North America Oil & Gas Storage Tank Market is Expected to grow at a robust CAGR of 2.38% through 2030F
The
North America Oil & Gas Storage Tank Market is expected to be led by the
United States, driven by its expansive production, export infrastructure, and
strategic reserves, during the forecast period 2026-2030F.
According
to TechSci Research report, “North
America Oil & Gas Storage Tank Market – By Country, Competition, Forecast
& Opportunities, 2020-2030F, The North America Oil & Gas Storage
Tank Market was valued at USD 4.35 Billion in 2024 and is expected to reach USD
5.01 Billion by 2030 with a CAGR of 2.38% during the forecast period.
Environmental
regulations and the growing emphasis on sustainable energy practices are
driving oil and gas operators in North America to upgrade and expand their
storage tank infrastructure to meet stringent compliance requirements.
Regulatory bodies such as the United States Environmental Protection Agency and
Environment and Climate Change Canada have introduced updated safety, emissions
control, and spill prevention mandates that require storage facilities to
incorporate advanced engineering standards. This has led to increased demand
for double-walled tanks, floating roofs, secondary containment systems, and
vapor recovery units that minimize volatile organic compound emissions and
prevent soil or groundwater contamination.
As
climate-related incidents such as hurricanes, floods, and wildfires increase in
frequency, the resilience of storage tank installations has become a focal
point for risk mitigation planning. Operators are now prioritizing designs that
withstand environmental stressors and integrate real-time monitoring
technologies for leak detection, pressure control, and structural integrity.
These enhancements not only protect ecosystems and public health but also
reduce the risk of costly operational shutdowns and litigation, reinforcing
their value as long-term assets. The shift toward sustainability is also
encouraging some operators to retrofit older tanks or decommission
non-compliant units in favor of modern, eco-friendly designs. All these
developments are boosting demand for new storage tank systems and services
across North America, positioning environmental performance as a key growth
lever for the regional market.
There
is a significant trend toward the expansion of oil and gas storage tank
infrastructure near key export terminals and strategic energy corridors in
North America, driven by the region’s evolving role as a major global energy
supplier. The growth in crude oil and refined product exports, particularly
from the Gulf Coast and Western Canadian provinces, has placed increased
logistical pressure on port facilities, necessitating the development of
high-capacity tank farms to support international trade flows. These facilities
serve multiple purposes, including blending, staging, quality assurance, and
buffering of supply before loading onto tankers or railcars. In addition,
energy corridors such as the Trans Mountain Expansion Project and new liquefied
petroleum gas terminals in the Pacific Northwest have catalyzed demand for
nearby storage assets to synchronize transport schedules and reduce turnaround
times.
Storage
tanks located at or near these transit points offer operational agility,
allowing for quicker response to fluctuating global demand and pricing
differentials. As North American energy exports become more diversified and
geographically widespread, infrastructure investments are increasingly
prioritizing coastal regions and inland transportation hubs with multimodal
access. The clustering of pipelines, terminals, and storage facilities is
reshaping regional energy maps and creating competitive advantages for
operators with scalable and strategically located storage capabilities. This
trend reflects a broader transformation in energy logistics, positioning
storage tanks not only as passive containment units but as active nodes in the
global energy value chain.
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Based
on Material, the fiberglass-reinforced plastic segment is projected to be the
fastest-growing application during the forecast period in the North America Oil
& Gas Storage Tank Market. fiberglass-reinforced plastic segment is
projected to be the fastest growing material category in the North America oil
& gas storage tank market. This accelerated growth is primarily driven by
the increasing demand for corrosion-resistant and lightweight storage
solutions, particularly in environments where traditional metal tanks face
challenges related to chemical exposure, moisture, and temperature
fluctuations. Fiberglass-reinforced plastic tanks offer excellent durability,
minimal maintenance requirements, and a longer operational lifespan compared to
carbon steel or conventional steel tanks, especially in upstream and downstream
applications involving saltwater, brine, or chemically treated liquids.
Their
ease of transport and modular installation makes them attractive for remote and
offshore oil & gas operations. Growing environmental regulations around
emission control and groundwater protection are further encouraging the
adoption of fiberglass-reinforced plastic tanks, as these tanks provide
superior sealing and insulation properties. The increasing shift toward
renewable and low-emission fuels, such as biofuels and hydrogen blends, also
supports the use of fiberglass-reinforced plastic due to its compatibility with
varied fuel chemistries. As oil & gas companies prioritize sustainability,
safety, and lifecycle cost efficiency, the demand for advanced non-metallic
storage materials like fiberglass-reinforced plastic is expected to expand
significantly across North America.
Based
on country, Mexico is rapidly emerging as the fastest-growing country in the
North America oil & gas storage tank market, fueled by significant
investments in energy infrastructure and the liberalization of its oil &
gas sector. The government's ongoing reforms and partnerships with
international energy companies have led to an increase in upstream and
midstream activities, necessitating the expansion of modern storage facilities.
Mexico's
strategic location, with access to both the Gulf of Mexico and the Pacific
Ocean, makes it a vital hub for oil & gas exports and imports, further
driving the need for large-scale storage capacity. In addition, initiatives to
upgrade and expand refinery operations under the national energy plan are
prompting new storage tank installations for crude oil, gasoline, and diesel.
With growing demand for energy security, fuel distribution, and logistical
efficiency, Mexico is set to play a pivotal role in shaping the region’s oil
& gas storage infrastructure landscape.
Key
market players in the North America Oil & Gas Storage Tank market are: -
- General
Industries, Inc.
- McDermott
International, Ltd.
- CST
Industries, Inc.
- Hassco
Industries Incorporated
- McWane
Inc.
- PCL
Constructors Inc.
- Imperial
Industries Inc.
- Fox
Tank Company
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“The
North America Oil & Gas Storage Tank Market is poised for steady growth in
the coming years, driven by rising crude oil production, expanding export
infrastructure, and increasing demand for energy security. Advancements in tank
design, automation, and corrosion-resistant materials will support
modernization and capacity expansion. Regulatory focus on environmental safety
and strategic petroleum reserves will further boost investments in storage
facilities. The integration of digital monitoring technologies and the push for
cleaner fuels like liquefied natural gas will create new opportunities,
ensuring the market remains resilient and adaptive to evolving energy dynamics
across the region.Top of Form”
said Mr. Karan Chechi, Research Director of TechSci Research, a research-based Global
management consulting firm.
“North America Oil & Gas Storage Tank Market by
Product (Crude Oil, Liquefied Natural Gas (LNG), Diesel, Gasoline, Kerosene,
Liquefied Petroleum Gas (LPG), Others), By Material (Steel, Carbon Steel,
Fiberglass-reinforced Plastic), By Country, By Competition, Forecast and
Opportunities, 2020-2030F,”
has evaluated the future growth potential of North America Oil & Gas
Storage Tank Market and provides statistics & information on market
size, structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in North America Oil & Gas
Storage Tank Market.
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