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Storage Tank Market worth USD 17.72 billion by 2028, registering a CAGR of 4.25% - Report by Market Research Future (MRFR)

·5 min read

New York, Sept. 20, 2021 (GLOBE NEWSWIRE) -- Storage Tank Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Storage Tank Market Research Report: Information, by Installation Type (Aboveground Storage Tanks (ASTs) and Underground Storage Tanks (USTs)), Product (Hazardous and Non-Hazardous), Material (Steel, Concrete, Polyethylene and others), Industry Vertical (Oil and Gas, Chemical, Water, Food and Beverage and others) and Region (North America, Europe, Asia–Pacific and RoW) - Forecast till 2028” the market is projected to be worth USD 17.72 billion by 2028, registering a CAGR of 4.25% during the forecast period (2021 - 2028)., The market was valued at USD 13.12 billion in 2021.

Competitive Analysis

List of the Key Companies Profiled in the Storage Tank Market Report are –

  • McDermott (US)

  • CST Industries (US)

  • PermianLide (US)

  • Fox Tank Company (US)

  • Highland Tank & Manufacturing Company Inc. (US)

  • T.F. Warren Group (Canada OYO KANETSU KK (Japan)

  • Superior Tank Co. Inc. (US)

  • Ishii Iron Works Co. Ltd (Japan)

  • MEKRO Sp. z o.o. (Poland)

  • Pfaudler (US)


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The storage tank market appears competitive with the presence of several notable players. Manufacturers strive to increase production capacities by employing cost-effective manufacturing techniques.

Many of them are exploring the possibility of new development after mastering their existing product lines.

For instance, recently, on Aug 09, 2021, The ZAL Centre of Applied Aeronautical Research announced installing a new 20-meter hydrogen tank to expand aviation capabilities by twenty-fold. ZAL has received a huge boost to its hydrogen capabilities with this integration of a new storage tank, storing a high amount of gaseous hydrogen.

The storage tank market is proliferating on the global platform, mainly due to the rising adoption of concentrated solar power (CSP) technology, offering increased power generation capacity. Storage tanks are extensively used to store petroleum, waste matter, water, chemicals, and other hazardous materials while meeting strict industry standards and regulations.

Besides, the growing oil & gas industry and the increasing use of water in the industrial and commercial sectors substantiate the market size. Increasing adoption of storage tanks to improve fuel economy influences the growth of the market. Additionally, the rising adoption of poly water tanks and activities of replacement of aging chemical storage tanks are the key driving forces behind the market growth.

With the growing research & engineering activities to develop liquefied natural gas (LNG) tank materials, the market is projected to create substantial revenues during the next few years.



Browse In-depth Market Research Report (185 pages) on Storage Tank

https://www.marketresearchfuture.com/reports/storage-tank-market-8140



Rise in Renewable Energy Generation Shares is a Key Growth Driver

The storage tank market outlook appears promising mainly due to the continually growing energy demand worldwide. Additionally, increasing applications of high-manganese steel in LNG storage tanks to target global LNG projects and the energy industry push the market growth. Rapid industrialization & urbanization, rising demand for CNG vehicles, and rapidly developing industries, such as petrochemical and food & beverage, influence the market size.

High Investment Requirements are Major Headwinds

Factors such as the high initial installation costs of storage tanks, faulty installation, and inadequate operating & maintenance services act as major headwinds for the market. Nevertheless, the vast consumption of storage tanks in pharmaceutical and pulp & paper industries in emerging nations would support the market growth in the next few years. Also, the growing demand for portable water tanks provides ample opportunities for the growth of this market.

COVID-19 Impacts

The novel COVID-19 pandemic did not affect the storage tank industry. The pandemic reassured a robust rise in the global energy demand, especially from the industrial sectors. Besides, the increase in the renewable energy market allowed the storage tank industry to grow steadily throughout 2020. Also, the cost of renewable that continued to fall in 2020 contributed to the market growth despite disruptions of the pandemic. The market demand is forecasted to pick up further during the review period.


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Segmentation

The market is segmented into installation types, products, materials, industry verticals, and regions. The installation type segment is sub-segmented into aboveground storage tanks (AST) and underground storage tanks (UST). The product segment is sub-segmented into hazardous and non-hazardous.

The material segment is sub-segmented into steel, concrete, polyethylene, and others. The industry vertical segment is sub-segmented into oil & gas, chemical, water, food & beverage, and others. The region segment is sub-segmented into Americas, Asia Pacific, Europe, and rest-of-the-world.

Regional Analysis

The Asia Pacific region dominates the global storage tank market. The region stands as one of the largest consumers and producers of power globally. Besides, factors such as the rapidly developing manufacturing sectors, increasing population, and growing adoption of storage tanks across the region drive the storage tank market growth. Rising focus on developing renewable energy sources influences the market landscape.

With vast developments of transport infrastructures tapping LNG, China and India hold substantial storage tank market shares. Growing food & beverage industry and growing demand for plastic water tanks for water storage substantiate the storage tank market size in the region. The growing investment by manufacturers is also driving the growth of this market.

Segmentation of Market covered in the research:

Storage Tank Market Research Report: Information, by Installation Type (Aboveground Storage Tanks (ASTs) and Underground Storage Tanks (USTs)), Product (Hazardous and Non-Hazardous), Material (Steel, Concrete, Polyethylene and others), Industry Vertical (Oil and Gas, Chemical, Water, Food and Beverage and others) and Region (North America, Europe, Asia–Pacific and RoW) - Forecast till 2028


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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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