Global Storage Tank Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

The Global Storage Tank Market is experiencing steady growth, driven by increased demand across various industries such as chemicals, oil and gas, water treatment, and food and beverages. The market is segmented by installation type, product, material, and geography. The installation type segment includes above-ground storage tanks, underground storage tanks, and portable storage tanks. Above-ground storage tanks dominate the market due to their ease of access for maintenance and monitoring, as well as their cost-effectiveness in many industries. Underground storage tanks, often used in the oil and gas industry for fuel storage, are favored for their ability to save space and protect contents from environmental factors. Portable storage tanks are increasingly in demand due to their flexibility and ease of transportation in industries requiring temporary storage solutions.

The product segment of the market includes fuel storage tanks, water storage tanks, chemical storage tanks, and others. Fuel storage tanks are particularly significant in the oil and gas industry, while water storage tanks are essential in sectors such as municipal water supply, agriculture, and construction. Chemical storage tanks, which require more specialized construction due to the need to store hazardous or volatile substances, are also experiencing growth due to expanding industrial applications. The demand for these tanks is largely driven by the need for safe, compliant, and efficient storage solutions for various liquids, including hazardous chemicals and fuels.

The material segment of the market includes steel, plastic, fiberglass, and concrete. Steel tanks dominate the market due to their durability, strength, and suitability for a wide range of applications, particularly in industries like oil and gas and chemicals. Plastic and fiberglass storage tanks are growing in popularity due to their corrosion resistance and ease of maintenance, making them ideal for water and chemical storage. Concrete tanks, while less common, are used in large-scale storage systems, especially in water treatment plants and other infrastructure applications. Geographically, North America and Europe hold significant shares of the storage tank market, owing to the presence of large industrial sectors and stringent regulations on storage safety. The Asia-Pacific region is expected to see the highest growth rate due to rapid industrialization, increasing demand for energy, and expanding infrastructure projects.

Global Storage Tank Segment Analysis

In this report, the Global Storage Tank Market has been segmented by Installation Type, Product, Material and Geography.

Global Storage Tank Market, Segmentation by Installation Type

The Global Storage Tank Market has been segmented by Installation Type into Aboveground Storage Tanks (AST) and Underground Storage Tanks (UST).

The Global Storage Tank Market is segmented by installation type into Aboveground Storage Tanks (AST) and Underground Storage Tanks (UST), each serving different industry needs and applications. Aboveground Storage Tanks (AST) are widely used across various sectors, including oil & gas, chemicals, and water treatment, due to their accessibility for maintenance, inspection, and repairs. These tanks are typically more cost-effective to install compared to underground tanks and are easier to monitor for potential leaks or structural issues. They are especially suitable for large-scale storage of petroleum products, chemicals, and hazardous materials, where safety regulations and ease of inspection are crucial.

On the other hand, Underground Storage Tanks (UST) are increasingly popular for their ability to conserve space while offering a lower visual impact, which makes them ideal for urban or residential areas where land is scarce. USTs are commonly used for storing gasoline, diesel, and other fuels in the oil & gas industry. They provide enhanced protection against external environmental conditions, such as temperature fluctuations, and are generally more secure in terms of preventing the risk of contamination or environmental damage. However, USTs require more investment in terms of installation and maintenance, as they are more difficult to inspect and repair. Despite these challenges, the growing demand for space-saving and environmentally safer storage options is driving the continued adoption of USTs in several industries, especially in regions with stringent environmental regulations.

Global Storage Tank Market, Segmentation by Product

The Global Storage Tank Market has been segmented by Product into Hazardous and Non-Hazardous.

The Global Storage Tank Market is segmented by product into hazardous and non-hazardous categories, each serving specific industries and applications with distinct storage requirements. Hazardous storage tanks are designed to safely store materials that can pose risks to health, safety, or the environment, such as chemicals, petroleum products, and toxic substances. These tanks are built with high durability, corrosion resistance, and specialized features to prevent leaks, contamination, and accidents. Regulatory standards for hazardous storage are strict, requiring tanks to be equipped with features like secondary containment, vapor recovery systems, and advanced monitoring systems to ensure safety and compliance. The demand for hazardous storage tanks is particularly high in industries like chemicals, oil & gas, and pharmaceuticals, where the safe containment of potentially harmful substances is critical.

