North America Storage Tank Market By Installation Type (Aboveground Storage Tanks, Underground Storage Tanks), By Product (Hazardous, Non-Hazardous), By Material (Steel, Concrete, Polyethylene, Others), By Country, Competition, Forecast and Opportunities,m 2020-2030F

Market Overview

North America Storage Tank Market was valued at USD 9.19 Billion in 2024 and is expected to reach USD 12.46 Billion by 2030 with a CAGR of 5.20% during the forecast period. The North America storage tank market refers to the industry involved in the manufacturing, installation, and maintenance of large containers designed for the storage of liquids and gases such as oil, natural gas, water, chemicals, and other industrial fluids.

These tanks are critical infrastructure components across a variety of sectors, including energy, manufacturing, agriculture, water treatment, and fire protection. In North America, the market is witnessing steady growth due to a combination of factors. The ongoing expansion of the oil & gas sector in the United States and Canada, particularly due to shale oil production and strategic petroleum reserves, is a major driver, increasing the need for above-ground and underground storage facilities.

The growing focus on water conservation and sustainable water management practices has fueled demand for water storage tanks in both urban and rural developments. Industrial sectors, such as chemical processing and food & beverage manufacturing, are also contributing to market expansion through the need for specialized storage solutions that meet strict safety and regulatory standards. Government regulations surrounding environmental protection and hazardous material containment are encouraging industries to invest in advanced storage tank systems that ensure compliance.

Increasing investments in infrastructure projects, particularly in industrial parks, renewable energy installations, and logistics hubs, are driving the installation of storage tanks for operational efficiency and resource management. The rise of automation and digital monitoring technologies has also enhanced the appeal of modern storage tanks, enabling real-time tracking of fluid levels, leak detection, and maintenance alerts.

Climate-related concerns and the need for disaster preparedness in flood-prone or wildfire-affected regions have driven growth in tanks used for emergency water reserves. With innovation in tank materials—such as fiber-reinforced plastic, stainless steel, and composite materials—ensuring durability and corrosion resistance, more industries are upgrading or expanding their storage capacities. As industrial output and infrastructure development continue to rise, and sustainability remains a core focus, the North America storage tank market is expected to experience consistent growth in the coming years.

Key Market Drivers

Expansion of Oil and Gas Infrastructure Across the Region

The continuous expansion of oil and gas infrastructure in North America is one of the primary forces driving the demand for storage tanks in the region. As the United States and Canada continue to invest heavily in energy production, particularly through shale exploration and offshore developments, there is a growing necessity for reliable and efficient storage systems to handle crude oil, refined petroleum products, and natural gas liquids. Storage tanks form a critical part of the midstream segment, serving as interim storage facilities at refineries, terminals, and transportation hubs. The infrastructure supporting pipelines, shipping routes, and rail-based logistics requires scalable and secure storage capabilities to manage surges in supply and stabilize supply chains. The ability to store surplus production during periods of low demand ensures operational flexibility and price control, both of which are vital in volatile energy markets.

Governments in North America are modernizing their strategic petroleum reserves, expanding emergency storage capacities to strengthen energy security. The increasing frequency of climate-related disruptions and geopolitical uncertainties has led both public and private sectors to increase onshore and offshore tank capacities. Simultaneously, the push for energy independence and reduced reliance on international oil imports has made domestic production and storage a priority. As a result, companies are investing in advanced tank technologies that offer superior corrosion resistance, leak-proof construction, and real-time monitoring capabilities. With new refinery projects and pipeline expansions underway in regions such as the Gulf Coast, Alberta, and the Midwest, the market for large-scale storage tanks is projected to remain strong in alignment with infrastructural growth. In 2023, the United States produced an average of 12.9 million barrels of crude oil per day, with over 600 million barrels of working crude oil storage capacity spread across commercial and strategic reserves.

