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Global Storage Tank Market 2024 - By Industry Research, Future Growth, Latest Trends And Forecast To 2033
Global Storage Tank Market
The Business Research Company offers in-depth market insights through Storage Tank Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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 in the historic period can be attributed to industrial revolution and urbanization, advancements in material sciences, petroleum and oil industry expansion, regulatory compliance and safety standards, chemical industry growth.
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 growth in the forecast period can be attributed to resilient storage solutions, hydrogen storage demand, industrial expansion and infrastructure development, stricter environmental regulations, shift towards LNG and gas storage. Major trends in the forecast period include modular and customized solutions, remote monitoring and IoT integration, green and sustainable practices, rise in chemical and petrochemical industries, water conservation solutions.
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Market Segmentation:
The storage tank market covered in this report is segmented -
1) By Type: Aboveground Storage Tanks, Underground Storage Tanks
2) By Material: Steel, Concrete, Polyethylene, Other Materials
3) By Application: Petroleum Industry, Chemical Industry, Grain and Oil Industry, Food Industry, Other Applications
Major Driver - Water Scarcity Fuels Growth In The Storage Tank Market
Increasing water scarcity in several regions is the key factor driving the storage tank market going forward. Water scarcity limits access to safe water for drinking and for practicing basic hygiene at home, in schools, and in healthcare facilities. Storage tanks are used to store water and make it accessible for multiple uses, including drinking, irrigation, fire suppression, and others. For instance, according to the United Nations International Children's Emergency Fund (UNICEF), a US-based agency, half of the world's population could be living in areas facing water scarcity by as early as 2025. By 2040, around 1 in 4 children worldwide will be living in areas of extremely high water stress. Therefore, increasing water scarcity in several regions is driving the storage tank market.
Competitive Landscape:
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
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Top Trend - Strategic Partnership For Comprehensive Carbon Recycling Solutions In The Storage Tank Market
Major companies operating in the storage tank market are focusing on strategic collaboration to provide innovative and comprehensive storage solutions. Strategic collaboration refers to a mutually beneficial partnership between two or more independent entities that work together to achieve shared goals aligned with their individual strategic objectives. For instance, in December 2023, Value Carbon, a Netherlands-based technology company, announced a collaboration with Evos, a Netherlands-based independent liquid bulk storage provider. Through this collaboration, companies are constructing two 2,000 m3 absorption liquid storage tanks for Value Carbon's expanding CO2 recycling business, aiming to establish an integrated CO2 Park. The objective is to build infrastructure for CO2 purification, liquefaction, and storage, enabling truck and barge loading and unloading to tap into growth opportunities. Value Carbon oversees the entire carbon value chain, emphasizing efficient carbon capture locations and cost-effective utilization or storage methods per ton.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Storage Tank Market Characteristics
3. Storage Tank Market Trends And Strategies
4. Storage Tank Market - Macro Economic Scenario
5. Storage Tank Market Size And Growth
…..
27. Storage Tank Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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