In contrast, non-hazardous storage tanks are used to store substances that are generally considered safe and pose minimal risks to health or the environment, such as water, food & beverage products, and agricultural liquids. These tanks are designed for more routine storage and handling processes, although they still need to meet certain regulatory and quality standards, particularly in sectors like food & beverage and water treatment. Non-hazardous tanks typically have lower installation and maintenance costs compared to hazardous tanks, making them a more cost-effective solution for industries with less stringent safety requirements. The growing demand for non-hazardous storage solutions is driven by expanding sectors such as agriculture, water treatment, and food processing, where large-scale storage needs continue to rise globally.

Global Storage Tank Market, Segmentation by Material

The Global Storage Tank Market has been segmented by Material into Steel, Concrete, Polyethylene and Others.

The Global Storage Tank Market is segmented by material into steel, concrete, polyethylene, and others, each offering unique properties suited for specific storage applications. Steel storage tanks are the most commonly used material, known for their strength, durability, and versatility. They are ideal for storing a wide range of liquids and gases, including petroleum products, chemicals, and water. Steel tanks are favored in industries such as oil & gas, chemicals, and water treatment, as they offer high resistance to corrosion and can be customized for both aboveground and underground storage solutions. Their structural integrity makes them suitable for large-scale storage systems, with the ability to withstand high pressure and temperature variations.

Concrete storage tanks are typically used for large-scale, permanent installations due to their ability to withstand heavy loads and harsh environmental conditions. They are commonly used in the water treatment, wastewater management, and agricultural sectors, where large volumes of storage are required. Concrete tanks are resistant to environmental wear and are highly durable, offering long-term performance with minimal maintenance. On the other hand, polyethylene storage tanks are increasingly popular in industries where cost efficiency and lightweight solutions are essential. These tanks are resistant to corrosion, easy to transport and install, and ideal for storing non-hazardous liquids like water, food-grade products, and chemicals. They are often used in smaller-scale applications such as in agricultural, residential, and food & beverage industries. The others category includes materials like fiberglass, which are also used in specialized storage applications due to their resistance to chemical degradation and lightweight properties. Each material type in the global storage tank market offers specific advantages based on factors like cost, durability, regulatory compliance, and intended use.i

Global Storage Tank Market, Segmentation by Geography

In this report, the Global Storage Tank Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Storage Tank Market Share (%), by Geographical Region, 2024

In North America, the market is driven by the high demand for storage tanks in industries such as oil & gas, chemicals, and water treatment. The region's well-established infrastructure and stringent environmental regulations are contributing to the increased adoption of advanced storage solutions, especially for hazardous materials. The U.S. holds a significant share of the North American market, with considerable investments in upgrading and expanding industrial storage capacities. Similarly, Canada is witnessing growth in the storage tank market due to its expanding oil sands industry and increasing environmental awareness.

Europe is another key region, with robust demand driven by industrial sectors like chemicals, pharmaceuticals, and renewable energy. Strict regulatory frameworks in countries like Germany, the UK, and France, which emphasize sustainability and environmental safety, are prompting industries to invest in high-quality and efficient storage tanks. The growing focus on clean energy and water treatment also fuels the market growth in the region.

In the Asia Pacific region, rapid industrialization and urbanization, especially in countries like China, India, and Japan, are major factors driving the demand for storage tanks. The market is expanding due to increased infrastructure development, particularly in the oil & gas, agricultural, and water treatment sectors. The region’s high population growth and economic expansion are also contributing to rising demand for storage solutions.

The Middle East and Africa region is experiencing growth due to the ongoing oil & gas extraction activities, along with increasing investments in water infrastructure projects. The demand for storage tanks is also growing in the agriculture and chemical industries, driven by the need for efficient storage of liquids and gases.

Latin America shows potential for market growth, particularly in Brazil and Mexico, where agricultural and industrial activities are increasing. The demand for storage tanks in this region is driven by the need for enhanced water storage, as well as growth in the oil & gas and food & beverage sectors.

