Storage Tank Sales Market Outlook

The global storage tank sales market is projected to reach a valuation of USD 28.4 billion by 2035, growing at a compound annual growth rate (CAGR) of 4.5% from 2025 to 2035. The increase in demand for storage tanks is primarily driven by the rising industrialization and urbanization across emerging economies, particularly in the Asia Pacific region. The burgeoning oil and gas industry, along with the expanding infrastructure for water and wastewater management, has created significant demand for storage tanks to ensure efficient storage and supply chain management. Additionally, the growing awareness towards environmental regulations and safety standards has led industries to adopt modern storage solutions, which further fuels market growth. The ongoing technological advancements in tank design and materials have also opened new avenues for the market, making it more attractive for investors and stakeholders.

Growth Factor of the Market

The growth of the storage tank sales market is significantly influenced by several key factors, including the increasing production of crude oil and natural gas. As the energy sector continues to expand, the need for robust storage solutions has become paramount to managing supply and demand fluctuations effectively. Furthermore, the rising environmental awareness among consumers and regulatory bodies has prompted industries to upgrade their existing storage facilities to comply with stringent regulations, thus driving sales growth. Innovations in materials used for tank construction, such as fiberglass and high-grade steel, enhance durability and reduce maintenance costs, attracting more customers to invest in new tanks. Additionally, the growing importance of water management systems in urban areas has led to higher demand for water and wastewater storage tanks, which is contributing to the overall growth of the market. Moreover, the expansion of the food and beverage sector, with its specific storage requirements, continues to offer diverse opportunities for tank manufacturers, thereby promoting market growth.

Key Highlights of the Market

• The market is anticipated to grow at a CAGR of 4.5% from 2025 to 2035.
• Increased industrialization and urbanization in emerging economies are key growth drivers.
• Technological advancements in tank designs and materials are creating new market opportunities.
• The oil and gas sector remains the largest application segment for storage tanks.
• Regulatory pressures for environmental compliance are leading to increased investments in modern storage solutions.

By Product Type

Aboveground Storage Tanks:

Aboveground storage tanks (ASTs) are widely used for the storage of liquids, including petroleum products, chemicals, and water. These tanks are preferred for their accessibility and ease of maintenance, and they are often constructed from materials such as steel or fiberglass. The market for ASTs is experiencing robust growth, driven by the expansion of the oil and gas sector and increasing demand for safe and efficient storage solutions. Furthermore, the rising need for chemical storage in industrial applications has bolstered the adoption of ASTs. The versatility of ASTs in various applications, including agricultural and residential sectors, further enhances their market potential. Additionally, advancements in tank design that improve structural integrity and safety features are attracting more investments in this segment.

Underground Storage Tanks:

Underground storage tanks (USTs) play a crucial role in the safe storage of hazardous liquids, including petroleum products and chemicals. The rising implementation of environmental regulations requiring the use of USTs for specific applications is fostering growth within this segment. USTs are designed to minimize the risk of leaks and spills, making them an essential solution for industries that handle toxic substances. Moreover, advancements in monitoring technologies, such as automatic leak detection systems, are enhancing the efficiency and safety of USTs. The construction of USTs involves rigorous standards and procedures, ensuring compliance with environmental laws. The heightened focus on environmental sustainability and the transition towards cleaner energy sources are also driving the demand for USTs, making them a significant segment in the storage tank sales market.

Floating Roof Tanks:

Floating roof tanks are specifically designed for the storage of volatile liquids and are characterized by their unique design that minimizes vapor loss and evaporation. These tanks are particularly prevalent in the oil and gas industry as they help reduce the environmental impact associated with the storage of crude oil and petroleum products. The demand for floating roof tanks is rising due to increased regulatory pressure on emissions and the need for more efficient storage solutions. As companies strive to meet environmental regulations, floating roof tanks are becoming a preferred option for maximizing storage capacity while minimizing losses. Furthermore, advancements in floating roof technology, such as improved sealing systems and corrosion resistance, are contributing to their growing popularity in various industrial applications.

Fixed Roof Tanks:

Fixed roof tanks are commonly used for the storage of non-volatile liquids and are characterized by their sturdy design that provides structural integrity and long-term durability. The growth of fixed roof tanks is primarily driven by their application in industries such as water, wastewater, and chemical storage. These tanks are designed to withstand external loads and environmental factors, ensuring a reliable storage solution for various liquids. The rising demand for efficient water management systems and the expansion of the chemical industry are propelling the growth of the fixed roof tank segment. Additionally, the increasing emphasis on safety and compliance with regulations is prompting industries to invest in high-quality fixed roof tanks that offer enhanced protection against leaks and spills.

