Storage Tank Market Outlook: Size, Share, Trends & Growth Analysis (2024-2029)

The market report presents a thorough analysis segmented by Material Type (Top Wear, Plastic, Metal, FRP, Others); by Application (Fluorocarbon, Inorganic, Hydrocarbon/ Natural); by Installation Type (Up to 50 Cu. Ft., 50 Cu. Ft. to 100 Cu. Ft., Above 100 Cu. ft.); by End Use Industry (Power Generation, Petrochemical, Paper & Pulp, Food & Beverage, Water & Wastewater, Oil & Gas, Others); by Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa).

Outlook 

• The storage tank market is estimated to be at USD 26,630.23 Mn in 2024 and is anticipated to reach USD 36,600.32 Mn in 2029. 

• The storage tank market is registering a CAGR of 6.57% during the forecast period of 2024-2029. 

• The global storage tank market is experiencing steady growth, driven by the increasing demand for the storage of various liquids such as water, chemicals, oil, and gases across multiple industries. The rise in industrialization, coupled with the need for safe and efficient storage solutions, is contributing to the expansion of the market. 

Request a free sample. 

Ecosystem  

• The participants in the global storage tank industry are always developing their strategies to preserve a competitive advantage.  

• Regional players often dominate local markets by offering customized solutions that cater to specific industrial needs and leverage their understanding of local regulations and market dynamics. 

• Several important entities in the storage tank market include CST Group Ltd.; ZCL Composites Inc.; Snyder Industries, Inc.; Highland Tank and Manufacturing Co.; McDermott International Inc.; and others. 

Ask for customization. 

Findings 

Attributes	Values
Historical Period	2018-2022
Base Year	2023
Forecast Period	2024-2029
Market Size (2024)	USD 26,630.23 Mn
Market Size (2029)	USD 36,600.32 Mn
Growth Rate	6.57% CAGR from 2024 to 2029
Key Segments	Material Type (Top Wear, Plastic, Metal, FRP, Others); Application (Fluorocarbon, Inorganic, Hydrocarbon/ Natural); Installation Type (Up to 50 Cu. ft., 50 Cu. Ft. to 100 Cu. Ft., Above 100 Cu. ft.); End Use Industry (Power Generation, Petrochemical, Paper & Pulp, Food & Beverage, Water & Wastewater, Oil & Gas, Others); Geography (North America, South America, Asia Pacific, Europe, The Middle East, Africa)
Key Vendors	CST Group Ltd.; ZCL Composites Inc.; Snyder Industries, Inc.; Highland Tank and Manufacturing Co.; McDermott International, Inc.
Key Countries	The US; Canada; Mexico; Brazil; Argentina; Colombia; Chile; China; India; Japan; South Korea; The UK; Germany; Italy; France; Spain; Turkey; UAE; Saudi Arabia; Egypt; South Africa
Largest Market	Asia Pacific

Get a free quote. 

Trends  

• Adoption of Advanced Materials: The shift to advanced materials like composites and stainless steel in storage tank construction enhances resistance to corrosion, temperature, and chemicals. For instance, fiberglass-reinforced plastic (FRP) tanks are commonly used in the chemical industry due to their superior performance compared to traditional materials. 

• Focus on Sustainable and Eco-friendly Solutions: The storage tank market is seeing a trend towards the development of environmentally friendly tanks, driven by stringent environmental regulations and the demand for sustainable solutions. Manufacturers are innovating materials that are recyclable and processes that reduce the environmental footprint of tank production and use.  

• Integration of Monitoring and Control Systems: Storage tanks are increasingly being equipped with advanced monitoring and control systems to ensure safety and operational efficiency. These systems provide real-time data on tank levels, temperature, pressure, and potential leaks, which enable proactive maintenance and reduce the risk of accidents.  

Speak to analyst. 

Catalysts 

• Industrial Growth and Urbanization: The rapid pace of industrialization and urbanization in developing regions is significantly driving the demand for storage tanks. As these regions expand their industrial base and urban infrastructure, the need for reliable storage solutions for water, chemicals, and fuels becomes critical.  

• Expansion of the Oil and Gas Industry: The oil and gas sector remains a dominant force in the storage tank market, particularly for the storage of crude oil, natural gas, and refined products. Saudi Aramco’s development of the Jazan refinery includes massive crude oil storage tanks to support the region’s increasing energy demands. 

• Intensified Focus on Water Conservation: Increasing concerns over global water scarcity are leading to a heightened focus on water conservation, thereby driving the demand for water storage tanks across both urban and rural areas. Governments, NGOs, and private sectors are investing heavily in water storage infrastructure to secure reliable water supplies for agriculture, industry, and domestic use.  

Inquire before buying. 

