What is Global Industrial Storage Tank Market?
The Global Industrial Storage Tank Market is a vast and dynamic sector that plays a crucial role in various industries worldwide. These tanks are primarily used for the storage of different liquids and gases, including but not limited to petroleum, chemicals, and food & beverage products. The market encompasses a wide range of tank types, such as aboveground and underground tanks, which are further classified based on their design, material, and size. The market's value was estimated at US$ 4492.6 million in 2023, and it is projected to reach US$ 6274.8 million by 2030, growing at a CAGR of 4.9% during the forecast period 2024-2030. This growth is driven by the increasing demand for storage solutions in various industries, coupled with technological advancements in tank design and material.
Pressurized, Non-Pressurized in the Global Industrial Storage Tank Market:
The Global Industrial Storage Tank Market is segmented based on the type of tank, namely Pressurized and Non-Pressurized tanks. Pressurized tanks are designed to hold gases or liquids at a pressure substantially different from the ambient pressure and are the largest segment with a share over 60%. These tanks are commonly used in industries such as oil and gas, chemical, and pharmaceuticals, where the storage of volatile substances is required. On the other hand, Non-Pressurized tanks are used for storing non-volatile liquids and semi-solids. They are typically used in the food and beverage industry, water and wastewater treatment facilities, and the paper/packaging industry. The choice between pressurized and non-pressurized tanks depends on the nature of the substance to be stored, the storage conditions required, and the industry's specific needs.
Oil and Gas, Chemical Industry, Water and Waste Water Treatment, Pharmaceuticals, Food and Beverage, Paper/Packaging, Others in the Global Industrial Storage Tank Market:
The Global Industrial Storage Tank Market finds its usage in various sectors such as Oil and Gas, Chemical Industry, Water and Waste Water Treatment, Pharmaceuticals, Food and Beverage, Paper/Packaging, among others. In the Oil and Gas industry, these tanks are used for storing crude oil, natural gas, and other petroleum products. In the Chemical industry, they are used for storing various chemicals used in manufacturing processes. The Water and Waste Water Treatment sector uses these tanks for storing treated and untreated water. In the Pharmaceuticals industry, they are used for storing raw materials and finished products. The Food and Beverage industry uses these tanks for storing various food products and beverages. Lastly, in the Paper/Packaging industry, these tanks are used for storing raw materials like pulp and finished products like paper.
Global Industrial Storage Tank Market Outlook:
The Global Industrial Storage Tank Market outlook indicates a promising future. In 2023, the market was valued at US$ 4492.6 million and is projected to reach US$ 6274.8 million by 2030, growing at a CAGR of 4.9% during the forecast period 2024-2030. The top three companies in this market hold a share of about 18%. The largest market share of about 32% is held by Asia-Pacific, followed by America and EMA. In terms of product type, pressurized industrial storage tanks are the largest segment, holding a share of over 60%. When it comes to applications, the chemical industry holds the largest share of about 23%. This data reflects the significant role of industrial storage tanks in various industries and their potential for growth in the coming years.
| Report Metric | Details |
| Report Name | Industrial Storage Tank Market |
| Accounted market size in 2023 | US$ 4492.6 million |
| Forecasted market size in 2030 | US$ 6274.8 million |
| CAGR | 4.9% |
| Base Year | 2023 |
| Forecasted years | 2024 - 2030 |
| Segment by Type |
|
| Segment by Application |
|
| Production by Region |
|
| Consumption by Region |
|
| By Company | Tank Holding, CST Industries, Caldwell Tanks, Xerxes Corporation, DN Tanks, McDermott, Containment Solutions, Synalloy(Palmer), BELCO, UIG, Highland Tank, L.F. Manufacturing, Steelcore tank, Poly Processing, Hendic |
| Forecast units | USD million in value |
| Report coverage | Revenue and volume forecast, company share, competitive landscape, growth factors and trends |