Rising Demand for Water Storage in Municipal and Agricultural Applications

The rising demand for sustainable water storage systems in both municipal and agricultural sectors is another key driver of the North America storage tank market. Municipalities across the United States and Canada are investing in water infrastructure upgrades to ensure consistent supply, better drought management, and enhanced disaster preparedness. Aging infrastructure, coupled with increasing population pressures in urban and semi-urban areas, has intensified the need for upgraded water storage facilities. Storage tanks are being installed in residential water supply systems, wastewater treatment plants, and emergency water reserves to meet compliance standards and avoid service disruptions. Additionally, with climate change increasing the unpredictability of rainfall patterns, water harvesting and conservation efforts have gained traction, further boosting demand for water storage tanks.

In the agricultural sector, the need for reliable irrigation systems has led to greater investment in water tanks, particularly in regions affected by declining groundwater levels or seasonal droughts. Farms are adopting rainwater harvesting systems and installing storage tanks to maintain adequate water supply during dry spells. The rise of precision agriculture, which emphasizes efficient water usage and resource management, has further fueled the integration of advanced tank systems equipped with sensors and level monitoring features. Moreover, government subsidies and incentives encouraging water conservation practices have led to a noticeable uptick in demand for agricultural water tanks. These dynamics are creating a stable and expanding market base for tank manufacturers serving the municipal and agricultural segments across North America. The United States Environmental Protection Agency estimates that municipal water utilities nationwide manage over 50,000 water storage tanks, each with capacities ranging from 10,000 to over 10 million gallons, with continued additions occurring annually in high-growth zones.

Growth in Industrial Chemical and Process Manufacturing Sectors

The industrial sector's growth, particularly in chemical and process manufacturing, is creating robust demand for specialized storage tanks across North America. Chemicals, solvents, adhesives, and process fluids require safe containment solutions that comply with stringent environmental and safety regulations. As chemical manufacturers expand production capacities or upgrade existing facilities, they are investing in double-walled and lined tanks that prevent leakage and contamination. These tanks often incorporate materials such as stainless steel, polyethylene, or fiberglass-reinforced plastic to withstand aggressive chemical reactions. Additionally, the resurgence of domestic manufacturing, driven by reshoring efforts and increased demand for local supply chains, has created new opportunities for tank suppliers across a wide range of industries.

Beyond basic containment, industries are prioritizing tanks with enhanced automation and monitoring capabilities, allowing for better control over process inputs and inventory. The rise in demand for specialty chemicals and custom formulations further necessitates modular and configurable tank systems that can be adapted quickly. Furthermore, regulations enforced by the United States Environmental Protection Agency and the Occupational Safety and Health Administration have prompted companies to adopt advanced containment systems that minimize operational hazards. This demand for highly engineered tank solutions is pushing the storage tank market toward innovation and customization. As manufacturing plants multiply across regions such as the Midwest and Southeastern United States, the installation of new chemical storage infrastructure continues to gain momentum. The United States chemical industry shipped goods worth over 770 billion United States dollars in 2023, with large facilities often requiring multiple tanks of 50,000 to 250,000 gallons capacity each for process and bulk storage.

Increasing Fire Safety and Emergency Preparedness Infrastructure

The heightened emphasis on fire safety and emergency preparedness across commercial, industrial, and municipal sectors is a significant contributor to storage tank market expansion in North America. Firewater storage tanks are critical in regions where public water supply may be insufficient during emergencies, especially in remote manufacturing zones, industrial parks, or areas prone to wildfires. Insurance requirements, local building codes, and National Fire Protection Association standards often mandate the installation of onsite water storage for fire suppression systems. As businesses expand their physical footprints and adopt more rigorous risk management strategies, demand for dedicated fire protection tanks has grown steadily.

