GITNUX MARKETDATA REPORT 2024

Storage Tank Industry Statistics

The storage tank industry is projected to grow steadily over the next few years, driven by increasing demand for storage solutions in various sectors such as oil and gas, chemicals, and water treatment.

Statistic 1

"The global storage tank market size was valued at $12.5 billion in 2019"

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Statistic 2

"The storage tank market is expected to reach $16.87 billion by the year 2027."

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Statistic 3

"North America dominated the storage tank market with a share of 41.0% in 2020."

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Statistic 4

"The average annual growth rate for the storage tank market will be around 4.36% from 2021 to 2027."

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Statistic 5

"The Asia Pacific region will grow at the fastest pace during the forecast period in the storage tank industry."

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Statistic 6

"The major market players are CST Industries, McDermott, and Polymaster, among others."

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Statistic 7

"The growth of the storage tank market in Europe is driven mainly by the increased demand for petroleum products."

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Statistic 8

"More than 50% of storage tanks around the world are made of steel."

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Statistic 9

"The largest storage tank has a capacity of more than 1 billion barrels."

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Statistic 10

"The storage tank material market is dominated by the metal category, accounting for over 60% market share."

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Statistic 11

"The total storage capacity of the US crude oil storage tanks is more than 769 million barrels."

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Statistic 12

"The cost to produce a water storage tank can range from $1,000 to $50,000 or more, depending on the size and material used."

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Statistic 13

"The temperature control storage tank market will grow at a CAGR of around 5% between 2021 and 2026."

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Statistic 14

"The petroleum storage tanks market will cross $1.5 billion by the year 2026."

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Statistic 15

"There are approximately 573,000 underground storage tanks (USTs) nationwide that store petroleum or hazardous substances."

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