Global Storage Tank Market size was valued at USD 26 Billion in 2024 and is expected to reach USD 43.2 Billion by 2033, at a CAGR of 5.1% during the forecast period 2024 – 2033.
Storage Tank Market: Overview
An expansive container used to hold gas, oil, and other petrochemical goods is called a storage tank. It is utilized to store compressed gases, liquids, or media for the temporary or permanent storage of heat or cold.
The growth of the food and beverage, electricity, and oil and gas sectors is propelling the worldwide storage tank market. The need for more effective solutions as well as an increase in the development of tight oil and shale gas areas are the reasons behind the rise in demand for storage tanks in the oil and gas sector.
The other main drivers of market development are the increase in petrochemical project investments and the growing focus on energy efficiency. Moreover, throughout the projected period, the expansion of the global market is anticipated to be supported by the rise in demand for bulk storage facilities.
Storage tank industry participants can benefit greatly from technological developments in the storage tank production process. To keep ahead of the competition, storage tank manufacturers are devoting a significant amount of their profits to research and development.
By material, the stainless steel segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. This growth is because stainless steel is perfect for storing corrosive materials and guarantees a longer operating lifespan due to its corrosion resistance, durability, and ease of maintenance.
By end-use, the oil & gas industry segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. The oil and gas sector is the main end-user of storage tank insulation.
This dominance is explained by the rising demand for corrosion-resistant, long-lasting, and lightweight storage tanks brought on by the expanding requirement for oil and gas storage, particularly in coastal locations and the Middle East.
By application, water storage for the firefighting segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. The water storage for the firefighting segment is dominant in part because of the increased awareness of fire safety and the necessity of efficient fire suppression systems.
North America’s booming oil and gas industry, is bolstered by massive exploration and production efforts. The use of sophisticated and compatible storage tank systems is required by the region’s strict environmental rules, which will accelerate market expansion.
Nova Plastic Industries is a prominent player in the plastic manufacturing sector, known for producing high-quality plastic products for a diverse range of industries. It produce durable plastic containers, bins, and pallets for industrial and commercial use.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 26 Billion |
| Projected Market Size in 2033 | USD 43.2 Billion |
| Market Size in 2023 | USD 25.6 Billion |
| CAGR Growth Rate | 5.1% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Material, Application, End-use and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
CMI has comprehensively analyzed the Global Storage Tank Market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth by Amico Group of Companies to depict an in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Global Storage Tank industry.
The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.
List of the prominent players in the Storage Tank Market:
- Nova Plastic Industries L.L.C
- CST Industries Inc.
- McDermott International Inc.
- Emiliana Serbatoi S.r.l.
- Containment Solutions Inc.
- Carbery Plastics Limited
- Sintex Industries Ltd
- Caldwell Tanks
- Balmoral Tanks Ltd
- DN Tanks
- Tank Connection
- PermianLide
- Superior Tank Co. Inc.
- Belco Manufacturing Company
- ZCL Composites Inc.
- Fox Tank Co.
- Tarsco
- Enduro
- Highland Tank
- Motherwell Bridge Industries Ltd.
- Others
The Storage Tank Market is segmented as follows:
By Material
- Stainless Steel
- Fiberglass
- Concrete
- Plastic
By Application
- Storage of Portable Water
- Rain Water Harvesting
- Water Storage for Firefighting
- Others
By End-use
- Oil & Gas Industry
- Water and Waste water Treatment
- Pharmaceutical Industry
- Chemical Industry
- Food and Beverage Industry
- Others
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America