Storage Tank Market: Current Analysis and Forecast (2022-2030)

A storage tank is a tank designed for storing liquid materials. A storage container is a container that holds liquids, compressed gases, or liquids used for short or lengthy-time periods hot or cold storage. The shape and construction of storage tanks are executed consistent with international standards. storage tanks function under little or no pressure, which distinguishes them from stress vessels. storage tanks are normally cylindrical in form, with a flat bottom and fixed breakable or perpendicular to the floor with a floating roof. even though it is mainly used within the petroleum industry (petrol tanks), it can additionally be used in different industries, for instance, it is used inside the food industry (oil storage tanks) and the fertilizer industry.

The Storage Tank Market is expected to grow at a steady rate of around 3.6% owing to the increasing water scarcity. The storage tank has triggered momentum in recent years due to the growing demand for water storage solutions in regions where water scarcity is frequent. Water is the most essential natural resource, and its shortage has led to expanded attention to water conservation and management. One of the most effective solutions for fighting water shortage is via storing water in large-capacity storage tanks. The storage tank market is driven by means of several factors, along with growing urbanization and populace increase. These elements have led to a higher demand for clean water for consumption, agriculture, and industrial utilization. For instance, according to the report published by United Nations International Children's Emergency Fund (UNICEF), Severe water scarcity affects almost two-thirds of the world's population, with over two billion people living in countries where the water supply is inadequate and half of the world's population likely to face water scarcity by 2025; this could lead to the displacement of 700 million people by 2030, and by 2040, nearly a quarter of all children worldwide may be living in areas with extremely high water stress.

Therefore, the growing water scarcity is driving the growth of the storage tank market. The urge for water storage tanks is increasing across various industries due to the need to conserve water and ensure reliable water delivery. Water storage tanks assist to reduce water wastage and manage water resources successfully, in particular during times of drought.

Based on type, the market is bifurcated into aboveground storage tanks and underground storage tanks. The aboveground storage tank category has dominated the market in the historic year and is expected to see the same trend in the forecast period. Aboveground storage tanks are tanks that can be erected above the floor surface and can be cylindrical or square in shape. these kinds of tanks are extensively used within the oil and gas industry, especially for storing crude oil, gasoline, diesel, and other petrochemical products. Moreover, the installation of aboveground storage tanks is less complex in comparison to underground garage tanks. it's far fairly smooth to construct an AST, and it does not require any excavation work, in contrast to USTs. ASTs are greater accessible for inspection, preservation, and repair. since the tank is positioned above the floor, it is simple to stumble on any leaks, corrosion, or damages that require repair. Additionally, aboveground storage tanks have an extended lifespan as compared to USTs. ASTs are primarily fabricated from metal and covered with materials that prevent corrosion. This coating prolongs the existence of the tank, and it is able to last for decades with regular maintenance and inspection.

Based on material, the market is segmented into steel, concrete, polyethylene, and others. Steel is currently the leading segment and is expected to dominate the segment in the forecast period. One of the factors that make steel popular in the storage tank market is its cost-effectiveness, wherein the price of metal storage tanks is quite affordable whilst as compared to different materials. similarly, metal is easy to maintain and repair, making it a super material for long-term use and low preservation charges. For instance, a metal storage tank is Kinder Morgan's expanded tank storage facility in Houston Texas. The project protected the development of metal storage tanks that have the capability to hold up to 10 million barrels of crude oil. This storage tank project was completed at an envisioned cost of USD 2.5 billion, and the facility is anticipated to function as a crucial distribution hub for refining and petrochemical companies.

On the basis of end-user industry, the market is categorized into oil & gas, chemical, food & beverages, industrial, mining & minerals, and others. Among these, the oil & gas segment is to hold a significant share of the market in 2021. This is mainly due to rapidly evolving automotive industries all around the world and these vehicles run on gasoline that is stored in storage tanks. The oil and gas sector is amongst the largest customers of storage tanks, with storage tanks used to keep crude oil, subtle petroleum products, liquefied natural fuel (LNG), and different associated materials. The dominance of the oil and fuel industry within the storage tank market is usually attributed to the boom of the upstream oil and gas industry.

For a better understanding of the market adoption of the storage tank industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Mexico, Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific), Rest of World. The Asia Pacific is projected to be the fastest-growing region in the forecast period due to rapid industrialization, increasing population, and urbanization. One of the predominant reasons behind the boom in the storage tank industry within the Asia Pacific region is the increasing demand for oil and gas products. With economies in the region experiencing robust growth, there has been a corresponding increase in demand for energy. This has led to a rapid boom in the exploration and manufacturing of oil and gasoline in the region. As an end result, there has been a corresponding increase in the demand for storage tanks to keep the extracted oil and gasoline. Moreover, the region has also emerged as a supreme producer of chemical substances and petrochemicals. With the boom of industries along with plastics, pharmaceuticals, and cosmetics, the demand for storage tanks to store chemicals and petrochemicals has additionally expanded. As an example, China is the world's largest consumer of chemicals and accounts for more than 40% of worldwide demand. As an end result, the country has seen a vast boom in the storage tank industry.

Some of the major players operating in the market include: McDermott; CST Industries; PermianLide; Fox Tank Company; Superior Tank Co. Inc.; Ishii Iron Works Co. Ltd.; Highland Tank & Manufacturing Company Inc.; Emiliana Serbatoi S.r.l.; Sintex Industries Limited; GMM Pfaudler.