Global Flow Tank Market, By Type (Aboveground Storage Tanks and Underground Storage Tanks), Product (Hazardous and Non-Hazardous) - Industry Trends and Forecast to 2031.
Flow Tank Market Analysis and Size
Growing demand for compact and modular flow tanks, particularly in industries such as oil and gas, where space efficiency is crucial due to this demand for flow tanks is increasing. In addition, there's a notable shift towards adopting smart flow tank systems integrated with IoT sensors for real-time monitoring and data analytics, enhancing operational efficiency and predictive maintenance capabilities. Moreover, sustainability concerns drive the development of eco-friendly materials and technologies in flow tank manufacturing, aligning with the broader global push towards greener practices. These trends collectively indicate a dynamic global flow tank market landscape characterized by innovation, digitization, and sustainability initiatives.
The global flow tank market was valued at USD 6.41 billion in 2023 and is expected to reach USD 8.41 billion by 2031, registering a CAGR of 3.5% during the forecast period of 2024-2031. “Aboveground Storage Tanks” segment dominates the market due to its versatility, cost-effectiveness, and ease of installation compared to underground alternatives. In addition, regulatory requirements favoring aboveground storage for various liquids, including petroleum products, chemicals, and water, further bolster the demand for ASTs. Moreover, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016 - 2021)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Type (Aboveground Storage Tanks and Underground Storage Tanks), Product (Hazardous and Non-Hazardous)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, and Rest of Middle East and Africa
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Market Players Covered
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TOYO KANETSU K.K (Japan), Ishii Iron Works Co., Ltd (Japan), Pfaudler MEKRO Sp. Z O.O (Poland), CST Industries, Inc (U.S.), McDermott (U.S.), PERMIANLIDE (U.S.), HIGHLAND TANK & MANUFACTURING COMPANY, INC (U.S.), FOX TANK COMPANY (U.S.), F WARREN GROUP INC (U.S.), and SUPERIOR TANK CO., INC (U.S.)
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Market Opportunities
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Market Definition
A "flow tank" is a term that could refer to various types of tanks or vessels used in different industries and applications. Generally, a flow tank is a container designed to store or transport fluids, such as water, oil, chemicals, or gases. Depending on their intended purpose, these tanks can vary significantly in size, shape, material, and functionality. They are commonly used in industries like oil and gas, chemical processing, water treatment, agriculture, and manufacturing.
Flow Tank Market Dynamics
Drivers
- Increasing Demand for Oil and Gas Exploration
The global flow tank market is being propelled by the escalating demand for oil and gas exploration activities worldwide. As energy needs continue to rise, there is a corresponding surge in the requirement for efficient storage solutions such as flow tanks. These tanks play a crucial role in storing and managing extracted fluids, driving their demand within the oil and gas industry.
- Expansion of Industrial Infrastructure
The ongoing expansion of industrial infrastructure across various sectors, including manufacturing, chemical processing, and agriculture, is a significant driver for the global flow tank market. As industries expand their operations, the need for efficient storage solutions such as flow tanks increases proportionally. This expansion presents opportunities for flow tank manufacturers to cater to the growing demand for storage equipment, thereby driving market growth.
Opportunities
- Advancements in Industrial Automation
Ongoing advancements in industrial automation technologies, with the integration of automation systems, flow tank operations become more streamlined, precise, and cost-effective. This presents an opportunity for manufacturers to develop technologically advanced flow tanks that cater to the evolving needs of industries, fostering market growth.
- Growing Focus on Environmental Sustainability
The increasing focus on environmental sustainability is poised to create opportunities within the global flow tank market. As industries strive to minimize their environmental footprint, there is a shift towards adopting eco-friendly storage solutions. Flow tanks designed with sustainability, such as those utilizing recycled materials or incorporating efficient waste management systems, are likely to witness heightened demand.
Restraint/ Challenge
- Regulatory Compliance Challenges
One of the primary restraints faced by the global flow tank market is the complexity of regulatory compliance. Strict regulations governing the storage and handling of fluids necessitate adherence to stringent standards, which can pose challenges for manufacturers. Meeting these compliance requirements often entails additional costs and resources, potentially impeding market growth.
This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In July 2021 CST Industries, Inc., announced a strategic extension of their market with Adams Brothers Inc., a process equipment manufacturer, wherein the latter will handle the eastern United States, Virginia, and North Carolina. Through this partnership, the company aimed to expand its market presence across the region
Flow Tank Market Scope
The market is segmented on the basis of type and product. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type
- Aboveground Storage Tanks
- Underground Storage Tanks
Product
- Hazardous
- Non-Hazardous
Flow Tank Market Regional Analysis/Insights
The market is analysed and market size insights and trends are provided by country, type, and product as referenced above.
The countries covered in the market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, and Rest of Middle East and Africa.
North America is expected to dominate and is the fastest growing region in the market primarily due to extensive industrial infrastructure, stringent regulatory standards requiring robust storage solutions, and significant investments in oil and gas exploration and production activities across the region. In addition, the region's focus on technological advancements and adoption of advanced materials further bolsters its leadership in the flow tank market.
The country section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Flow Tank Market Share Analysis
The market competitive landscape provides details by competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, Europe presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the companies' focus related to the market.
Some of the major players operating in the market are:
- TOYO KANETSU K.K (Japan)
- Ishii Iron Works Co., Ltd (Japan)
- Pfaudler MEKRO Sp. Z O.O (Poland)
- CST Industries, Inc (U.S.)
- McDermott (U.S.)
- PERMIANLIDE (U.S.)
- HIGHLAND TANK & MANUFACTURING COMPANY, INC (U.S.)
- FOX TANK COMPANY (U.S.)
- F WARREN GROUP INC (U.S.)
- SUPERIOR TANK CO., INC (U.S.)
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