The global Storage Tank Market Size is projected to witness significant growth in the coming years, reaching a valuation of USD 41.9 Billion by 2031. This growth is driven by a various factor, including the growing of construction sector, the expanding petrochemical industry, and the increasing focus on renewable energy storage solutions. According to the SNS Insider report, the storage tank market stood at USD 24.34 Billion in 2023. Over the forecast period of 2024-2031, the market is expected to grow with a significant CAGR of 7.02%, reflecting the growing demand across various industries.
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Growing Demand and Market Drivers
The growth of storage tank market is driven by, Governments worldwide are investing heavily in infrastructure projects to Improve urban centres, industrial facilities, and transportation networks. Storage tanks play a important role in storing construction materials such as cement, aggregates, and others, ensuring a steady supply for these projects. The demand for storage tanks is intricately linked to the growth of the petrochemical sector. Petrochemicals is the backbone for various products such as plastics, chemicals, fertilizers, and pharmaceuticals. As the demand for these products is growing, the need for storage tanks to house raw materials, intermediates, and finished goods surges proportionately. The growing demand for oil and gas, integrates with the increasing focus on renewable energy sources such as solar and wind, is driving the demand for storage tanks. These tanks ensure efficient storage of fuels and energy, guaranteeing consistent supply even during periods of unfavourable weather conditions for renewable energy generation. Storage tanks play a vital role in enhancing the reliability and efficiency of renewable energy systems. The Stringent environmental regulations are prompting a shift towards storage tanks with advanced safety features and leak detection systems. This ensures the safe handling and storage of hazardous materials, minimizing environmental risks. The relentless pace of urbanization and industrialization necessitates the storage of water, chemicals, and other materials required for these processes. Storage tanks offer a dependable and effective solution for storing these materials, supporting the development of diverse industries and urban infrastructure.
Recent Developments
The storage tank market has witnessed significant developments in recent years, In 2022, Synalloy Corporation announced the acquisition of substantially all assets of American Stainless Tubing, Inc. (ASTI), bolstering its position in the market.
Pfaudler inaugurated a fully functional facility in Liyan, China, in January 2021, expanding its manufacturing footprint.
CST Industries, Inc., entered into a strategic partnership with Adams Brothers Inc. in July 2021 to expand its market reach in the eastern United States.
Segment Analysis
By Type, Aboveground Storage Tanks (ASTs) dominate the market, with accounting for more than 56% of the revenue share. This dominance is Driven by their lower construction costs and faster installation, inspection, and maintenance processes compared to Underground Storage Tanks (USTs). ASTs come in various sizes, designs, and materials such as steel, fiberglass, and concrete.
By Product, Hazardous storage tanks hold the largest market share of more than 59%. These tanks are specifically designed to store materials that provide a threat to human health or the environment, such as toxic compounds, caustic chemicals, and flammable liquids. The specific sub-segments within the hazardous storage tank market may vary depending on the industry and the type of hazardous materials being stored.
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Impact of Global Disruptions
The Russia-Ukraine war caused fluctuations in oil and gas prices. This, in turn, can impact the demand for storage tanks used for storing these resources. An economic slowdown can potentially result to a decrease in infrastructure development projects and industrial activity, thereby impacting the demand for storage tanks used in these sectors. The demand for storage tanks in the energy sector, particularly for renewable energy storage, is expected to remain resilient.
Key Regional Development
The Asia Pacific Region dominates market with presence of numerous emerging economies in Asia Pacific with high energy demands further Drives the demand for storage tanks. The region houses a substantial number of storage tank manufacturers, creating a competitive landscape and driving market growth. The increasing adoption of renewable energy sources in Asia Pacific is creating a demand for storage tanks to ensure consistent energy supply.
Key Takeaways
- The storage tank market is poised for significant growth in the coming years, driven by factors Such as infrastructure development, the expanding petrochemical industry, and the growing focus on renewable energy.
- Aboveground storage tanks currently dominate the market due to their cost-effectiveness and ease of maintenance.
- The demand for hazardous storage tanks is high due to stricter environmental regulations and the need for safe storage of hazardous materials.
- The Asia Pacific region is expected to remain the Dominance in the storage tank market due to its growing economies, high energy demand, and increasing adoption of renewable energy.
- The report provides a comprehensive analysis of the market landscape, growth drivers, challenges, and future trends, enabling informed decision-making for businesses in the storage tank industry.
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