Press release
Storage Tank Market to Achieve USD 8.86 Billion by 2032
Storage Tank Market
The Storage Tank Market is expected to have a CAGR of 3.68% and USD 8.86 Billion by 2032.
Storage tanks are simply containers used to store liquid or semi-solid items, including petroleum, chemicals, milk, water, and petrochemicals. They are available in different shapes such as open top and closed top, flat bottom, vertical and horizontal cylindrical, cone bottom, slope bottom, and dish bottom.
Petroleum, waste matter, water, chemicals, and other hazardous items can all be stored in ASTs while adhering to tight industry norms and regulations. USTs are used to store either petroleum or hazardous materials. These tanks are built in accordance with the US Environmental Protection Agency (EPA) UST regulations, which went into effect in India and states without a State Program Approval in 2015.
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Key Companies in the Storage Tank Market include
TOYO KANETSU K.K
Ishii Iron Works Co., Ltd
Pfaudler MEKRO Sp. Z O.O
CST Industries, Inc
McDermott
PERMIANLIDE
HIGHLAND TANK & MANUFACTURING COMPANY, INC
FOX TANK COMPANY
F WARREN GROUP INC
SUPERIOR TANK CO., INC
Storage Tank Market Segmentation
The global storage tank market has been segmented on the basis of installation type, product, material, and industry vertical.
The global storage tank market has been segmented on the basis of installation type, product, material, and industry vertical.
The storage tank market can be categorized based on various factors, starting with the type of tanks. Aboveground storage tanks and underground storage tanks are two primary types within this market. Additionally, the market is further segmented by product, distinguishing between hazardous and non-hazardous storage tanks. Another significant factor is the material used in the construction of these tanks, with options such as steel, concrete, polyethylene, and other materials.
In terms of industry verticals, the storage tank market caters to diverse sectors, including oil & gas, chemicals, water, food & beverage, and others. Each industry vertical has unique requirements for storage, prompting the market to offer specialized solutions to meet their specific needs. This segmentation enables targeted approaches in providing storage solutions tailored to the demands of each sector.
Geographically, the storage tank market is segmented into different regions, including North America, Europe, Asia-Pacific, and the Rest of the World. These regional divisions take into account variations in demand, regulations, and industrial practices, allowing stakeholders to adapt their strategies to specific geographical nuances. Overall, the comprehensive segmentation of the storage tank market provides a structured framework for understanding its dynamics and catering to the diverse needs of various industries and regions.
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Market Drivers:
Industrial Expansion: The continuous expansion of industries such as oil and gas, chemicals, water and wastewater treatment, pharmaceuticals, and food and beverage necessitates the construction of storage facilities. This industrial growth fuels the demand for storage tanks to store raw materials, intermediate products, and finished goods.
Increasing Demand for Energy: The rising global demand for energy, particularly in sectors such as oil and gas, drives the need for storage tanks to store crude oil, refined petroleum products, natural gas, and liquefied petroleum gas (LPG). As energy exploration and production activities increase, the demand for storage capacity also grows.
Infrastructure Development: Infrastructure development projects, including the construction of airports, seaports, highways, and industrial parks, require storage tanks for storing water, chemicals, fuels, and other liquids necessary for various operations. The ongoing infrastructure development initiatives worldwide contribute to the expansion of the storage tank market.
Stringent Environmental Regulations: Stringent environmental regulations and standards regarding the safe storage and handling of hazardous materials drive the adoption of high-quality storage tanks with advanced safety features. Industries must comply with regulations related to containment, leak prevention, corrosion resistance, and environmental protection, leading to increased investment in modern storage solutions.
Technological Advancements: Technological advancements in storage tank design, materials, coatings, and monitoring systems improve performance, safety, and efficiency. Features such as advanced corrosion-resistant materials, double-walled construction, leak detection systems, and remote monitoring capabilities enhance the reliability and functionality of storage tanks, driving their adoption.
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Storage Tank Market Regional analysis
The Storage Tank Market is studied in the major parts of the world. The principal places are Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific dominated the market in 2018 and is expected to grow at the same rate in the forecast period. Due to the increasing need for plastic water tanks, water storage tanks, and many others, India and China dominate the market. Other regions will also increase the market in the forecast period.
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