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U.S. Metal Tank Market

U.S. Metal Tank Market Size, Share, Competitive Landscape and Trend Analysis Report by Type and Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

CM : Engineering, Equipment and Machinery

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Author's: Amar Chinchane | Sonia Mutreja
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The U.S. Metal Tank Market Size was valued at $8,675.1 million in 2022 and is estimated to reach $12,696.5 million by 2032, exhibiting a CAGR of 3.8% from 2023 to 2032. The metal tank is a type of rigid container primarily constructed from metal materials, such as steel or aluminum, designed to store, transport, or process various substances, including liquids, gases, or solids. Metal tanks exhibit robustness, structural integrity, and durability, making them suitable for a wide range of applications.

“The U.S. energy sector is experiencing growth, particularly in renewable energy sources and natural gas. Metal tanks play a crucial role in energy storage systems, such as batteries for renewable energy integration or the storage of liquefied natural gas (LNG).”

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Market Dynamics

The increasing demand for energy storage solutions creates opportunities for the metal tank market Share. Furthermore, The U.S. has ongoing and planned infrastructure projects that require the use of metal tanks. Investments in water and wastewater treatment facilities, energy storage systems, transportation infrastructure, and industrial facilities drive the demand for metal tanks as storage and distribution solutions.

Additionally, industrial growth leads to increased production and manufacturing activities, resulting in a higher demand for storage solutions. Metal tanks provide reliable and efficient storage options for various substances, including liquids, gases, and solids. As industries expand their operations, they require larger capacities and more robust storage facilities, driving the demand for metal tanks. Industrial sectors such as oil and gas, chemicals, and food processing often require specialized storage solutions due to the unique properties of the substances they handle.

In order to fulfil particular requirements, such as corrosion resistance, high-pressure capabilities, or precise temperature control, metal tanks can be designed. Specialized metal tanks are in greater demand as industries expand, which boosts market growth. Industrial sectors such as oil and gas, chemicals, and food processing often require specialized storage solutions due to the unique properties of the substances they handle. The demand for specialized metal tanks increases as industries expand, boosting the market's growth.

In addition, urbanization frequently results in population growth and an increase in the need for water in cities. Urban regions frequently employ metal tanks to store water, from small scale household tanks to large municipal water storage facilities. As urbanization progresses, the need for reliable water storage infrastructure grows, thereby driving the demand for metal tanks. Also, urban areas are susceptible to various challenges, including natural disasters, water shortages, and emergencies. Metal tanks are essential for storing emergency supplies, such as potable water, fuel, or medical resources, to ensure resilience and preparedness in urban settings. The need for resilient infrastructure and emergency storage solutions in cities drives the demand for metal tanks.

Furthermore, it has a significant network of wastewater treatment facilities in the U.S. that require effective containment and storage solutions. These facilities frequently store wastewater, sludge, and chemical treatment agents in metal tanks, among other things. The requirement for metal tanks to support these facilities will expand as the need for wastewater treatment and environmental compliance rises. Additionally, many sites in the U.S. require the replacement or improvement of their water and wastewater systems. New metal tanks that offer enhanced performance, durability, and regulatory compliance are required as older tanks and storage systems near the end of their productive lifespans or become insufficient for current needs. Market expansion will be fueled by consumer demand for infrastructure enhancements and tank replacements.

However, Composite materials, such as fiberglass-reinforced plastic (FRP) or carbon fiber-reinforced polymer (CFRP), offer alternatives to traditional metal tanks. These materials provide advantages such as high strength-to-weight ratios, corrosion resistance, and design flexibility. In applications where weight reduction or corrosion resistance is critical, composite tanks may be preferred over metal tanks, limiting the market potential for metal tanks. In addition, concrete tanks are also available in the U.S. market that employed for large-scale storage of water, wastewater, and other substances.

They offer durability, longevity, and suitability for underground or aboveground installations. Concrete tanks are often preferred for their cost-effectiveness and structural stability in specific applications. In cases where large storage capacities or specific installation requirements are necessary, concrete tanks can be an alternative to metal tanks, affecting the market share of metal tank suppliers.

