Storage Tank Market 2019 Global Industry Size, Share, Trends, Outlook, Revenue, Business Growth, Demand And Applications Report To 2025

Storage Tank Market Share, Size, Trends, And Business Opportunity Analysis Report 2019 include historic data, with forecast data to 2025.

Pune, India - September 3, 2019 /MarketersMedia/ —

Market Research Future published a half-cooked research report on the global storage tank market that contains the information from 2017 to 2025. The global storage tank market is expected to grow with a CAGR of ~4.8% from 2019 to 2025.

Taste the market data and market information presented through more than 100 market data tables and figures spread in 88 numbers of pages of the project report. Avail the in-depth table of content & market synopsis on “Global Storage Tank Market Information from 2017 to 2025."

A storage tank is used to store liquid and compressed gases and is designed as per the requirements of various industry verticals such as oil & gas, food & beverage, chemical, petrochemical, pharmaceutical, and water & wastewater. There are many environmental regulations applied to the design and operation of storage tanks such as API and EPA, often depending on the nature of the fluid within the tank. The main advantages of a storage tank are that the easy mobility and transportation, especially for LNG and crude oil carriers.

Growing industrialization, emerging economies in developing countries, and rapid technological advancements in the processes for manufacturing storage tanks create opportunities for the players operating in the global market. Increased investments in product development will enable strategic mergers with and acquisitions of small startup companies in this market, which will boost the global market during the forecast period. However, the major restraints for the global storage tank market are high initial investments and maintenance cost.

The global storage tank market is estimated to witness ~4.8% CAGR during the period, 2019 to 2025.

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The global storage tank market is segmented based on installation type, product, material, industry vertical, and region. On the basis of installation type, the global market has been divided into aboveground storage tanks (AST) and underground storage tanks (UST). On the basis of product, the global market has been divided into hazardous and non-hazardous. On the basis of material, the global market has been segmented into steel, concrete, polyethylene, and others. On the basis of industry vertical, the global market has been segmented into oil and gas, chemical, water, food and beverage, and others.

On the basis of installation type, in 2018, the aboveground storage tanks (AST) segment accounted for the largest share in global storage tank market and is expected to grow at a significant rate over the forecast period due to the increasing uses of AST in commercial and farm applications. Furthermore, ASTs provide more benefits than USTs as they are easy to access for inspections with less expensive cleanup costs. Hence, the demand for ASTs is growing in various industry verticals.

On the basis of product, in 2018, hazardous product segment accounted for the largest share in the global storage tank market and is expected to register a significant growth rate over the forecast period. Whereas, the non-hazardous segment is projected to witness higher growth during the forecast period due to growing water scarcity in emerging countries such as China, Brazil, India, and Argentina.

Segmentation based on the basis of material, the polyethylene segment is projected to register the highest growth rate during the forecast period owing to its low maintenance costs, corrosion resistance, easier installation, long life span, durability, and lightweight properties.

On the basis of industry vertical, the oil & gas segment is projected to dominate the global market throughout the forecast period due to the growing production operations in countries such as the US, Canada, and Iran and other countries in the Middle East. Furthermore, the increasing CNG infrastructure and growing refineries in many countries around the world is expected to create opportunities for the players operating in the global market.

The key players operating in the global storage tank market are Highland Tank & Manufacturing Company, Inc. (US), Fox Tank Company (US), T.F. Warren Group (Canada), Superior Tank Co., Inc. (US), TOYO KANETSU K.K. (Japan), Ishii Iron Works Co., Ltd (Japan), Pfaudler (US), MEKRO Sp. Z .o.o. (Poland), CST Industries (US), McDermott (US), and PermianLide (US).

These players have adopted product development and product launches, contracts, acquisitions, partnerships, and business expansions as strategies to increase their presence in the global market.

This research report provides insights into various levels of analysis, such as industry analysis and market share analysis for the leading industry competitors, along with their profiles. It also helps in studying the target segments by providing views on the emerging and high-growth segments. The market data comprises the necessary assessment of the competitive scenarios and strategies in the global storage tank market, including high-growth regions and/or countries, and political and economic environments. The project report further provides both, historical market values and pricing and cost analysis.

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