Emphasis on Type (Aboveground Storage Tanks, Underground Storage Tanks); Material (Steel, Concrete, Polyethylene, Others (Fiberglass, Aluminum, etc.)); End User Industry (Oil & Gas, Chemical, Food & Beverages, Industrial, Mining & Minerals, Others (Construction, Agricultural, etc.)); and Region/Country
The storage tank market is expected to grow at a strong CAGR of around XX% during the forecast period owing to the growing oil and gas industry globally. The oil and gas industry has been the backbone of the industrialized world for more than a century. The oil and gas industry is expanding at an unprecedented rate, with the demand for crude oil, natural gas, and different petroleum products on the rise globally. The increase in demand is being driven by population growth and industrialization in rising economies, mainly in Asia-Pacific. As such, the oil and gasoline industry is continually exploring new sources of oil and gas, which are regularly in remote locations, and the extracted oil and gas needs to be transported to various parts of the world. The oil and gas industry’s bulk transportation necessities have led to a growth in the use of storage tanks as a way of storing these products temporarily before being transported. For instance, in May 2023, according to the report published by India Brand Equity Foundation, the demand for crude oil consumption is expected to grow at a CAGR of 5.14% to 500 million tons by FY40 from 202.7 million tons in FY22. In terms of barrels, India’s oil consumption is forecast to rise from 4.05 MBPD in FY22 to 7.2 MBPD in 2030 and 9.2 MBPD in 2050. Natural Gas consumption is forecast to increase at a CAGR of 12.2% to 550 MCMPD by 2030 from 174 MCMPD in 2021. The storage tanks serve as the intermediate point for the crude oil and natural gas production channels. Therefore, the growing oil and gas industry propels the demand for the storage tank market in the coming years.
Some of the major players operating in the market include 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; and GMM Pfaudler. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst type, the aboveground storage tank segment held a dominating share of the market in 2021”
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.
“Amongst materials, the steel held the leading segment of the market in 2021”
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
“Asia Pacific dominated the storage tank market in 2021”
The Asia Pacific is projected to be the fastest-growing region in the forecast period due to rapid industrialization, increasing population, and urbanization. One of the predominant reasons behind the boom in the storage tank industry within the Asia Pacific region is the increasing demand for oil and gas products. With economies in the region experiencing robust growth, there has been a corresponding increase in demand for energy. This has led to a rapid boom in the exploration and manufacturing of oil and gasoline in the region. As an end result, there has been a corresponding increase in the demand for storage tanks to keep the extracted oil and gasoline. Moreover, the region has also emerged as a supreme producer of chemical substances and petrochemicals. With the boom of industries along with plastics, pharmaceuticals, and cosmetics, the demand for storage tanks to store chemicals and petrochemicals has additionally expanded. As an example, China is the world’s largest consumer of chemicals and accounts for more than 40% of worldwide demand. As an end result, the country has seen a vast boom in the storage tank industry. The Asia Pacific region has also seen extensive growth in the manufacturing area. With countries such as China and India becoming major production hubs, there has been a growth in the need for storage tanks to store raw materials, finished products, and commercial waste. for example, chemical producers in the region require huge storage tanks to store raw substances such as methanol and polyethylene.
Storage Tank Market Report Coverage
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Key Insights
4. Executive Summary
5. Global Storage Tank Market Covid-19 Impact
6. Global Storage Tank Market Revenue, 2020-2030f
7. Market Insights By Type
8. Market Insights By Material
9. Market Insights By End-user Industry
10. Market Insights By Region
11. Storage Tank Market Dynamics
12. Storage Tank Market Opportunities
13. Storage Tank Market Trends
14. Demand And Supply-side Analysis
15. Value Chain Analysis
16. Pricing Analysis
17. Strategic Insights
18. Competitive Scenario
19. Company Profiled
20. Disclaimer
Research Methodology for the Storage Tank Market Analysis (2022-2030)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global storage tank market were the three major steps undertaken to create and analyze the adoption of storage tanks in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global storage tank market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the storage tank market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the storage tank market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, material, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the storage tank market. Further, we conducted factor analysis using dependent and independent variables such as type, material, and end-user of the storage tank market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the storage tank market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global storage tank market, and market shares of the segments. All the required percentage shares split and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global storage tank market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the solution, application, and end-user in the global storage tank market.
The main objective of the Global Storage Tank Market Study
The current & future market trends of the global storage tank market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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