In addition to fire protection, emergency preparedness planning for natural disasters such as hurricanes, floods, and power outages increasingly includes water and fuel storage infrastructure. Hospitals, data centers, government buildings, and critical infrastructure facilities are investing in robust storage tank systems to ensure uninterrupted operations during crisis events. These tanks are engineered to offer rapid deployment, long-term durability, and minimal maintenance under extreme conditions. The increase in such preparedness initiatives, especially in disaster-vulnerable states such as California, Florida, and Texas, is creating sustained demand for versatile and high-capacity tank solutions. The trend toward resilience planning at both community and corporate levels is expected to remain a long-term growth driver in this segment of the storage tank market. In fire-prone areas of California alone, over 2,500 commercial and industrial buildings added firewater storage tanks in 2023, each with an average storage capacity of 50,000 gallons, according to building permit data from county-level authorities.

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Key Market Challenges

Stringent Environmental Regulations and Compliance Costs

The North America storage tank market faces a significant challenge due to the increasingly stringent environmental regulations imposed by federal, state, and local authorities. Agencies such as the United States Environmental Protection Agency and Environment and Climate Change Canada have established rigorous guidelines that govern the design, operation, inspection, and decommissioning of storage tanks—particularly those handling hazardous or flammable substances. Regulations such as the Spill Prevention, Control, and Countermeasure rule, along with the Resource Conservation and Recovery Act, place a heavy compliance burden on facility operators. These rules mandate secondary containment systems, leak detection technologies, corrosion-resistant materials, and periodic inspections, among other requirements. While these regulations are essential to protecting natural ecosystems and public health, they also increase the overall cost of manufacturing, installing, and maintaining storage tanks. Companies are often required to invest in costly retrofits or replacements to meet updated standards, which significantly impacts capital expenditure and return on investment, particularly for smaller operators or municipal entities with limited budgets.

Non-compliance can lead to severe penalties, litigation, and reputational damage, further escalating the financial and operational risks associated with storage tank projects. In many cases, the costs associated with ensuring environmental compliance outweigh the potential short-term profits, leading some businesses to delay tank upgrades or new installations. Additionally, regulatory ambiguity and varying compliance standards across states and provinces create complications for companies operating across multiple jurisdictions. For instance, a storage tank design compliant in Texas may not meet the regulatory expectations in California, necessitating multiple engineering and procurement workflows. These discrepancies hinder market fluidity and add complexity to expansion strategies for tank manufacturers and suppliers. As environmental advocacy continues to influence public policy and climate-related concerns intensify, it is anticipated that regulatory expectations will grow even more stringent, thereby presenting an enduring challenge for the North America storage tank market. Industry participants must continuously invest in compliance assurance, environmental audits, and legal expertise, all of which add to operational overhead and reduce flexibility.

Volatility in Raw Material Prices and Supply Chain Disruptions

The volatility in raw material prices, particularly steel, aluminum, fiberglass, and polymers, presents a persistent challenge for the North America storage tank market. These materials represent a significant portion of the total cost of manufacturing storage tanks, and their fluctuating prices directly impact profit margins for tank producers and project developers. Global economic factors such as trade disputes, energy crises, inflation, and supply-demand imbalances frequently drive material cost spikes. For instance, geopolitical tensions or trade restrictions can disrupt the import of key components or raw materials, forcing manufacturers to either pay higher premiums for domestic alternatives or delay production schedules. This volatility introduces a high degree of uncertainty into project planning and procurement, making it difficult for buyers and suppliers to forecast costs accurately. In turn, this unpredictability reduces investor confidence and discourages capital-intensive investments in new tank infrastructure, especially when long-term price stability cannot be assured.

Supply chain disruptions, exacerbated by the global pandemic, have further intensified the challenge. Delays in the delivery of essential materials, coupled with labor shortages in transportation and manufacturing, have led to extended lead times and cost overruns for tank projects across the region. Many suppliers have been forced to renegotiate contracts, adjust timelines, or absorb unexpected costs to maintain client relationships. Additionally, the just-in-time manufacturing model, which had been widely adopted across industrial sectors, has proven vulnerable during periods of disruption. Storage tank manufacturers must now rethink their supply strategies, often shifting toward local sourcing or building redundant supplier networks to mitigate risks. However, these strategies come with added costs and operational complexity. As global material markets remain unstable due to ongoing climate disruptions, international conflicts, and financial market volatility, the North America storage tank market will continue to grapple with sourcing and pricing challenges that threaten growth and profitability.

