Press release
Storage Tank Market to Reach USD 19.32 Billion by 2032, Growing at a CAGR of 4.52%
Storage Tank Market
Global Storage Tank Market was valued nearly US$ 13.56 Bn. in 2024. Global Storage Tank Market size is estimated to grow at a CAGR of 4.52% and is expected to reach at US$ 19.32 Bn. by 2032., driven by increasing demand across various industries for efficient storage solutions.
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Market Growth Drivers and Opportunities
The surge in global energy consumption necessitates the expansion of oil and gas exploration and production activities, thereby increasing the demand for storage tanks to safely store crude oil, refined products, and natural gas. Additionally, the rising importance of water conservation and management has led to an increased demand for water storage tanks in both residential and industrial sectors. The chemical industry also requires specialized storage solutions for hazardous and non-hazardous chemicals. Furthermore, the global shift towards renewable energy sources has created opportunities for storage tanks designed for biofuels, hydrogen, and other renewable materials.
Segmentation Analysis
The storage tank market is segmented based on type, product, material, and application:
Type: Aboveground storage tanks (ASTs) dominate the market due to their ease of installation, maintenance, and inspection. Their visibility allows for quick identification and addressing of leaks or damages, making them ideal for storing fuel, processing chemicals, and treating water.
Product: Hazardous storage tanks hold a significant market share, being specifically designed to securely hold substances that pose significant dangers to health, safety, and the environment.
Material: Steel tanks are prevalent due to their robustness and longevity, capable of withstanding high temperatures and pressures, making them essential in industries such as oil and gas, chemicals, and water treatment.
Application: The oil and gas sector is one of the largest consumers of storage tanks, relying heavily on secure and efficient storage solutions for crude oil, refined products, and natural gas.
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Country-Level Analysis
United States: The U.S. energy storage market experienced significant growth in the third quarter of 2024, with 3,806 MW of installations and 9,931 MWh deployed, marking an 80% and 58% increase from the previous year. This highlights the increasing demand for grid connection as network operators manage a surge of clean power applications amidst limited transmission capacity.
Germany: As a leader in renewable energy adoption, Germany's Energiewende (energy transition) has spurred investments in storage solutions to stabilize the grid and store surplus energy from renewable sources.
China: China's rapid industrialization and urbanization have led to increased demand for storage tanks, particularly in the chemical and water treatment sectors.
India: India's economic growth has led to increased demand for storage tanks, particularly in the LPG market. Vopak operates terminals in seven Indian ports and anticipates benefiting from this growth.
Brazil: As a major player in biofuels, Brazil's ethanol production requires extensive storage infrastructure, driving demand for storage tanks in the region.
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Competitor Analysis
The storage tank market is characterized by the presence of several key players:
Vopak: A global tank storage operator, Vopak has committed $1 billion for energy transition projects by 2030, focusing on infrastructure projects in biofuels, hydrogen, carbon dioxide supply chains, and battery storage.
CST Industries, Inc.: Known for manufacturing bolted and welded storage tanks, CST Industries serves various industries, including industrial liquids and municipal water.
McDermott International Inc.: A prominent player in engineering and construction for energy infrastructure, McDermott offers storage solutions for oil and gas sectors.
Containment Solutions, Inc.: Specializing in fiberglass-reinforced plastic tanks, Containment Solutions provides storage options for petroleum, water, and wastewater.
DN Tanks: Focused on the design and construction of concrete storage tanks, DN Tanks caters to water and wastewater applications.
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Recent Developments
Vopak's Financial Outlook: Vopak anticipates maintaining a stable core profit for 2025, driven by strong demand for its infrastructure services across various sectors. The company projects proportional EBITDA to be between 1.15 to 1.20 billion euros for the year, consistent with the 1.17 billion euros achieved in 2024.
Aegis Vopak IPO: Vopak expects a final decision on the initial public offering (IPO) of its Indian joint venture Aegis Vopak (AVTL) by mid-2025. In 2024, Vopak sold a minor stake in AVTL as a private placement, yielding a net exceptional gain of €13 million ($13.6 million).
Conclusion
The global storage tank market is on a trajectory of significant growth, propelled by escalating demands across various industries for efficient and reliable storage solutions. As sectors such as oil and gas, chemicals, water treatment, and renewable energy continue to expand, the need for advanced storage infrastructure becomes increasingly critical. Companies operating in this market are poised to capitalize on these opportunities by innovating and adapting to the evolving needs of their clients, ensuring safe and efficient storage solutions worldwide.
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