Storage Tank Market Size & Analysis for North America, Europe, APAC, South America, Middle East and Africa - US, UK, France, Germany, China – 2025-2029

Storage Tank Market Size 2025-2029

The global storage tank market size is forecast to grow by USD 7-10 billion at a CAGR of 5%-7% from 2025 to 2029. Exact values for this market can be accessed upon purchasing the report. The storage tank industry is experiencing strong growth, driven by several key factors. The demand for storage tanks is fueled by the increasing need for secure and efficient storage tank solutions across various industries, particularly oil and gas, chemicals, and water treatment. Storage tank companies are investing in storage tank technology and advancements in materials such as fiberglass-reinforced plastic (FRP), stainless steel, and polyethylene, leading to the development of more durable, corrosion-resistant, and cost-effective tanks. Storage tank innovations are also playing a significant role, with the integration of smart monitoring systems that enable real-time tracking and management, enhancing the operational efficiency of storage tank systems. 

The growing emphasis on environmental safety and stringent regulations further propels the demand for high-quality tanks, making storage tank sustainability a priority for many companies. Additionally, storage tank applications have expanded to include renewable energy storage solutions, contributing to the market’s growth. However, challenges such as high initial investment costs and fluctuations in raw material prices could impact market expansion. Despite these hurdles, storage tank equipment continues to evolve, ensuring the storage tank demand remains strong as industries seek more reliable and efficient solutions.

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How is this Market Segmented?

The market is segmented by material, end-use, and region. Notable insights from the research include:

• Material:
  • Steel
  • Concrete
  • Polyethylene
  • Others
• End-user:
  • Oil & Gas
  • Chemicals
  • Water
  • Food & Beverage
  • Others
• Geography:
  • North America
    • United States
    • Canada
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • United Kingdom
    • France
  • South America
    • Brazil
  • Middle East & Africa

Regional Analysis

North America is projected to contribute significantly to the growth of the global storage tank market, driven by the strong demand for oil and gas storage solutions, particularly in the United States. The region also benefits from stringent environmental regulations that require the adoption of advanced storage tank technologies.

APAC is expected to witness rapid growth due to industrialization and increasing infrastructure development in countries like China and India. The region's focus on expanding its oil and gas, water management, and chemical sectors provides substantial opportunities for storage tank manufacturers.

Market Dynamics

The storage tank market is influenced by various drivers, trends, and challenges:

Key Drivers:

• Rising Energy Demand: The growing oil and gas industry and increasing exploration activities demand efficient storage solutions for crude oil, refined products, and natural gas.
• Environmental Regulations: Stringent safety and environmental standards require industries to adopt secure and sustainable storage solutions.
• Technological Advancements: Innovations in materials like fiberglass-reinforced plastic (FRP) and stainless steel are improving tank durability, while the integration of smart systems enhances operational efficiency.

Key Trends:

• Shift Towards Renewable Energy: The rise in biofuels, hydrogen, and other renewable energy sources is creating demand for specialized storage tanks.
• Emerging Market Growth: Increasing infrastructure development in countries like India, China, and Brazil is boosting the demand for storage tanks.

Challenges:

• High Initial Investment: The high cost of installation and maintenance of storage tanks can be a barrier for small and medium-sized enterprises.
• Fluctuating Raw Material Prices: Volatility in the prices of materials like steel and plastic can impact tank affordability.

Competitive Landscape

The competitive landscape of the storage tank market includes strategies like mergers and acquisitions, technological innovation, and geographical expansion. The market's leaders, such as CST Industries and McDermott, are expanding their product offerings to cater to emerging sectors such as renewable energy storage and water management.

This market research report includes detailed analyses of the competitive landscape of the market and information on close to 20 key companies, including:

• CST Industries
• McDermott
• PermianLide
• Highland Tank & Manufacturing Co. Inc.
• Fox Tank Company
• Superior Tank Co. Inc.
• Toyo Kanetsu K.K.
• Ishii Iron Works Co., Ltd.
• Pfaudler MEKRO Sp. Z O.O
• F Warren Group Inc.

These companies are focusing on innovation and strategic partnerships to enhance their market presence. Notable recent developments include advancements in material technologies and the introduction of smart monitoring systems, which enhance tank durability, efficiency, and safety.

