Aboveground Storage Tanks Market By Material (Steel, Fiberglass Reinforced Plastic, Concrete); By Tank Type (Fixed Roof, Floating Roof, Domed/Geodesic); By End Use Industry (Oil & Gas, Water & Wastewater, Chemicals, Agriculture, Food & Beverage); By Geography, Segment Revenue Estimation, Forecast, 2024–2030

1. Introduction and Strategic Context

The Global Aboveground Storage Tanks Market is poised to grow at a CAGR of 4.8% , valued at USD 7.1 billion in 2024 , and projected to reach USD 9.4 billion by 2030 , based on Strategic Market Research estimates.

 

Aboveground storage tanks (ASTs) are large containers designed to store liquids—mainly petroleum, chemicals, water, and industrial feedstocks—while remaining accessible and visible for inspection. Their strategic relevance is rising sharply in both industrial and municipal sectors as fluid storage becomes a foundational requirement for operations in energy, water management, and agriculture.

 

Several structural forces are driving this demand. First, global liquid consumption is rising—whether it's hydrocarbons in the energy sector, process chemicals in manufacturing, or treated water in utilities. Simultaneously, regulatory frameworks for environmental safety are pushing industries to upgrade aging tank infrastructure to newer, more compliant models. Aboveground tanks offer a safer, more cost-effective alternative to underground systems, especially when it comes to maintenance and leak detection.

 

In emerging markets, industrial expansion is fueling demand for modular ASTs. In the U.S., EPA regulations around secondary containment and emissions are accelerating retrofit cycles. And in Europe, stricter controls on storage safety and inspection frequency are favoring the use of aboveground tanks over buried options.

 

Stakeholders are diverse. Tank fabricators and OEMs are ramping up standardized offerings with modular design. Oil & gas companies are investing in fireproof coatings and floating roof technologies. Water utilities are using ASTs to expand treated water storage without land excavation. Even agri-businesses are leveraging ASTs for fertilizer and pesticide containment in large-scale crop systems.

 

One quiet but important shift? Digital monitoring. ASTs now come embedded with sensors , telemetry systems , and corrosion analytics —essential for remote tank farms or risk-sensitive installations.

 

To be honest, aboveground storage tanks used to be a utility decision—cheap, static, functional. But now, they’re part of strategic infrastructure planning. For large operators managing multiple tank sites, real-time visibility, environmental compliance, and structural integrity are just as critical as capacity.

 

2. Market Segmentation and Forecast Scope

The aboveground storage tanks market isn’t monolithic—it’s shaped by what’s being stored, who’s storing it, and how that storage is expected to perform over time. Here's how the market breaks down across four key dimensions:

By Material

• Steel (Carbon & Stainless) Still the dominant material, especially in oil & gas and petrochemical storage. Steel tanks offer high strength, pressure resistance, and long service life, making them the go-to for hazardous fluids.

• Fiberglass Reinforced Plastic (FRP) Growing fast in the chemical and water sectors due to corrosion resistance and lower weight. FRP tanks are ideal for acids, wastewater, and temperature-sensitive liquids.

• Concrete Used primarily in municipal water storage. Favored for very large capacities and extreme durability, though installation costs are higher.

Steel tanks currently hold more than 65% of the global market, but FRP is the fastest-growing segment as environmental compliance pressures rise.

By Tank Type

• Fixed Roof Tanks The standard choice for storing liquids with low volatility—like diesel, water, or chemicals. Simple design, lower cost.

• Floating Roof Tanks Used primarily in the oil sector to reduce evaporation losses from volatile products like gasoline or crude oil.

• Domed/Geodesic Tanks Becoming common in water and ethanol storage due to structural integrity in varied climates.

By End Use Industry

• Oil & Gas Largest consumer. Refineries, depots, and upstream storage all rely heavily on ASTs—especially for intermediate holding before transport or processing.

• Water & Wastewater Management Municipalities and utilities use ASTs for both clean water storage and sludge processing in treatment plants.

• Chemicals Handles everything from acids to surfactants. Compliance with storage codes (like NFPA or API) drives demand for specialty coatings and monitoring.

• Agriculture Fertilizer and pesticide containment, especially in North America and Asia, is pushing demand for modular, corrosion-resistant tanks.

• Food & Beverage Growth in sanitary tanks for edible oils, syrups, and processed water. Stainless steel is often required to meet hygiene codes.

Oil & gas will continue to dominate, but water infrastructure projects are making municipal utilities a key growth vertical.

