The Storage Tank Industry Trends were valued at USD 8.46 billion in 2022 and are projected to reach USD 22.17 billion by 2030, growing at a compound annual growth rate (CAGR) of 12.8% during the forecast period from 2023 to 2030.
This industry has witnessed significant growth and is expected to continue its upward trajectory in the coming years. The increasing demand for storage tanks across various sectors, such as oil and gas, chemicals, water treatment, and others, is driving this growth.
The storage tank industry plays a crucial role in storing and preserving valuable resources, ensuring their availability when needed. With the rising need for efficient storage solutions, companies are investing in technologically advanced and environmentally friendly storage tanks.
Furthermore, stringent regulations regarding safety and environmental concerns are also propelling the demand for storage tanks that meet the required standards. This has led to the development of innovative storage tank solutions that not only ensure safety but also minimize the impact on the environment.
The Asia-Pacific region is expected to dominate the storage tank market during the forecast period, owing to rapid industrialization and urbanization in countries like China and India. These countries are witnessing a surge in infrastructure development, which in turn is driving the demand for storage tanks.
In conclusion, the storage tank industry is poised for substantial growth in the coming years. The increasing demand for efficient storage solutions, coupled with stringent safety and environmental regulations, is fueling the market's expansion. As companies continue to invest in advanced storage tank technologies, the industry is expected to witness significant advancements and contribute to various sectors' growth.
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KEY MARKET SEGMENTATION
By Installation Type
- Aboveground Storage Tanks (ASTs)
- Underground Storage Tanks (USTs)
By Product
- Hazardous
- Non-Hazardous
By Material
- Steel
- Concrete
- Polyethylene
- Others
Driving Factors
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The worldwide oil and gas area keeps on rising.
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The ascent of need for capacity tanks to upgrade eco-friendliness.
Opportunities
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The quickly growing drugs and paper and mash areas in emerging nations.
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The rising prevalence of movable water tanks.
Key Players
The Major Players are CST Industries, Inc., Balmoral Tanks Ltd, McDermott International Inc., Containment Solutions, Inc., DN Tanks, Caldwell Tanks, Sintex Industries Ltd, Emiliana Serbatoi S.r.l., Carbery Plastics Limited, Nova Plastic Industries L.L.C. and Other Players
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Table of Contents
- Introduction
- Research Methodology
- Market Dynamics
- Impact Analysis
- Value Chain Analysis
- Porter’s 5 forces model
- PEST Analysis
- Global Storage Tank Market Segmentation, By Installation Type
- Global Storage Tank Market Segmentation, By Product
- Global Storage Tank Market Segmentation, By Material
- Global Storage Tank Market, By Region/Country
- Company Profile
- Competitive Landscape
- Conclusion
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