Market Scope

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Technavio’s reports provide a range of market insights, including:

• A detailed analysis of the market, featuring market size, growth rate, segmentation, and regional performance
• In-depth analysis of the drivers, challenges, and other dynamics that will impact the growth of the market
• Predictions about upcoming trends and changes in consumer behavior
• Detailed information on key market players, including market positioning, product offerings, and more

Table of Contents

1 Executive Summary

• 1.1 Market overview
  • Executive Summary - Chart on Market Overview
  • Executive Summary - Data Table on Market Overview
  • Executive Summary - Chart on Global Market Characteristics
  • Executive Summary - Chart on Market by Geography
  • Executive Summary - Chart on Market Segmentation
  • Executive Summary - Chart on Incremental Growth
  • Executive Summary - Data Table on Incremental Growth
  • Executive Summary - Chart on Company Market Positioning

2 Technavio Analysis

• 2.1 Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
  • Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

• 2.2 Criticality of inputs and factors of differentiation
  • Overview on criticality of inputs and factors of differentiation

• 2.3 Factors of disruption
  • Overview on factors of disruption

• 2.4 Impact of drivers and challenges
  • Impact of drivers and challenges in 2024 and 2029

3 Market Landscape

• 3.1 Market ecosystem
  • Parent Market
  • Data Table on - Parent Market

• 3.2 Market characteristics
  • Market characteristics analysis

• 3.3 Value chain analysis
  • Value chain analysis

4 Market Sizing

• 4.1 Market definition
  • Offerings of companies included in the market definition

• 4.2 Market segment analysis
  • Market segments

• 4.3 Market size 2024

• 4.4 Market outlook: Forecast for 2024-2029
  • Chart on Global Market - Market size and forecast 2024-2029 ($ billion)
  • Data Table on Global Market - Market size and forecast 2024-2029 ($ billion)
  • Chart on Global Market: Year-over-year growth 2024-2029 (%)
  • Data Table on Global Market: Year-over-year growth 2024-2029 (%)

5 Historic Market Size

• 5.1 Global Market 2019 - 2023
  • Historic Market Size - Data Table on Global Market 2019 - 2023 ($ billion)

• 5.2 Segment Analysis 2019 - 2023
  • Historic Market Size – Segment Analysis 2019 - 2023 ($ billion)

• 5.4 Geography segment analysis 2019 - 2023
  • Historic Market Size - Geography Segment 2019 - 2023 ($ billion)

6 Qualitative Analysis

• 6.1 Impact of AI on the Global Market

7 Five Forces Analysis

• 7.1 Five forces summary
  • Five forces analysis - Comparison between 2024 and 2029

• 7.2 Bargaining power of buyers
  • Bargaining power of buyers - Impact of key factors 2024 and 2029

• 7.3 Bargaining power of suppliers
  • Bargaining power of suppliers - Impact of key factors in 2024 and 2029

• 7.4 Threat of new entrants
  • Threat of new entrants - Impact of key factors in 2024 and 2029

• 7.5 Threat of substitutes
  • Threat of substitutes - Impact of key factors in 2024 and 2029

• 7.6 Threat of rivalry
  • Threat of rivalry - Impact of key factors in 2024 and 2029

• 7.7 Market condition
  • Chart on market condition - Five forces 2024 and 2029

8 Market Segmentation

• 8.1 Market segments
  • Chart on Segmentation - Market share 2024-2029 (%)
  • Data Table on Segmentation - Market share 2024-2029 (%)

• 8.2 Segment Comparison
  • Chart on Comparison
  • Data Table on Comparison

• 8.3 Segment Market Opportunity
  • Market opportunity ($ billion)
  • Data Table on Market Opportunity ($ billion)

9 Customer Landscape

• 9.1 Customer landscape overview
  • Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

10 Geographic Landscape

• 10.1 Geographic segmentation
  • Chart on market share by geography 2024-2029 (%)
  • Data Table on market share by geography 2024-2029 (%)

• 10.2 Geographic comparison
  • Chart on Geographic comparison
  • Data Table on Geographic comparison

• 10.3 Market opportunity by geography
  • Market opportunity by geography ($ billion)
  • Data Tables on Market opportunity by geography ($ billion)

11 Drivers, Challenges, and Opportunity/Restraints

• 11.1 Market drivers

• 11.2 Market challenges

• 11.3 Impact of drivers and challenges
  • Impact of drivers and challenges in 2024 and 2029

• 11.4 Market opportunities/restraints

12 Competitive Landscape

• 12.1 Overview

• 12.2 Competitive Landscape
  • Overview on criticality of inputs and factors of differentiation

• 12.3 Landscape disruption
  • Overview on factors of disruption

• 12.4 Industry risks
  • Impact of key risks on business

13 Competitive Analysis

• 13.1 Companies profiled
  • Companies covered

• 13.2 Company ranking index
  • Company ranking index

• 13.3 Market positioning of companies
  • Matrix on companies position and classification

14 Appendix

• 14.1 Scope of the report

• 14.2 Inclusions and exclusions checklist
  • Inclusions checklist
  • Exclusions checklist

• 14.3 Currency conversion rates for US$
  • Currency conversion rates for US$

• 14.4 Research methodology
  • Research methodology

• 14.5 Data procurement
  • Information sources

• 14.6 Data validation
  • Data validation

• 14.7 Validation techniques employed for market sizing
  • Validation techniques employed for market sizing

• 14.8 Data synthesis
  • Data synthesis

• 14.9 360 degree market analysis
  • 360 degree market analysis

• 14.10 List of abbreviations
  • List of abbreviations