Storage Tank Market Size - By Product Type (Aboveground Storage Tanks, Underground Storage Tanks, Floating Roof Tanks), By Material (Stainless Steel, Polyethylene, Fiberglass, Concrete), By Application (Oil & Gas Industry, Power Generation), By Capacity & Forecast, 2024 – 2032

Storage Tank Market Size - By Product Type (Aboveground Storage Tanks, Underground Storage Tanks, Floating Roof Tanks), By Material (Stainless Steel, Polyethylene, Fiberglass, Concrete), By Application (Oil & Gas Industry, Power Generation), By Capacity & Forecast, 2024 – 2032

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.
 

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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.

Storage Tank Market Trends

Remote monitoring capabilities are becoming more prevalent, allowing operators to manage and monitor storage tank facilities from a distance. This trend aims at improving efficiency, reducing operational costs, and enhancing safety. For instance, HMS Network’s Netbiter communication gateway connects to the tank level sensor using a serial, Ethernet or I/O connection. The gateway sends information via the Internet or the cellular network (GSM/GPRS/3G) to the cloud-based Netbiter Argos data center. With this technology, users can keep track of exact levels in the tanks at any time, see if levels are increasing or decreasing, get alarms whenever certain thresholds are reached and streamline the service operations by refilling/emptying only when needed.

Storage Tank Market Analysis

Based on product type, the aboveground storage tanks segment dominated approximately 44% of the market share in 2023, as these tanks are favored for their ease of installation, cost-effectiveness, and lower environmental risks compared to their underground counterparts. The visibility and accessibility of aboveground tanks simplify inspection, maintenance, and monitoring processes, allowing for increased operational efficiency. This segment is poised to showcase more than 5.4% CAGR through 2032, owing to the flexibility in design and scalability of aboveground tanks that makes them suitable for industries including oil & gas, chemicals, and water treatment.

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Based on material, the stainless steel segment exceeded USD 8.6 billion in 2023. The segment growth can be attributed to stainless steel’s qualities such as corrosion resistance, durability, and ease of maintenance which makes it ideal for storing corrosive substances and ensuring a longer operational lifespan. The segment is anticipated to record 5.5% CAGR up to 2032, as industries with stringent quality and hygiene standards, including pharmaceuticals and food processing, also prefer stainless steel due to its non-reactive properties.  

The medium tanks (50,000 – 250,000 gallons) segment held approximately 44% of the storage tank market share in 2023, owing to the versatility of medium-sized tanks to strike a balance between accommodating substantial storage requirements and offering cost-effective solutions. Medium tanks are favored for their adaptability to diverse applications, which makes them a popular choice across industries such as petrochemicals, water treatment, and manufacturing.

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The oil & gas industry captured the 35% share of the storage tank industry in 2023, due to the indispensable role storage tanks play in this sector, serving as repositories for crude oil, refined products, and liquefied natural gas. The continuous exploration, production, and transportation of hydrocarbons, necessitating large-scale and secure storage facilities, drive the demand for storage solutions in the oil & gas industry.

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North America region accounted for over 31% share of the storage tank market in 2023. The region boasts a well-established industrial sector, particularly in the U.S. and Canada, driving significant demand for storage tanks across various industries. The thriving oil & gas sector in North America, supported by extensive exploration and production activities, plays a pivotal role in fueling the demand for storage solutions. Stringent environmental regulations in the region necessitate the use of advanced and compliant storage tank systems, further boosting market growth.

Storage Tank Market Share

Major players operating in the storage tank industry include

• 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
• ZCL Composites Inc.

In 2023, dominant market players, including Chicago Bridge & Iron (CB&I), Columbian TecTank (CTT), CST Industries, Snyder Industries, and Worthington Industries collectively held around 10 -15% market share. The storage tank market is a highly fragmented market. These prominent players are proactively involved in strategic endeavors such as mergers & acquisitions, facility expansions, and collaborations to expand their product portfolios, extend their reach to a broader customer base, and strengthen their market position. These enterprises consistently allocate resources to research and development, aiming to enhance their designs and integrate cutting-edge technologies, thereby ensuring that they maintain a competitive edge.

Storage Tank Industry News

• In January 2024, TerraVest Industries acquired all of the assets Highland Tank Holdings for USD 78 million. Highland Tank manufacturers fuel and chemical storage tanks, LPG vessels, and other custom-built steel storage products in North America.
• In March 2023, Welspun Group acquired water tank maker Sintex for USD 150 million to expand its building material portfolio. Sintex has been a household name in India for decades for water tanks and other plastic products. It has a strong distribution network across India.

This storage tank market research report includes in-depth coverage of the industry, with estimates & forecast in terms of revenue (USD Billion) and volume (Million Units) from 2018 to 2032, for the following segments

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Market, By Product Type

• Aboveground storage tanks
• Underground storage tanks
• Floating roof tanks
• Others (pressurized tanks, LNG tank, horizontal tanks)

Market, By Material

• Stainless steel
• Polyethylene
• Fiberglass
• Concrete
• Others (aluminum, wood, hybrid materials, etc.)

Market, By Capacity

• Small tanks (Up to 50,000 gallons)
• Medium tanks (50,000 – 250,000 gallons)
• Large tanks (Above 250,000 gallons)

Market, By Application

• Oil & gas industry
• Chemical industry
• Water and wastewater treatment
• Food & beverage industry
• Pharmaceutical industry
• Power generation
• Others (mining, biofuel, etc.)

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Malaysia
  • Indonesia
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• MEA
  • Saudi Arabia
  • UAE
  • South Africa
  • Rest of MEA