Aboveground Storage Tanks Market Size - By Type, By Application, By Material, By Capacity, & Forecast, 2025 – 2034.

Aboveground Storage Tanks Market Size

The aboveground storage tanks market was valued at USD 11.9 billion in 2024 and is anticipated to register a CAGR of over 5.2% between 2025 and 2034. The growing global demand for oil, gas, and chemicals is a significant driver for the Aboveground Storage Tanks (ASTs) market. As industries worldwide rely on large-scale storage solutions to accommodate increasing production volumes, ASTs have become essential for storing various liquid commodities. In the oil and gas sector, ASTs are widely used for the storage of crude oil, refined petroleum products, and chemicals, ensuring that these resources are securely contained and readily available for distribution.
 

Beyond the oil and gas industry, several other sectors are contributing to the demand for aboveground storage tanks. According to the Food and Agriculture Organization (FAO), global food production is projected to increase by 70% by 2050, necessitating advanced storage solutions. Similarly, the pharmaceutical industry uses ASTs to store liquids and chemicals required in drug production, often in controlled and secure environments to maintain product integrity and safety.
 

Over time, aboveground storage tanks (ASTs) are vulnerable to corrosion, particularly when exposed to harsh weather conditions, chemicals, and oils. This corrosion can significantly shorten the lifespan of the tanks, leading to increased risks of leaks, structural damage, and operational inefficiencies. As a result, businesses are faced with higher maintenance and replacement costs to ensure the tanks remain functional and compliant with safety standards.
 

Regular inspections, maintenance, and the use of corrosion-resistant materials are essential to prevent these issues, but they come at a substantial cost. For many businesses, particularly smaller enterprises with limited budgets, these ongoing expenses can be a deterrent to investing in ASTs. The need for continuous monitoring and investment in durable materials further increases the financial burden, making it a challenge for some organizations to justify the long-term commitment to AST infrastructure.
 

Aboveground Storage Tanks Market Trends

In the aboveground storage tanks business, the adoption of IoT (Internet of Things) sensors, automated monitoring systems, and data analytics is on the rise. These cutting-edge technologies facilitate real-time monitoring of vital tank conditions, such as temperature, pressure, and fluid levels, thereby bolstering safety and operational efficiency.
 

Continuous oversight of these metrics empowers businesses to identify potential concerns, be it leaks, structural vulnerabilities, or anomalies hinting at deeper issues. Swift recognition of these challenges paves the way for timely interventions, curtailing risks and minimizing expensive downtimes. Furthermore, automated systems fine-tune maintenance schedules, guaranteeing tanks are not only well-kept but also adhere to safety standards. Consequently, this technological integration enhances storage tank management, drives cost efficiencies, boosts reliability, and ensures stricter adherence to environmental regulations.
 

Aboveground Storage Tanks Market Analysis

The aboveground storage tanks industry is experiencing steady growth driven by increasing demand for efficient and secure storage solutions across various industries, including oil and gas, chemicals, food and beverage, and pharmaceuticals. The market is primarily fueled by the rising global need for bulk storage of liquids such as crude oil, refined petroleum products, chemicals, and agricultural liquids. Factors such as industrial expansion, urbanization, and growing environmental regulations are further supporting the market's growth.
 

Additionally, technological advancements, including the integration of IoT sensors, automated monitoring systems, and corrosion-resistant materials, are enhancing the efficiency, safety, and lifespan of ASTs, driving their adoption. However, the market also faces challenges, such as high initial investment costs, stringent regulatory compliance, and concerns over environmental safety. Despite these obstacles, the demand for ASTs is expected to continue growing, particularly in emerging markets, as industries seek scalable and sustainable storage solutions to meet increasing production demands.
 

Based on type, the fixed roof tanks was reached USD 4.7 billion in 2024 and is expected to grow at a CAGR of 5.5% from 2025 to 2034. Fixed roof tanks are relatively simple in design and require lower initial capital investment compared to other types, such as floating roof or pressurized tanks. Their robustness and ability to handle large volumes of liquid make them a preferred choice for many industries. Additionally, fixed roof tanks are less susceptible to structural damage and easier to maintain, which enhances their appeal for long-term use.
 

