Storage Tank Market Growth Driven by the Oil & Gas Sector
Storage tanks are containers for holding liquid or compressed gases for long-term or short-terms. They are available in vertical, horizontal, and cylindrical shapes. They are produced from fiberglass, plastic, stone, steel, and concrete and adhere to environmental regulations to prevent leakage. The global storage tank market report by Market Research Future (MRFR) segments the industry on the basis of products and specification. It forecasts trends, drivers, and challenges for the forecast period (2020-2027) while keeping in mind the COVID-19 pandemic.
Fox Tank Company, Highland Tank & Manufacturing Company, Inc., T.F. Warren Group, TOYO KANETSU K.K., MEKRO Sp. z o.o., Superior Tank Co., Inc., Pfaudler, CST Industries, Ishii Iron Works Co., Ltd, McDermott, and PermianLide are key players of the global storage tank market. Launch of new products and adherence to environmental agency regulations are major priorities of players.
The Korea Institute of Machinery and Materials (KIMM) has signed a memorandum of understanding with Korea Gas Safety Corp., POSCO, and Daewoo Shipbuilding & Marine Engineering (DSME) for assisting domestic companies in developing liquid hydrogen storage tanks. The tanks would be developed using high manganese steel for maintaining cold temperature of liquids and gases.
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The global storage tank market is expected to expand at 4.8% CAGR over the forecast period owing to the expansion of the oil & gas industry. The growing global population is likely to drive the demand for storage tanks for providing adequate supply to towns and cities. Stringent government regulations that encouraged the innovation in industrial water and wastewater treatment plants can bode well for the market. Rising adoption of poly water tanks and replacement of legacy chemical storage tanks can augur favorably for the market.
The COVID-19 pandemic has disrupted the industry owing to change in customer behavior and lockdowns barring the transportation of chemicals or water to curb the spread of the virus. Lack of operations in food & beverage, oil & gas, water, and chemicals sectors has negatively impacted market demand. But ease of restrictions may bring new relief to the storage tank market in the coming years.
But high installation costs of storage tanks and lack of maintenance services for storage tanks can hamper market growth.
By installation type, the storage tank market is divided into underground storage tanks and aboveground storage tanks. The aboveground storage tanks (AST) segment accounted for a large market share in 2018. It is expected to exhibit a strong growth rate over the forecast period due to low long-term maintenance costs. Use of AST in storage of water, chemicals, foods, and juices can drive the segment growth.
By product, the market develops 2 products – hazardous and non-hazardous. The non-hazardous storage tank segment is set to expand over the forecast period due to demand for water storage tanks in Argentina, India, Brazil, and China.
By material, it is segmented into polyethylene, concrete, steel, and others. The polyethylene segment is expected to register immense demand during the forecast period in the storage tank market. This is attributed to its long life span and durability.
By industry vertical, the storage tank market is segmented into food & beverages, oil & gas, water, chemical, and others. The oil & gas vertical is expected to be the biggest end-user of the market owing to rise in CNG infrastructure and establishment of new refineries.
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North America, Europe, Asia-Pacific (APAC), and Rest of the World (RoW) are regions considered for the global storage tank market.
APAC held the largest market share in 2018 and pegged to dominate the market over the forecast period. This is attributed to the large population, rise in manufacturing activities, and adoption of storage tanks for transportation of water and liquid natural gas. Rising investment by players in South America and the Middle East & Africa can galvanize demand in the regional storage tank market. The lack of oxygen in India has led to Reliance Industries to enter into a new agreement with VRV Asia Pacific and other companies for purchasing of storage tanks for transportation of oxygen.
North America is predicted to showcase a remarkable growth rate over the forecast period owing to production of shale gas. Presence of storage tank maintenance service companies such as Maguire may add to the regional growth.
4. Market Dynamics
4.2. Market Drivers
4.3. Market Restraints
4.4. Market Opportunities
4.5. Market Trends
5. Global Storage Tank Market, By Installation Type
5.2. Aboveground Storage Tanks (AST)
5.2.1. Market Estimates & Forecast, 2020-2027
5.2.2. Market Estimates & Forecast, By Region, 2020-2027
5.3. Underground Storage Tanks (UST)
5.3.1. Market Estimates & Forecast, 2020-2027
5.3.2. Market Estimates & Forecast, By Region, 2020-2027
6. Global Storage Tank Market, By Product
6.2.1. Market Estimates & Forecast, 2020-2027
6.2.2. Market Estimates & Forecast, By Region, 2020-2027
6.3.1. Market Estimates & Forecast, 2020-2027
6.3.2. Market Estimates & Forecast, By Region, 2020-2027
7. Global Storage Tank Market, By Material
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