Moreover, new materials and coatings that improve the performance of metal tanks can be created thanks to technological breakthroughs. For instance, using modern alloys or composite materials can boost strength, longevity, and resistance to corrosion. Metal tanks can benefit from additional corrosion, abrasion, or chemical degradation protection from cutting-edge coatings, which can also increase their lifespan and range of uses. In addition to that metal tanks can integrate with digital systems, such as asset management platforms, cloud-based storage, or enterprise resource planning (ERP) systems.

This integration enhances inventory management, supply chain visibility, and maintenance scheduling. Digital systems also facilitate seamless data sharing, communication, and collaboration between stakeholders, optimizing tank utilization and supporting overall business efficiency. In addition to that The strict regulatory environment in the U.S. for storage and containment of hazardous substances creates opportunities for the metal tank market growth. Metal tanks designed and constructed to meet regulatory standards ensure compliance and safe storage of various materials. The need to adhere to safety standards and regulations drives the demand for reliable and compliant metal tanks.

The U.S. market is witnessing various obstructions in its regular operations due to COVID-19 pandemic and inflation. Earlier, the worldwide lockdowns resulted in reduced industrial activities, eventually leading to reduced demand for metal tank from various sectors such as industrial and oil & gas industry. However, the COVID-19 has subsided, and the major manufacturers in 2023 are performing well. Contrarily, the rising global inflation, is a new major obstructing factor for the entire industry.

The inflation, which is a direct result of the Ukraine-Russia war, and few long-term impacts of the coronavirus pandemic, has introduced volatility in the prices of raw materials such as steel and aluminum that used for manufacturing metal tanks.  In addition to this, the cost of oil & gas has also increased substantially, and many countries;, especially, the countries in Europe, Latin America, and developing economies in Asia-Pacific are experiencing severe negative impacts in the industrial production, including the production of metal tanks. However, India and China are performing relatively well. In addition, inflation is expected to worsen in the coming years, as the possibility of the ending of the war between Ukraine and Russia is less. However, with the continued talks between different countries, a peace agreement between Ukraine and Russia can be devised. 

Segmental Overview

The U.S. metal tank market is segmented into pressure type and application. By pressure type, it is divided pressure and non-pressure. By application, it is bifurcated into propane, oil & gas, petrochemicals, air tanks / receivers, water heaters / boilers, industrial, filtration, refrigeration / HVAC, power & energy.   

By Type:

In 2022, the pressure segment dominated the U.S. metal tank market analysis, in terms of revenue, and the non-pressure segment is expected to grow with a higher CAGR during the forecast period. Pressure metal tanks are designed to withstand internal pressure and are commonly used as pressure vessels in industries such as oil and gas, chemical processing, power generation, and water treatment. These tanks are built to safely store and transport pressurized gases or liquids. Furthermore, Non-pressure metal tanks are widely used for storing liquids or solids in a non-pressurized state.

These tanks are commonly employed for storing water, fuels such as diesel or gasoline, chemicals, agricultural products, or other substances. They are utilized in industries such as agriculture, manufacturing, wastewater treatment, and transportation..

U.S. Metal Tank Market
By Pressure Type
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Non Pressure segment is projected to grow at a highest CAGR

By End User Industry:

In 2022, the oil & gas segment dominated the metal tank market, in terms of revenue, and the filtration is expected to grow with a higher CAGR during the forecast period. The oil and gas industry requires large-scale storage solutions for crude oil, refined petroleum products, and other hydrocarbons. Metal tanks, particularly steel tanks, are commonly used for this purpose due to their strength, durability, and ability to handle a wide range of temperatures and pressures.

As the demand for oil and gas continues to rise globally, the need for storage capacity also increases, driving the demand for metal tanks in the oil and gas sector. In addition to that industrial processes often require filtration for separation or purification purposes. Metal tanks are employed in industrial filtration applications, such as oil and gas, chemical processing, food and beverage, pharmaceuticals, and manufacturing. These tanks are used for storing filtration media, capturing process by-products, or facilitating the separation of solids and liquids. As industrial sectors continue to grow, the demand for metal tanks in filtration applications increases.

