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Storage Tank Market Size

Report ID: GMI8001
Published Date: Feb 2024
Report Format: PDF

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Storage Tank Market Size

Storage Tank Market was valued at around USD 26 billion in 2023 and is set to register a CAGR of over 5.1% from 2024 and 2032. Storage tanks play a pivotal role in storing liquids, including water, chemicals, oil, and gases, providing a critical infrastructure component for industries such as petrochemicals, energy, and water treatment. The market is witnessing technological advancements with the introduction of innovative materials and construction techniques, enhancing durability and safety standards.

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The surge in oil & gas exploration activities worldwide is significantly boosting market growth, as the need for secure and reliable storage solutions is intensifying. As per the International Energy Agency the global oil demand will rise by 6% and is estimated to reach 105.7 million barrels per day (mb/d) by 2028, owing to the robust demand from the petrochemical and aviation sectors. Simultaneously, the escalating demand for bulk storage facilities, driven by growing industries including chemicals and manufacturing, is augmenting market expansion.

Storage Tank Market Report Attributes
Report Attribute	Details
Base Year:	2023
Storage Tank Market Size in 2023:	USD 26 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	5.1%
2024 – 2032 Value Projection:	USD 41 Billion
Historical Data for:	2018 – 2022
No. of Pages:	210
Tables, Charts & Figures:	201
Segments covered:	Product type, material, capacity, application, region
Growth Drivers:	Increase in oil & gas exploration activities Rising demand for bulk storage facilities Growing focus on water conservation and wastewater treatment Rapid urbanization
Pitfalls & Challenges:	High initial investments Changes in regulations

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Top of FormThe high cost of constructing storage tanks poses a significant challenge for industries seeking to expand or upgrade their storage infrastructure. High upfront costs include land acquisition, material procurement, and adherence to safety standards, making it essential for companies to carefully assess the economic viability of such investments. The dynamic regulatory landscape, marked by evolving environmental and safety standards, presents an ongoing challenge. Storage tank operators need to stay cautious to comply with the changing regulations, which may necessitate regular upgrades or modifications to the existing facilities.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of storage tank was reached USD 26 billion in 2023 and is anticipated to register over 5.1% CAGR between 2024 and 2032, owing to the technological advancements with the introduction of innovative materials and construction techniques, enhancing durability and safety standards.

The aboveground storage tanks segment held approximately 44% of the market share in 2023 and will increase by 2032 as these tanks are favored for their ease of installation, cost-effectiveness, and lower environmental risks compared to their underground counterparts.

North America captured around 31% share of the storage tank market in 2023 and will grow significantly through 2032, owing to the thriving oil & gas sector in the region, supported by extensive exploration and production activities.

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