Rockville, MD, Feb. 03, 2025 (GLOBE NEWSWIRE) — The global containment tanks market was valued at US$ 6.1 billion in 2024 and will expand at a noteworthy CAGR of 4.7% to end up at US$ 9.6 billion by 2034
The containment tanks market plays a fundamental role in the storage of dangerous materials, including chemicals, wastewater, oil, and fuels for their secured handling. These tanks avoid environmental contamination, regulate spills, and allow the compliance of strict regulations. Industries such as oil and gas, chemical, pharmaceutical, food and beverage, and wastewater management significantly depend on containment tanks to minimize risks and safeguard public health. There is a growth in demand for secure storage with upsurge in industrial activities and infrastructure expansion. Advancements in materials, design, and monitoring technology have made these tanks more efficient, durable, and economical. Heightened awareness of environmental protection and more rigorous regulations are also driving growth. As industries scale and meet higher safety standards, containment tanks will remain a vital investment.
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Key Takeaways from Market Study
- The market is projected to grow at 7% CAGR and reach US$ 9.6 billion by 2034
- The market created an absolute $ opportunity of US$ 3.5 billion between 2024 to 2034
- North America is a prominent region that is estimated to hold a market share of 1% in 2034
- Predominating market players include Tank Connection, Snyder Industries, Poly Processing Company, Emerson Electric Co. and Permastore Ltd among others.
- Double-Wall Tanks under tank type are estimated to grow at a CAGR of 0% creating an absolute $ opportunity of US$ 1.9 billion between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 2.6 billion
The increasing market expansion and technological advancements are establishing containment tanks as vital instruments for environmental safety in the oil and gas sector, says a Fact.MR analyst.
Leading Players Driving Innovation in the Containment Tanks Market:
Key players in the containment tanks market are Granby Industries, CST Industries, Tank Connection, Snyder Industries, Caldwell Tank, Hughes Tank Company, Tuffa Tanks, Poly Processing Company, Gpi Tanks, Emerson Electric Co., Permastore Ltd, Other
Market Development
To strengthen their position in the global market, key players have been focusing on expansion strategies, product innovations, technological advancements, and strategic partnerships. These companies aim to capture an increasing share in a rapidly growing demand for containment tanks in various industries
- On December 2024, MAG Capital Partners recently completed a significant 48,000-square-foot expansion of Hughes Tank Company’s manufacturing facility in Venus, Texas, enhancing its capacity for producing fuel storage and containment tanks. The expansion follows MAG Capital’s acquisition of Hughes Tank in June 2023. With the total space now at 140,110 square feet, Hughes Tank is set to increase its production of single-wall and double-wall containment tanks, including UL 142 and Fireguard models. This expansion allows the company to meet the growing demand for secure storage solutions across industries such as petroleum, agriculture, and manufacturing.
Containment Tanks Industry News:
On November 2023, TerraVest Industries Inc., the parent company of Granby Industries, has announced the acquisition of Highland Tank, aimed at strengthening its position in the containment tank market. Highland Tank is recognized for its high-quality storage solutions for the refinery, fuel, gas, and water treatment industries. This acquisition will allow Granby Industries to expand its product offerings, addressing the increasing demand for safe, durable, and compliant storage solutions. The integration of Highland Tank’s expertise will enable Granby to provide more comprehensive products and services across North America, particularly for industries dealing with stringent regulatory requirements.
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More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the global containment tanks market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights on the basis of the Tank type (Single-Wall Tanks (Underground Storage Tanks (USTs), Above-Ground Storage Tanks (ASTs)), Double-Wall Tanks (Underground Storage Tanks (USTs), Above-Ground Storage Tanks (ASTs)), by material type (Steel Tanks, Polyethylene Tanks, Fiberglass Tanks, Concrete Tanks, Composite Materials), by capacity (Up to 500 litres, 500 to 10,000 litres, Above 10,000 litres), by end-use industry (Oil & Gas, Chemical & Petrochemical, Water & Wastewater Treatment, Pharmaceuticals, Food & Beverage, Agriculture, Mining & Metals), and across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and Middle East & Africa)
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