Storage Tank Market Size, Share, Growth & Forecast to 2030

The Asia Pacific region would exhibit the highest CAGR during 2022-2030 owing to the evolving oil and gas industry, scarcity of water, and favorable government policies. This market caters to a broad range of industries, including oil and gas, chemical, water, and wastewater treatment, among others. The Asia Pacific region is home to a number of the largest and fastest-developing economies in the global, such as China, India, and Japan. these countries are also among the most important importers of oil and gas, with China importing over 10 million barrels of oil per day and India around 5 million barrels according to day. The demand for oil and gas has been rising due to the increasing population and speedy industrialization in the region. As a result, the oil and gas industry has been evolving to preserve up with the growing demand. The industry has been making an investment in storage tanks to store crude oil and refined products. The region is home to a number of the most water-burdened nations, with around 1.5 billion people in the region lacking access to safe drinking water (world bank, 2021). Moreover, the region is at risk of natural disasters along with floods, typhoons, and droughts, which cause full-size damage to infrastructure and disrupt the water supply.

Access sample report (including graphs, charts, and figures) – https://univdatos.com/get-a-free-sample-form-php/?product_id=44798

To overcome these challenges, the region has been making an investment in storage tanks to store water to save rainwater, groundwater, and surface water for various functions, which include consumption, irrigation, and commercial uses. For instance, the Indian government has launched the Jal Jeevan Mission (JJM), which led to offering secure drinking water to all families inside the country by 2024. To achieve this target, the government has been investing in building water storage tanks at the household level as well as at the community level. The JJM envisions the construction of 1.5 million water garage tanks across the country, thereby boosting the increase of the garage tank market in India. Favorable government policies have also played an extensive role in propelling the growth of the storage tank market in the Asia Pacific area. Governments inside the region have been implementing policies to aid the increase of various industries that require storage tanks, such as oil and gas, chemical, and water. For instance, the Chinese government has been promoting the improvement of the oil and gas enterprise as a part of its energy reform efforts. The authorities have been providing tax incentives, subsidies, and favorable policies to assist the boom of the industry, such as the construction of storage tanks.

Storage Tank Market is expected to grow at a strong CAGR during the forecast period (2022-2030). Asia Pacific is anticipated to emerge as the fastest-growing storage tank market primarily owing to the growing oil & gas sector and scarcity of water. Furthermore, the rapid massive transformation of the automotive industry in China and India has increased the vehicle production that is being run on gasoline catering to the demand for a storage tank. Additionally, the government policies and initiatives in the region aim to promote the oil & gas, and conservation of water. This has further propelled the demand for the storage tank market. 

Based on type, the market is bifurcated into aboveground storage tanks and underground storage tanks. The aboveground storage tank category has dominated the market in the historic year and is expected to see the same trend in the forecast period. Aboveground storage tanks are tanks that can be erected above the floor surface and can be cylindrical or square in shape. these kinds of tanks are extensively used within the oil and gas industry, especially for storing crude oil, gasoline, diesel, and other petrochemical products. Moreover, the installation of aboveground storage tanks is less complex in comparison to underground garage tanks. it’s far fairly smooth to construct an AST, and it does not require any excavation work, in contrast to USTs. ASTs are greater accessible for inspection, preservation, and repair. since the tank is positioned above the floor, it is simple to stumble on any leaks, corrosion, or damages that require repair. Additionally, aboveground storage tanks have an extended lifespan as compared to USTs. ASTs are primarily fabricated from metal and covered with materials that prevent corrosion. This coating prolongs the existence of the tank, and it is able to last for decades with regular maintenance and inspection

For a detailed analysis of the Global Storage Tank Market browse through – https://univdatos.com/report/storage-tank-market/

Based on material, the market is segmented into steel, concrete, polyethylene, and others. Steel is currently the leading segment and is expected to dominate the segment in the forecast period. One of the factors that make steel popular in the storage tank market is its cost-effectiveness, wherein the price of metal storage tanks is quite affordable whilst as compared to different materials. similarly, metal is easy to maintain and repair, making it a super material for long-term use and low preservation charges. For instance, a metal storage tank is Kinder Morgan’s expanded tank storage facility in Houston Texas. The project protected the development of metal storage tanks that have the capability to hold up to 10 million barrels of crude oil. This storage tank project was completed at an envisioned cost of USD 2.5 billion, and the facility is anticipated to function as a crucial distribution hub for refining and petrochemical companies

Global Storage Tank Market Segmentation

Market Insight, by Type

·        Aboveground Storage Tanks

·        Underground Storage Tanks

Market Insights, by Material

·        Steel

·        Concrete

·        Polyethylene

·        Others (Fiberglass, Aluminum, etc.)

Market Insights, by End User Industry

·        Oil & Gas

·        Chemical

·        Food & Beverages

·        Industrial

·        Mining & Minerals

·        Others (Construction, Agricultural, etc.)

Market Insight, by Region

·        North America

o   U.S.

o   Canada

o  Mexico

o   Rest of North America

·        Europe

o  Germany

o  UK

o  France

o  Italy

o  Spain

o  Rest of Europe

·        APAC

o  China

o  Japan

o  India

o  South Korea

o  Rest of APAC

·        Rest of the World

Top Company Profiles

·        McDermott

·        CST Industries

·        PermianLide

·        Fox Tank Company

·        Superior Tank Co. Inc.

·        Ishii Iron Works Co. Ltd.

·        Highland Tank & Manufacturing Company Inc.

·        Emiliana Serbatoi S.r.l.

·        Sintex Industries Limited

·        GMM Pfaudler

Contact Us:

UnivDatos Market Insights

Email - [email protected], [email protected] 

Contact Number - 0120 455 9411

Website - https://univdatos.com/