Open Top Tanks:

Open top tanks are utilized mainly for applications that require easy access to the stored contents. These tanks are often employed in processes like mixing, cooling, and bulk storage of liquids. The open design allows for efficient ventilation and easy cleaning, making them suitable for various industries, including food and beverage, chemical, and wastewater management. The growing demand for open top tanks is attributed to the increasing need for effective mixing and treatment processes in industrial applications. Additionally, the versatility of open top tanks in various sizes and configurations offers flexibility to manufacturers, which encourages their adoption across diverse sectors. The expanding food and beverage industry, with its specific storage requirements, further enhances the market potential for open top tanks.

By Application

Oil & Gas:

The oil and gas industry is the largest segment for storage tanks, driven by the need to store crude oil, refined products, and natural gas. These storage tanks are critical for managing supply chain processes, enabling companies to optimize their operations. The ongoing expansion of oil exploration and production activities globally, particularly in regions like North America and the Middle East, is fueling the demand for storage tanks. Additionally, the rising focus on safety and environmental compliance is leading companies to invest in modern and reliable storage solutions. The volatility in oil prices further necessitates the efficient management of storage capacities, creating a consistent demand for tanks tailored to the oil and gas sector. With the increasing adoption of advanced technologies in tank monitoring and management, the oil and gas segment is poised for sustained growth in the coming years.

Chemical:

The chemical industry relies heavily on storage tanks to store a wide range of hazardous and non-hazardous liquids. The growing global chemical production, coupled with stringent safety regulations, drives the demand for durable and reliable storage solutions. Storage tanks are essential for managing the supply chain of chemicals, ensuring that production levels meet market demands efficiently. The increasing emphasis on environmental protection and the need for safe handling of chemicals further boost the demand for storage tanks equipped with advanced safety features. Additionally, the trend towards automation in the chemical industry is leading to enhanced monitoring and control of storage operations, thereby promoting the adoption of innovative tank designs. This strong focus on safety and efficiency in chemical storage positions the segment for continued expansion in the market.

Water & Wastewater:

The water and wastewater management sector is experiencing significant growth, leading to increased demand for storage tanks capable of holding potable water and treated effluent. As urban populations expand and water scarcity becomes a pressing issue, the need for efficient water storage solutions is more critical than ever. Storage tanks play a vital role in ensuring the availability and quality of water supply systems, which is crucial for public health and environmental sustainability. The growing investments in infrastructure development projects aimed at enhancing water supply systems are further propelling the demand for storage tanks. Additionally, the increasing awareness of water conservation and management practices among urban planners and municipalities is leading to the adoption of innovative storage solutions. This trend suggests a promising future for water and wastewater applications in the storage tank sales market.

Pharmaceutical:

The pharmaceutical industry requires highly controlled environments for the storage of various products, including active pharmaceutical ingredients (APIs) and finished medications. The increasing demand for pharmaceuticals, coupled with the need for stringent quality control, is driving the growth of storage tanks in this sector. Pharmaceutical storage tanks must meet high standards concerning cleanliness, material compatibility, and safety to ensure product integrity. The ongoing advancements in biopharmaceutical manufacturing and the expansion of global supply chains are promoting the installation of modern storage solutions. As the industry continues to develop innovative therapies and medicines, the demand for specialized storage tanks that can accommodate diverse products and regulatory requirements will remain strong. This growth in the pharmaceutical application segment is expected to contribute significantly to the overall market expansion.

Food & Beverage:

The food and beverage industry relies on storage tanks for the safe and efficient storage of raw materials, ingredients, and finished products. The increasing global demand for processed and packaged foods is driving the need for reliable storage solutions that ensure product quality and safety. Storage tanks in this sector must adhere to strict hygiene and safety standards, which is leading manufacturers to invest in advanced tank designs made from food-grade materials. The trend towards sustainability and eco-friendly practices in the food and beverage sector is also encouraging the adoption of innovative storage solutions that minimize waste and energy consumption. Additionally, the rising popularity of craft beverages and specialty foods is creating opportunities for customized storage tank solutions tailored to specific production needs. The ongoing growth in the food and beverage sector serves as a significant driver for the storage tank sales market.

By Distribution Channel

Direct Sales:

Direct sales are a prevalent distribution channel in the storage tank market, allowing manufacturers to establish a direct relationship with their customers. This approach enables companies to better understand their buyer's needs and tailor their offerings accordingly, enhancing customer satisfaction and retention. Direct sales also facilitate effective communication and negotiation, which can lead to lucrative contracts and long-term partnerships. Additionally, manufacturers can leverage direct sales to showcase their technological advancements and innovations in tank design, further solidifying their reputation in the market. As industries increasingly seek customized storage solutions, the direct sales model allows manufacturers to provide bespoke services and solutions that align with specific requirements. This segment is expected to grow steadily as direct engagement becomes a priority for both suppliers and customers.

