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Storage Tank Market: Global Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, Material, Industry Vertical and Region.
Global Storage Tank Market was valued nearly US$ 12.98 Bn. in 2023. Global Storage Tank Market size is estimated to grow at a CAGR of 4.52% and is expected to reach at US$ 13.02 Bn. by 2030.
Format : PDF | Report ID : SMR_138
Storage Tank Market Overview & Dynamics:
Storage tanks are containers that hold compressed gases, liquids, or mediums used for the short or long term storage of cold or heat. Storage tanks are widely used to store petroleum, water, chemicals, waste matter, and other hazardous materials while meeting strict industry regulations and standards.
The Storage Tank Market is proliferating on the global platform, mainly owing to the increasing adoption of concentrated solar power (CSP) technology, proposing increased power generation capacity and growing energy demand globally. Furthermore, rising applications of high-manganese steel in LNG storage tanks to target worldwide LNG projects and the energy industry drive the global market growth. Rapid urbanization & industrialization, expanding demand for CNG vehicles, and promptly developing industries, like food & beverage and petrochemical, impact the market size.
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The Environmental Health & Safety Authority has expressed safety measures for the safe handling of liquids & gas during industrial processes. The growth of chemical industries and metal manufacturing in both mature and emerging economies is providing a lucrative opportunity to the storage tanks market globally. However, the global storage tank market is hampered by faulty installation of storage tanks, high initial installation costs and insufficient operating & maintenance services.
Impact of COVID-19:
The COVID-19 pandemic did not negatively affected on Storage Tank Market. The pandemic thankful a robust increase in the global energy demand, mainly from the industrial sectors. Moreover, the rise in the renewable energy market allowed the storage tank industry to grow steadily through 2020. Likewise, the cost of renewable that continued to drop in 2020 contributed to the global market growth despite disruptions of the pandemic. The market demand is estimated to pick up further during the evaluation period.
Tanks Terminals per Geographical Region in 2020:
|
Economies |
Tanks |
Terminals |
|
Asia |
27,371 |
1,060 |
|
Middle East |
2,825 |
133 |
|
Europe |
30,982 |
1,166 |
|
North America |
26,970 |
1,456 |
|
South America |
5,256 |
346 |
Storage Tank Market Segmentation:
The MMR report covers all segments in the storage tank market such as product, material and industry vertical.
Product Overview:
The non-hazardous segment held the largest market share of 58.32% in Storage Tank Market and is projected to grow at the highest CAGR of 5.78% to reach US$ XX Bn. by 2030. This growth is driven by water scarcity in emerging economies such as India, China, Brazil and others drive the demand for water storage tanks.
Industry Vertical Overview:
The oil and gas segment dominated the Storage Tank Market, with size of US$ XX Bn. in 2023 and to reach US$ XX Bn. by 2030, with a CAGR of 5.40%. The global demand for oil & gas storage has witnessed strong growth thanks to the continuous upsurge in the energy outlook coupled with rising concern towards the fulfilment of emergency crude oil supply. The growing import-export activities within the petroleum industry are also fueling the growth of the market. Also, expanding refineries in various countries around the globe is driving the growth of the oil and gas industry segment.
Regional Overview:
Regional analysis is another highly comprehensive part of the research and analysis study of the global market for storage tank presented in the report. APAC region holds the largest 32.67% share in the Global Storage Tank Market across the world followed by North America and Europe. This can be attributed to the emerging manufacturing sector and growing population. Another major factor is driving the Asian market is the rising adoption of storage tanks in India and China thanks to the growth of infrastructure for transporting LNG, rising demand for water storage tanks, plastic water tanks, and the growing food & beverage sector.
North America occupied the second largest market share of 21.1% in 2023 owing to the growing production of shale gas across the country. Increasing water storage tank maintenance service companies like Maguire Iron and SUEZ in North America. However, the growing investment by manufacturers in developing economies of the MEA and South America is also fuelling the growth of the storage tank market.
Industry Developments:
The research study includes the profiles of leading companies operating in the global storage tank market. Such as, McDermott International Inc. and Chicago Bridge & Iron Company (CB&I) (Texas) merged their businesses to form a fully integrated provider of engineering, construction, technology solutions to the energy industry in 2018. This merger will help McDermott to upsurge its worldwide reach in the energy industry and explore the untapped markets. The combined company will provide the entire value chain with a strong presence in onshore and offshore energy markets.
In Aug 2021, The ZAL Centre of Applied Aeronautical Research announced installing a new 20-meter hydrogen tank to increase aviation capabilities by twenty-fold. ZAL has received a massive boost to its hydrogen capabilities with the addition of a new storage tank, storage a high amount of gaseous hydrogen.
The objective of the report is to present a comprehensive analysis of the Storage Tank Market to the stakeholders in the industry. The report provides trends that are most dominant in the Storage Tank Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Storage Tank Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.
