Water Tank Market

The global water tank market size was valued at $3,686.1 million in 2019, and is projected to reach $4,736.5 million by 2027, registering a CAGR of 3.2% from 2021 to 2027. The plastic segment is expected to retain its dominant position, in terms of revenue generation, throughout the forecast period. Asia-Pacific held a leading position in the global market in 2019, and is expected to maintain its dominance in the future.

Water tanks are containers used to store liquid. These are used to store potable water, rain water, water for irrigation, water for construction, water for livestock, water for indoor house use, and others. Water tanks used at home or at institutional use are generally made of polyethylene, steel, or fiber glass. They come in various shapes and sizes ranging from 200 liters up to more than 10,000 liters. The plastic or the polyethylene water tank is the most widely used water tank all around the world owing to easy availability and installation process.

Water tank is included in the category of products that is considered a onetime purchase for a number of consumers. Hence, the demand for such products is low among consumers. The outbreak of the novel coronavirus has significantly affected the growth of the market worldwide. There has been slight decrease in the sales of water tanks due to the disruption of the supply chain and production during the COVID-19 pandemic.

The growth of the water tank market is attributed to the growth in need for potable water all around the world due to the surge in population. Water tank is a necessary item in households and in institutional applications to keep the supply of water constant throughout the day. Application of water tanks in areas such as construction, agriculture, and aquaculture has led to consistent sale of water tanks all around the world and hence has made way for the growth of water tanks industry. However, issue of water safety in plastic water tanks remains the major restraint for the global market as most plastic tanks are known to alter the properties of water they store. On the contrary, rise in use of water tanks for underground water storage for conservation and growing demand for portable water tanks is expected to provide opportunities for the global water tank market growth.

The water tank market is segmented into type, application, location, and region. The type segment includes steel, plastic, and fiberglass. On the basis of application, the market is divided into household and institutional. By location, the water tank market is classified into underground, outdoor and indoor. Region wise, it is analyzed across North America (the U.S., Mexico, and Canada), Europe (Germany, UK, France, Italy, Spain, and rest of Europe), Asia-Pacific (China, India, Japan, Indonesia, Australia, and rest of Asia-Pacific), and LAMEA (Brazil, Argentina, South Africa and Rest of LAMEA).

Based on the water tank market analysis by type, the plastic segment was the highest revenue contributor, accounting for a major share in 2019. The growth in this segment can be attributed to features such as easily available, affordability, and having quick installation time. The steel segment is expected to witness modest growth rate of 2.7% during the forecast period. However, the fiberglass segment is expected to garner the fastest growth rate throughout the forecast period.

Based on the water tank market forecast by application, the institutional segment generated maximum revenue in 2019. The dominance of this segment can be attributed to growth in the number of offices and public institutions all around the world. The household segment is expected to grow at a steady growth rate of 2.9% during the forecast period.

By location, the outdoor segment in the water tank market generated maximum revenue in 2019. The dominance of this segment can be attributed to water tanks being traditionally installed outside or at the top of the building. The underground segment is expected to grow at a steady growth rate of 3.2% during the forecast period.

By region, Asia-Pacific was the largest market, in terms of revenue generation, with almost one-third share in 2019. This region is further expected to expand at a CAGR of 4.4% during the forecast period. The growth in this region can be attributed to high number of households and rise in the construction of new buildings and public places. The North America region is expected to grow at a steady growth of 2.4% during the forecast period.

Key players in the water tank market have relied on strategies such as product launch and business expansion, to expand their market share and to stay relevant in the global water tank market share. The key players in the water tank industry profiled in the report are Beltenco Corporation, Sintex, Pipeco Tanks, Design Tank, Fiber Technology Corporation, Crom Corporation, Plastic Proget European Srl, Synalloy Corporation, ZCL Composites and DN Tanks, Inc.

Key Benefits For Stakeholders

• The report provides a quantitative analysis of the current water tank market trends, estimations, and dynamics of the market size from 2019 to 2027 to identify the prevailing opportunities.
• Porter’s five forces analysis highlights the potency of the buyers and suppliers to enable stakeholders to make profit-oriented business decisions and strengthen their supplier–buyer network.
• In-depth analysis and the market size and segmentation assists to determine the prevailing water tank market opportunities.
• The major countries in each region are mapped according to their revenue contribution to the market. 
• The market player positioning segment facilitates benchmarking and provides a clear understanding of the present position of the market players in the industry.

 Water Tank Market Report Highlights