Industrial Storage Tank industry managed to increase revenue by 3.6 percent to $ 4210.45 million worldwide in 2022 from $ 4063.71 million in 2021

Industrial Storage Tank

The industrial storage tank sales continue to grow at a compound growth rate of 4.59% over the past five years. Compared to 2019, the industrial storage tank market increased by 3.6% in 2022, reaching US$420.45 million from US$463.71 million in 2021. Overall, the market performance of industrial storage tanks is positive despite the weak economic environment.

The global industrial storage tank market is projected to maintain this trend, growing from $492.46 million in 2021 to $597.10 million by 2028.

Industrial storage tank technology is relatively mature and the downstream market is growing rapidly, so there are many companies in the industrial storage tank market. Therefore, competition in the industrial storage tank market continues to be fierce. Tank Holding is a leading manufacturer in the global industrial storage tank market, with a 7.46% market share in terms of revenue. CST Industries, Caldwell Tanks, Xerxes Corporation, DN Tanks, McDermott, Containment Solutions, Synalloy (Palmer), BELCO, UIG, Highland Tank, LF Manufacturing, Steelcore Tank, Poly Processing, Hendic. The market share in 2020 accounted for 33.66% among the top 15 listed companies.

Industrial storage tanks are made of materials such as steel, fiberglass, plastic and concrete. Industrial storage tanks are used in a variety of end-use industries including oil and gas, chemical, water and wastewater treatment, and pharmaceuticals. Among them, the chemical industry was the largest end-use industry in the market, accounting for 24.09% market share in 2020. In terms of applications, the global industrial storage tank market is seeing significant demand from the oil and gas industry, which needs to store large volumes of water for hydraulic fracturing. Water used in the fracking process must be further stored and treated before it is released into the environment. Increased oil and gas exploration activities are contributing to the demand for industrial storage tanks.

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