Storage Tank Market Size, Share, and Industry Analysis By Tank Type (Vertical Tanks, Horizontal Tanks, Spherical Tanks, and Others), By Material (Steel, Plastic, Concrete, and Others), By Application (Residential, Commercial, Industrial, Government, and Agriculture), and Regional Forecast, 2025-2032

The global storage tank market size was valued at USD 28.04 billion in 2025. The market is projected to grow from USD 29.89 billion in 2026 to USD 49.89 billion by 2034, exhibiting a CAGR of 6.61% during the forecast period.

The global storage tank market is expanding rapidly due to rising demand for efficient storage solutions in industries such as oil, gas, chemicals, and water treatment. There are three uses of storage tanks: securely storing materials and ensuring that industrial operations will not run out of supply.

• In 2023, almost 558,000 metric above-ground storage tanks were registered in the U.S. by the Environmental Protection Agency (EPA). In some way, this does point to the growing demand for storage by various industries.

Storage tanks have their applications in industries such as oil & gas, chemicals, and food processing, wherein they are imperative for synthesizing liquids, gases, and other materials for further processing. Current technology, such as newer, eco-friendly storage solutions, is therefore providing a boost to this market.

Storage Tank Market Driver

Energy Demand and Regulations Drive Market Growth

The global energy consumption necessitates efficient solutions for crude oil, refined products, and natural gas, triggering the storage tank market due to the increase in demand for oil and gas storage. The North American demand remains evident, with Canada witnessing the storage capacity of 98,000 barrels in 2023. Infrastructural investments are being made to a large extent by emerging economies; the growing use of LNG and hydrogen as clean energy sources also sustains the market. Further, the tightening environmental regulations throughout the globe force the implementation of advanced, compliant storage tanks for safety and environmental protection.

Storage Tank Market Restraint

High Costs And Regulations Hinder Market Growth

Inadequate capital investments in the construction and maintenance of tanks, the purchase of land, materials, and compliance with safety standards can deter an investor. Companies maintaining operations in multiple markets face another hurdle: different environmental and safety regulations, often complicated by their own. Fluctuations in raw material prices, such as for steel and concrete, also weigh on the top price and profit for storage tank projects.

Storage Tank Market Opportunity

Urbanization Boosts Storage Tank Market Growth

Rapid industrialization and urbanization in the emerging economies are generating demand across various sectors for storage: India, China, Brazil, and so on. Technological advances such as smart storage tanks equipped with sensors and monitoring systems ensure safety and provide in-house efficiency, thereby pulling the major chunk of investment. Expanding storage techniques would find more application in municipal and agricultural sectors with the growing need for water storage due to ever-increasing water scarcity.

Segmentation

Key Insights

The report covers the following key insights:

• Energy Consumption and Storage Requirements, By Key Regions
• Drivers, Restraints, Trends, and Opportunities
• Business Strategies Adopted by Key Players
• Overview: Regulatory and Environmental Compliance Scenario
• Consolidated SWOT Analysis of Key Players
• Key Industry Developments (Product Launches, Contracts, and Investments)

Analysis by Tank Type

By tank type, the market is divided into vertical tanks, horizontal tanks, spherical tanks, and others.

Vertical tanks are utilized in various applications, such as filling large spaces with tremendous amounts of liquid. These tanks are generally chosen for their high storage capacity and strength. With further industrialisation and urbanization, vertical tanks will occupy a great part of the storage tank market, especially in oil and gas treatment, water treatment, and chemical processing industries.

Such spherical tanks are used as a storage of energy in a pressurized state of a gas such as LPG and natural gas. The spherical tanks market has been changing at a constant pace and has been witnessing significant demand from the oil, gas, and related sectors. Spherical tanks are anticipated to witness substantial traction in energy-intensive industries, as they are more space-efficient and safer for storing substances under pressure.

Analysis by Material

By material, the market is divided into steel, plastic, concrete, and others.

Steel tanks are the most popular type due to their strength and durability. And they can remain strong under high pressure. The tanks are used in the oil and gas, chemical, and water storage markets. Especially in industries that are dominated by tough, durable storage, such as chemical, petroleum, ceramics, beverage, waste/water treatment, and transportation.

Plastic tanks are gaining popularity as they are lightweight and economical. They are commonly implemented in residential, agricultural, and small-scale industrial applications. Although currently much smaller than the steel tank segment, the plastic tank segment is being significantly grown by the presence of a rising demand for affordable storage solutions.

Analysis by Application

By application, the market is divided into residential, commercial, industrial, government, and agriculture.

Storage tanks are vital in many industrial applications, especially in the oil and gas sectors, chemical sectors, and agriculture. There is an increasing demand for larger and more specialized tanks to store various materials. The industrial sector is expected to dominate the market due to continuous industrial infrastructural development and increasing demand for secure and efficient storage mechanisms.

In residential applications, storage tanks are used in water storage, rainwater collection, and in smaller quantities, for fuel. Efficient storage for homes is becoming ever more important with urbanization and a growing population. Therefore, the residential segment is expected to exhibit significant growth as more homes choose to use sustainable storage options for water and energy.

Regional Analysis

Based on geography, the market has been studied across North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

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North America oversees the storage-tank market owing to its mature oil and gas industry, stringent environmental laws, and heavy investments in infrastructure. The region is expected to continue its reign over the storage-tank market, with industrial and energy sector advancements backing its claim. In view of these, North America ensures continuous growth throughout the upcoming years.

Asia-Pacific comes in the second position in the storage-tank market, being propelled by rapid industrialization, high urbanization rate, and the vast expansion of energy consumption in China and India. The growing infrastructure and demand for storage solutions, which cover oil, gas, and chemicals, will bolster the market growth in the future for the region.

Europe is expected to experience the fastest growth in the direction of renewable energy storage areas, such as hydrogen and biofuels, while having stringent environmental regulations. On account of the clean energy push and adoption of promotion storage technology, the uptake will see decent expansion over the years.

Key Players Covered

The report includes the profiles of the following key players:

• CST Industries, Inc. (U.S.)
• McDermott International (U.S.)
• Snyder Industries (U.S.)
• Tank Connection (U.S.)
• Highland Tank (U.S.)
• Caldwell Tanks (U.S.)
• ZCL Composites (Canada)
• BH Tank (U.S.)
• Sintex Industries (India)
• TF Warren Group (Canada)

Key Industry Developments

• In September 2023, Utkarsh Pipes launched a new range of water storage tanks empowered by strength and efficient performance. This further continues the thrust towards innovations in the tank industry, hosting the burgeoning demands for water storage solutions in various sectors.
• In July 2024, Saipem bagged a contract from Northern Europe worth €250 million for constructing a green ammonia storage tank. This green-hydrogen-transition-industrial-decarbonization-related construction shows the heightened awareness for sustainable energy solutions.
• In March 2025, Dutch tanker storage company Vopak announced a €1 billion investment for the extension of gas and industrial terminals until 2030. This investment would secure energy security and a growing market, particularly India and China, hence further expanding the storage tank market.