The qualitative and quantitative data provided in the Storage Tank Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Storage Tank Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Storage Tank Market.
The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the Storage Tank Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.
The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Storage Tank Market is aided by legal factors.
Storage Tank Market Scope:
|
Storage Tank Market |
|
|
Market Size in 2023 |
USD 12.98 Bn. |
|
Market Size in 2030 |
USD 13.02 Bn. |
|
CAGR (2024-2030) |
4.52 % |
|
Historic Data |
2018-2022 |
|
Base Year |
2023 |
|
Forecast Period |
2024-2030 |
|
Segment Scope |
By Product
|
|
By Material
|
|
|
By Industry Vertical
|
|
|
Regional Scope |
North America- United States, Canada, and Mexico Europe – UK, France, Germany, Italy, Spain, Sweden, Austria, and Rest of Europe Asia Pacific – China, India, Japan, South Korea, Australia, ASEAN, Rest of APAC Middle East and Africa - South Africa, GCC, Egypt, Nigeria, Rest of the Middle East and Africa South America – Brazil, Argentina, Rest of South America |
Major Players operating in the Global Storage Tank Market are:
- McDermott (US)
- Tank Connection(US)
- CST Industries (US)
- PermianLide (US)
- Fox Tank Company (US)
- Highland Tank & Manufacturing Company Inc. (US)
- T.F. Warren Group (Canada OYO KANETSU KK (Japan)
- Superior Tank Co. Inc. (US)
- Snyder Industries Inc (US)
- Ishii Iron Works Co. Ltd (Japan)
- MEKRO Sp. z o.o. (Poland)
- Pfaudler (US)
- zcl composite(Canada)
- Caldwell Tanks (US)
- Crom Corporation(US)
- L.F. Manufacturing(US)
- Synalloy Corporation(US)
- Assmann(Germany)
- Sintex Industries Limited (India)
- Toyo Kanetsu K.K.(Japan)
- Wuxi Xinkaihe tank(China)
- Motherwell Bridge(UK)
- CIMC(china)
Frequently Asked Questions
Chapter 1 Scope of the Report
Chapter 2 Research Methodology
2.1.Research Process
2.2.Global Storage Tank Market: Target Audience
2.3.Global Storage Tank Market: Primary Research (As per Client Requirement)
2.4.Global Storage Tank Market: Secondary Research
Chapter 3 Executive Summary
Chapter 4 Competitive Landscape
4.1. Market Share Analysis, By Region, 2023-2030 (In %)
4.1.1.1.North America Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.2.Europe Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.3.Asia Pacific Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.4.South America Market Share Analysis, By Value, 2023-2030 (In %)
4.1.1.5.Middle East and Africa Market Share Analysis, By Value, 2023-2030 (In %)
4.2. Market Dynamics
4.2.1.Market Drivers
4.2.2.Market Restraints
4.2.3.Market Opportunities
4.2.4.Market Challenges
4.2.5.PESTLE Analysis
4.2.6.PORTERS Five Force Analysis
4.2.7.Value Chain Analysis
4.3. Global Storage Tank Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.3.1.1.Global Market Share Analysis, By Product, 2023-2030 (Value US$ MN)
4.3.1.1.1.Hazardous
4.3.1.1.2.Non-Hazardous
4.3.1.2.Global Market Share Analysis, By Material, 2023-2030 (Value US$ MN)
4.3.1.2.1.Steel
4.3.1.2.2.Concrete
4.3.1.2.3.Polyethylene
4.3.1.2.4.Others
4.3.1.3. Global Market Share Analysis, By Industry Vertical, 2023-2030 (Value US$ MN)
4.3.1.3.1.Oil And Gas
4.3.1.3.2.Chemical
4.3.1.3.3.Water
4.3.1.3.4.Food And Beverage
4.3.1.3.5.Others
4.4.North America Storage Tank Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.4.1.1.North America Market Share Analysis, By Product, 2023-2030 (Value US$ MN)
4.4.1.1.1.Hazardous
4.4.1.1.2.Non-Hazardous
4.4.1.2. North America Market Share Analysis, By Material, 2023-2030 (Value US$ MN)
4.4.1.2.1.Steel
4.4.1.2.2.Concrete
4.4.1.2.3.Polyethylene
4.4.1.2.4.Others
4.4.1.3. North America Market Share Analysis, By Industry Vertical, 2023-2030 (Value US$ MN)
4.4.1.3.1.Oil And Gas
4.4.1.3.2.Chemical
4.4.1.3.3.Water
