According to the recent study the chemical storage tank market is projected to reach an estimated $6.1 billion by 2028 from $4.9 billion in 2022, at a CAGR of 3.5% from 2023 to 2028. Growth in this market is primarily driven by increasing refineries, growing industrialization, and replacement of aging chemical storage tanks.
Browse 129 figures / charts and 102 tables in this 211 -page report to understand trends, opportunities and forecast in chemical storage tank market by application (industrial chemicals, fuel, and others), material (FRP (fiberglass reinforced plastic) tanks, metal tanks, plastic tanks and others), insulation type (above ground tanks and under ground tanks), end use industry (petrochemical, food and beverage, pharmaceutical, paper and pulp, and other industries), size (less than 5,000 gallons, 5,001 to 50,000 gallons, above 50,000 gallons), pressure (high pressure tanks and low and no pressure tanks), and region (North America, Europe, Asia Pacific, and the Rest of the World).
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“Industrial chemical storage tanks market is expected to remain the largest segment during the forecast period.”
Based on application type, the chemical storage tank market is segmented into industrial chemicals, fuel, and others. Lucintel forecasts that the industrial chemical storage tanks market is expected to remain the largest segment due to growing establishment of new chemical plants and rising concern towards recycling of industrial chemical.
“Within the chemical storage tank market, the FRP tanks segment is expected to remain the largest material type”
Based on material type the FRP tanks segment is expected to witness the highest growth over the forecast period due to its various properties, such as corrosion resistance, light weight, easier installation, longer life span, lower maintenance, and more durability.
“Asia pacific will dominate the chemical storage tank market in near future”
APAC will remain the largest region and it is expected to witness the highest growth over the forecast period due to rising urbanization, industrialization, and higher economic growth.
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Major players of chemical storage tank market are adopting various growth strategies like new product launches, expansions, merger and acquisitions, partnerships, agreements, and collaborations to expand their presence in this market. CIMC, CST Industries, Worthington, Snyder Industries, Synalloy, Containment Solutions, Highland Tank, Enduro Composites, and Sintex Industries are among the major chemical storage tank providers.
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