Storage Tank Market 2024 Analysis, Top Drivers, Key Players, Segmentation And Forecast To 2033

"The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.

Storage Tank Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.

The Market Size Is Expected To Reach $18.95 billion In 2028 At A CAGR Of 5.5% :

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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Storage Tank Market Major Segments
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

Key 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.

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Prominent Trend - Innovative Product Offerings Drive Growth In The Storage Tank Market

Product innovations are a key trend gaining popularity within the storage tank market. Companies operating in the storage tank market are developing new products to strengthen their position in the market. For instance, in October 2023, Slovnaft, a Slovakia-based oil refinery company, launched a new ethylene storage tank. The new ethylene storage tank is designed for the storage of liquefied ethylene. The non-pressurized double-walled cylindrical vessel with an outer diameter of 30 meters and a height of 26.7 meters can hold 6,000 tons (10,000 m3) of liquid ethylene. It is stored there at a temperature of -103 degrees Celsius and an overpressure of 8 kPa (g).

Storage Tank Market Players
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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Largest And Fastest Growing Region In The Market
North America was the largest region in the storage tank market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the storage tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Storage Tank Market Report Structure
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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