate report is designed to serve the common interests of Storage Tank Market players across the value chain, and include selective data and analysis from entire research findings as per the scope and price of the publication.

However, to precisely match the specific research requirements of individual clients, several customization options are offered to include the data and analysis of interest in the final deliverable.

Some of the customization requests are as mentioned below:

• Segmentation of choice - Clients can seek customization to modify/add a market division for types/applications/end-uses/processes of their choice.
• Storage Tank Pricing and Margins Across the Supply Chain, Storage Tank Price Analysis / International Trade Data / Import-Export Analysis.
• Supply Chain Analysis, Supply-Demand Gap Analysis, PESTLE Analysis, Macro-Economic Analysis, and other Storage Tank market analytics.
• Processing and manufacturing requirements, Patent Analysis, Technology Trends, and Product Innovations.
• Further, the client can seek customization to break down geographies as per their requirements for specific countries/country groups such as South East Asia, Central Asia, Emerging and Developing Asia, Western Europe, Eastern Europe, Benelux, Emerging and Developing Europe, Nordic countries, North Africa, Sub-Saharan Africa, Caribbean, The Middle East and North Africa (MENA), Gulf Cooperation Council (GCC) or any other.
• Capital Requirements, Income Projections, Profit Forecasts, and other parameters to prepare a detailed project report to present to Banks/Investment Agencies.

Additional support:

• All the data presented in tables and charts of the report is provided in a separate Excel document
• Print authentication allowed on purchase of online versions
• 10% free customization to include any specific data/analysis to match the requirement
• 7 days of analyst support

This product will be delivered within 1-3 business days.