The storage tanks are the containers that are used for storing the hold cold or hot liquids and compressed gases over the long- or the short-term storage. The storage tanks (AST) are usually the large containers made of metal over the ground and are designed to temporarily hold different liquid or the gas substances. These substances may vary over the range from water to crude oil or over various chemical products. The over the ground storage tanks are used for storing materials such as petroleum, waste matter, water, chemicals, and many other key materials, stored with the strict industry standards & regulations. These storage tanks are further available in various sizes & shapes to be suited as per the requirement over different industries.
According to study, “Global Above Ground Storage Tank Market to reach USD XXX million by 2026” the key companies operating in the global above ground storage tank market are China International Marine Containers Co., Ltd (CIMC), CST Industries Inc., Ishii Iron Works Co, Ltd. PermianLide, McDermott International Inc., Motherwell Bridge Ltd., Toyo Kanetsu K.K, Polymaster, Fox Tank and Highland Tank.
Based on product type, above ground storage tank market is segmented as hazardous for flammable liquids, non-hazardous content and hazardous for other materials. Based on material, market is segmented as concrete, steel, polyethylene and others. In addition, based on end users/applications, market is segmented as agriculture, oil / petroleum, liquid fertilizer, food production, water, asphalt and others.
The above ground storage tank market is driven by growth in oil and gas industry, followed by rise in use of water in the industrial and commercial sector, increase in adoption of storage tanks to improve fuel economy, surge in replacement of aging chemical storage tanks and growth in adoption of poly water tanks. However, inadequate operating & maintenance services and high initial installation costs of storage tanks that are used for storing hazardous products & faulty installation may impact the market. Moreover, rapid technological advancements is a key opportunity for market.
Based on geography, the North-American region holds major share in global above ground storage tank market owing to growth in industrialization and increase in production of shale gas in the region. Whereas, the European and Asian-Pacific regions are anticipated to witness higher growth rate due to increase in population & rise in disposable income and growth in development of manufacturing sectors over the forecast period. The manufacturers in North-American and Asian-Pacific regions are focusing on expanding their operations in the South America and Middle East & Africa, which is also contributing to the growth of this market. In upcoming years, it is estimated that future of the global market will be optimistic as a result of rise in demand for water storage tanks and growth in investment by manufacturers in emerging economies during the forecast period. The global above ground storage tank market is valued at US $3158.5 million in 2020 and is predictable to reach US $3412.8 million by the end of 2026, growing at a CAGR of 1.1% during 2021 to 2026.
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Ankur Gupta, Head Marketing & Communications