By Region

• North America High concentration of tank farms, terminal upgrades, and replacement demand—especially in the U.S. Gulf Coast.

• Europe Strict emissions rules under the EU Industrial Emissions Directive are creating demand for vapor control and double-wall tanks.

• Asia Pacific Fastest growth due to refinery expansion in India and China, plus rising agricultural and wastewater infrastructure.

• Latin America Brazil and Mexico driving regional demand through ethanol storage and oil storage expansions.

• Middle East & Africa Large-scale desalination and crude storage in GCC countries, plus water resilience projects in Africa.

Scope Note: While these categories appear structural, purchasing decisions are increasingly digital. Operators want tanks that plug into SCADA, trigger alerts for corrosion, or can be scaled modularly across tank farms.

 

3. Market Trends and Innovation Landscape

The aboveground storage tanks market is evolving beyond steel shells and bolts. A new layer of innovation is being added—driven by regulation, asset safety, and the need for real-time visibility into stored fluid assets. Let’s break down what’s shaping this space.

Smart Tanks Are No Longer Optional

Embedded sensors and telemetry are fast becoming standard features, especially in industrial-grade ASTs. Operators now expect tanks to feed data into remote dashboards—reporting fill levels, detecting leaks, tracking pressure fluctuations, and even forecasting corrosion risk.

We’re seeing growth in IoT-integrated tanks , particularly in hazardous chemical storage, where downtime or leakage risks can trigger regulatory violations or safety incidents. Some platforms now include predictive maintenance algorithms , alerting plant managers before internal coatings degrade or structural stress becomes a risk.

In a recent pilot, a tank farm operator in Texas used machine learning to predict which tanks would require re-coating in the next 18 months—cutting unplanned service calls by over 30%.

Material Science Is Driving Efficiency Gains

The race isn’t just about size—it’s about survivability. New alloy blends and internal lining systems are improving resistance to extreme pH, heat, and UV exposure. For example:

• Epoxy-coated steel tanks are gaining traction in coastal environments where salt corrosion used to require frequent maintenance.

• Dual-layer FRP tanks are now replacing legacy metal tanks in wastewater treatment, especially where acidic byproducts were eroding internal welds.

There’s also interest in composite tanks that combine steel outer shells with polymer interiors—giving operators strength without full metal exposure to corrosive fluids.

Modular and Pre-Fabricated Units Are on the Rise

Speed of deployment is becoming a real competitive edge. Several tank manufacturers now offer modular aboveground tanks that can be shipped in segments, installed rapidly, and scaled as demand increases.

These systems are gaining traction in:

• Emergency water supply projects

• Remote mining operations

• Agricultural storage hubs that expand seasonally

It’s not just about tank capacity anymore. It’s about how fast the system can go live with minimal onsite welding or civil work.

Regulation Is Fueling Tank Redesign

Compliance frameworks are tightening. In the U.S., the EPA’s SPCC (Spill Prevention, Control, and Countermeasure) rules have made secondary containment and leak detection non-negotiable. In Europe, emissions rules are pushing retrofits toward vapor-tight floating roofs.

These demands are pushing OEMs to integrate more compliance-first features:

• Double-bottom detection systems

• Seismic anchoring in earthquake zones

• Fire-resistant coatings for hydrocarbon storage

Partnerships Are Driving Customization

Tank manufacturers are no longer acting alone. Several now partner with software vendors , inspection robotics startups , and even AI-based corrosion mapping platforms to offer full asset lifecycle services.

This trend is especially visible in industries with complex compliance needs—like refineries, where tanks must be constantly monitored and recertified.

Bottom line: ASTs are no longer just containers. They're becoming active nodes in the industrial information chain—instrumented, modular, and deeply integrated with both environmental and operational systems.

 

4. Competitive Intelligence and Benchmarking

This market may look mature from the outside, but the real competition lies in how well vendors balance durability, compliance, customization, and service. The leaders here aren’t just selling tanks—they’re selling reliability, integration, and response speed. Let’s walk through the key players and what makes them stand out.

CST Industries A long-established name, CST is known for factory-coated bolted and welded tanks , particularly in the water and wastewater segment. They have a global footprint, strong OEM control, and are often chosen for municipal projects requiring long-term corrosion resistance.

CST's edge lies in modular construction speed and their proprietary coating systems that reduce downtime for tank maintenance. They also offer dome roofs and geodesic covers—ideal for odor control and vapor management.