Restraints 

• Fluctuating Raw Material Prices: The volatility in raw material prices, particularly for essential components like steel, aluminum, and composite materials, poses a significant challenge for storage tank manufacturers. These price fluctuations can lead to unpredictable cost structures, which makes it difficult for companies to manage budgets and maintain profitability.  

• Stringent Environmental Regulations: Compliance with increasingly stringent environmental regulations, particularly those related to emissions, hazardous waste disposal, and spill prevention, presents a considerable challenge for the storage tank industry.  

• High Initial Investment Requirements: The substantial upfront costs associated with the design, installation, and ongoing maintenance of advanced storage tanks can be prohibitive, particularly for small and medium-sized enterprises (SMEs).  

Personalize this research. 

Hotspot 

Explore purchase options. 

Table of Contents 

1.       Introduction         1.1.    Research Methodology         1.2.    Scope of the Study  2.       Market Overview / Executive Summary         2.1.    Global Storage Tank Market (2018 – 2022)         2.2.    Global Storage Tank Market (2023 – 2029)  3.       Market Segmentation         3.1.    Global Storage Tank Market by Material Type                3.1.1.    Top Wear                3.1.2.    Plastic                3.1.3.    Metal                3.1.4.    FRP                3.1.5.    Others         3.2.    Global Storage Tank Market by Application                3.2.1.    Fluorocarbon                3.2.2.    Inorganic                3.2.3.    Hydrocarbon/ Natural         3.3.    Global Storage Tank Market by Installation Type                3.3.1.    Up to 50 Cu. Ft.                3.3.2.    50 cu. Ft. to 100 Cu. Ft.                3.3.3.    Above 100 cu. ft.         3.4.    Global Storage Tank Market by End Use Industry                3.4.1.    Power Generation                3.4.2.    Petrochemical                3.4.3.    Paper & Pulp                3.4.4.    Food & Beverage                3.4.5.    Water & Wastewater                3.4.6.    Oil & Gas                3.4.7.    Others  4.       Regional Segmentation         4.1.    North America                4.1.1.    The US                4.1.2.    Canada                4.1.3.    Mexico         4.2.    South America                4.2.1.    Brazil                4.2.2.    Argentina                4.2.3.    Colombia                4.2.4.    Chile                4.2.5.    Rest of South America         4.3.    Asia Pacific                4.3.1.    China                4.3.2.    India                4.3.3.    Japan                4.3.4.    South Korea                4.3.5.    Rest of Asia Pacific         4.4.    Europe                4.4.1.    The UK                 4.4.2.    Germany                4.4.3.    Italy                4.4.4.    France                4.4.5.    Spain                4.4.6.    Rest of Europe         4.5.    The Middle East                4.5.1.    Turkey                4.5.2.    UAE                4.5.3.    Saudi Arabia                4.5.4.    Rest of the Middle East         4.6.    Africa                4.6.1.    Egypt                4.6.2.    South Africa                4.6.3.    Rest of Africa  5.       Value Chain Analysis of the Global Storage Tank Market  6.       Porter Five Forces Analysis         6.1.    Threats of New Entrants         6.2.    Threats of Substitutes         6.3.    Bargaining Power of Buyers         6.4.    Bargaining Power of Suppliers         6.5.    Competition in the Industry  7.       Trends, Drivers and Challenges Analysis         7.1.    Market Trends         7.1.1.    Market Trend 1         7.1.2.    Market Trend 2         7.1.3.    Market Trend 3         7.2.    Market Drivers         7.2.1.    Market Driver 1         7.2.2.    Market Driver 2         7.2.3.    Market Driver 3         7.3.    Market Challenges         7.3.1.    Market Challenge 1         7.3.2.    Market Challenge 2         7.3.3.    Market Challenge 3  8.       Opportunities Analysis         8.1.    Market Opportunity 1         8.2.    Market Opportunity 2         8.3.    Market Opportunity 3  9.       Competitive Landscape         9.1.    CST Group Ltd.         9.2.    ZCL Composites Inc.         9.3.    Snyder Industries, Inc.         9.4.    Highland Tank and Manufacturing Co.         9.5.    McDermott International Inc.         9.6.    Company 6         9.7.    Company 7         9.8.    Company 8         9.9.    Company 9         9.10.  Company 10

Know the research methodology. 

storage Tank Market – FAQs 

1.  What is the current size of the storage tank market? 

Ans. In 2024, the storage tank market size is USD 26,630.23 Mn. 

2.  Who are the major vendors in the storage tank market?  

Ans. The major vendors in the storage tank market are CST Group Ltd.; ZCL Composites Inc.; Snyder Industries, Inc.; Highland Tank and Manufacturing Co.; McDermott International, Inc. 

3.  Which segments are covered under the storage tank market segments analysis?  

Ans. The storage tank market report offers in-depth insights into Material Type, Application, Installation Type, End Use Industry, and Geography.