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% |
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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.
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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 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.
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 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 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%.
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 | Tank Type- Above Ground |
|---|---|
| Market Share in 2024 | 60% |
| Market Segment Drivers |
|
| Category | End Use- Oil & gas |
|---|---|
| Market Share in 2024 | 35% |
| Market Segment Drivers |
|
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
| 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 |
The fuel storage tank market is estimated to progress at a CAGR of 4.7% through 2034.
The fuel storage tank market will likely reach USD 24.2 billion by 2034.
The fuel storage tank market will attain a market size of USD 15.3 billion in 2024.
Demand for above ground fuel storage tanks is likely to yield 60% of the total revenue in 2024.
The fuel storage tank market's oil & gas segment will likely secure 35% of the market space in 2024.
| Market Estimated Size (2023E) | USD 1.8 billion |
|---|---|
| Projected Market Valuation (2033F) | USD 3.5 billion |
| Value-based CAGR (2023 to 2033) | 6.7% |
| Market Value (2023) | USD 1,981.4 million |
|---|---|
| Market Value (2033) | USD 5,676.8 million |
| Market CAGR (2023 to 2033) | 11.1% |
| Estimated Market Value (2023) | USD 678.0 million |
|---|---|
| Projected Market Value (2033) | USD 947.1 million |
| Value-based CAGR (2023 to 2033) | 3.4% |
| Market Value in 2022 | USD 1.9 Billion |
|---|---|
| Market Value in 2032 | USD 2.9 Billion |
| Market CAGR (2022 to 2032) | 4.2% |
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Fuel Storage Tank Market
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