Tarsco (a TF Warren Company) A major player in oil and gas storage, Tarsco designs custom API 650-compliant tanks for petrochemical, refinery, and midstream operators. They also provide full engineering, procurement, and construction (EPC) services, which sets them apart in turnkey projects.

What makes Tarsco notable is their emphasis on project lifecycle —from design to inspection. Their structural and civil engineering teams integrate seismic, wind, and soil considerations into each tank spec.

Highland Tank Highland specializes in both aboveground and underground tanks, with a reputation for UL-142 and F921 certified tanks . They're particularly strong in the commercial fuel and chemical segments.

Their vertical integration and quick-turn manufacturing model makes them a solid choice for time-sensitive industrial upgrades. Highland is also expanding its SmartTank line that includes remote telemetry for fluid level and temperature monitoring.

ZCL | Xerxes (now part of Shawcor ) This group leads in FRP tank manufacturing , especially for chemical and fuel containment. Xerxes tanks are popular in corrosive fluid environments—like wastewater treatment or fertilizer storage—where traditional metal tanks degrade quickly.

As part of Shawcor , ZCL has access to advanced composite R&D . They're investing in tank integrity sensors and multi-compartment designs that simplify multi-fluid storage in tight spaces.

Fox Tank Company A mid-sized player specializing in welded steel tanks for oilfield services. Their tanks are designed for rugged, mobile deployment in shale and exploration basins. Fox is known for quick turnarounds and strong customization capacity.

They’re often the preferred supplier for E&P contractors in Texas and Oklahoma who need quick-install brine or crude holding tanks.

DN Tanks Focused on pre-stressed concrete tanks , DN Tanks is dominant in high-capacity municipal and utility storage. Their tanks are built for 50– 100 year service lives, often for potable water or fire suppression systems.

They don’t compete on volume but on long-term durability and seismic compliance. Their value proposition is low maintenance + high integrity.

Competitive Snapshot:

• Steel tank leaders : CST, Tarsco , Highland

• FRP specialists : Xerxes, ZCL

• Concrete giants : DN Tanks

• Field-speed customizers : Fox Tank Company

While many claim to offer turnkey solutions, the real differentiators are lifecycle services, compliance support, and digital integration.

This isn’t just a build-and-sell market—it’s a relationship-driven ecosystem where repeat clients depend on post-installation reliability and fast inspections.

 

5. Regional Landscape and Adoption Outlook

Aboveground storage tank adoption isn’t just shaped by industry—it’s heavily influenced by geography. Regulations, land use policies, fluid demand, and infrastructure development all play a role in determining how and where these tanks are deployed. Here's how it breaks down across regions.

North America

This is still the most mature and heavily regulated AST market. The U.S. Environmental Protection Agency (EPA) mandates strict standards under SPCC (Spill Prevention, Control, and Countermeasure) rules, while states like California have additional emissions and vapor control protocols.

• Oil & Gas : The Gulf Coast—especially Texas and Louisiana—remains the largest cluster of aboveground tanks for crude and refined products. Midstream operators are upgrading tank farms with double-bottom leak detection and vapor recovery systems.

• Municipal Water : Infrastructure funding under the U.S. Infrastructure Investment and Jobs Act (IIJA) is spurring a wave of water storage tank builds across cities and suburban utilities.

• Digitization Push : U.S.-based operators lead in smart tank deployments—real-time sensors, telemetry integration, and predictive analytics are now baseline expectations for refineries and utilities.

Canada, particularly Alberta, follows similar standards with added focus on winterization and secondary containment due to environmental sensitivity.

Europe

Europe’s AST market is regulation-first. The Industrial Emissions Directive (IED) and country-level fire and chemical safety codes have led to widespread tank retrofits over the past decade.

• Energy Storage Transition : As Europe moves toward renewables, tanks are being used to store ethanol, biofuels, and process water. Some operators are converting hydrocarbon tanks to store non-volatile fluids in line with decarbonization goals.

• Eastern Europe : Countries like Poland, Romania, and Hungary are scaling up industrial tank installations to meet EU standards. There’s still a backlog of non-compliant tanks being phased out.

• Urban Constraints : Space is tighter in Western Europe, so compact and vertical tank designs are common, especially in water utilities and food processing.

Asia Pacific

This is the fastest-growing region by volume. Two key drivers: industrialization and population-driven infrastructure .

• China and India : Large-scale tank farms are being constructed to support petrochemical hubs, new refineries, and municipal wastewater systems. Government-led infrastructure rollouts are favoring aboveground systems for lower upfront costs and easier inspection.