This report provides an in depth analysis of various factors that impact the dynamics of Global Storage Tank Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers

• Growing Industrialization
• Infrastructure Development

• Rising Demand for Liquids and Gas Storage-The rising demand for liquids and gas storage is a key driver for the Global Storage Tank Market, fueled by the increasing need for efficient storage solutions across various industries. Industries such as oil and gas, chemicals, water treatment, and food and beverage are all contributing to the surge in demand. As global energy consumption rises and industrial activities expand, there is a greater need to store liquid fuels, chemicals, and gases safely and in large quantities. In the oil and gas sector, the exploration and extraction of crude oil and natural gas require large storage facilities to store both raw and refined products, such as petroleum, LPG (liquefied petroleum gas), and LNG (liquefied natural gas). This growth is further supported by increasing infrastructure developments, particularly in emerging economies where oil and gas consumption is on the rise.

  In the water treatment and food and beverage industries, the demand for storage tanks is growing due to the need for safe and compliant storage of liquids. Water treatment plants rely on large storage tanks for clean water storage and wastewater management. The growing concerns around water scarcity are further increasing investments in storage infrastructure. In the food and beverage industry, storage tanks are essential for maintaining the quality and safety of liquids such as milk, juices, and oils, as well as various chemical ingredients used in food processing. Furthermore, the rise of renewable energy sources, such as biofuels and wind energy, also contributes to the growing demand for storage tanks to store biofuels and other related liquids. As industries expand and the global population grows, the demand for reliable, safe, and high-capacity storage solutions for liquids and gases is expected to continue rising, driving further growth in the storage tank market.

Restraints

• High Initial Investment Costs
• Environmental and Safety Regulations

• Limited Space Availability-Limited space availability is a significant restraint for the Global Storage Tank Market, particularly in urbanized and industrialized regions where available land is scarce. As cities grow and industrial zones expand, the ability to install large-scale storage tanks, particularly aboveground storage tanks (ASTs), is increasingly constrained by space limitations. In densely populated areas or regions with limited open land, industries are often faced with the challenge of finding suitable locations for the installation of these large structures. This scarcity of land can lead to higher land costs and increase the complexity of obtaining permits, as environmental and safety regulations can impose additional restrictions on tank installations.

  In locations where underground storage tanks (USTs) are the alternative, the need for significant excavation and civil works can drive up installation costs and timeframes. The complexity of integrating storage solutions into existing infrastructure, especially in areas where urban development has already been established, can limit the pace of growth for the storage tank market. In some regions, the lack of available space, coupled with the high cost of modifying or acquiring suitable land, discourages investments in storage tank systems. This constraint is particularly relevant for industries like oil and gas, chemical manufacturing, and water treatment, where large-scale storage is required. As a result, the market faces challenges in meeting growing demand for storage capacity, especially in highly urbanized or industrialized areas.

Opportunities

• Technological Advancements in Storage Solutions
• Demand for Sustainable Storage Tanks

• Growth in Emerging Markets-Growth in emerging markets presents a significant opportunity for the Global Storage Tank Market as these regions experience rapid industrialization, urbanization, and infrastructure development. Countries in Asia Pacific, Latin America, and parts of Africa are seeing increased investments in industries such as oil and gas, chemical manufacturing, agriculture, and water treatment. This growth is driving the demand for storage tanks to support the rising need for liquid and gas storage. In particular, nations like China, India, Brazil, and Mexico are focusing on expanding their industrial capacities and energy sectors, leading to an increased requirement for storage solutions for fuels, chemicals, and even water resources. As these emerging markets continue to develop their infrastructure, there is a clear opportunity for storage tank manufacturers to cater to these growing needs.

  Emerging economies often face challenges related to water scarcity, fuel storage, and waste management, making the demand for storage tanks even more critical. In response, governments and private companies are investing in building and upgrading storage facilities, especially in sectors like agriculture and water treatment. As these regions continue to grow, they offer vast opportunities for both aboveground and underground storage tanks, with applications in storing not only oil and gas but also water, agricultural products, and industrial chemicals. The rising middle class, expanding manufacturing activities, and increasing demand for energy and clean water provide a conducive environment for the storage tank market to thrive. As these regions mature and industrialize further, the market is expected to see continued growth, with storage solutions becoming a crucial part of their economic development.

Key players in Global Storage Tank Market include;

• TOYO KANETSU K.K
• Ishii Iron Works Co., Ltd
• Pfaudler MEKRO Sp. Z O.O
• CST Industries, Inc
• McDermott
• PERMIANLIDE
• HIGHLAND TANK & MANUFACTURING COMPANY, INC
• FOX TANK COMPANY
• F WARREN GROUP INC
• SUPERIOR TANK CO., INC

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis