Market overview
The Storage Tank Market is expected to have a CAGR of 3.68% and USD 8.86 Billion by 2032.
Storage tanks are containers that contain cold or hot liquids and compressed gases. People can use it for long- or short-term storage. Storage tanks are used to store fluids at different stages of the refining process. Mostly, the products are stored for less time before being transported for further processing. Industrial storage tanks contain walls made of two or more layers, with a huge vacuum maintained between these layers. It provides thermal insulation between the exterior and interior of the tank. The process of transferring liquid from a storage tank depends on its design. Self-pressurizing type of tank uses the gas or liquid pressure at the top of the tank to transfer the liquid upward through a pipe (spear) leading to the neck (known as dispensing). The storage tank market is driven by an increase in storage tanks in residential and industrial applications. Rapid population growth has led to increased demand for drinking water in rural and urban areas and utilities and enterprises. Stringent government regulations have resulted in several new advancements in industrial wastewater and water treatment plants, which is anticipated to drive the demand for industrial water storage tanks shortly.
Additionally, a rise in the usage of liquid nitrogen and carbon dioxide to transport fruit juices and frozen foods over long distances is anticipated to fuel the global market for storage tanks during the forecast period. Moreover, the Environmental Health and Safety Authority has formulated safety measures for the safe handling of gases and liquids during industrial processes. The growth of metal manufacturing and chemical industries in developing and mature economies provide lucrative opportunities to the storage tank market.
Get the sample copy of report here
Key Companies in the Storage Tank Market include
- TOYO KANETSU K.K
- Ishii Iron Works Co., Ltd
- Pfaudler MEKRO Sp. Z O.O
- CST Industries, Inc
- McDermott
- PERMIANLIDE
- HIGHLAND TANK & MANUFACTURING COMPANY, INC
- FOX TANK COMPANY
- F WARREN GROUP INC
- SUPERIOR TANK CO., INC
Market segmentation
The Storage Tank Market is segmented into installation type, product, Material, and industry verticals. Based on the Installation Type, the market is divided into Aboveground Storage Tanks (ASTs) and Underground Storage Tanks (USTs)). Each segment will register required market growth in the forecast period. The sub-segments of the Product are Hazardous and Non-Hazardous. The non-hazardous segment will register a high growth rate in the forecast period. The market is segmented into Steel, Concrete, Polyethylene, and others by the Material. Households use mostly concrete Materials to keep the water of good quality. The Industry Verticals of the market are Oil and Gas, Chemicals, Water, Food and Beverage, and others. The water segment will have more growth than others as the water industry requires to store water to provide it to households.
Regional analysis
The Storage Tank Market is studied in the major parts of the world. The principal places are Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific dominated the market in 2018 and is expected to grow at the same rate in the forecast period. Due to the increasing need for plastic water tanks, water storage tanks, and many others, India and China dominate the market. Other regions will also increase the market in the forecast period.
Industry news
Arcosa Inc., a Dallas-based provider of infrastructure-related products and solutions, agreed to sell its storage tank business to Black Diamond Capital Management for $275 million in cash, subject to customary transaction adjustments.
Explore trending research reports@
Arabic
English
French
Spanish
Portuguese
Deutsch
Turkish
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
Greek