Storage Tank Market Overview
Storage Tank Market is projected to be worth USD 17.72 billion by 2028, registering a CAGR of 4.25% during the forecast period (2022-2030). The market was valued at USD 13.12 billion in 2021. We will provide covid-19 impact analysis with the report, offering an in-depth review following the coronavirus disease outbreak.
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Leading Market Players
TOYO KANETSU K.K. (Japan), MEKRO Sp. z o.o. (Poland), PermianLide (US), Fox Tank Company (US), McDermott (US), Superior Tank Co., Inc. (US), Highland Tank & Manufacturing Company Inc. (US), Pfaudler (US), T.F. Warren Group (Canada), Ishii Iron Works Co., Ltd (Japan), CST Industries (US), are some of the leading market players listed in the MRFR study.
Cummins, a leading power and technology solutions firm, collaborated with NPROXX, a well-known name in the hydrogen storage and transportation market, to build hydrogen storage tanks. This joint venture will combine Cummins’ drive for innovation and NPROXX’s latest hydrogen storage technologies, boosting the move towards an eco-friendly and decarbonized future.
Key Boosters and Main Barriers
With the COVID-19 outbreak, various lockdown interventions have been initiated across countries and the global economy has come to a standstill. Lower consumption, lower production, lower trade and lower investments have led to weakened demand, as the pandemic affected the manufacturing sector significantly in the space of a few months. The energy demand across the globe has dropped notably, leading to more oil & gas production that has in turn, resulted in falling storage capacity of prominent fuel consuming countries. Social distancing practice has caused decline in fuel consumption in industrial and personal settings. This trend could be profitable for storage tank manufacturers in the coming years.
The SARS-CoV-2 outbreak has compelled airlines to cease flights, decline in road transport as well as international trade, leading to lower fuel demand. This situation has been favorable for storage tanks, given the surge in the lack of storage spaces. Therefore, storage tank players are expected to gain major lucrative opportunities in the coming period. As the novel coronavirus cases are still on a rise, the oil prices are mostly likely to be cheap in the near future; the demand for storage tanks is expected to remain intact in the foreseeable years, even after a COVID-19 breakthrough is achieved.
The expanding oil and gas industry, rising consumption of water in the commercial and industrial sector, increasing use of poly water tanks, and the continuous renovation of the aging chemical storage tanks also benefit the storage tank market. The rising uptake of for CNG vehicles, thriving food & beverage, petrochemical, pulp & paper and pharmaceutical industries in developing countries, and the mounting need for portable water tanks are presenting growth opportunities to the market.
New launches, product expansion and development are some of the prime growth strategies employed by the leading market players to boost their profits as well as their global position. For instance, in July 2020, the Noord Natie Odfjell Antwerp Terminal in Europe added seven storage tanks holding an overall capacity of 12.700 cbm, catering to consumers that want to store a broad range of base oil and chemical products.
The storage tank industry has been considered for installation type, product, material, industry as well as vertical.
The key installation types studied in the report include aboveground storage tanks/AST as well as underground storage tanks/UST.
The product-based market sections could be non-hazardous and hazardous.
The material-wise market segments are polyethylene, concrete, steel, and others.
The industry verticals that deploy storage tanks include chemical, oil & gas, food & beverage, water, and more.
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The storage tank market growth can be regionally considered for Europe, North America, APAC/Asia Pacific, and RoW/rest of the world.
In 2018, the APAC market was in the lead and is expected advance at the highest rate in the following years. The fast expanding manufacturing sector, booming population, and the high uptake of storage tanks in India and China in light of the improving infrastructure for transportation of LNG have benefitted the regional market. The market here can also be bolstered by the augmented demand for plastic water tanks, water storage tanks, and the rising use of various types of storage tanks in the food & beverage sector.
North America can be another strong contender in the worldwide market, on account of the escalating production of shale gas in the United States/US and the rising number of water storage tank vendors such as Maguire Iron and SUEZ. The flourishing chemical and metal manufacturing industries in the region has also fostered the growth of the storage tank market.
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Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR’s methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
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