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In-Depth Analysis of the Storage Tank Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Storage Tank Market Share
The primary factor propelling the storage tank market is the escalating water scarcity in various parts of the globe. Lack of water restricts access to potable water for consumption and basic hygiene purposes in homes, schools, and health centers. Storage tanks serve to store water and render it accessible for an array of applications, encompassing drinking, irrigation, fire suppression, among others. For instance, the United Nations International Children's Emergency Fund (UNICEF), a U.S. organization, predicts that by 2025, half of the global population might reside in regions suffering from water scarcity. Moreover, by 2040, approximately one in every four children globally will be living in areas experiencing extremely high water stress. Hence, the growing water scarcity across various regions is fuelling the storage tank market.
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What growth opportunities are expected to drive the storage tank market's CAGR through 2034?
In the past few years, the storage tank market has seen stable growth. The market size, currently at $15.08 billion in 2024, is predicted to increase to $15.71 billion in 2025, displaying a compound annual growth rate (CAGR) of 4.2%. Factors contributing to growth during this historical period include the industrial revolution and urbanization, advancements in material science, expansion in the petroleum and oil industry, regulatory compliance and safety standards, and growth in the chemical industry.
The market size for storage tanks is predicted to experience significant growth in the upcoming years, reaching $20.31 billion in 2029 with an annual growth rate (CAGR) of 6.6%. The industry's expansion in the forecast period is due to factors like robust storage solutions, demand for hydrogen storage, industrial growth, infrastructure development, stringent environmental rules, and a shift towards LNG and gas storage. Key trends expected during this forecast period are modular and tailored solutions, remote supervision and IoT integration, environmentally friendly and sustainable methods, growth in the chemical and petrochemical sectors, and water preservation solutions.
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What are the emerging trends shaping the future of the storage tank market?
One emerging pattern within the storage tank market is the focus on product innovations. To consolidate their market position, firms in the storage tank industry are creating new products. For example, Slovnaft, an oil refinery business based in Slovakia, unveiled a novel ethylene storage tank in October 2023. The new liquefied ethylene storage tank is a non-pressurized double-walled cylindrical structure that measures 30 meters in diameter and 26.7 meters in height. It has the capacity to store 6,000 tons (10,000 m3) of liquid ethylene, which is held at a temperature of -103 degrees Celsius and an overpressure of 8 kPa (g).
Which growth-oriented segments of the storage tank market are leading the industry's development?
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
Subsegments:
1) By Aboveground Storage Tanks: Fixed-Roof Tanks, Floating-Roof Tanks, Cone Roof Tanks, Bullet Tanks
2) By Underground Storage Tanks: Single-Walled Tanks, Double-Walled Tanks, Fiberglass Tanks, Steel Tanks
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What regions are leading the charge in the storage tank market?
North America was the largest region in the storage tank market in 2024. 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.
What companies are at the forefront of innovation in the storage tank market?
Major companies operating in the storage tank market include 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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What Is Covered In The Storage Tank Global Market Report?
•Market Size Forecast: Examine the storage tank market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the storage tank market for a structured understanding.
•Key Players Overview: Analyze major players in the storage tank market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the storage tank market.
•Segment Contributions: Evaluate how different segments drive overall growth in the storage tank market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the storage tank market.
•Industry Challenges: Identify potential risks and obstacles affecting the storage tank market.
•Competitive Landscape: Review strategic developments in the storage tank market, including expansions, agreements, and new product launches.
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