Aging Infrastructure and High Maintenance Burden

One of the most pressing challenges in the North America storage tank market is the burden of maintaining and upgrading aging infrastructure. A large portion of the region’s storage tank inventory was installed decades ago, especially in the oil and gas, water utility, and chemical processing sectors. Many of these tanks are approaching or have exceeded their expected service life, resulting in an increased risk of structural failure, leakage, and non-compliance with modern safety standards. Deterioration due to corrosion, weather exposure, and material fatigue demands consistent monitoring and rehabilitation. However, maintenance costs can be substantial, particularly when tanks require complex repairs such as internal coating replacement, structural reinforcements, or component retrofitting. For facility operators, these recurring maintenance demands can strain operating budgets and lead to asset underutilization or premature decommissioning, especially when downtime leads to business interruption or lost production.

The scale of the infrastructure challenge is particularly daunting in municipal and industrial settings where thousands of tanks—ranging from water reservoirs to chemical containment units—require constant attention. Furthermore, gaining access to aging tanks, especially those installed underground or in confined urban environments, poses logistical and safety challenges that complicate routine maintenance procedures. In many cases, the original documentation or specifications for older tanks are missing, which hinders accurate assessments and prolongs upgrade timelines. Technological upgrades such as real-time monitoring systems, corrosion sensors, and automated cleaning tools are available but often require significant investment to integrate with outdated systems. As the pressure mounts to replace or rehabilitate aging tanks, public and private sector stakeholders must balance maintenance needs with budget constraints, often resulting in deferred repairs that exacerbate long-term risks. Unless there is a coordinated and well-funded approach to modernize aging tank infrastructure across North America, the market will continue to face operational inefficiencies, safety incidents, and regulatory non-compliance that inhibit future growth and innovation.

Key Market Trends

Rising Adoption of Composite and Fiberglass-Reinforced Plastic Materials

A key trend influencing the North America storage tank market is the increasing shift from traditional steel-based tanks to advanced materials such as composite and fiberglass-reinforced plastic. This transformation is driven by the demand for corrosion-resistant, lightweight, and long-lasting storage solutions across industries including water treatment, chemical manufacturing, and fuel distribution. Unlike steel, which is susceptible to rust and requires regular maintenance, composite materials offer superior resistance to harsh environmental conditions and aggressive stored substances, reducing long-term operating costs. Fiberglass-reinforced plastic tanks also provide greater flexibility in design, making them ideal for custom storage applications in confined or irregular spaces.

Their ease of transport and installation further contributes to their growing adoption, particularly in remote or industrial regions. As sustainability considerations rise, the use of non-metallic materials that extend the lifecycle of storage infrastructure aligns with corporate environmental objectives. The trend is particularly prominent in the water utility and agricultural sectors, where chemical exposure and frequent climate changes necessitate durable, low-maintenance solutions. As these materials continue to be validated through successful field deployments, their market share is expected to expand, gradually reshaping the materials profile of the North America storage tank landscape.

Integration of Remote Monitoring and Smart Sensing Technologies

The North America storage tank market is experiencing a growing trend toward digital transformation through the integration of remote monitoring and smart sensing technologies. As industries place increasing emphasis on operational efficiency, safety, and regulatory compliance, intelligent monitoring systems are being adopted to provide real-time insights into tank conditions such as liquid levels, pressure, temperature, and structural integrity. These systems leverage wireless communication, cloud computing, and machine learning algorithms to detect anomalies early, prevent leaks, and optimize maintenance schedules. In sectors like oil and gas, chemical processing, and municipal water services, the ability to monitor multiple tanks across various locations without the need for constant on-site inspection offers significant cost and labor savings.

Advanced analytics derived from smart tank data enhance decision-making for inventory management and regulatory reporting. This trend aligns with the broader industrial digitalization movement and is supported by the increasing affordability and reliability of sensor technologies. As data security frameworks become more robust and cloud infrastructure more widespread, smart storage tank systems are expected to become standard across new installations and retrofitted into older tanks, thereby redefining asset management practices in the storage tank sector across North America.

