Global AST (Above Ground Storage Tank) Market Size By Type (Metal Fuel Tanks, High-Density Polyethylene Plastic Tanks (HPDE)), By Application (Oil And Gas, Chemicals), By Geographic Scope And Forecast

AST (Above Ground Storage Tank) Market Size And Forecast

AST (Above Ground Storage Tank) Market size was valued at USD 7.83 Billion in 2022 and is projected to reach USD 11.08 Billion by 2030, growing at a CAGR of 3.94% from 2023 to 2030.

The worldwide above-ground storage tank sector is rapidly increasing as a result of greater use of solar thermal power, innovation, and the accompanying growth in power-producing capacity. The industry is being driven by an increase in investments in CNG infrastructure. High initial construction costs for storage tanks used to contain hazardous chemicals limit the market’s development potential. The Global AST (Above Ground Storage Tank) Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global AST (Above Ground Storage Tank) Market Definition

Think of Aboveground Storage Tanks (AST) as giant metal bottles sitting right there on the ground. They're used to hold all sorts of liquids and gases for a little while, things like water, crude oil, and even different chemical compounds. You'll find them being used to store oil before it goes to the refinery, during the refining process, and before it's shipped out for sale. Now, don't get them confused with the oil-filled equipment you find in factories or power plants – those aren't considered bulk storage. Because these tanks often hold potentially dangerous stuff that could cause big problems if spilled, it's really important to keep a close eye on them to prevent corrosion.

When establishing aboveground storage tanks, it’s a good idea to use the right coatings, linings, and other corrosion-resistant devices. An aboveground storage tank is a huge industrial container for storing fluids such as petroleum products or chemicals. Because of the substantial pressure created between the tank and the earth, aboveground storage tanks are prone to material degradation. Regularly, and if material repairs are done, each aboveground container must be inspected for integrity. Container size and design must be considered when determining the frequency and kind of testing.

Global AST (Above Ground Storage Tank) Market Overview

The global storage tank scene is really taking off, thanks to more and more people using solar thermal power and all the cool new tech that's popping up. This means we're producing more power, so naturally, the tank industry is booming! Think about ittanks hold all sorts of stuff, from nasty things like crude oil and wastewater to everyday essentials. We're using more water in factories and businesses, and we're pumping out more oil and gas than ever before. All of this is making the market bigger. Plus, we're seeing a need for more storage facilities to cut down on fuel use, which is also boosting the market. One area that's really growing is the market for poly storage tanks. Aboveground Storage Tanks (ASTs) are great because they can safely hold things like petroleum, waste, water, medicines, and other hazardous materials, all while following strict industry rules and regulations.

One big reason the CNG market is growing is because people are investing a lot in things like pipelines and stations! For example, back in 2020, an Economic Times article mentioned that India was planning to pump USD 66 billion into gas infrastructure. The idea is to use cleaner fuels and cut down on pollution, something the government is really pushing. And get thisin 2022, GAIL and Hindustan Petroleum Corporation Ltd announced they'd be putting a total of INR 17,000 crore into CNG projects in West Bengal over the next five years. GAIL and Bengal Gas are planning to spend INR 9,000 crore just on building the pipeline, while HPCL is chipping in INR 8,000 crore for city gas distribution and setting up more CNG stations.

Okay, so here's the thingthe market could be doing even better, but high initial construction costs for those storage tanks that hold dangerous chemicals are really holding things back. Plus, if they're not set up right, or if the operation and maintenance aren't up to snuff, that's another problem. And it's not like demand is low – everyone wants these tanks, from healthcare to your local food service spot, and even the tech, auto, construction, and pharma industries! Still, those high operational costs and the increasing price of raw materials? Yeah, that's expected to put a damper on things in the coming years. On the bright side, the increasing demand for LNG – you know, stuff used for electricity, energy, and steel – is creating opportunities. Especially in the LNG storage world, it looks like the steel category is about to explode with growth.

Global AST (Above Ground Storage Tank) MarketSegmentation Analysis

The Global AST (Above Ground Storage Tank) Market is Segmented on the basis of Type, Application, and Geography.

AST (Above Ground Storage Tank) Market, By Type

• Metal Fuel Tanks
• High-Density Polyethylene Plastic Tanks (HPDE)
• Bladder Tanks
• Others

Based on Type, the market is segmented into Metal Fuel Tanks, High-Density Polyethylene Plastic Tanks (HPDE), Bladder Tanks, and Others. Due to their widespread use in current vehicle applications, plastic high-density polyethylene fuel tanks are expected to dominate the market. Aside from that, they have a higher fuel capacity than metal tanks and are more adaptable.

AST (Above Ground Storage Tank) Market, By Application

• Oil and Gas
• Chemicals
• Others

Based on Application, the market is segmented into Oil & Gas, Chemicals, and Others. Due to increased infrastructure for CNG, LPG, and industrial operations across several areas and developing refineries globally, the oil and gas segment is expected to dominate the market. These ASTs are where hazardous fuels such as CNG, LPG, and LNG are stored. The need for petroleum fuel is increasing. All these factors are why the oil and gas segment dominates the market.

AST (Above Ground Storage Tank) Market, By Geography

• North America
• Europe
• Asia Pacific
• Rest of the World

Based on regional analysis, the Global AST (Above Ground Storage Tank) Market is classified into North America, Europe, Asia Pacific, and the Rest of the world. Owing to the increase in the infrastructure of LNG and CNG terminals and quick deployment in countries such as India, China, and others, there is demand for aboveground storage tanks and the Asia Pacific is expected to dominate the market. Additionally, the substitution of the energy grid is expected to be a significant driver for the AST (Above Ground Storage Tank) Market.

Key Players

The “Global AST (Above Ground Storage Tank) Market” study report will provide valuable insight with an emphasis on the global market. The major players such as CST Industries, McDermott, CIMC, Toyo Kanetsu, ISHII IRON WORKS, PermianLide, Motherwell Bridge, Fox Tank, Polymaster, Highland Tank, Pfaudler, Wartsila, Afcons Infrastructure Ltd., and MEKRO. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Developments

• In September 2019, Wartsila developed a new LNG storage and delivery system for ships. The In-Line Tank Connection Space (ILTCS) in this new LNG storage and supply system houses process equipment. This novel LNG storage technology maximizes fuel storage space while simplifying LNG system installation in ships. This novel LNG storage technology maximizes fuel storage space while simplifying LNG system installation in ships.
• In July 2019, Afcons Infrastructure Ltd., India, awarded IHI Corporation an EPC (Engineering, Procurement, and Construction) contract to build two above-ground full containment LNG storage tanks in Gujarat. These tanks will have a capacity of 200,000 KL, making them the biggest in India. By 2022, the project should be completed. The company’s footprint in India has been strengthened as a result of this deal.

Report Scope

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