Global Storage Tank Market valued at USD 12.5 billion in 2019 and is anticipated
to reach USD 16.8 billion by 2027, at a CAGR of 3.8 % during the forecast
period. Rapid population growth has led to improved demand for drinking
water in urban and rural areas and nationwide enterprises and utilities. The
need for water and its storage for different purposes have shaped the market
for water storage tanks globally. Global warming and uncertain climate cause
acute water scarcity in some of the regions in the world. It pushes people to
conserve and store water anyway. The surge in water consumption has been
noticed in the industrial and commercial sectors.
Growing oil and gas
exploration activities require more water storage tanks for different purposes.
All these developments reassure the growth of the water storage tanks market
across different countries in the world. Significant demand is estimated from
public and private water utilities, oil and gas sector, and many other
industries. However, the installation of water storage systems entails
substantial capital outlay, and it may act as an impediment to the development
of the market.
Global Storage Tank
Market – Overview
A storage tank is a
vessel that holds liquids, compressed gases (gas tank), or other substances for
short- or long-term heat or cold storage. Storage tanks are often cylindrical
or perpendicular to the ground with flat bases and fixed or floating roofs.
Several environmental guidelines and usage specifications are followed while
designing and deploying storage tanks. The specifications vary with the nature
of the fluid or substance stored in it. Aboveground Storage Tank (AST) differs
from Underground Storage Tank (UST) in terms of specifications.
Water scarcity in several
Water shortage is one of the most terrible
outcomes of global warming. The United Nations, about half of the world's
populace, could face severe water scarcity by 2030 when the demand may surpass
supply by 40%. Increasing anxiety over the conservative use of water due to
lack of drinking water in numerous areas has led to the expansion of the market
for water storage tanks. The dire situation in different regions of the world
ensures considerable demand from different utilities and private persons.
The demand for water
storage tanks in different industries
The surge in water usage
for different industrial and commercial applications has also stimulated the
request for water storage tanks. The significant demand for water storage
systems comes from rising oil and gas exploration activities around the world.
It conveys an optimistic outlook on the global water storage tanks market.
Diverse metal manufacturing and chemical industries in both emerging and
established economies need storage tanks for different purposes. Their
expansion presents a lucrative opportunity for the global storage tanks market.
Furthermore, increasing requests for storage tanks from industries such as
health care, food & beverages, electronics, automotive, construction, and
pharmaceutical have been noticed in different applications. It assures an optimistic
view of the global storage tanks market for the next few years.
Global Storage Tank
The market can be
categorized into Concrete Water Storage Tanks, Steel Water Storage Tanks,
Fiberglass Water Storage Tanks, Plastic Water Storage Tanks, and others, based
on the material used for manufacturing it. In terms of application, the storage
tanks market can be separated into municipal, residential, commercial, and
industrial. The industrial section can be sub-divided into health care, oil
& gas, food & beverages, automotive, construction, pharmaceutical, etc.
sectors. The global storage tanks market can be divided into Europe, Asia
Pacific, North America, Middle East & Africa, and South America regions.
North America is likely to dominate the global storage tank market throughout
the projection period, followed by the Asia Pacific.
Global Storage Tank
Market - Regional Insights
The global market for
water storage tanks has been segmented into five regions, namely, Europe, Asia
Pacific, North America, Middle East & Africa, and Latin America. The
advanced economies of North America and Europe have significantly contributed
to the development of the worldwide market. However, the Asia-Pacific and the
rest of the world market have strong potential for expansion. The deepening
scarcity of potable water has led to increased awareness of water conservation
in these regions and has fueled the request for water storage tanks. In
Asia-Pacific, many south Asian countries face severe water scarcity leading to
more requirements for storage. Whereas in North America, the demand for water
storage tanks emanates from the rapid expansion in extensive oil and gas
extraction activities requiring fresh and used water.
The major players in
water storage market are McDermott International, Inc., Caldwell Tanks, Crom
Corporation, Tank Connection, DN Tanks, Synalloy Corporation, Fiber Technology
Corporation Inc., ZCL Composites Inc., Sintex Industries Limited, Superior Tank
Co. Inc., CST Industries, Snyder Industries Inc. and other prominent players.
are developing storage tanks with innovative materials and features that offer
durability and strength. Some of them use advanced polymers in manufacturing
the tank to increase its durability and endurance in extreme climatic
conditions. Besides, amplified thermal insulation, protection against UV rays,
defense against algae formation, oxidation, virgin plastics, multiple layers,
and waterproofing are some of the latest offered features in the market.
Scope of the Report
Historical data – 2016-2019
Base Year – 2019
2020 – 2026
Revenue in USD Million
U.S, Canada, Germany, UK,
France, Italy, Spain, Brazil, Mexico, Japan, South Korea, China, India, South
Korea UAE, South Africa, Saudi Arabia.
By Water Storage Tank Type, By Application
McDermott International, Inc., Caldwell
Tanks, Crom Corporation, Tank Connection, DN Tanks, Synalloy Corporation,
Fiber Technology Corporation Inc., ZCL Composites Inc., Sintex Industries
Limited, Superior Tank Co. Inc., CST Industries, Snyder Industries Inc. and
other prominent players.
By Water Storage Tank Type
Concrete Water Storage
Ø Teel Water Storage Tanks
Ø Fiberglass Water Storage Tanks
Ø Plastic Water Storage Tanks
Ø North America
Ø Asia Pacific
Ø Latin America
Ø Middle East & Africa
The objective of the Study:
Ø To analyze and project the Global Storage Tank Market size in
terms of value.
Ø To examine the region-wise segmentation of the Global Storage
Tank market and assess the market size in terms of value for each region viz.,
North America, Europe, Asia Pacific, Middle East & Africa, Latin America,
and their leading countries.
Ø To outline, segregate, and estimate the Global Storage Tank
Market based on different classifications, i.e., By Water Storage Tank Type, By
Application, and By Region.
Ø To scrutinize category-wise competitive developments in the
Global Storage Tank Market based on Water Storage Tank Type, its Application,
Ø To interpret the current market dynamics, by analyzing growth
drivers, restraints, opportunities, and challenges and their impact.
Ø To provide a detailed competitive landscape, including major
players, strategic profiles, and market shares.
Business Questions Answered by the Report
Ø How will the market drivers, restraints, and opportunities
affect the market dynamics?
Ø What will be the market size in terms of value and volume and
market statistics with a detailed classification?
Ø Which segment dominates the market or region, and which one will
be the fastest-growing, and why?
Ø Who are the key players in the market, and what is their share?
Ø What is the strategy adopted by key players, and how does it
affect the existing and new players?
Customization Scope for the Client
Client satisfaction is our first and last priority, and that is
why BlueWeave Consulting offers customization as per client’s specific needs.
The following customization options are available for the report:
Ø Additional Company Information
Ø Detail Analysis of five additional companies
Ø Additional country analysis
Ø Detailed segment analysis