PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1665405
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1665405
Aboveground Storage Tanks Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Aboveground Storage Tanks Market was valued at USD 11.9 billion in 2024 and is projected to grow at a CAGR of 5.2% from 2025 to 2034. Increasing global demand for oil, gas, and chemicals continues to fuel the adoption of ASTs across industries. These tanks play a pivotal role in providing secure storage solutions for various liquid commodities, meeting the needs of growing production volumes worldwide. ASTs are integral to the oil and gas sector, where they are used extensively to store crude oil, refined petroleum products, and other chemicals, ensuring efficient containment and distribution. Additionally, diverse industries requiring large-scale storage solutions have further amplified the market growth trajectory.
Challenges such as corrosion pose risks to AST longevity, particularly when tanks are exposed to harsh environmental conditions or chemicals. This degradation can lead to leaks, structural failures, and inefficiencies, ultimately increasing maintenance and replacement costs. Businesses are compelled to invest in corrosion-resistant materials and regular inspections to mitigate these risks, which imposes a significant financial burden. For smaller enterprises, these recurring expenses can make AST adoption less appealing, as the high costs of maintenance, monitoring, and material upgrades can outweigh perceived benefits.
| Market Scope | |
|---|---|
| Start Year | 2023 |
| Forecast Year | 2024-2032 |
| Start Value | $11.9 Billion |
| Forecast Value | $19.5 Billion |
| CAGR | 5.2% |
The fixed roof tanks segment reached USD 4.7 billion in 2024 and is anticipated to expand at a CAGR of 5.5% through 2034. These tanks are favored due to their simple design, lower initial investment, and ability to handle substantial liquid volumes. Their durability and ease of maintenance make them a practical choice for industries seeking reliable, long-term storage solutions. Compared to other tank types, fixed roof tanks offer reduced susceptibility to structural damage, enhancing their value in various applications.
Within the application spectrum, the oil and gas industry captured a dominant revenue share of 26.6% in 2024 and is projected to grow at a CAGR of 5.8% from 2025 to 2034. ASTs are essential to the sector's operations, providing secure storage for crude oil, petroleum products, and natural gas liquids. The industry's demand for efficient and reliable storage systems aligns with the broader need to support exploration, refining, and distribution activities.
In the United States, the AST market surpassed USD 2.7 billion in 2024 and is forecast to grow at a CAGR of 5.9% through 2034. This growth is attributed to the country's robust industrial base, which includes significant activity in the oil and gas, chemical, and pharmaceutical industries. The United States remains a critical player in the global energy landscape, with an expansive infrastructure of refineries, storage facilities, and transportation networks driving the need for advanced storage solutions.
Table of Contents
Chapter 1 Methodology & Scope
- 1.1 Market scope & definition
- 1.2 Base estimates & calculations
- 1.3 Forecast parameters
- 1.4 Data sources
- 1.4.1 Primary
- 1.4.2 Secondary
- 1.4.2.1 Paid sources
- 1.4.2.2 Public sources
Chapter 2 Executive Summary
- 2.1 Industry 3600 synopsis, 2021 - 2034
Chapter 3 Industry Insights
- 3.1 Industry ecosystem analysis
- 3.1.1 Factors affecting the value chain
- 3.1.2 Profit margin analysis
- 3.1.3 Disruptions
- 3.1.4 Future outlook
- 3.1.5 Manufacturers
- 3.1.6 Distributors
- 3.1.7 Retailers
- 3.2 Impact forces
- 3.2.1 Growth drivers
- 3.2.1.1 Increasing demand for oil & gas
- 3.2.1.2 Rising storage needs in industrial applications
- 3.2.1.3 Growing focus on water conservation and wastewater treatment
- 3.2.1.4 Infrastructure development
- 3.2.2 Industry pitfalls & challenges
- 3.2.2.1 Corrosion and maintenance issues
- 3.2.2.2 High initial capital investment
- 3.2.1 Growth drivers
- 3.3 Technology & innovation landscape
- 3.4 Consumer buying behavior analysis
- 3.4.1 Demographic trends
- 3.4.2 Factors affecting buying decision
- 3.4.3 Consumer product adoption
- 3.4.4 Preferred distribution channel
- 3.5 Growth potential analysis
- 3.6 Regulatory landscape
- 3.7 Pricing analysis
- 3.8 Porter’s analysis
- 3.9 PESTEL analysis
Chapter 4 Competitive Landscape, 2024
- 4.1 Introduction
- 4.2 Company market share analysis
- 4.3 Competitive positioning matrix
- 4.4 Strategic outlook matrix
Chapter 5 Market Estimates & Forecast, By Type, 2021 – 2034, (USD Billion)
- 5.1 Key trends
- 5.2 Fixed roof tanks
- 5.3 Floating roof tanks
- 5.4 Dome roof tanks
- 5.5 Others (pressurized tanks, LNG tank, horizontal tanks)
Chapter 6 Market Estimates & Forecast, By Application, 2021 – 2034, (USD Billion)
- 6.1 Key trends
- 6.2 Oil & gas industry
- 6.3 Chemical industry
- 6.4 Water and wastewater treatment
- 6.5 Food & beverage industry
- 6.6 Pharmaceutical industry
- 6.7 Power generation
- 6.8 Others (mining, biofuel, etc.)
Chapter 7 Market Estimates & Forecast, By Material, 2021 – 2034, (USD Billion)
- 7.1 Key trends
- 7.2 Stainless steel
- 7.3 Polyethylene
- 7.4 Fiberglass
- 7.5 Concrete
- 7.6 Others (aluminum, wood, hybrid materials, etc.)
Chapter 8 Market Estimates & Forecast, By Capacity, 2021 – 2034, (USD Billion)
- 8.1 Key trends
- 8.2 Small tanks (Up to 50,000 gallons)
- 8.3 Medium tanks (50,000 – 250,000 gallons)
- 8.4 Large tanks (Above 250,000 gallons)
Chapter 9 Market Estimates & Forecast, By Region, 2021 – 2034, (USD Billion)
- 9.1 Key trends
- 9.2 North America
- 9.2.1 U.S.
- 9.2.2 Canada
- 9.3 Europe
- 9.3.1 Germany
- 9.3.2 UK
- 9.3.3 France
- 9.3.4 Italy
- 9.3.5 Spain
- 9.4 Asia Pacific
- 9.4.1 China
- 9.4.2 India
- 9.4.3 Japan
- 9.4.4 South Korea
- 9.4.5 Australia
- 9.4.6 Malaysia
- 9.4.7 Indonesia
- 9.5 Latin America
- 9.5.1 Brazil
- 9.5.2 Mexico
- 9.6 MEA
- 9.6.1 Saudi Arabia
- 9.6.2 UAE
- 9.6.3 South Africa
Chapter 10 Company Profiles (Business Overview, Financial Data, Product Landscape, Strategic Outlook, SWOT Analysis)
- 10.1 Belding Tank Technologies, Inc.
- 10.2 BELLELI ENERGY CPE Srl
- 10.3 CB&I (Chicago Bridge & Iron)
- 10.4 Columbian TecTank (CTT)
- 10.5 CST Industries
- 10.6 Matrix Service Company
- 10.7 Motherwell Bridge Industries
- 10.8 PermianLide
- 10.9 Pfaudler
- 10.10 Snyder Industries
- 10.11 Superior Tank Co., Inc.
- 10.12 Tank Connection
- 10.13 Tarsco (TF Warren Group)
- 10.14 Worthington Industries
- 10.15 ZCL Composites Inc.