4.4.1.3.4.Food And Beverage
4.4.1.3.5.Others
4.4.1.4. North America Market Share Analysis, By Country, 2023-2030 (Value US$ MN)
4.4.1.4.1.US
4.4.1.4.2.Canada
4.4.1.4.3.Mexico
4.5. Europe Storage Tank Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.5.1.1. Europe Market Share Analysis, By Product, 2023-2030 (Value US$ MN)
4.5.1.2. Europe Market Share Analysis, By Material, 2023-2030 (Value US$ MN)
4.5.1.3. Europe Market Share Analysis, By Industry Vertical, 2023-2030 (Value US$ MN)
4.5.1.4. Europe Market Share Analysis, By Country, 2023-2030 (Value US$ MN)
4.5.1.4.1.UK
4.5.1.4.2.France
4.5.1.4.3.Germany
4.5.1.4.4.Italy
4.5.1.4.5.Spain
4.5.1.4.6.Sweden
4.5.1.4.7.Austria
4.5.1.4.8.Rest Of Europe
4.6. Asia Pacific Storage Tank Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.6.1.1. Asia Pacific Market Share Analysis, By Product, 2023-2030 (Value US$ MN)
4.6.1.2. Asia Pacific Market Share Analysis, By Material, 2023-2030 (Value US$ MN)
4.6.1.3. Asia Pacific Market Share Analysis, By Industry Vertical, 2023-2030 (Value US$ MN)
4.6.1.4. Asia Pacific Market Share Analysis, By Country, 2023-2030 (Value US$ MN)
4.6.1.4.1.China
4.6.1.4.2.India
4.6.1.4.3.Japan
4.6.1.4.4.South Korea
4.6.1.4.5.Australia
4.6.1.4.6.ASEAN
4.6.1.4.7.Rest Of APAC
4.7. South America Storage Tank Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.7.1.1. South America Market Share Analysis, By Product, 2023-2030 (Value US$ MN)
4.7.1.2. South America Market Share Analysis, By Material, 2023-2030 (Value US$ MN)
4.7.1.3. South America Market Share Analysis, By Industry Vertical, 2023-2030 (Value US$ MN)
4.7.1.4. South America Market Share Analysis, By Country, 2023-2030 (Value US$ MN)
4.7.1.4.1.Brazil
4.7.1.4.2.Argentina
4.7.1.4.3.Rest Of South America
4.8. Middle East and Africa Storage Tank Market Segmentation Analysis, 2023-2030 (Value US$ MN)
4.8.1.1.Middle East and Africa Market Share Analysis, By Product, 2023-2030 (Value US$ MN)
4.8.1.2.Middle East and Africa Market Share Analysis, By Material, 2023-2030 (Value US$ MN)
4.8.1.3.Middle East and Africa Market Share Analysis, By Industry Vertical, 2023-2030 (Value US$ MN)
4.8.1.4.Middle East and Africa Market Share Analysis, By Country, 2023-2030 (Value US$ MN)
4.8.1.4.1.South Africa
4.8.1.4.2.GCC
4.8.1.4.3.Egypt
4.8.1.4.4.Nigeria
4.8.1.4.5.Rest Of ME&A
Chapter 5 Stellar Competition Matrix
5.1.1.Global Stellar Competition Matrix
5.1.2.North America Stellar Competition Matrix
5.1.3.Europe Stellar Competition Matrix
5.1.4.Asia Pacific Stellar Competition Matrix
5.1.5.South America Stellar Competition Matrix
5.1.6.Middle East and Africa Stellar Competition Matrix
5.2. Key Players Benchmarking
5.2.1.Key Players Benchmarking By Product, Pricing, Market Share, Investments, Expansion Plans, Physical Presence and Presence in the Market.
5.3.Mergers and Acquisitions in Industry
5.3.1.M&A by Region, Value and Strategic Intent
Chapter 6 Company Profiles
6.1.Key Players
6.1.1.McDermott (US).
6.1.1.1.Company Overview
6.1.1.2.Source Portfolio
6.1.1.3.Financial Overview
6.1.1.4.Business Strategy
6.1.1.5.Key Developments
6.1.2.Tank Connection(US)
6.1.3.CST Industries (US)
6.1.4.PermianLide (US)
6.1.5.Fox Tank Company (US)
6.1.6.Highland Tank & Manufacturing Company Inc. (US)
6.1.7.T.F. Warren Group (Canada OYO KANETSU KK (Japan)
6.1.8.Superior Tank Co. Inc. (US)
6.1.9.Snyder Industries Inc (US)
6.1.10.Ishii Iron Works Co. Ltd (Japan)
6.1.11.MEKRO Sp. z o.o. (Poland)
6.1.12.Pfaudler (US)
6.1.13.zcl composite(Canada)
6.1.14.Caldwell Tanks (US)
6.1.15.Crom Corporation(US)
6.1.16.L.F. Manufacturing(US)
6.1.17.Synalloy Corporation(US)
6.1.18.Assmann(Germany)
6.1.19.Sintex Industries Limited (India)
6.1.20.Toyo Kanetsu K.K.(Japan)
6.1.21.Wuxi Xinkaihe tank(China)
6.1.22.Motherwell Bridge(UK)
6.1.23.CIMC(china)
6.2.Key Findings
6.3.Recommendations
