The Latest Storage Tank Industry Statistics Explained
The global storage tank market size was valued at $12.5 billion in 2019
The statistic stating that the global storage tank market size was valued at $12.5 billion in 2019 represents the total economic value of storage tanks sold worldwide during that year. This figure reflects the significant market demand for storage tanks across various industries such as oil and gas, chemical, water, and others. The value indicates the total revenue generated by storage tank manufacturers and suppliers from the sale of their products in 2019. This information is crucial for industry analysts, investors, and businesses to understand the size and growth potential of the global storage tank market, providing insights into market trends and opportunities in the storage tank industry.
The storage tank market is expected to reach $16.87 billion by the year 2027.
The statistic stating that the storage tank market is projected to reach $16.87 billion by the year 2027 indicates the anticipated total value of the market for storage tanks at that future point in time. This figure serves as a forecast based on current trends, market analysis, and other relevant factors. It suggests potential growth opportunities and highlights the significance of the storage tank industry in the coming years. Stakeholders, investors, and industry participants can use this statistic to assess market potential and make informed decisions regarding investments, expansion strategies, and market positioning to take advantage of the expected market growth.
North America dominated the storage tank market with a share of 41.0% in 2020.
This statistic indicates that North America held a significant market share of 41.0% in the storage tank industry in 2020, showing a dominant position in the market within that region. This suggests that a substantial portion of storage tank-related activities, such as manufacturing, sales, and usage, occurred in North America compared to other regions. The high market share could be driven by various factors such as industrial growth, infrastructure development, regulatory environment, and economic conditions within North America that favored the storage tank industry. Overall, this statistic highlights North America’s strong presence and influence in the storage tank market for the year 2020.
The average annual growth rate for the storage tank market will be around 4.36% from 2021 to 2027.
The average annual growth rate of 4.36% for the storage tank market from 2021 to 2027 indicates the expected overall increase in market size year over year during this period. This statistic suggests that, on average, the market is projected to expand by approximately 4.36% annually, reflecting a positive trend in demand for storage tanks. This growth rate can be used by industry stakeholders, investors, and policymakers to forecast future market conditions, make strategic decisions, and assess the potential opportunities within the storage tank industry over the specified timeframe.
The Asia Pacific region will grow at the fastest pace during the forecast period in the storage tank industry.
The statement “The Asia Pacific region will grow at the fastest pace during the forecast period in the storage tank industry” indicates that among all the regions being considered, the Asia Pacific region is expected to experience the highest rate of expansion in the storage tank industry over the specified time frame. This growth could be attributed to various factors such as increasing industrial activities, expanding oil and gas production, infrastructural development, and growing demand for storage facilities in the region. The forecast suggests that the Asia Pacific region presents lucrative opportunities and high potential for growth in the storage tank market compared to other regions.
The major market players are CST Industries, McDermott, and Polymaster, among others.
The statistic ‘The major market players are CST Industries, McDermott, and Polymaster, among others’ indicates the key players who hold significant market share and influence within a specific industry or sector. These companies, including CST Industries, McDermott, and Polymaster, are likely leaders in terms of revenue, market presence, product innovation, and customer base. The mention of “among others” suggests that there are additional important players in the market alongside these three main companies. Understanding the major market players is crucial for stakeholders such as investors, policymakers, and competitors to assess the competitive landscape, market dynamics, and potential trends within the industry.
The growth of the storage tank market in Europe is driven mainly by the increased demand for petroleum products.
The statistic indicates that the storage tank market in Europe is experiencing growth primarily due to a surge in demand for petroleum products. This suggests that factors such as increased industrial activities, transportation needs, and consumer demand for gasoline, diesel, and other petroleum derivatives are driving the expansion of the storage tank market. As the demand for petroleum products continues to rise, companies within the storage tank industry are likely to invest in expanding their infrastructure to accommodate the increased storage requirements, thereby contributing to the growth of the market in Europe. Understanding this trend is essential for stakeholders in the energy, transportation, and storage sectors to make informed decisions and strategic investments to capitalize on the opportunities presented by the growing storage tank market.
More than 50% of storage tanks around the world are made of steel.
