Storage Tank Market Anticipated to Reach $26.52 Billion by 2030

The Storage Tank Market valued at $16.40 billion in 2023, is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.1%, reaching approximately $26.52 billion by 2030. This growth is driven by increasing energy demand, technological advancements in storage solutions, and the expansion of industries such as oil and gas, chemicals, and water treatment.

Competitive Landscape

The storage tank industry is witnessing significant activities, including mergers, acquisitions, and strategic partnerships, as companies aim to strengthen their market positions and expand their global footprints.

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Regional Insights

United States: Growth and Consolidation

The U.S. storage tank market has experienced notable consolidation and expansion. In 2019, Lineage Logistics, a leading temperature-controlled logistics company, acquired Preferred Freezer Services LLC, its largest competitor, in a deal reportedly worth over $1 billion. This acquisition expanded Lineage's facility network to over 200 facilities across the United States, Europe, and Asia, enhancing its storage capabilities.

Asia Pacific: Opportunities and Strategic Investments

The Asia Pacific region presents substantial growth opportunities in the storage tank market, driven by rapid industrialization and increasing energy consumption. Aegis Vopak Terminals Ltd. (AVTL), a joint venture between Vopak and Aegis, filed for a 35 billion rupee ($403 million) Initial Public Offering (IPO) with India’s Securities and Exchange Board. The proceeds are aimed at repaying debt and acquiring an LPG terminal in Mangalore, reflecting strategic investments to meet the region's growing energy needs.

Middle East and Africa: Emerging Trends and Initiatives

The Middle East and Africa are witnessing emerging trends in the storage tank market, with a focus on enhancing storage capacities and infrastructure. Philippine Tank Storage International, the largest petroleum products import storage facility in the Philippines, is seeking a strategic investor, potentially valuing the asset at up to $500 million. The proceeds from the investment would be used for business expansion and value realization of the asset, indicating a trend toward strengthening storage infrastructure in the region.

Europe: Modernization and Strategic Partnerships

Europe's storage tank market is undergoing modernization, with companies focusing on strategic partnerships and expansions. Trafigura, a global trading house, acquired 50% of the shares in Meroil Tank S.L. from the Spanish oil operator Meroil S.A., leading to the creation of a joint venture company operating on a 50:50 basis. The assets of Meroil Tank include 356,000 cubic meters of refined oil products storage infrastructure located within the port of Barcelona, enhancing storage capabilities in the region.

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Market Segmentation: In-Depth Analysis:

by Material Type

Steel Storage Tanks
Concrete Storage Tanks
Fiberglass Reinforced Plastic (FRP) Storage Tanks
Polyethylene Storage Tanks
Others

Steel storage tanks, concrete storage tanks, fiberglass reinforced plastic (FRP) storage tanks, polyethylene storage tanks, and others are the many material types that make up the market. In 2022, steel storage tanks accounted for the highest share of the storage tank market, and they are anticipated to maintain this position throughout the forecast period. Chemicals, water and wastewater, oil and gas, and other industries all employ steel storage tanks. Steel is a material with appealing structural integrity and durability. In order to ensure long-term dependability and effective safety, steel tanks have been battling harsh environmental conditions and extremely high temperatures. Corrosion-resistant coatings have been applied to steel tanks during manufacturing.

by Product Type

Aboveground Storage Tanks
Underground Storage Tanks

by Application

Storage of Portable Water
Rain Water Harvesting
Water Storage for Firefighting
Others

Over the course of the forecast period, portable water storage is anticipated to dominate the storage tank market. Clean, drinkable water is kept in storage tanks for the purpose of preserving it. Both home and business environments make use of these tanks. By holding water during times when it is most available, like off-peak hours or during rainy seasons, they are primarily utilized to control the water supply. This ensures a steady supply of drinkable water by helping to balance the water supply.

by Storage Capacity

Less than 5000 cubic meters
5000-15000 cubic meters
15000-30000 cubic meters
Above 30000 cubic meters

by End-User

Oil and Gas
Water and Wastewater
Food and Beverage
Pharmaceuticals
Agriculture
Others

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Learn about the top players driving innovation in the Market :

1. Balmoral Tanks Ltd, DN Tanks
2. CST Industries, Inc.
3. Emiliana Serbatoi S.r.l.
4. Caldwell Tanks
5. Sintex Industries Ltd
6. McDermott International Inc.
7. Containment Solutions, Inc.
8. Carbery Plastics Limited
9. Nova Plastic Industries L.L.C
10. Fox Tank Company
11. Highland Tank and Manufacturing Company Inc
12. Ishii Iron Works Co. Ltd.
13. MERKRO Sp. z o.o
14. Pfaudler
15. Toyo Knetsu k.K.
16. Snyder Industries iNc
17. Caldwell tanks
18. Tank Connection
19. DN tank
20. Fiber Technology Corporation Ins.

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