Energy and Power

Chemical Storage Tanks Market Report Cover

Chemical Storage Tanks Market

Chemical Storage Tanks Market Report Cover

Chemical Storage Tanks Market Size, Share, Growth & Industry Analysis, By Material (Plastic, Stainless Steel, Fiberglass, Concrete), By Storage Type (Aboveground Storage Tanks, Underground Storage Tanks), By Installation Type (Vertical Storage Tanks, Horizontal Storage Tank), By Insulation, By End-User and Regional Analysis, 2023-2030

Author : Omkar R.

Pages : 120

Base Year : 2022

Release : December 2023

Report ID: KR306

Chemical Storage Tanks Market Size

The global Chemical Storage Tanks Market size was valued at USD 5.39 billion in 2022 and is projected to reach USD 7.48 billion by 2030, growing at a CAGR of 4.26% from 2023 to 2030. The growth of the chemical storage tanks market is propelled by various factors. One of the primary drivers is the ongoing expansion of industries reliant on chemical storage, such as petrochemicals, chemicals, and pharmaceuticals. With rapid industrialization and urbanization, the demand for chemical storage solutions is set to rise further. In the scope of work, the report includes products offered by companies such as Pfaudler, Roth Industries, Inc., Modern Welding Company, Containment Solutions, Poly Processing Company, Snyder Industries, Hill & Smith PLC, Tank Connection, Bushman Tanks, Norwesco and others.

Additionally, stringent environmental regulations and safety standards are likely to play a pivotal role in driving market development. Moreover, technological advancements have opened up new opportunities in the market. Innovations in tank design, materials, and construction techniques have enhanced the durability, safety, and efficiency of chemical storage tanks. This has garnered the interest of various end-user industries. Additionally, customization is becoming increasingly essential as industries require tailored solutions to meet the specific needs of different chemicals and applications.

The chemical storage tanks market holds substantial growth prospects, primarily due to industrial expansion, regulatory compliance, and technological innovations. Companies that can offer environmentally friendly, innovative, and customized solutions are well-positioned to capitalize on the opportunities this market offers.

Analyst’s Review

The chemical storage tanks market is projected to experience significant trends from 2023 to 2030. One notable trend is the growing focus on sustainability and environmental responsibility. As environmental awareness increases, companies seek storage tank solutions that minimize their carbon footprint and reduce the risk of chemical leaks or spills. Moreover, the market is likely to witness an increased demand for larger storage capacities, particularly in regions undergoing rapid industrialization. This demand is driven by the surging need to store larger quantities of chemicals and raw materials.

However, certain challenges must be taken into account, including stricter regulatory compliance requirements and the need for extensive maintenance and inspection routines. Companies that can effectively navigate these trends and challenges will have the opportunity to thrive in the evolving chemical storage tanks market.

Market Definition

Chemical storage tanks are containers designed to safely store and handle chemicals, liquids, and hazardous materials. They are built to withstand the corrosive and reactive nature of many chemicals and prevent leaks or spills that could cause environmental contamination or safety risks. These tanks have a wide range of applications across different industries. In the chemical industry, they are used to store raw materials, intermediates, and finished products. Petrochemical companies rely on them to store fuels, lubricants, and other petroleum products.

Pharmaceutical and biotechnology industries utilize specialized tanks for storing pharmaceutical ingredients, solvents, and reagents. Water treatment plants use chemical storage tanks for storing chemicals used in water purification processes. Additionally, agriculture and food processing industries use these tanks for safely storing fertilizers, pesticides, and food-grade liquids.

Market Dynamics

One significant factor driving the chemical storage tanks market growth is the strict environmental regulations imposed by governments and regulatory bodies worldwide. These regulations aim to minimize environmental pollution and ensure public safety. In response to this, companies are investing in high-quality chemical storage tanks that comply with these regulations, which, in turn, is boosting market growth.

However, a notable challenge in this market is the need for regular maintenance and inspections of the tanks. To ensure their integrity and prevent leaks or spills, chemical storage tanks must undergo frequent inspections and maintenance. This requirement can result in additional costs and downtime for businesses, posing a challenge to their operational efficiency.

On the other hand, the chemical storage tanks industry is observing lucrative growth opportunities due to the growing emphasis on sustainability and widespread adoption of environmentally friendly solutions. With increasing environmental concerns and stricter regulations, there is a rising demand for storage tanks that minimize the risk of chemical leaks or spills, thus reducing environmental impact. Companies that can develop and offer eco-friendly tank solutions, such as those with advanced corrosion-resistant coatings and leak detection systems, are well positioned to take advantage of this opportunity.

Segmentation Analysis

The global chemical storage tanks market is segmented based on material, storage type, installation type, insulation, end-use industry, and geography.

By Material

Based on material, the market is divided into plastic, stainless steel, fiberglass, and concrete. In 2022, the plastic segment led the global chemical storage tanks market, capturing the largest market share of 38.50%. This segmental growth highlights the industry's ongoing dependence on resilient and cost-efficient plastic solutions for chemical storage. As environmental concerns and regulatory demands progress, the need for inventive and environmentally friendly plastic storage tank alternatives is projected to increase.

By Storage Type

Based on storage type, the chemical storage tanks market is segmented into aboveground storage tanks and underground storage tanks. In 2022, aboveground storage tanks generated the highest revenue of USD 3.71 billion. This significant revenue underscores their crucial role in fulfilling the storage requirements of diverse industries, ranging from oil and gas to chemicals, emphasizing their ongoing importance in the global chemical storage tanks market. With evolving infrastructure demands and safety regulations, the aboveground storage tank segment is poised for substantial growth.

