A storage tank is designed for storing hazardous and non-hazardous products such as petroleum, chemical, and water. These storage tanks are available in various sizes and shapes to suit the requirements of multiple industries. For instance, floating roof, fixed roof, and dome-shaped storage tanks are used in the oil & gas and chemical industries. The growing construction of liquefied natural gas (LNG) terminals and gas pipelines and the rapid installation of underground storage tanks are likely to boost the growth of the global market during the forecast period.
The steady development and expansion of food and beverages, chemical, water, and oil & gas industries in countries such as China, Germany, Mexico, India, and Japan drive the global storage tank market. Furthermore, the rapid technological advancements and increasing use of storage tanks in the residential sector are expected to drive the market during the forecast period.
Get Free Sample Copy Report of Storage Tank [email protected]
Market Research Analysis
In terms of region, the global market for the storage tank is segmented into North America, Europe, Asia-Pacific, and the rest of the world. In 2018, Asia-Pacific held the largest share in the global storage tank market and is projected to register the highest growth rate over the forecast period. This can be attributed to increased manufacturing activities and growing disposable income across the region. However, Europe is expected to witness significant growth during the forecast period due to the increasing oil product trade activities and stock holding volumes and stringent government regulations in the region.
In North America, the presence of key manufacturers, such as Highland Tank & Manufacturing Company, Inc., T.F. Warren Group, and Fox Tank Company, in the US and Canada and the strong government support for the development and advancement of the industrial sector are some of the factors that are expected to drive the growth of the market.
The industrial development and the improving economic conditions in emerging countries in South America and the Middle East & Africa are set to drive the growth of this market during the forecast period. The storage tank manufacturers in North America and Asia-Pacific are focusing on expanding their operations in the Middle East & Africa and South America, which is also contributing to the growth of this market.
Browse Full Report Details @https://www.marketresearchfuture.com/reports/storage-tank-market-8140
Scope of the Report
This study provides an overview of the global storage tank market, tracking four market segments across four geographic regions. The report studies key players, providing a six-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next six years for each region. The scope of the study segments the global storage tank market by installation type, product, material, industry vertical, and region.
By Installation Type
Aboveground Storage Tanks (AST)
Underground Storage Tanks (UST).
By Industry Vertical
Oil & Gas
Food & Beverage
Rest of the World
Key market players operating in the global storage tank market are TOYO KANETSU K.K. (Japan), Ishii Iron Works Co., Ltd. (Japan), Pfaudler (US), MEKRO Sp. z o.o. (Poland), CST Industries (US), McDermott (US), PermianLide (US), Highland Tank & Manufacturing Company, Inc. (US), Fox Tank Company (US), T.F. Warren Group (Canada), and Superior Tank Co., Inc. (US).
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Market Research Future
528, Amanora Chambers, Magarpatta Road, Hadapsar
Pune – 411028, Maharashtra, India
Email: [email protected]