Increased Focus on Modular and Prefabricated Storage Tank Systems

The North America storage tank market is witnessing a shift toward modular and prefabricated tank systems as industries seek to reduce construction time, limit site disruption, and improve quality control. Prefabricated tanks, manufactured off-site and assembled on location, offer distinct advantages including streamlined project timelines, reduced labor costs, and consistent fabrication standards. This trend is particularly significant in industries requiring rapid deployment such as emergency water storage, mining operations, and temporary chemical processing setups. Modular tank systems also allow for scalability, enabling end users to expand capacity as operational needs grow without significant structural overhauls.

Prefabrication facilities are increasingly adopting advanced manufacturing technologies such as robotic welding, laser cutting, and automated quality assurance, ensuring higher precision and fewer field adjustments. The adoption of modular designs also supports sustainability goals by reducing material waste and minimizing heavy equipment usage during installation. As engineering firms and industrial clients prioritize agility and risk mitigation in their infrastructure projects, prefabricated storage tank systems are emerging as a preferred choice across North America, fundamentally reshaping construction and deployment practices in the tank industry.

Segmental Insights

Installation Type Insights

In 2024, the Aboveground Storage Tanks segment emerged as the dominant category in the North America Storage Tank Market by installation type, and it is expected to maintain its dominance throughout the forecast period. The preference for aboveground storage tanks is driven by their lower initial installation costs, ease of access for inspection and maintenance, and flexibility in terms of relocation or expansion. These tanks are widely utilized across a range of industries including oil and gas, chemical manufacturing, agriculture, and water treatment, where large-scale storage solutions are necessary and land availability is not a limiting factor.

Aboveground storage tanks also offer a significant advantage in terms of regulatory compliance, as they are easier to inspect for leaks and corrosion, helping industries to adhere to environmental and safety standards with greater efficiency. In contrast, underground storage tanks, while beneficial for space-constrained locations and aesthetic considerations, involve higher costs for excavation, complex leak detection systems, and increased regulatory scrutiny due to potential soil and groundwater contamination risks. The widespread industrial and infrastructure development across North America, particularly in sectors such as energy, transportation, and municipal water utilities, further supports the dominance of aboveground tanks as the preferred storage solution.

The rapid adoption of digital technologies such as smart monitoring and automated maintenance in aboveground systems enhances operational transparency and reinforces their market appeal. With the ongoing expansion of industrial capacity, increased investments in renewable energy storage, and the growing need for reliable bulk storage across various sectors, the aboveground storage tank segment is anticipated to continue leading the market. As a result, this segment not only held the largest market share in 2024 but is also well-positioned to sustain its leadership position due to its economic, operational, and regulatory advantages.

Product Insights

In 2024, the Hazardous segment dominated the North America Storage Tank Market by product type and is expected to maintain its dominance during the forecast period. This is primarily due to the rising demand for secure containment of flammable liquids, chemicals, petroleum products, and industrial waste across industries such as oil and gas, chemicals, and energy. Stringent environmental and safety regulations require specialized tanks with advanced features like leak detection, corrosion resistance, and fire protection, making hazardous tanks indispensable.

Increased investments in refining, petrochemical production, and hazardous waste management continue to boost this segment. As regulatory oversight intensifies and industrial activity expands, hazardous storage tanks will remain the preferred choice for risk-sensitive and compliance-driven applications.

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Country Insights

Largest Country

In 2024, the United States emerged as the dominant country in the North America Storage Tank Market and is expected to maintain its leadership throughout the forecast period. This dominance is primarily attributed to the country’s robust industrial ecosystem, which includes a vast network of oil refineries, chemical processing facilities, water treatment plants, and manufacturing units that require extensive storage infrastructure. The continued expansion of the oil and gas sector, especially in regions such as the Gulf Coast and the Permian Basin, has led to rising demand for both hazardous and non-hazardous storage tanks. Additionally, the implementation of stringent environmental regulations by agencies such as the United States Environmental Protection Agency compels industries to invest in technologically advanced storage systems with features like corrosion resistance, leak detection, and secondary containment.

