Global Storage Tank Market Report 2022: Players Include McDermott, CST Industries, PermianLide and Fox Tank

DUBLIN, March 2, 2023 /PRNewswire/ -- The "Storage Tank Global Market Report 2022" report has been added to  ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the global storage tank market.

The global storage tank market is expected to grow from $13.17 billion in 2021 to $14.01 billion in 2022 at a compound annual growth rate (CAGR) of 6.4%. The storage tank market is expected to grow to $16.82 billion in 2026 at a CAGR of 4.7%.

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Major players in the storage tank market are McDermott (US), CST Industries (US), PermianLide (US), Fox Tank Company (US), Highland Tank & Manufacturing Company Inc. (US), Superior Tank Co. Inc. (US), Ishii Iron Works Co. Ltd. (Japan), MEKRO Sp. z o.o. (Poland), Pfaudler (US), Toyo Kanetsu K.K., Snyder Industries Inc., Caldwell Tanks, Crom Corporation, Tank Connection, DN Tanks, Synalloy Corporation, Fiber Technology Corporation Inc., ZCL Composites Inc., Sintex Industries Limited, and Superior Tank Co. Inc.

The storage tank market consists of sales of storage tanks by entities (organizations, sole traders, partnerships) that are tanks or containers that hold liquids, compressed gases, or mediums used for the short-or long-term storage of heat or cold. A particular tank can serve one or both purposes, depending on its location within the system and its type of configuration.

The main types of storage tanks are aboveground storage tanks and underground storage tanks. Aboveground storage tanks are vulnerable to pitting and crevice corrosion due to the pressure generated between the tank and the soil. These include different materials such as steel, concrete, polyethylene, and other materials. These are used in the petroleum industry, chemical industry, grain and oil industry, food industry, and other applications.

North America was the largest region in the storage tank market in 2021. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the storage tank market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

Increasing water scarcity in several regions is the key factor driving the storage tank market going forward. Water scarcity limits access to safe water for drinking and for practising basic hygiene at home, in schools, and in healthcare facilities. Storage tanks are used to store water and make it accessible for multiple uses, including drinking, irrigation, fire suppression, and others.

For instance, according to the United Nations International Children's Emergency Fund (UNICEF), a US-based agency, half of the world's population could be living in areas facing water scarcity by as early as 2025. By 2040, around 1 in 4 children worldwide will be living in areas of extremely high water stress. Therefore, increasing water scarcity in several regions is driving the storage tank market.

Product innovations are a key trend gaining popularity within the storage tank market. Companies operating in the storage tank market are developing new products to strengthen their position in the market. For instance, in November 2020, Eddyfi Technologies, the world leader in advanced non-destructive testing solutions operating in storage tanks, launched its new FloormapX, a patented magnetic flux leakage array tank floor scanner. The tank floor scanner helps in ensuring the safety and integrity of storage tanks and prevents leakage and decontamination.

The countries covered in the storage tank market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Key Topics Covered:

1. Executive Summary

2. Storage Tank Market Characteristics

3. Storage Tank Market Trends And Strategies

4. Impact Of COVID-19 On Storage Tank

5. Storage Tank Market Size And Growth
5.1. Global Storage Tank Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Storage Tank Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Storage Tank Market Segmentation
6.1. Global Storage Tank Market, Segmentation By Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Aboveground Storage Tanks
• Underground Storage Tanks

6.2. Global Storage Tank Market, Segmentation By Material, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Steel
• Concrete
• Polyethylene
• Other Materials

6.3. Global Storage Tank Market, Segmentation By Application, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

• Petroleum Industry
• Chemical Industry
• Grain and oil industry
• Food Industry
• Other Applications

7. Storage Tank Market Regional And Country Analysis
7.1. Global Storage Tank Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Storage Tank Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/agy0va

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