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Emerging Trends to Drive Storage Tank Market Growth at 6% CAGR Through 2029
Storage Tank Market
Storage Tank Market Size Growth Forecast: What to Expect by 2025?
In the past few years, the size of the storage tank market has consistently expanded. Its growth is projected from $15.08 billion in 2024 to $15.49 billion in 2025, indicating a compound annual growth rate (CAGR) of 2.8%. This expansion during the historical period is due to variables like the industrial revolution and urbanization, advancements in material sciences, expansion of the petroleum and oil industry, regulatory compliance and safety standards, and the growth of the chemical industry.
How Will the Storage Tank Market Size Evolve and Grow by 2029?
In the coming years, the market size for storage tanks is anticipated to experience substantial growth, reaching a value of $19.56 billion in 2029, with a compound annual growth rate (CAGR) of 6.0%. This growth during the forecast period is primarily due to robust storage solutions, the demand for hydrogen storage, industrial upscaling, infrastructure advancement, stricter environmental policies, and a shift towards LNG and gas storage. Notable trends for the forecast period encompass modular and tailor-made solutions, integration of remote monitoring and IoT, adoption of green and sustainable methods, growth in chemical and petrochemical sectors, and water conservation solutions.
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What Drivers Are Propelling the Growth of Storage Tank Market Forward?
The rise in water scarcity across various regions is a significant contributor to the expansion of the storage tank market. This scarcity hinders the availability of clean water for consumption and basic sanitation practices at homes, schools, and healthcare institutions. Storage tanks serve the purpose of holding water for a range of applications such as drinking, irrigation, fire extinction, and more. According to a report by UNICEF, a US-based organization, it has been predicted that by 2025, half of the global population may have to deal with water scarcity. It is further expected that by 2040, one out of every four children will reside in areas with extremely high water stress. As such, the escalating issue of water scarcity in numerous regions is propelling 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 a leading trend currently observed in the storage tank market. Corporations in this market are devising new product offerings to consolidate their market stance. As an example, Slovnaft, an oil refinery firm based in Slovakia, introduced a brand-new ethylene storage tank in October 2023. This new ethylene storage tank has been engineered for the safe storage of liquefied ethylene. It comprises a unpressurized, double-walled cylindrical structure with a 30-meter outer diameter and a height of 26.7 meters, capable of accommodating 6,000 tons (or 10,000 m3) of liquid ethylene. The storage conditions include a temperature of -103 degrees Celsius and an overpressure of 8 kPa(g).
What Are the Key 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 Key Players Shaping the Storage Tank Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth 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.
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