Indirect Sales:

Indirect sales involve the use of intermediaries, such as distributors and resellers, to market and sell storage tanks to end-users. This distribution model is beneficial for expanding market reach, especially in regions where companies may not have an established presence. Indirect sales channels offer manufacturers the advantage of partnering with local distributors who possess valuable market knowledge and customer relationships. This strategy not only helps companies penetrate new markets but also allows them to diversify their customer base. The convenience of indirect sales enables customers to access a broader range of storage tank options, as intermediaries often carry multiple brands and product lines. The growing trend toward globalization and e-commerce is also expected to enhance the indirect sales channel, creating new opportunities for storage tank manufacturers and distributors alike.

By Material Type

Steel:

Steel is the most widely used material for constructing storage tanks due to its strength, durability, and resistance to corrosion. The versatility of steel tanks makes them suitable for various applications, including oil and gas, chemicals, and water storage. The growing global demand for robust and reliable storage solutions is driving the adoption of steel storage tanks, as they can withstand harsh environmental conditions and heavy loads. Additionally, advancements in steel production technology, such as the development of high-strength steel grades, have further enhanced the performance of steel tanks. The increasing focus on safety and compliance with environmental regulations encourages companies to invest in modern steel storage solutions that offer enhanced safety features, thus positioning the steel segment for continued growth in the market.

Fiberglass:

Fiberglass is increasingly becoming a preferred material for storage tanks, particularly in applications where resistance to corrosion and chemical impact is crucial. The lightweight nature of fiberglass tanks allows for easier transportation and installation, making them a practical choice for various industries, including water and wastewater management, chemicals, and food and beverage. The growing awareness of environmental sustainability is driving the adoption of fiberglass tanks, as they are known for their long lifespan and minimal maintenance requirements. Additionally, the availability of custom designs and sizes further enhances the appeal of fiberglass tanks to manufacturers and end-users alike. As industries become more focused on reducing their environmental footprint, the fiberglass segment is expected to experience significant growth in the storage tank market.

Concrete:

Concrete is a widely used material for constructing large storage tanks, particularly in applications involving water and wastewater management. The strength and durability of concrete tanks make them suitable for long-term storage solutions, often in municipal applications. The rising demand for effective water management systems and the construction of infrastructure projects are driving the growth of concrete storage tanks. Additionally, concrete tanks can be designed to meet specific safety and environmental regulations, enhancing their suitability for various applications. The longevity and low maintenance costs associated with concrete tanks further contribute to their attractiveness for water storage projects. As urban areas continue to expand and water scarcity remains a challenge, the demand for concrete storage solutions is expected to rise.

Plastic:

Plastic storage tanks are gaining popularity due to their lightweight nature, corrosion resistance, and versatility. These tanks are particularly favored in applications where affordability and ease of installation are paramount. The growing use of plastic tanks in agricultural, chemical, and food and beverage industries is driving the market for this segment. Additionally, advancements in plastic manufacturing technologies have led to the development of high-density polyethylene (HDPE) tanks that offer enhanced durability and chemical resistance. The increasing focus on sustainable practices encourages the adoption of plastic storage solutions, as they are often recyclable and require less energy to produce compared to traditional materials. As industries seek flexible and cost-effective storage options, the plastic segment is poised for steady growth.

By Region

The North American storage tank sales market is expected to dominate the industry, representing approximately 35% of the total market share by 2035. This dominance can be attributed to the region's well-established oil and gas industry, which has consistently driven demand for storage tanks. Furthermore, regulatory pressures concerning environmental compliance and safety standards encourage investments in modern storage solutions. The rising trend of shale oil production and infrastructure development for water and wastewater management are additional factors contributing to market growth in North America. The region is anticipated to achieve a CAGR of 4.2% during the forecast period, reflecting sustained demand from various sectors, especially the energy sector.

In Europe, the storage tank sales market is projected to grow steadily, with a significant emphasis on sustainability and environmental compliance. The region accounts for roughly 25% of the global market share, driven by stringent regulations regarding the storage of hazardous substances and the move towards more sustainable practices. The rising demand for water management solutions in urban areas and the expansion of the chemical and pharmaceutical sectors are further propelling the market in Europe. The market is expected to record a CAGR of 3.8%, with key countries like Germany, France, and the UK leading in storage tank adoption due to their robust industrial sectors. The Asia Pacific region is also witnessing a rapid increase in market size, fueled by industrialization and urbanization, which complements the growing need for efficient storage solutions.

