Storage Tank Market 2022 Product Analysis, Industry Size, Demands and Developments – CST Industries, McDermott, PermianLide, Superior Tank, TOYO KANETSU


“Storage Tank Market”

Storage Tanks Market study and growth analysis by type of facility (above ground storage tanks (AST) and underground storage tanks (UST)), product (hazardous and non-hazardous), material (steel, concrete, Polyethylene & Others), Industry Verticals (Oil & Gas, Chemicals, Water, Food & Beverages & Others) & Regions – Forecast to 2030

Storage Tank Market Growth Driven by Oil and Gas Sector

Storage tanks are containers intended to hold long-term or short-term liquid or compressed gases. They are available in vertical, horizontal and cylindrical shapes. They are made from fiberglass, plastic, stone, steel and concrete and meet environmental regulations to prevent leaks. The Global storage tank market The Market Research Future (MRFR) report segments the industry on the basis of products and specifications. It forecasts the trends, drivers and challenges for the forecast period (2020-2027) while keeping the COVID-19 pandemic in mind.

Competitive landscape

Fox Tank Company, Highland Tank & Manufacturing Company, Inc., TF Warren Group, TOYO KANETSU KK, MEKRO Sp. z oo, Superior Tank Co., Inc., Pfaudler, CST Industries, Ishii Iron Works Co., Ltd, McDermott and PermianLide are key players in the global storage tank market. The launch of new products and compliance with the regulations of environmental agencies are major priorities for the players.

Industry News

The Korea Institute of Machinery and Materials (KIMM) has signed a Memorandum of Understanding with Korea Gas Safety Corp., POSCO and Daewoo Shipbuilding & Marine Engineering (DSME) to help domestic companies develop hydrogen storage tanks liquid. The tanks would be developed using high manganese steel to maintain the cold temperature of liquids and gases.

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Market scope

The global storage tank market is expected to grow at a CAGR of 4.8% during the forecast period owing to the expansion of the oil and gas industry. The growing world population is likely to drive the demand for storage reservoirs to provide adequate supply to towns and cities. Strict government regulations that have encouraged innovation in industrial water and wastewater treatment plants can bode well for the market. The increasing adoption of polyethylene water tanks and the replacement of old chemical storage tanks can bode well for the market.

The COVID-19 pandemic has disrupted the industry due to changing customer behavior and lockdowns prohibiting the transport of chemicals or water to curb the spread of the virus. Lack of business in the food and beverage, oil and gas, water and chemical sectors has negatively impacted market demand. But the ease of restrictions could bring further relief to the storage tank market in the coming years.

But high installation costs of storage tanks and lack of maintenance services for storage tanks may hamper the market growth.


By type of installation, the storage tanks market is divided into underground storage tanks and aboveground storage tanks. The aboveground storage tanks (AST) segment accounted for a large market share in 2018. It is expected to show a strong growth rate during the forecast period due to low long-term maintenance costs. The use of AST in the storage of water, chemicals, food and juices can boost the growth of the segment.

Per product, the market develops 2 products – dangerous and non-dangerous. The non-hazardous storage tank segment is expected to grow over the forecast period owing to the demand for water storage tanks in Argentina, India, Brazil, and China.

By material, it is segmented into polyethylene, concrete, steel and others. The polyethylene segment is expected to register immense demand over the forecast period in the storage tank market. This is attributed to its long life and durability.

By industry vertical, the storage tank market is segmented into food & beverage, oil & gas, water, chemical, and others. The oil and gas sector is expected to be the largest end-user in the market due to the increase in CNG infrastructure and the establishment of new refineries.

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Regional analysis

North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW) are considered regions for the global storage tank market.

APAC held the largest market share in 2018 and was expected to dominate the market over the forecast period. This is attributed to the large population, the increase in manufacturing activities, and the adoption of storage tanks for transporting water and liquid natural gas. Rising investments by players in South America, Middle East and Africa can galvanize the demand in the regional storage tank market. The lack of oxygen in India led Reliance Industries to enter into a new agreement with VRV Asia Pacific and other companies for the purchase of storage tanks for the transport of oxygen.

North America is expected to show a remarkable growth rate over the forecast period owing to the production of shale gas. The presence of storage tank maintenance service companies such as Maguire could contribute to regional growth.

4. Market dynamics

4.1. Introduction

4.2. Market factors

4.3. Market constraints

4.4. Market opportunities

4.5. Market trends

5. Global Storage Tanks Market, By Type of Facility

5.1. Introduction

5.2. Above Ground Storage Tanks (AST)

5.2.1. Market estimates and forecast, 2020-2027

5.2.2. Market estimates and forecast, by region, 2020-2027

5.3. Underground Storage Tanks (UST)

5.3.1. Market estimates and forecast, 2020-2027

5.3.2. Market estimates and forecast, by region, 2020-2027

6. Global Storage Tanks Market, By Product

6.1. Introduction

6.2. Dangerous

6.2.1. Market estimates and forecast, 2020-2027

6.2.2. Market estimates and forecast, by region, 2020-2027

6.3. Not dangerous

6.3.1. Market estimates and forecast, 2020-2027

6.3.2. Market estimates and forecast, by region, 2020-2027

7. Global Storage Tanks Market, By Material

7.1. Introduction

7.2. Steel


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