Market Research Future (MRFR) has published a cooked research report on the “Storage Tanks Market” that contains information from 2023 to 2032. The Market is estimated to register a CAGR of 3.68% during the forecast period of 2023 to 2032 and projected to grow at USD 8.86 Billion by 2032
MRFR recognizes the following companies as the key players in the Market — 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.
Storage Tank Market overview
The Storage Tank Market Size 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.
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Market Segmentation
The global storage tank market has been segmented on the basis of installation type, product, material, and industry vertical.
The storage tank market can be categorized based on various factors, starting with the type of tanks. Aboveground storage tanks and underground storage tanks are two primary types within this market. Additionally, the market is further segmented by product, distinguishing between hazardous and non-hazardous storage tanks. Another significant factor is the material used in the construction of these tanks, with options such as steel, concrete, polyethylene, and other materials.
In terms of industry verticals, the storage tank market caters to diverse sectors, including oil & gas, chemicals, water, food & beverage, and others. Each industry vertical has unique requirements for storage, prompting the market to offer specialized solutions to meet their specific needs. This segmentation enables targeted approaches in providing storage solutions tailored to the demands of each sector.
Geographically, the storage tank market is segmented into different regions, including North America, Europe, Asia-Pacific, and the Rest of the World. These regional divisions take into account variations in demand, regulations, and industrial practices, allowing stakeholders to adapt their strategies to specific geographical nuances. Overall, the comprehensive segmentation of the storage tank market provides a structured framework for understanding its dynamics and catering to the diverse needs of various industries and regions.
Key Players:
Storage Tank Market Key Companies in the 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
Regional analysis
The Storage Tank Market Share is studied in the major parts of the world. The principal places are Asia Pacific, Europe, North America, and the rest of the world. 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.
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