A storage tank is designed for storing hazardous and non-hazardous products such as petroleum, chemical, and water. These storage tanks are available in various sizes and shapes to suit the requirements of multiple industries. For instance, floating roof, fixed roof, and dome-shaped storage tanks are used in the oil & gas and chemical industries. The growing construction of liquefied natural gas (LNG) terminals and gas pipelines and the rapid installation of underground storage tanks are likely to boost the growth of the global market during the forecast period.
The steady development and expansion of food and beverages, chemical, water, and oil & gas industries in countries such as China, Germany, Mexico, India, and Japan drive the global storage tank market. Furthermore, the rapid technological advancements and increasing use of storage tanks in the residential sector are expected to drive the market during the forecast period.
Drivers: Global Storage Tank Market
Market Research Analysis
In terms of region, the global market for the storage tank is segmented into North America, Europe, Asia-Pacific, and the rest of the world. In 2018, Asia-Pacific held the largest share in the global storage tank market and is projected to register the highest growth rate over the forecast period. This can be attributed to increased manufacturing activities and growing disposable income across the region. However, Europe is expected to witness significant growth during the forecast period due to the increasing oil product trade activities and stock holding volumes and stringent government regulations in the region.
In North America, the presence of key manufacturers, such as Highland Tank & Manufacturing Company, Inc., T.F. Warren Group, and Fox Tank Company, in the US and Canada and the strong government support for the development and advancement of the industrial sector are some of the factors that are expected to drive the growth of the market.
The industrial development and the improving economic conditions in emerging countries in South America and the Middle East & Africa are set to drive the growth of this market during the forecast period. The storage tank manufacturers in North America and Asia-Pacific are focusing on expanding their operations in the Middle East & Africa and South America, which is also contributing to the growth of this market.
Scope of the Report
This study provides an overview of the global Storage Tank Market, tracking four market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global storage tank market by installation type, product, material, industry vertical, and region.
- By Installation Type
- Aboveground Storage Tanks (AST)
- Underground Storage Tanks (UST).
- By Product
- By Material
- By Industry Vertical
- Oil & Gas
- Food & Beverage
- By Regions
- North America
- Rest of the World
Key market players operating in the global storage tank market are TOYO KANETSU K.K. (Japan), Ishii Iron Works Co., Ltd. (Japan), Pfaudler (US), MEKRO Sp. z o.o. (Poland), CST Industries (US), McDermott (US), PermianLide (US), Highland Tank & Manufacturing Company, Inc. (US), Fox Tank Company (US), T.F. Warren Group (Canada), and Superior Tank Co., Inc. (US).
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