According to a new market report published by Industry Probe titled ‘Storage Tank Market (Material: Plastic, Metal, FRP, and Others [Concrete etc.]; Capacity: Less than 1,000 Gallons, 1,001 to 10,000 Gallons, and Above 10,001 Gallons; Application: Industrial Chemicals, Oil, Fuel, Water, and Others [Gas, etc.]; Installation Type: Above Ground Tanks and Underground Tanks; and End-use Industry: Power Generation, Petrochemical, Paper & Pulp, Food & Beverages, Water & Wastewater, Oil & Gas, and Others [Pharmaceuticals, etc.]) – Global Industry Trends and Forecast, 2020–2027, the global plastic storage tank market was valued at US$ 8.66 Bn in 2018 and is expected to expand at a CAGR of ~6% from 2019 to 2027.
There are a wide variety of storage tanks available in the market. These can be bought in diverse specifications, depending on the material of construction. However, most buyers prefer metal storage tanks or plastic storage tanks.
Both metal and plastic storage tanks have their own specific properties, making them a popular choice for storage of water, chemicals, oil, etc. Plastic storage tanks are mostly preferred in various applications, due to their advantages such as no corrosion, strength, durability, no reaction with chemicals, etc.
The FRP storage tanks have gained popularity and the segment is expected to expand at a significant rate during the forecast period. These FRP tanks are thin, lightweight, durable, and can store various types of liquid etc.
The Middle East is witnessing huge investments in the oil & gas industry, owing to high energy demand. Additionally, GCC countries depend on natural gas for power and water systems; natural gas production in this region is highly concentrated in Qatar, Saudi Arabia, Dubai, etc. Accordingly, storage tanks are expected to incur the highest market share, owing to the requirement for the storage of oil, water, etc.
The U.S. witnessed a major increase in oil and gas demand globally. Compared to the previous year (2018), the U.S. gas consumption increased by 10% and is anticipated to rise. This is expected to create lucrative opportunities for the storage tank market. The surge in demand will lead to a rise in production and hence, the need for more storage capacity.
Installation and authorization of storage tanks, specifically the above-ground storage tanks, require high expenditure. Moreover, the expenditure continues with maintenance of tanks to experience undisturbed operation. This factor is expected to impact the market in the region.
Durability and strength are important factor for consumers while buying a storage tank. In terms of material type, plastic storage tanks are a preferred choice among the end-use industries. Storage tanks of various types in this region are used depending on its function and what material is stored in the storage tank.
The metal tanks segment also holds a considerable market share of ~36% in 2018 as they are durable and can be used to store water, oil, etc. Additionally, fiber-reinforced plastic storage tanks are best preferred in industrial applications such as petrochemicals, water, slurry, and wastewater.
Key manufacturers in the region such as Denali Incorporated, and McDermott International, Inc. specialize in the manufacturing of storage tanks due to increased demand from the plastic and metal storage tank segment. Furthermore, the introduction of durable FRP storage tanks is expected to contribute to the growth of the storage tank market.
The storage tank market is dominated by established and local players who are focused on the development of new products to cater to the rising and shifting end-use industries.
The report includes the below-mentioned pointers of major players operating in the storage tank market:
Market Share Analysis (2018)
Business Strategies / Recent Developments
Key mergers and acquisitions
Snyder Industrial Tanks
McDermott International, Inc.
Superior Tank Co., Inc
Fiber Technology Corporation