Storage Tank Market Key Highlights, Market Innovative Strategy by 2032

Storage Tank Market overview

The Storage Tank Market is expected to have a CAGR of 3.68% and USD  8.86 Billion by 2032.

Storage tanks are simply containers used to store liquid or semi-solid items, including petroleum, chemicals, milk, water, and petrochemicals. They are available in different shapes such as open top and closed top, flat bottom, vertical and horizontal cylindrical, cone bottom, slope bottom, and dish bottom. Aboveground storage tanks (ASTs) and underground storage tanks (USTs) are the two types of storage tanks (USTs). Petroleum, waste matter, water, chemicals, and other hazardous items can all be stored in ASTs while adhering to tight industry norms and regulations. USTs are used to store either petroleum or hazardous materials. These tanks are built in accordance with the US Environmental Protection Agency (EPA) UST regulations, which went into effect in India and states without a State Program Approval in 2015.

Key Factors Driving the Market:

• Growth in Oil and Gas Industry
• Chemical Industry Demand
• Water and Wastewater Treatment
• Infrastructure Development
• Government Regulations

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Key Companies in the 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

Storage Tank Market Segmentation

The global storage tank market has been segmented on the basis of installation type, product, material, and industry vertical. 

Storage Tank Market Type Outlook

• Aboveground Storage Tanks
• Underground Storage Tanks

Storage Tank Market Product Outlook

• Hazardous
• Non-Hazardous

Storage Tank Market Material Outlook

• Steel
• Concrete
• Polyethylene
• Others

Storage Tank Market Industry Vertical Outlook

• Oil & Gas
• Chemicals
• Water
• Food & Beverage
• Others

Storage Tank Market Regional Outlook

• North America
• Europe
• Asia-Pacific
• Rest of the World

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Storage Tank Market Regional analysis

The Storage Tank Market is studied in the major parts of the world. The principal places are  Asia Pacific, Europe, North America, and the rest of the world. The Asia Pacific dominated the market in 2018 and is expected to grow at the same rate in the forecast period. Due to the increasing need for plastic water tanks, water storage tanks, and many others, India and China dominate the market. Other regions will also increase the market in the forecast period.

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