The statistic ‘More than 50% of storage tanks around the world are made of steel’ indicates that a majority of storage tanks globally are constructed using steel materials. This suggests that steel is a prevalent choice for building storage tanks due to its durability, strength, and corrosion resistance properties. The versatility and widespread availability of steel likely contribute to its popularity in tank construction across various industries such as oil and gas, chemicals, and water management. Additionally, the statistic underscores the importance of steel as a material in ensuring the structural integrity and longevity of storage tanks to safely contain and store various substances.
The largest storage tank has a capacity of more than 1 billion barrels.
The statistic “The largest storage tank has a capacity of more than 1 billion barrels.” indicates that there exists a storage tank with a capacity exceeding 1 billion barrels. This information highlights the immense size and capacity of the storage tank, emphasizing its significance within the context of the storage industry or relevant sector. Such a large capacity suggests that the tank is likely utilized for extensive storage purposes, potentially in industries such as oil and gas, commodities, or chemical storage. This statistic underscores the scale and capabilities of the storage tank in question, showcasing its ability to hold a substantial volume of liquid or material.
The storage tank material market is dominated by the metal category, accounting for over 60% market share.
This statistic indicates that the metal category is the leading material choice in the storage tank market, representing more than 60% of the total market share. The dominance of metal materials suggests that they are preferred by industrial and commercial entities for various reasons such as durability, strength, and resistance to corrosion. The high market share implies that metal tanks are widely used and accepted in the industry. This statistic highlights the significance of metal as a key player in the storage tank material market, potentially influencing future industry trends and developments.
The total storage capacity of the US crude oil storage tanks is more than 769 million barrels.
The statistic indicates that the combined storage capacity of crude oil in the United States’ storage tanks exceeds 769 million barrels. This figure is crucial for understanding the country’s ability to store crude oil inventory and manage supply levels. It is an essential measure for analyzing the nation’s energy security and economic stability, as a higher storage capacity can help mitigate the impact of supply disruptions and fluctuations in oil prices. Monitoring changes in this statistic can provide valuable insights into the country’s energy infrastructure, oil market dynamics, and potential implications for energy policy and supply chain management.
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.
This statistic indicates the wide variation in production costs for water storage tanks, which can range from $1,000 to $50,000 or even higher. The cost range is influenced by factors such as the size of the tank and the type of material used in its construction. Larger tanks typically require more materials and labor, leading to higher production costs. Additionally, tanks made from more expensive or durable materials will naturally cost more to produce. Overall, this statistic highlights the significant cost variability in manufacturing water storage tanks and underscores the importance of considering factors such as size and material selection when estimating production costs.
The temperature control storage tank market will grow at a CAGR of around 5% between 2021 and 2026.
This statistic indicates that the temperature control storage tank market is projected to experience a Compound Annual Growth Rate (CAGR) of approximately 5% from 2021 to 2026. This suggests a steady and continuous increase in the market size of temperature control storage tanks over the specified period. The CAGR serves as a useful metric for understanding the annual growth rate of the market in a compounded manner, taking into account the fluctuations over the entire period. This growth rate reflects a positive outlook for the temperature control storage tank industry, indicating potential opportunities for expansion and increased demand for these products in various sectors such as manufacturing, food and beverage, pharmaceuticals, and others that require specialized temperature-controlled storage solutions.
The petroleum storage tanks market will cross $1.5 billion by the year 2026.
The statistic indicates that the petroleum storage tanks market is projected to exceed $1.5 billion in value by the year 2026. This suggests significant growth and expansion within the industry over the coming years. Factors driving this growth may include increasing global demand for petroleum products, expanding oil and gas exploration activities, and the need for efficient storage solutions to meet these demands. Such projections are likely based on rigorous market analysis, economic indicators, and industry trends, highlighting the potential opportunities and market size for companies operating within the petroleum storage tanks sector.
There are approximately 573,000 underground storage tanks (USTs) nationwide that store petroleum or hazardous substances.
The statistic stating that there are approximately 573,000 underground storage tanks (USTs) nationwide that store petroleum or hazardous substances provides insight into the scale of potential environmental risks and regulatory challenges associated with underground storage. USTs play a critical role in storing petroleum products and hazardous substances for various industries, but they also pose a significant threat to soil and groundwater contamination if not properly maintained. This statistic underscores the importance of stringent regulations, regular inspections, and proactive measures to prevent leaks and spills from USTs, ensuring the protection of the environment and public health.
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