• Southeast Asia : Countries like Vietnam, Indonesia, and the Philippines are investing in agricultural and chemical tank storage to support exports and domestic processing capacity.

• Japan and South Korea : These markets focus on high-tech integration. Seismic tank anchoring, leak detection, and vapor recovery are standard features due to dense population and disaster risks.

Asia-Pacific will likely overtake North America in tank volume by 2027—but it’ll be split between high-spec tanks in developed markets and basic steel units in fast-industrializing zones.

Latin America

Brazil and Mexico lead regional demand, driven by:

• Bioethanol and sugarcane byproduct storage

• Oil blending and refining in PEMEX and Petrobras-owned facilities

• Water conservation and urban storage programs

However, many tanks in this region are aging and require retrofits to meet international compliance. Some countries still lack strict inspection intervals or tank certification mandates.

Middle East & Africa (MEA)

Here, the priorities split between scale and accessibility :

• GCC countries (Saudi Arabia, UAE, Kuwait) are investing in strategic crude oil storage , firefighting water tanks, and desalinated water holding tanks. Mega-projects like NEOM in Saudi Arabia involve hundreds of ASTs with seismic resilience and IoT control.

• Sub-Saharan Africa is using modular steel and FRP tanks to support growing rural access to potable water and fertilizer distribution.

Due to funding gaps, most ASTs in Africa are built using aid-backed engineering specs or lower-cost vendor packages.

Summary Regional Dynamics:

• North America & Europe : Innovation and compliance are the focus.

• Asia Pacific : Volume and speed of deployment define growth.

• LAMEA : Storage gaps and upgrade demand create retrofit and modular tank opportunities.

In short, aboveground tanks are a global essential—but how they're built, managed, and maintained depends entirely on the region’s industrial profile and regulatory maturity.

 

6. End-User Dynamics and Use Case

End users in the aboveground storage tank market don’t just differ by industry—they differ by what they expect from their tanks. Some want capacity. Others want compliance. And some just want something that won’t leak and will last 20 years. Let’s break down how different stakeholders are using ASTs—and what’s driving their decisions.

Oil & Gas Operators

These are still the heavyweight users—accounting for the largest share of tank installations globally. ASTs here are used across the value chain:

• Upstream : Temporary crude storage near well sites

• Midstream : Centralized tank farms for blending, transfer, and export

• Downstream : Refined product storage at terminals or distribution depots

Requirements are strict: tanks must comply with API 650 , support high throughput turnover, and integrate vapor recovery and fire suppression systems . Large operators often insist on digital SCADA integration to monitor tank levels, temperature, and structural stress remotely.

Smaller producers and contract operators in shale fields prefer modular steel tanks that can be installed, moved, and decommissioned quickly without heavy civil works.

Municipal Water Utilities

ASTs in this segment store treated water , firefighting reserves , or wastewater . These tanks often range from 50,000 to 3 million gallons , with a focus on:

• Long life cycles (20+ years)

• Minimal maintenance

• Compliance with NSF or AWWA standards

Some municipalities now include remote tank monitoring in procurement specs, allowing public works teams to check tank levels, water quality, or detect infiltration remotely.

Chemical Manufacturers

Here, it’s all about compatibility. End users are storing acids, solvents, and reactive fluids. Their biggest concern is corrosion resistance , followed by spill containment and operator safety .

FRP tanks and lined carbon steel tanks dominate this sector. Many facilities use double-wall designs or build tanks inside containment berms to meet chemical safety codes. Sensors for pH, fluid pressure, and leakage are standard in high-risk zones.

Agribusiness and Fertilizer Distributors

In large-scale farms and agrochemical depots, ASTs are increasingly replacing underground tanks. The reasons?

• Easier inspection

• Lower risk of soil contamination

• Faster setup

Fertilizer co-ops and grain cooperatives often deploy vertical FRP or epoxy-lined steel tanks for urea, ammonium nitrate, or diesel fuel. Some even add weather shields and telemetry so operators can check tank fill levels across multiple farms.

Food and Beverage Processors

This is a smaller but growing niche. Tanks here are used for:

• Edible oils

• Syrups and sweeteners

• Potable water and brine

These end users demand stainless steel ASTs that are easy to clean and compliant with FDA or EU food safety codes . They also want fast installation and temperature control—especially for warm-climate facilities where heat can degrade product quality.

Use Case Spotlight

A municipal water authority in Arizona was facing inconsistent water pressure in high-demand neighborhoods . The solution? Install two 2-million-gallon epoxy-coated steel ASTs at elevated points in the system, replacing an aging underground network.

