Fuel Storage Tank Market

Global Fuel Storage Tank Market Outlook from 2024 to 2034

The estimated market progression in the competitive landscape of the global fuel storage tank market will occur at a sluggish to moderately paced CAGR of 4.7%. This push will elevate the fuel storage market size from USD 15.3 billion to USD 24.2 billion from 2024 to 2034.

Attributes	Key Insights
Estimated Market Size in 2024	USD 15.3 billion
Projected Market Value in 2034	USD 24.2 billion
Value-based CAGR from 2024 to 2034	4.7%

Fuel Storage Tank Market Trends

• Rapid shift toward renewable energy vastly governs the fuel storage tank market growth. This changing landscape augments the working verticals of leading players in the fuel storage tank market, enhancing renewable energy storage production. Hence, this is a key market trend.
• The rate of industrialization is increasing, requiring fuel storage. Heavy machinery is used heavily by leading players in the fuel storage tank market. As a result, more fuel is required to operate this machinery, surging the need for fuel storage. So, this trend increases the fuel storage tank market size.
• Emerging technology, including hybrid tank systems and high-pressure hydrogen-absorbing alloy tanks, is a key driving trend that uplifts the ease of fuel storage. Hence, it supports the growth driver of the fuel storage tank market.

Demand Analysis from 2019 to 2023 vs. Future Outlook of the Fuel Storage Tank Market from 2024 to 2034

The fuel storage tank market was valued at USD 12.34 billion in 2019, inflating to USD 14.6 billion in 2023. This market progression occurred at a CAGR of 4.4%. The growth driver of the fuel storage tank market was mainly affected due to the COVID-19 pandemic. The slight decline was mostly due to the falling energy requirements for a shorter period.

With the global economies regaining pace, the demand for energy and fuel increased. Different industries started to grow, which needed fuel to operate efficiently. Hence, this demand boosted the growth driver of the fuel storage tank market.

Historical CAGR from 2019 to 2023	4.4%
Forecast CAGR from 2024 to 2034	4.7%

The growing emphasis on renewable energy resources in the forecasted period will drive the fuel storage tank market growth. As the sustainability demands rise, it will elevate storage tank production, helping leading players in the fuel storage tank market and assisting the growth driver of the fuel storage tank market.

The stringent government policies for meeting environmental standards will encourage leading players in the fuel storage tank market to seek alternative fuel sources. Hence, this is another demand generator.

Fuel Storage Tank Market Growth Drivers

• The growing population increases the rate of urbanization. These factors surge the demand for fuel, fueling the demand for fuel storage devices. Consequently, this induces better opportunities for leading players in the fuel storage tank market.
• Greener and renewable energy alternatives are emerging, which generate the demand for alternative fuel sources. LNG, CNG, biofuel, and fossil fuel are key consumer fuel resources. The demand for storing such fuel sources is assisting growth drivers of the fuel storage tank market.
• The fuel storage tank market size is highly influenced due to the changing legal policies. Governments have issued compliance policies encouraging fuel storage tank manufacturers to use sustainable practices. It assists the growth driver of the fuel storage tank market as it shifts toward different market verticals.
• Technological innovation is another driver assisting the growth driver of the fuel storage tank market.

Fuel Storage Tank Market Growth Restraints

• The volatility in complementary goods, like oil prices, affects the cash flow of the market. Hence, this might restrict the growth driver of the fuel storage tank market.
• High capital investments and lacking trained labor support might affect developing countries' growth drivers of the fuel storage tank market. Thus, this is another key market challenge.

Country-wise Analysis

The fuel storage tank market growth is anticipated to occur highest in Asian countries. The Asia-Pacific region will inflate the market size. These emerging economies assist the new entrants by providing a wider competitive landscape.

The robust technological infrastructure in North America will ensure the highest market space provided by the region. It generates the growth driver of the fuel storage tank market.

Europe focuses on sustainability, which is reflected in its governmental policies. Due to this, leading players in the fuel storage tank market are encouraged to adhere to sustainable practices while producing fuel storage tanks.

Forecast CAGRs from 2024 to 2034

Countries	Forecasted CAGR
The United States of America	3.5%
The United Kingdom	4.7%
Japan	4.9%
China	6.5%
India	6.5%

The United States Develops Infrastructure for Renewable Energy, which is a Growth Driver of the Fuel Storage Tank Market

The United States provides a wider competitive landscape and estimates the fuel storage tank market growth at a CAGR of 3.5%. The growing demand for renewable energy supports leading players in the fuel storage tank market to produce relevant tanks.

Government support also assists the growth driver of the fuel storage tank market. Hence, these factors create lucrative opportunities for the market.

Growing LNG Infrastructure elevates the United Kingdom’s Growth Driver of the Fuel Storage Tank Market

The United Kingdom is a key European country, promising to lift the fuel storage tank market size through 2034 at a CAGR of 4.7%. The population in the country demands alternative fuel resources to meet sustainability demands.

Consequently, leading players in the fuel storage tank market are encouraged to produce LNG storage tanks in surging demand. Hence, these factors boost the growth driver of the fuel storage tank market.

Japan will Advance in Fuel Cell Technology, Uplifting the Significance of the Growth Driver of the Fuel Storage Tank Market

Japan is shifting toward cleaner energy production, where fuel cells are a supreme choice. The energy storage generated through fuel cells requires a special design, creating a lucrative prospect for leading players in the fuel storage tank market.

Also, this augments market verticals, boosting the growth driver of the fuel storage tank market. Due to these parameters, the Japanese fuel storage tank market growth will occur at a near-to-moderate paced CAGR of 4.9%.