U.S. Metal Tank Market
By Application
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Oil and Gas segment holds dominant position in 2022

Competition Analysis

Key companies profiled in the U.S. metal market forecast report include, A. O. Smith Corporation, Caldwell Tanks, Inc., Compressed Air Systems, Inc., CST Industries, Inc., Highland Tank & Manufacturing Company, Inc., Permian Tank & Manufacturing, Inc., Quality Steel Corporation, Superior Tank Co., Inc., TransTech Energy, LLC, and Wessels Company. The major players, in the industry have focused on developing new products to strengthen their presence in the market.

Key Benefits for Stakeholders

  • The report provides an extensive analysis of the current and emerging U.S. metal tank market trends and dynamics.
  • In-depth U.S. metal tank market analysis is conducted by constructing market estimations for key market segments between 2022 and 2032.
  • Extensive analysis of the U.S. metal market is conducted by following key product positioning and monitoring of top competitors within the market framework.
  • A comprehensive analysis of the region is provided to determine the prevailing opportunities.
  • U.S. metal tank market forecast analysis from 2022 to 2032 is included in the report.
  • The key players within the U.S. metal tank market  are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the U.S. metal tank industry.

U.S. Metal Tank Market Report Highlights

Aspects Details
By Pressure Type
  • Pressure
  • Non-Pressure
By Application
  • Propane
  • Oil & Gas
  • Petrochemicals
  • Air Tanks / Receivers
  • Water Heaters / Boilers
  • Industrial
  • Filtration
  • Refrigeration / HVAC
  • Power and Energy
  • A. O. Smith Corporation
  • Caldwell Tanks, Inc.
  • Compressed Air Systems, Inc.
  • CST Industries, Inc.
  • Highland Tank & Manufacturing Company, Inc.
  • Permian Tank & Manufacturing, Inc.
  • Quality Steel Corporation
  • Superior Tank Co., Inc.
  • TransTech Energy, LLC
  • Wessels Company

Analyst Review

The U.S. metal tank market has witnessed significant growth in the past few years owing to increase in petrochemical industry, refrigeration & HVAC industry, and the rise in other end-users.

Metal tanks are extensively utilized in the oil and gas industry for the storage and transportation of petroleum products such as crude oil, refined fuels, and chemicals. They are also employed in exploration and production activities, refining and processing operations, and offshore and subsea applications. 

In addition, metal tanks play a vital role in the chemical and petrochemical industry. They are used for storing and handling a wide range of chemicals, solvents, acids, and corrosive substances. Metal tanks provide safe containment and protection against chemical reactions and spills. It's also used in used in agriculture and farming for storage and distribution of fertilizers, pesticides, herbicides, and agricultural chemicals. They also serve as water storage tanks for irrigation purposes, providing a reliable and accessible water supply for farming operations. 

Author Name(s) : Amar Chinchane | Sonia Mutreja
Frequently Asked Questions?

The U.S. Metal Tanks market was valued at $8,675.1 million in 2022.

Based on pressure type, the pressure segment holds the maximum market share of the U.S. Metal Tanks market in 2022.

The U.S. Metal Tanks market is expected to reach $ 12,696.5 million by 2032, registering a CAGR of 3.8% from 2023 to 2032. .

Rise in the chemical industry and surge in petrochemical projects in industries are the key trends in the U.S. Metal Tanks market.

The product launch is key growth strategy of U.S. Metal Tanks industry players.

The company profile has been selected on factors such as geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.

Rise in cost of raw materials are the effecting factors for U.S. Metal Tanks market.

The end users of the U.S. Metal Tanks include oil and gas, propane, petrochemicals, air tanks / receivers, water heaters / boilers, industrial, filtration, refrigeration / HVAC, and power and energy.

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U.S. Metal Tank Market

Global Opportunity Analysis and Industry Forecast, 2023-2032