Each tank came with solar-powered sensors, telemetry units, and auto-alerts for water level drops. Within six months:

• Pressure complaints dropped by 85%

• Maintenance hours declined 30%

• The utility avoided an estimated $1.2M in excavation and roadwork costs

It wasn’t just about storing water—it was about delivering it smarter, safer, and with fewer surprises.

Bottom line: AST adoption varies not just by fluid type, but by what each user wants from their storage. And the winning solutions are those that deliver durability, compliance, and data—all without overcomplicating things for the operator.

 

7. Recent Developments + Opportunities & Restraints

The aboveground storage tanks market might seem like a mature industry—but a lot has happened over the past two years. Between tech upgrades, regulatory pressures, and demand from unconventional end users, the market is evolving in subtle but important ways.

Recent Developments (Last 2 Years)

1. CST Industries launched its modular dome-tank integration platform in 2023 This system allows geodesic domes to be retrofitted on existing tanks used in ethanol and water treatment, improving vapor containment and compliance in aging infrastructure.

2. Shawcor (parent of ZCL | Xerxes) announced its AI-enhanced FRP design toolkit This platform uses historical tank failure data to model optimal resin combinations based on chemical type and site temperature, improving life expectancy in corrosive storage environments.

3. Tarsco partnered with a digital monitoring startup in 2024 The collaboration aims to embed corrosion sensors and temperature analytics directly into welded steel tanks for remote refinery deployments. This tech is now being trialed across several terminals in the Gulf Coast.

4. A Saudi infrastructure project awarded DN Tanks a 10-year water tank contract In 2023, DN Tanks secured a multibillion- liter potable water storage deal in NEOM—a project that will include AI-assisted inspection drones and remote leak diagnostics in concrete ASTs.

5. Fox Tank Company expanded its Oklahoma facility The company added rapid-coating booths in early 2024 to meet surging demand for mobile steel tanks in shale operations. They’re now able to deliver finished tanks within 10 business days.

Opportunities

1. Smart Tank Ecosystems for Remote Monitoring As fluid assets become more valuable—and environmental scrutiny rises—operators are shifting toward sensor-equipped tanks that integrate with cloud platforms. This opens up recurring revenue streams for vendors offering software + service bundles.

2. Retrofitting and Compliance Upgrades In North America and Europe, tens of thousands of tanks built before 2000 still lack modern vapor recovery or leak detection. These are ripe for retrofit projects driven by EPA, EU, and local mandates.

3. Emerging Market Industrialization Countries like Vietnam, Morocco, and Peru are building out storage infrastructure for industrial parks, water supply, and agriculture. Modular, pre-coated steel and FRP tanks offer a fast way to meet demand without major capital investment in civil infrastructure.

Restraints

1. High Upfront Cost for Digitally-Enabled Tanks Smart sensors, cloud integration, and corrosion analytics can raise per-unit cost by 20–30% over legacy models. Many smaller operators—especially in agriculture and rural water—can’t justify that spend without subsidies or long-term service contracts.

2. Skilled Labor and Inspection Delays Tank installation and maintenance depend on certified welders, coatings inspectors, and safety engineers. In some regions, there’s a shortage of qualified professionals, leading to delays in commissioning or compliance reporting.

To be honest, the industry isn’t struggling to sell tanks—it’s struggling to modernize tank infrastructure fast enough to keep up with digital expectations and safety mandates.

 

7.1. Report Coverage Table

Report Attribute	Details
Forecast Period	2024 – 2030
Market Size Value in 2024	USD 7.1 Billion
Revenue Forecast in 2030	USD 9.4 Billion
Overall Growth Rate	CAGR of 4.8% (2024 – 2030)
Base Year for Estimation	2023
Historical Data	2017 – 2021
Unit	USD Million, CAGR (2024 – 2030)
Segmentation	By Material, Tank Type, End Use Industry, Geography
By Material	Steel, Fiberglass Reinforced Plastic (FRP), Concrete
By Tank Type	Fixed Roof, Floating Roof, Domed/Geodesic
By End Use Industry	Oil & Gas, Water & Wastewater, Chemicals, Agriculture, Food & Beverage
By Region	North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Country Scope	U.S., Canada, Germany, China, India, Saudi Arabia, Brazil, etc.
Market Drivers	- Push for infrastructure upgrades and compliance - Surge in fluid demand across industries - Rise of smart tank ecosystems
Customization Option	Available upon request