Based on application, the  oil & gas industry dominated the market in 2024 by acquiring a revenue share of 26.6% and is expected to grow at a CAGR of 5.8% during 2025 to 2034. Aboveground storage tanks are critical in storing crude oil, refined petroleum products, and natural gas liquids, making them an essential component of the oil and gas supply chain. The industry's need for safe, reliable, and efficient storage infrastructure to support exploration, extraction, and refining processes contributes to the high demand for ASTs.
 

U.S. aboveground storage tanks market size exceeded USD 2.7 billion in 2024 and is expected to grow at a CAGR of 5.9% through 2034. This growth is driven by the region’s strong industrial base, particularly in the oil and gas, chemical, and pharmaceutical sectors. The U.S. is a major player in the global energy market, with a large number of refineries, storage facilities, and transportation networks that require reliable and secure storage solutions.
 

China dominated the Asia-Pacific aboveground storage tanks market, capturing a 34.4% share in 2024 due to its position as the world's largest producer and consumer of oil, gas, and chemicals. The country’s rapid industrialization, infrastructure development, and expansion in the energy sector have significantly increased the demand for storage solutions. China’s large-scale refineries, chemical plants, and power generation facilities require reliable and efficient storage systems to handle vast quantities of crude oil, refined products, and industrial chemicals.
 

As one of the leading industrial nations in Europe, Germany has a high concentration of refineries, chemical manufacturing plants, and power generation facilities that require large-scale storage for liquids such as crude oil, chemicals, and biofuels. The country’s strong focus on industrial innovation, adherence to stringent environmental regulations, and commitment to sustainability further drive the demand for advanced AST solutions.
 

Aboveground Storage Tanks Market Share

The aboveground storage tanks industry, with prominent players, such as CB&I (Chicago Bridge & Iron), Columbian TecTank (CTT), CST Industries and Snyder Industries holds a market share of ~10-15%. Manufacturers are adopting strategic steps, such as mergers, acquisitions, partnerships, and collaborations, to meet the growing consumer demand and consolidate their position in the market.
 

Aboveground Storage Tanks Market Companies

Major players operating in the aboveground storage tanks industry include:

• Belding Tank Technologies, Inc.
• BELLELI ENERGY CPE Srl
• CB&I (Chicago Bridge & Iron)
• Columbian TecTank (CTT)
• CST Industries
• Matrix Service Company
• Motherwell Bridge Industries
• PermianLide
• Pfaudler
• Snyder Industries
• Superior Tank Co., Inc.
• Tank Connection
• Tarsco (TF Warren Group)
• Worthington Industries
• ZCL Composites Inc.
   

Aboveground Storage Tanks Industry News

• In January 2024, TerraVest Industries acquired all assets of Highland Tank Holdings for USD 78 million. Highland Tank, located in North America, manufactures fuel and chemical storage tanks, LPG vessels, and other custom-built steel storage products.
   
• In March 2023, Welspun Group purchased water tank manufacturer Sintex for USD 150 million to expand its building material portfolio. Sintex, a well-known brand in India for decades, is famous for its water tanks and various plastic products, supported by a strong distribution network across the country.
   

The aboveground storage tanks market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) from 2021 to 2034, for the following segments:

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Market, By Type

• Fixed roof tanks
• Floating roof tanks
• Dome roof tanks
• Others (pressurized tanks, LNG tank, horizontal tanks)

Market, By Application

• Oil & gas industry
• Chemical industry
• Water and wastewater treatment
• Food & beverage industry
• Pharmaceutical industry
• Power generation
• Others (mining, biofuel, etc.)

Market, By Material

• Stainless steel
• Polyethylene
• Fiberglass
• Concrete
• Others (aluminum, wood, hybrid materials, etc.)

Market, By Capacity

• Small tanks (Up to 50,000 gallons)
• Medium tanks (50,000 – 250,000 gallons)
• Large tanks (Above 250,000 gallons)

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Indonesia 
• Latin America
  • Brazil
  • Mexico
• MEA
  • Saudi Arabia
  • UAE
  • South Africa