The global storage tank market is experiencing a significant growth and will grow considerably in next few years. The property of fluids to flow freely under the action of gravity, give rise to storage problems. Water storage tanks provide a very simple and effective solution to such problems. A storage tank is an enclosed container which is used to storage water, thus countering problems such as spillage and leakage. Water storage tanks are extensively used for storing portable water, rain water, water for irrigation and water for firefighting. The availability of water storage tanks in a wide range of options including material, capacity, durability and high demand are the major factors driving the growth of the water tank storage market. Water storage tanks are also used on construction site and various industries. The easy installation process and low maintenance cost further add to the growth of water storage tanks market. Major players in the storage tank industry have adopted advanced technologies to reduce the dead weight and increase the durability of water storage tanks.
The essential components of a storage tank include an inlet and outlet pipe, overflow pipe, drain, air vent, sump and a manhole. The drain and manhole are provided for periodic maintenance of the storage tank. Water storage tanks are usually paired with a water source, a pump and a ballcock valve, which make the entire operation of water storage automatic and convenient. Thus, the easy installation, low initial cost, low maintenance cost and high demand ensure substantial growth of the storage tank market, throughout the forecast period.
COVID-19 Impact analysis
- COVID-19 pandemic has shut-down the production of storage tank attributed to the lockdown in countries worldwide. This has hampered the growth of storage tank market from the last few months and is likely to continue during 2021.
- The construction and maintenance of buildings as well as infrastructure witnessed a steep decline attributed to the restrictions laid by the governments to prevent the spread of COVID-19 which affected the sales of water storage tanks throughout 2020.
- The major demand for water storage tanks was previously noticed from countries including the U.S., China, the UK, Mexico, Brazil, and India which are negatively affected by the spread of the COVID-19, thereby decreasing the demand for window coverings.
- COVID-19 pandemic also negatively affected the storage tank manufacturing units due to the restrictions laid on factory operations. Storage tank manufacturers are expected to focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19. For instance, provision of sanitizers, maintaining social distancing, as well as ensuring the vaccination of every employee in the company can assist in promoting the health & safety of the workforce.
- The increase in vaccination drives and leniency in the COVID-19 restrictions has resulted in the recovery of end user industries such as construction and manufacturing. Thus, being a positive factor in the recovery of storage tank market.
Top Impacting Factors
The increasing urbanization has led to a rise in the construction of buildings for commercial and residential use. The average consumption of water of a residential building is about 130litres/head/day. Hence, to meet the tremendous domestic demand of water, buildings require underground as well as overhead water supply tanks. This has been the major driver in the growth of global storage tank market. The individuals in developing nations have realized the need for additional water storage system due to inefficient municipal water supply systems which has further increased the demand for water storage tanks. Paper and Textile industries require large quantities of water for their production processes which has increased the demand for large capacity industrial water supply systems. Many regions across the globe are facing reduced average annual rainfall due to the changing climatic conditions, which has made water storage tanks a necessity. Due to more dead weight and high initial cost of concrete water storage tanks, the use of plastic to make light weight and economical water storage tanks has increased, but the property of plastic to alter the quality of water stored in it, continues to be a major restraint in the growth of storage tank market. The increasing urbanization and industrialization will continue to be the major drivers in the rapid growth of global storage tank market throughout the forecast period.
- Plastic water storage tanks, hold the major share in the global sales of water storage tanks attributed to it ease of installation and cost efficiency.
- The key players in the industry are working on developing more efficient materials for storage of water. For instance, Containment Solutions, Inc. has introduced Flotite, which is a high-quality fiberglass water storage tank, which can be used to store portable water without altering its properties, as the tank is compliant with NSF 61 and AWWA standards for potable water storage.
- Asia-Pacific is set to be the largest market for water storage tanks throughout the forecast period.
- The leading players of the industry have focused on strategies such as acquisitions, development of new products, diversification of product portfolio, and increased multifunctionality of the product to increase their share in the global storage tank market.
Key Benefits of the Report
- This study presents the analytical depiction of the storage tank industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the storage tank market share.
- The current market is quantitatively analyzed to highlight the mobile storage tank market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed storage tank market analysis based on competitive intensity and how the competition will take shape in coming years.
Storage Tank Market Report Highlights
By End-User Industry
By Business Type
Key Market Players
CST Industries, Inc., Emiliana Serbatoi S.r.l., Caldwell Tanks, Containment Solutions, Inc., McDermott International Inc., Sintex Industries Ltd, Nova Plastic Industries L.L.C, DN Tanks, Balmoral Tanks Ltd, Carbery Plastics Limited