Storage tanks are containers that hold cold or hot liquids and compressed gases. They are used for long- or short-term storage. Several environment-related regulations have been imposed on the operation and design of storage tanks, usually depending on the nature of the fluid contained. Storage tanks are used for storage of fluids at different stages of the refining process. Frequently, products are stored for a short time before being transported for further processing. Industrial storage tanks have walls made of two or more layers, with a large vacuum maintained between these layers, which provides thermal insulation between the exterior and interior of the tank. The technique of transferring liquid from a storage tank depends on its design. Simple tanks can be tilted to pour liquid from the neck. Self-pressurizing designs use the gas or liquid pressure at the top of the tank to transfer the liquid upward through a pipe (spear) leading to the neck (known as dispensing).

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The global storage tanks market is driven by increase in the use of storage tanks in residential and industrial applications. Rapid population growth has led to increased demand for drinking water in rural and urban areas as well as in utilities and enterprises. Stringent government regulations have resulted in several new advancements in wastewater and water treatment plants used in industries, which is anticipated to drive the demand for industrial water storage tanks in the near future. Additionally, rise in usage of liquid nitrogen and carbon dioxide for transportation of fruit juices and frozen foods over long distances is anticipated to fuel the global market for storage tanks during the forecast period. Moreover, the Environmental Health and Safety Authority has formulated safety measures for safe handling of gases and liquids during industrial processes. Growth of metal manufacturing and chemical industries in both developing and mature economies is providing lucrative opportunity to the global storage tanks market.

Furthermore, increasing demand for storage tanks in different applications, such as health care, food & beverages, electronics, automotive, construction, and pharmaceutical, is expected to propel the global storage tanks market in the next few years. However, high operating costs, in terms of fabrication of storage tanks, and increase in raw material costs are anticipated to restrain the market in the next few years. Furthermore, rise in the natural gas consumption in developing economies is projected to create lucrative opportunities for the market during the forecast period.

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The global storage tanks market can be segmented based on type, application, end-use, and region. In terms of type, the market can be classified into stainless steel tanks, polyethylene tanks, fiberglass (FRP) tanks, and others. Based on end-use, the global storage tanks market can be categorized into water storage tanks, fuel and oil storage tanks, chemical storage tanks, and others. In terms of application, the storage tanks market can be segregated into residential, commercial, and industrial. The industrial segment can sub-divided into health care, oil & gas, food & beverages, automotive, construction, pharmaceutical, and others. In terms of region, the global storage tanks market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is projected to dominate the global storage tanks market during the forecast period, followed by Asia Pacific.

Key players operating in the global storage tanks market are ZCL Composites, Caldwell Tanks, Poly Processing, Crom Corporation, L.F. Manufacturing, Enduro, Tank Connection, DN Tanks, Synalloy Corporation, Fiber Technology Corporation Inc., Assmann, McDermott International, Inc., Sintex Industries Limited, Cotterill Civils Ltd., Superior Tank Co. Inc., CST Industries, and Snyder Industries Inc. These players are focused on the development and introduction of innovative storage tanks.

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