Opportunities

The storage tank sales market is poised for numerous opportunities driven by technological advancements and rising industrial demands. One of the most promising opportunities lies in the integration of smart technologies and IoT solutions in storage tank management. Such innovations enable real-time monitoring, predictive maintenance, and improved operational efficiency, thus enhancing safety and reducing costs for industries. Furthermore, as regulatory pressures increase, industries are compelled to upgrade their storage facilities to comply with the latest environmental standards, presenting a lucrative market for manufacturers offering advanced storage solutions. Additionally, the growing focus on sustainability and eco-friendly practices creates opportunities for tanks made from recyclable materials and energy-efficient designs. The expansion of key end-user sectors, such as oil and gas, chemicals, and food and beverage, continues to stimulate demand for storage tanks, ensuring a robust growth outlook for manufacturers and stakeholders in the industry.

Another notable opportunity exists in emerging markets, particularly in the Asia Pacific and Latin America regions, where rapid urbanization and industrial growth are driving the need for effective storage solutions. As these regions continue to develop their infrastructure, the demand for storage tanks across various applications is expected to rise significantly. Furthermore, there is an increasing trend towards customization in storage solutions, as industries seek tanks that cater to their specific needs, whether that pertains to size, material, or design features. By leveraging these opportunities, storage tank manufacturers can position themselves strategically to capture market share and drive long-term growth in a dynamic and evolving industry landscape.

Threats

Despite the promising outlook for the storage tank sales market, several threats could hinder its growth trajectory. One of the primary threats is the volatility in raw material prices, particularly for steel and fiberglass, which can significantly impact production costs and margins for manufacturers. This volatility may lead to increased prices for end-users, potentially restraining demand for new storage tanks. Moreover, the emergence of alternative storage solutions, such as modular tanks and portable storage units, poses a competitive threat to traditional tank manufacturers. These alternatives often come with lower upfront costs and increased flexibility, making them attractive options for businesses looking to minimize capital expenditure. Additionally, economic fluctuations, particularly in key markets, could affect overall industrial growth, further posing a risk to the storage tank sector.

Another significant concern is the stringent regulatory environment in many regions, which often leads to increased compliance costs for manufacturers. Adhering to environmental standards and safety regulations requires ongoing investments in technology and infrastructure, which could strain smaller manufacturers who may lack the resources to comply effectively. Furthermore, the rising awareness of environmental issues among consumers and regulatory bodies necessitates that storage tanks be designed and operated with sustainability in mind, leading to higher expectations from end-users. This shift in customer preferences towards environmentally friendly products may require manufacturers to invest significantly in research and development, presenting a challenge to those unable or unwilling to adapt swiftly.

Competitor Outlook

• Emerson Electric Co.
• Veolia Water Technologies
• Gainesville Tank Company
• Western Global
• Belco Manufacturing
• Brentwood Industries, Inc.
• Containment Solutions, Inc.
• Shawcor Ltd.
• Tank Connection
• SPM, Inc.
• GPI (General Plastics, Inc.)
• Westeel
• McDermott International, Inc.
• Enduro Composites, Inc.
• Superior Tank Co., Inc.

The competitive landscape of the storage tank sales market is characterized by a mix of established players and emerging companies striving to capture market share through innovation and strategic partnerships. Major companies are focusing on expanding their product portfolios, enhancing manufacturing capabilities, and investing in research and development to meet the evolving demands of various industries. Additionally, collaboration and acquisition strategies are frequently employed to strengthen market presence and gain access to new technologies and markets. The ongoing trend towards sustainability is also prompting companies to develop eco-friendly storage solutions that align with regulatory requirements and consumer preferences.

Key players such as Emerson Electric Co. and Veolia Water Technologies are at the forefront of this competitive landscape, leveraging their vast experience and technological expertise to deliver reliable storage solutions across multiple sectors. Emerson Electric, known for its advanced automation and monitoring technologies, is enhancing the safety and efficiency of storage tanks in various applications. On the other hand, Veolia Water Technologies focuses on providing innovative solutions for water and wastewater management, thereby promoting sustainable practices in the industry. These companies are actively involved in developing new technologies and strategies that not only offer enhanced performance but also align with the global push towards sustainability, ensuring their competitive edge in the market.

In addition, companies like Shawcor Ltd. and Tank Connection are also making significant strides in the storage tank market by focusing on specialized applications and custom solutions. Shawcor Ltd., with its expertise in corrosion protection and pipeline services, is addressing the growing concerns of environmental safety and compliance. Meanwhile, Tank Connection is recognized for its high-quality tanks and custom-engineered solutions that cater to diverse customer requirements. By emphasizing innovation, customization, and sustainability, these companies aim to solidify their positions as leaders in the storage tank industry.