The global fuel storage tank market is anticipated to grow at a considerable CAGR of 4.2% during the forecast period. The growing demand for fuel storage across the globe to meet the growing energy demand is a key factor driving the growth of the global fuel storage tank market. For instance, in January 2023, Tanzania’s Ministry of Energy and UAE’s Emirates National Oil Company Group (ENOC) have signed a memorandum of understanding (MoU) for the construction of petroleum receiving and storage infrastructure. The new infrastructure will reduce delay times for offloading oil products, especially in transit to neighboring countries.
Further, in October 2022, VINCI, through its subsidiary Cobra IS in a consortium with Sener contracted to build Germany’s first regasification terminal. It will have a production capacity of 10 billion m3 of natural gas per year and will have two 165,000 m3 storage tanks. The terminal will also be equipped with auxiliary operating systems, infrastructure, and buildings. This terminal will provide strategic infrastructure for the customer German LNG Terminal and will be located at Brunsbüttel at the mouth of the Elbe on the North Sea. It will enable Germany to import liquefied natural gas by sea, to be unloaded there for storage and regasification before being injected into the German grid or transported by lorries or wagons.
Furthermore, in October 2021, Chemie-Tech has been awarded an Engineering, Procurement, Construction & Commissioning contract from HPCL Rajasthan Refinery Ltd (HRRL) for Cryogenic Double Wall Storage Tanks (DWST) and associated facilities – Package 7 (Part-A) at HPCL Rajasthan Refinery Ltd in Rajasthan, India. Such huge demand for large storage tanks across the globe is thus driving the market growth.
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Market Coverage
- The market number available for – 2022-2030
- Base year- 2022
- Forecast period- 2023-2030
Segment Covered-
- By Material Type
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
- Competitive Landscape- including AG Growth International, Hasse Tank GmbH, Vitol Inc., Tuffa Tank, and Shawcor Ltd., among others
Fuel Storage Tank Market Report Segment
By Material Type
- Steel Tank
- Fiberglass Tank
- Other
By Application
- Residential
- Commercial
- Industrial
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Fuel Storage Tank Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
Company Profiles
- AG Growth International
- Fesenergy Group
- Granby Industries
- Haase Tank GmbH
- Kardtech Inc.
- Meridian Manufacturing Inc.
- NOV (Belco)
- Royal Vopak N.V.
- Shawcor Ltd.
- Tuffa Tank
- Vitol, Inc.
- Western Global
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- More than 120 countries are for analysis.
- Over 100+ paid data sources mined for investigation.
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