Recent Research Indicates Storage Tank Market Poised to Thrive with a 6% CAGR
In 2022, the global storage tank market reached a valuation of about USD 14 billion, with projections indicating a compound annual growth rate (CAGR) of approximately 6% from 2023 to 2030. Key drivers for this growth include the rising need for storage tanks in handling petroleum products and substantial expansion in industrial activities. Additionally, the enforcement of safety regulations by governments, the global expansion of the energy sector, and ongoing infrastructural development are expected to contribute significantly to the market's expansion throughout the forecast period.
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Market Trends:
·???????? Increasing demand for storage tanks in the oil and gas industry: The oil and gas industry is the largest user of storage tanks, and the demand for these tanks is expected to grow in the coming years due to the increasing production and consumption of oil and gas.
·???????? Growing adoption of advanced materials: Storage tanks are being made from advanced materials such as stainless steel, fiberglass, and polyethylene, which are more durable and corrosion-resistant than traditional materials. This is leading to longer lifespans for storage tanks and lower maintenance costs.
·???????? Rise of smart storage tanks: Smart storage tanks are equipped with sensors and other devices that can monitor the level, temperature, and pressure of the stored liquid. This data can be used to optimize inventory management and prevent spills and leaks.
·???????? Increasing focus on safety and environmental compliance: The storage of hazardous liquids poses a significant risk to the environment and human health. As a result, there is a growing focus on safety and environmental compliance in the storage tank market.
According to the recent report published by RC Market Analytics, the Global Storage Tank Market is expected to provide sustainable growth opportunities during the forecast period from 2023 to 2030. This latest industry research study analyzes the storage tank market by various product segments, applications, regions and countries while assessing regional performances of numerous leading market participants. The report offers a holistic view of the storage tank industry encompassing numerous stakeholders including raw material suppliers, providers, distributors, consumers and government agencies, among others. Furthermore, the report includes detailed quantitative and qualitative analysis of the global market considering market history, product development, regional dynamics, competitive landscape, and key success factors (KSFs) in the industry.
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Geographically, the storage tank market report comprises dedicated sections centering on the regional market revenue and trends. The storage tank market has been segmented on the basis of geographic regions into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Storage tank market estimates have also been provided for the historical years 2020 & 2021 along with forecast for the period from 2023 - 2030.The report includes a deep-dive analysis of key countries including the U.S., Canada, the U.K., Germany, France, Italy, China, Japan, India, Australia, Mexico, Brazil and South Africa, among others. Thereby, the report identifies unique growth opportunities across the world based on trends occurring in various developed and developing economies.
The Storage Tank Market Segmentation:
By Product Type:
By Material:
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By Application:
By End-Use:
By Region:
Several key players in the global storage tank market include CST Industries, McDermott International, Inc., Tank Connection, Belco Manufacturing Co Inc., and Snyder Industries, Inc. These companies are adopting various strategies such as expansion, new investments, the introduction of new services, and collaborations to explore and expand their presence in the market. For instance:
·???????? In January 2021, Tuffa Tanks unveiled a new line of AdBlue storage tanks. These tanks are specifically designed to provide a safe and secure storage solution for AdBlue, a urea-based fluid utilized to reduce nitrogen oxide emissions in diesel engines.
·???????? In a similar vein, in February 2021, Vopak made an announcement about the inauguration of its Chemical Gateway Rotterdam (CGR) terminal. This terminal is equipped with 16 new storage tanks, boasting a total capacity of 64,000 cubic meters. The facility is designed to effectively store and handle a diverse range of liquid chemicals.
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Key Questions Answered by Storage Tank Market Report:
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