China Expands its Oil Reserves, Assisting the Fuel Storage Tank Market Growth

China emphasizes above-ground tank manufacturing, supporting leading players in the fuel storage tank market to produce relevant goods. Also, the country aims to expand oil reserves to gain a better geopolitical position.

This is a key opportunity for ensuring the fuel storage tank growth. Thus, China will be estimated to inflate the growth driver of the fuel storage tank market at the joint-highest CAGR of 6.5%.

Expanding Oil and Gas Industry in India Pushes the growth driver of the Fuel Storage Tank Market

The growing rate of urbanization surges more demand for energy and fuel resources. This supports the growth of the oil and gas industry, diversifying working verticals for the leading players in the fuel storage tank market.

Also, the rising energy requirements increase the fuel storage tank market size. Hence, the growth driver of the fuel storage tank market of India matches that of the Chinese market, estimating the market progress at a CAGR of 6.5%.

Category-wise Insights

Category	Tank Type- Above Ground
Market Share in 2024	60%
Market Segment Drivers	Leading players in the fuel storage tank market rely on the enhanced safety and efficiency of tanks provided by above-ground tanks. The cost-effectiveness surges their demand, fueling the fuel storage tank market growth. Easy monitoring significantly adds value, promoting the growth driver of the fuel storage tank market.

Category	End Use- Oil & gas
Market Share in 2024	35%
Market Segment Drivers	Fuel storage tanks reduce the volatility of oil and gas, surging their demand. This is a key growth driver of the fuel storage tank market. The segment vastly governs the fuel storage tank market size due to its ability to meet sustainability. The growing demand for oil and natural gas supports leading players in the fuel storage tank market.

Competitive Landscape

Leading players in the fuel storage tank market govern significant market space, increasing fierce competition. The competitive landscape gives several growth drivers of the fuel storage tank market. Various strategies are incorporated to gain a competitive niche. Partnerships, mergers, collaborations, acquisitions, and alliances deliver the expected results, boosting the fuel storage tank market size.

New entrants must augment their offerings through innovation to withstand the competitive force. Also, more emphasis needs to be placed on innovative marketing campaigns to gain a significant competitive niche.

Key Market Developments

• In March 2022, Western Global started its new office in Pineville, North Carolina. This strategic initiative helped the organization create a niche in the North American market. Also, it gained better control of the region, bolstering its market position.
• In November 2023, Terra West, the parent company of Granby Industries, acquired Highlands Tank. This acquisition was aimed at consolidating the market position. The organizations combined their resources, including many products and services, to diversify their operating landscape.

Key Coverage of Fuel Storage Tank Market Report

• Future Trends in the Fuel Storage Tank Market, Demand for fuel storage tanks in developing economies, and Fuel Storage Tank Market Size and Forecast.
• Fuel Storage Tank Market Segmentation and Untapped Markets for Fuel Storage Tanks.
• Mergers and Acquisitions in the Fuel Storage Tank Industry.
• Investment Strategies for the Fuel Storage Tank Market and Strategies for new entrants to succeed in the Fuel Storage Tank Market.
• Exit Strategies for Investments in the Fuel Storage Tank Market.

Report Scope

Attributes	Details
Estimated Market Size in 2024	USD 15.3 billion
Projected Market Valuation in 2034	USD 24.2 billion
Value-based CAGR 2024 to 2034	4.7%
Forecast Period	2024 to 2034
Historical Data Available for	2019 to 2023
Market Analysis	Value in USD billion
Key Regions Covered	North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East and Africa
Key Market Segments Covered	By Tank Type, By Material Type, By Tank Capacity, By End Use, By Region
Key Countries Profiled	The United States, Canada, Mexico, Brazil, Chile, China, Japan, South Korea, India, ASEAN, ANZ, Germany, Italy, France, The United Kingdom, Spain, BENELUX, NORDICS, Russia, Poland, Hungary, Balkan & Baltics, KSA, GCC Countries, Türkiye, South Africa, Other African Union
Key Companies Profiled	Granby Industries; Haase Tank GmbH; Meridian Manufacturing Inc.; Western Global; Belco; Fuel Total Systems; Textron; C&E Plastics Inc.; Air Liquide; GEI Works; Cryolor; Sabre Manufacturing; Enduraplas; CST Industries; Sintex; Other

Fuel Storage Tank Market - Key Segments

By Tank Type:

• Above Ground
• Underground
• Mobile Tanks

By Material Type:

• Steel
• Fiberglass
• Carbon Steel
• Stainless Steel
• Aluminum
• Others

By Tank Capacity:

• Less than 1,000 Gallons
• 1,001 to 10,000 Gallons
• Above 10,001 Gallons

By End Use:

• Oil & Gas
• Power Plants
• Chemical
• Mining
• Transportation & Logistics
• Agriculture
• Military & Defense
• Commercial
• Others

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• South Asia and Pacific
• East Asia
• The Middle East and Africa

Frequently Asked Questions

At what CAGR will the fuel storage tank market likely progress through 2034?

The fuel storage tank market is estimated to progress at a CAGR of 4.7% through 2034.

What will the market size of the fuel storage tank market be by 2034?

The fuel storage tank market will likely reach USD 24.2 billion by 2034.

What will the market size of the fuel storage tank market be by 2024?

The fuel storage tank market will attain a market size of USD 15.3 billion in 2024.

By tank type, which segment will likely hold the largest fuel storage tank market share in 2024?

Demand for above ground fuel storage tanks is likely to yield 60% of the total revenue in 2024.

Based on end use, which segment will hold the largest fuel storage tank market share in 2024?

The fuel storage tank market's oil & gas segment will likely secure 35% of the market space in 2024.