The growing emphasis on water conservation, renewable energy development, and industrial automation has also contributed to the rising adoption of modern storage tank solutions. The presence of leading manufacturers, engineering firms, and logistics hubs within the United States supports large-scale production and distribution of storage systems across the region. With sustained investment in infrastructure, energy security, and environmental compliance, the United States is well-positioned to lead the North America storage tank market in the coming years.

Emerging Country

Canada is rapidly emerging as a significant player in the North America Storage Tank Market, driven by its expanding crude oil production, particularly from the oil sands regions of Alberta. The country’s growing export capacity, including the development of pipeline infrastructure such as the Trans Mountain Expansion Project, is fueling increased demand for strategically located storage facilities to support both domestic distribution and international trade.

Canada’s focus on enhancing energy security and managing inventory in response to global market fluctuations is leading to greater investment in modern, large-scale storage tank infrastructure. Governmental support for infrastructure development, combined with technological advancements and stringent environmental standards, is further encouraging the construction of efficient and compliant storage systems. As Canada continues to expand its role in global energy supply chains, its position within the North America oil and gas storage tank market is expected to strengthen steadily over the coming years.

Recent Developments

• In April 2025, Sherwin-Williams Protective & Marine won the Gold Emerging Technology Award at the 2024 Global Tank Storage Awards for its Heat-Flex 7000 insulative coating. This innovative single-coat thermal coating enhances safety and efficiency by reducing risks like burns, vapor loss, and corrosion under insulation in high-temperature steel tanks. Its moisture-resistant, heat-retaining film minimizes maintenance and replaces traditional cladded insulation systems.
• In February 2024, CST Industries, Inc., a global leader in storage tanks and covers, acquired Ostsee Tank Solutions, enhancing CST’s strategic growth. Jeff Mueller, CST’s CEO, expressed enthusiasm for combining strengths to boost innovation and global success. Thomas Schmidt, OTS Managing Director, highlighted access to advanced aluminum dome solutions through CST’s Optidome EU™ line. This partnership promises superior German-quality products, faster delivery, and greater value for customers worldwide.
• In December 2024, Fluor Corporation signed a Front-end Engineering and Design contract with Heidelberg Materials for the GeZero project, integrating industrial-scale carbon capture and storage at a cement facility in Germany. The project aims to capture 700,000 tonnes of carbon dioxide annually using advanced Oxyfuel technology. Construction begins in 2026, with commissioning in 2029, supporting Heidelberg’s decarbonization and sustainability goals through permanent offshore storage in the North Sea.
• In July 2024, Parker Hannifin Corporation announced the agreement to divest its North America Composites and Fuel Containment Division to SK Capital Partners. With approximately USD 350 million in annual sales, the division specializes in composites and fuel tanks. This divestiture is part of Parker’s strategy to focus on core businesses, following nearly USD 450 million in sales divested over three years, including several other divisions and product lines.

Key Market Players

• CST Industries, Inc.
• SPIE Industrial Construction, Inc.
• Fluor Corporation
• Parker Hannifin Corporation
• The Sherwin-Williams Company
• Enduramaxx Ltd.
• Hempel A/S
• Westeel Inc.

Report Scope:

In this report, the North America Storage Tank Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• North America Storage Tank Market, By Installation Type:

o   Aboveground Storage Tanks

o   Underground Storage Tanks         

• North America Storage Tank Market, By Product:

o   Hazardous

o   Non-Hazardous            

• North America Storage Tank Market, By Material:

o   Steel

o   Concrete

o   Polyethylene

o   Others

• North America Storage Tank Market, By Country:

o   United States

o   Canada

o   Mexico

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the North America Storage Tank Market.

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Company Information

• Detailed analysis and profiling of additional market players (up to five).

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