Global Fuel Storage Tank Market 2023-2030

Global Fuel Storage Tank Market 2023-2030

Global Fuel Storage Tank Market Size, Share & Trends Analysis Report by Material Type (Steel Tank, Fiberglass Tank, and Other), and by Application (Residential, Commercial, and Industrial) Forecast Period (2023-2030)

The global fuel storage tank market is anticipated to grow at a considerable CAGR of 4.2% during the forecast period. Growing demand for energy across the globe has created demand for fuel storage which in turn driving the growth of the global fuel storage tank market. As per October 2021 report of US Energy Information Administration (EIA), the global energy demand is expected to increase 47.0% in the next 30 years, driven by population and economic growth, particularly in developing Asian countries. This will require increased oil and natural gas production, absent technological breakthroughs or significant policy changes. Liquid fuel will make up 28.0% of global energy demand by 2050, compared with renewables at 27.0%. This assumes a 36.0% increase in liquid fuel demand and a 165.0% increase by renewables from 2020 levels. The growing demand for liquid fuel will created need for its storage; which in turn will drive the market growth.

However, the environmental and safety concerns associated with the storage tanks are expected to restrain the market growth. Nevertheless, the entry of new players in the global fuel storage tank industry creates huge opportunities for the development of this market.

Segmental Outlook

The global fuel storage tank market is segmented based on material type and application. Based on material type, the market is segmented into steel tank, fiberglass tank, and other. Among the material type segment, steel tank sub-segment is expected to hold a considerable share of the fuel storage tank market in 2022. Based on application, the market is divided into residential, commercial, and industrial.

Industrial Segment to Holds a Prominent Market Share in the Global Fuel Storage Tank Market

Among the application segment, the industrial sub-segment is anticipated to hold a prominent share of the fuel storage tank market. An industrial fuel storage tank is a container in which liquid fuels are stored. Modern tanks range from 20 to several thousand gallons (usually expressed as liters) and can be made of steel, fiberglass, or other materials. Fuel storage tanks usually have floating lids that help prevent evaporation loss through the top of the tank while containing any vapors collected at the headspace above the liquid surface. The demand for large fuel tanks in huge amount across different industries is one of the prominent factors contributing to the high share of this market segment.

Regional Outlooks

The global fuel storage tank market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, the Asia-Pacific market is anticipated to cater to a considerable growth over the forecast period. According to International Energy Agency (IEA), the energy demand in India is expected to be the highest globally, growing at more than 3.0% on an annual basis, during the current decade aided by rapid urbanization and industrialization.

Global Fuel Storage Tank Market Growth, by Region 2023-2030

Source: OMR Analysis

The North America Region to Hold a Considerable Share of the Global Fuel Storage Tank Market

North America is expected to hold a considerable share in the global fuel storage tank market. In North America, the US held a major market share. The country has witnessed continuous growth in crude oil production in the last decade reaching 11.9 million b/d per day in 2022. The production is projected to rise, as forecasted by the EIA, due to the rising oil prices in the region. The record production levels are anticipated to fuel the regional growth of fuel storage tank market. According to the US EIA, US Liquefied Natural gas (LNG) exports will average 12.1 billion cubic feet per day (Bcf/d) in 2023, a 14.0% (1.5 Bcf/d) increase compared with last year and expected increase in an additional 5.0% (0.7 Bcf/d) by next year. The hike in LNG exports is due to high global demand as LNG will continue to displace pipeline natural gas exports from Russia to Europe. Owing to such developments, the demand for LNG storage tank will increase which in turn will drive the regional market growth.

Market Players Outlook

The major companies serving the global fuel storage tank market include AG Growth International, Hasse Tank GmbH, Vitol Inc., Tuffa Tank, and Shawcor Ltd., among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in September 2022, Axiom Equipment Group launched the Megatank fuel storage tank with 1000L, 2000L, and 3000L capacity options. Built double-walled with bi-directional forklift pockets and lifting brackets, a removable inner tank, an extra-large compartment area, and the ability to dispense fuel to three pieces of equipment simultaneously, the Megatank will reduce the risks of downtime while becoming more cost-efficient operationally.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global fuel storage tank market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.