Water Scarcity Fuels Growth In The Storage Tank Market Emerges as a Core Driver of the Storage Tank Market in 2025

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How Large Will the Storage Tank Market Size By 2025?
In recent times, there has been a consistent growth in the storage tank market size. It is set to increase from $15.08 billion in 2024 to $15.71 billion in 2025, with a compound annual growth rate (CAGR) of 4.2%. This growth during the historic period is due to factors such as the industrial revolution and urbanization, progress in material sciences, the expansion of the petroleum and oil industry, adherence to regulatory compliance and safety standards, and growth in the chemical industry.

How Big Is the Storage Tank Market Size Expected to Grow by 2029?
The market size for storage tanks is projected to experience substantial growth in the coming years, reaching a value of $20.31 billion in 2029 with a compound annual growth rate (CAGR) of 6.6%. The projected growth in this period can be linked to factors such as the need for robust storage solutions, demand for hydrogen storage, industrial growth and infrastructure advancements, stringent environmental regulations, and a shift towards LNG and gas storage. Key trends expected to be seen within the forecast period include offering modular and customized solutions, the integration of remote monitoring and IoT, the adoption of green and sustainable practices, growth in the chemical and petrochemical sectors, and solutions for water conservation.

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Which Key Market Drivers Powering Storage Tank Market Expansion and Growth?
The primary impetus propelling the expansion of the storage tank market is the rising prevalence of water scarcity in various regions. Lack of water restricts the availability of safe water for consumption and for basic hygiene purposes at home, in educational institutions, and health care establishments. Storage tanks serve the purpose of storing water for numerous applications such as drinking, irrigation, and fire control amongst others. For example, the United States-based agency, the United Nations International Children's Emergency Fund (UNICEF), forecasts that by 2025, scarcity of water could affect half the world's population. Fast forward to 2040, nearly 1 in 4 children globally are projected to reside in zones of severe water stress. Thus, the mounting water scarcity in numerous regions is fuelling the growth of the storage tank market.

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Which Fast-Growing Trends Are Poised to Disrupt the Storage Tank Market?
The emergence of product innovations is becoming a pivotal trend within the storage tank market. To solidify their market standing, companies active in this sector are introducing novel products. As an example, in October 2023, Slovnaft, an oil refinery firm based in Slovakia, unveiled a novel ethylene storage tank. This newly minted storage tank is specifically designed to store liquefied ethylene. Boasting a double-walled cylindrical design, unpressurized, with an external diameter of 30 meters and a height of 26.7 meters, it can accommodate 6,000 tons (10,000 m3) of liquid ethylene. The storage conditions are set at a temperature of -103 degrees Celsius and an overpressure of 8 kPa (g).

What Are the Emerging Segments in the Storage Tank Market?
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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Who Are the Global Leaders 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

Which are the Top Profitable Regional Markets for the Storage Tank Industry?
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.

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