Storage tanks are containers or reservoirs that contain organic and non-organic liquids, compressed gases, and are used in various end-use industries
These tanks vary in sizes, shapes, and can be installed above the ground or underground. Aboveground storage tanks differ from underground storage tanks in terms of regulations.
The Asia Pacific is the largest storage tank market worldwide, followed by North America and Middle East & Africa
The Asia Pacific and North America are mature storage tank markets. Stringent government rules and regulations regarding the production and operation of storage tanks in various end-use industries are increasingly contributing to the growth of the storage tank market.
The storage tank market in the Middle East & Africa and the Asia Pacific is expected to grow at a significant rate during the forecast period, owing to government regulations, rapid urbanization, and surge in oil production in various countries in the Middle East.
A growing trend for a cleaner, lighter fuels is driving the demand for storage tanks globally. Consumer demand for lighter fuels has also increased and created more of a need for storage solutions. There is a greater demand for storage tanks of varying capacities and sizes to meet the increased demand.
Constant surge in oil production in Iran, Russia, Saudi Arabia, and growing water scarcity are significantly driving the storage tank market
A decline in oil production and exploration activities and considerable funding requirements are expected to restrain the market growth
The storage tank market has been segmented based on material, capacity, application, installation type, end-use industry, and region
Rising need for water in industrial and commercial sectors, rapid urbanization, and scarcity of water in the U.S. states are significantly contributing to the demand for storage tanks globally
High capital investments and growing inventory cost are fueling the growth of the storage tank market
In terms of material, the global storage tank market has been classified into plastic, metal, FRP, others (concrete, etc.)
Based on capacity, the storage tank market has been divided into less than 1,000 Gallons, 1,001 to 10,000 Gallons, and above 10,001 Gallons
In terms of application, the storage tank market has been classified into industrial chemicals, oil, fuel, water, and others (gas, etc.)
In terms of installation type, the storage tank market has been bifurcated into above-ground tanks and underground tanks
Based on end-use industry, the storage tank market has been categorized into power generation, petrochemical, paper & pulp, food & beverages, water & wastewater, oil & gas, and others (pharmaceuticals, etc.)
Based on region, the storage tank market has been divided into North America (U.S., Canada, and Rest of North America), Europe (U.K., Italy, France, Germany, and Rest of Europe), Asia Pacific (India, China, Japan, and Rest of Asia Pacific), Middle East & Africa (GCC Countries, South Africa, and Rest of the Middle East & Africa), and South America (Argentina, Brazil, and Rest of South America)
Major players in the global storage tank market are significantly focusing on opportunities to improve their efficiency and enhance their production capabilities. Competition is expected to intensify in the near future with the entry of several local players. Key companies profiled in the research report include CST, ZCL Composites, Snyder Industrial Tanks, BELCO, Poly Processing, Containment Solutions, Synalloy(Palmer), Highland Tank, L.F. Manufacturing, Red Ewald, TF Warren(Tarsco), Holvrieka, Polymaster, Assmann, and Tuffa.