Storage Tank Market Analysis

Storage Tank Market Analysis

Based on product type, the aboveground storage tanks segment dominated approximately 44% of the market share in 2023, as these tanks are favored for their ease of installation, cost-effectiveness, and lower environmental risks compared to their underground counterparts. The visibility and accessibility of aboveground tanks simplify inspection, maintenance, and monitoring processes, allowing for increased operational efficiency. This segment is poised to showcase more than 5.4% CAGR through 2032, owing to the flexibility in design and scalability of aboveground tanks that makes them suitable for industries including oil & gas, chemicals, and water treatment.

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Based on material, the stainless steel segment exceeded USD 8.6 billion in 2023. The segment growth can be attributed to stainless steel’s qualities such as corrosion resistance, durability, and ease of maintenance which makes it ideal for storing corrosive substances and ensuring a longer operational lifespan. The segment is anticipated to record 5.5% CAGR up to 2032, as industries with stringent quality and hygiene standards, including pharmaceuticals and food processing, also prefer stainless steel due to its non-reactive properties.  
 

The medium tanks (50,000 – 250,000 gallons) segment held approximately 44% of the storage tank market share in 2023, owing to the versatility of medium-sized tanks to strike a balance between accommodating substantial storage requirements and offering cost-effective solutions. Medium tanks are favored for their adaptability to diverse applications, which makes them a popular choice across industries such as petrochemicals, water treatment, and manufacturing.
 

The oil & gas industry captured the 35% share of the storage tank industry in 2023, due to the indispensable role storage tanks play in this sector, serving as repositories for crude oil, refined products, and liquefied natural gas. The continuous exploration, production, and transportation of hydrocarbons, necessitating large-scale and secure storage facilities, drive the demand for storage solutions in the oil & gas industry.
 

North America region accounted for over 31% share of the storage tank market in 2023. The region boasts a well-established industrial sector, particularly in the U.S. and Canada, driving significant demand for storage tanks across various industries. The thriving oil & gas sector in North America, supported by extensive exploration and production activities, plays a pivotal role in fueling the demand for storage solutions. Stringent environmental regulations in the region necessitate the use of advanced and compliant storage tank systems, further boosting market growth.