By Installation Type

Based on installation type, the chemical storage tanks market is classified into vertical storage tanks and horizontal storage tanks, The vertical storage tanks segment is expected to witness the highest growth through the projected period at a CAGR of 3.36% from 2023 to 2030. This growth signifies the growing uptake of vertical storage tanks across several industries, fueled by their efficient use of space and suitability for various liquid and chemical storage purposes. As industries strive for efficient and space-saving solutions, the vertical storage tanks segment is positioned to play a crucial role in meeting their evolving storage requirements.

By Insulation

Based on insulation, the market is bifurcated into single wall and multi wall. The multi-wall segment is anticipated to account for the largest market share of 59.56% by 2030. Due to its improved durability, insulating characteristics, and adaptability, multi-wall construction is becoming increasingly popular across a variety of sectors.

By End-Use Industry

Based on end-use industry, the chemical storage tanks market is categorized into petrochemical industry, chemical industry, water and wastewater treatment, food and beverage industry, pharmaceutical industry, oil and gas industry, and others. The petrochemical segment is estimated to be worth USD 5.66 billion by 2030. The crucial role of the petrochemical sector in creating necessary chemicals and materials for several industries, including plastics, chemicals, and energy, is fueling this significant expansion. The demand for petrochemical goods is expected to increase notably the upcoming years as a result of robust economic expansion and technological advancements.

Chemical Storage Tanks Market Regional Analysis

Based on regional analysis, the global chemical storage tanks market is classified into North America, Europe, Asia-Pacific, MEA, and Latin America.

Chemical Storage Tanks Market Size & Share, By Region, 2023-2030

Asia-Pacific chemical storage tank market share stood around 50.49% in 2023 in the global market, with a valuation of USD 2.72 billion. The region is experiencing the fastest growth in the market, with the highest projected CAGR of 5.34% between 2023 and 2030. This rapid growth is mainly fueled by the ongoing industrialization and urbanization in countries such as China and India. These countries have a significant demand for chemical storage tanks as their economies expand, particularly in the chemicals, petrochemicals, and pharmaceutical industries. Additionally, the growing environmental consciousness is driving companies in the region to adopt safer and more efficient storage tank solutions.

North America emerged as a significant market with a valuation of USD 1.12 billion in 2022. The regional industry growth can be attributed to its robust chemical and petrochemical industries that require significant storage capacities for chemicals. Furthermore, the strict regulatory environment in North America has driven companies to invest in top-notch chemical storage tanks to meet compliance and safety standards. The presence of key players and a growing focus on technological advancements have further strengthened North America's position as the leading region in the chemical storage tanks market.

Competitive Landscape

The global chemical storage tanks market report will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, product innovations, and joint ventures to expand their product portfolio and increase their market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization which could pose new opportunities for the market.

List of Key Companies in Chemical Storage Tanks Market

  • Pfaudler
  • Roth Industries, Inc.
  • Modern Welding Company
  • Containment Solutions
  • Poly Processing Company
  • Snyder Industries
  • Hill & Smith PLC
  • Tank Connection
  • Bushman Tanks
  • Norwesco

Key Industry Developments

  • June 2023 (Product Launch): CIMC Enric successfully launched its first 40-foot liquid hydrogen tank container, marking a milestone in expanding its provision of high-end equipment in the chemical storage tanks market. The container received multiple inquiries from global markets due to its leading performance and loading capacity equivalent to 6-8 hydrogen long tube trailers.
  • March 2023 (Acquisition): CF Industries Holdings Inc., a prominent company that manufactures fertilizers and chemicals worldwide, revealed its intention to acquire the Waggaman ammonia production facility in Louisiana, U.S. This acquisition was intended to increase CF Industries' capacity to produce nitrogen fertilizers and reinforce its position in the North American market.

The Global Chemical Storage Tanks Market is Segmented as:

By Material

  • Plastic
  • Stainless Steel
  • Fiberglass
  • Concrete

By Storage Type

  • Aboveground Storage Tanks
  • Underground Storage Tanks

By Installation Type

  • Vertical Storage Tanks
  • Horizontal Storage Tank

By Insulation

  • Single Wall
  • Multi Wall

By End-Use Industry

  • Petrochemical Industry
  • Chemical Industry
  • Water and Wastewater Treatment
  • Food and Beverage Industry
  • Pharmaceutical Industry
  • Oil and Gas Industry
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • U.K.
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia-Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America
  • Check Icon Additional Company Profiles
  • Check Icon Additional Countries
  • Check Icon Cross Segment Analysis
  • Check Icon Regional Market Dynamics
  • Check Icon Country-Level Trend Analysis
  • Check Icon Competitive Landscape Customization
  • Check Icon Extended Forecast Years
  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global market is projected to reach USD 7.48 billion by 2030, growing at a CAGR of 4.26% from 2023 to 2030.
The global market was valued at USD 5.39 billion in 2022.
The key drivers of the global are the increasing demand for safe and compliant storage solutions in chemical manufacturing and the growing need for bulk storage capacity to support expanding industries.
Top manufacturers of chemical storage tanks are Pfaudler, Roth Industries, Inc., Modern Welding Company, Containment Solutions, Poly Processing Company, Snyder Industries, Hill & Smith PLC, Tank Connection, Bushman Tanks, Norwesco, and others.
Asia-Pacific is the fastest growing region with the CAGR of 5.34% in the forecasted period (2023-2030) with the market value forecasted to reach at USD 4.11 billion.
By material, plastic segment will hold the maximum share in the chemical storage tanks market with the revenue value of USD 2.75 billion in 2030.
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