Market Size of North America Oil and Gas Storage Tank Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Oil & Gas Storage Tank Market Analysis
The North American oil and gas storage tank market is expected to register a CAGR of around 3.5% during the forecast period. The COVID-19 pandemic adversely affected the North American oil and gas storage tank market due to the crash in demand for oil in 2020, leading to lower production of crude. Over the short term, the market studied is forecasted to bloom due to growing oil production in the region and demand for cryogenic storage tanks for LNG storage.
On the other hand, the environmental and safety issues associated with the storage tanks are expected to restrain the growth of the market studied during the forecast period. Nevertheless, the entry of new players in the North American oil and gas storage tank industry creates golden opportunities for the development of the market studied. For example, very recently, Shawcor completed the acquisition of ZCL Composites Inc., the North American fiberglass underground storage tank manufacturer for fuels, water, oil and gas products, etc. The United States is expected to dominate the market during the forecast period due to the advancements in the LNG storage market.
North America Oil & Gas Storage Tank Industry Segmentation
Oil and gas storage tanks are used for the storage of crude oil, petroleum products, and LNG. The North American oil and gas storage tank market is segmented by product, material, and geography. The product type is segmented into crude oil, LNG, diesel, gasoline, kerosene, liquefied petroleum gas (LPG), and other products. The material type is segmented into steel, carbon steel, and fiberglass-reinforced plastic. By geography, the market is segmented into the United States, Canada, and Mexico. For each segment, the market sizes and forecasts have been done based on petroleum storage capacity (barrels).
| Product | |
| Crude Oil | |
| Liquefied Natural Gas (LNG) | |
| Diesel | |
| Gasoline | |
| Kerosene | |
| Liquefied Petroleum Gas (LPG) | |
| Other Products |
| Material | |
| Steel | |
| Carbon Steel | |
| Fiberglass-reinforced Plastic |
| Geography | |
| United States | |
| Canada | |
| Mexico |
North America Oil and Gas Storage Tank Market Size Summary
The North American oil and gas storage tank market is poised for growth, driven by increasing oil production and the rising demand for cryogenic storage tanks for LNG. Despite the initial setbacks caused by the COVID-19 pandemic, which led to a decline in oil demand and production, the market is expected to recover and expand. The United States is anticipated to lead the market, bolstered by advancements in LNG storage and a robust pipeline of LNG projects. The region's focus on exporting LNG has spurred the development of new storage facilities, with significant projects underway in the United States, Canada, and Mexico. These developments are expected to enhance the market's growth trajectory, although environmental and safety concerns may pose challenges.
The market landscape is characterized by fragmentation, with key players such as Mcdermott International Ltd, Shawcor, Matrix NAC, Manchester Tank, and Hassco Industries actively participating. Recent strategic moves, like Shawcor's acquisition of ZCL Composites Inc., highlight the dynamic nature of the industry, offering new opportunities for market expansion. The United States, in particular, is set to maintain a dominant position due to its leading role in crude oil production and the ongoing development of LNG export terminals. Projects like the Rio Grande LNG and others are expected to significantly boost the country's LNG export capacity, further solidifying its leadership in the North American oil and gas storage tank market.
North America Oil and Gas Storage Tank Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Product
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2.1.1 Crude Oil
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2.1.2 Liquefied Natural Gas (LNG)
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2.1.3 Diesel
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2.1.4 Gasoline
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2.1.5 Kerosene
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2.1.6 Liquefied Petroleum Gas (LPG)
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2.1.7 Other Products
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2.2 Material
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2.2.1 Steel
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2.2.2 Carbon Steel
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2.2.3 Fiberglass-reinforced Plastic
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2.3 Geography
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2.3.1 United States
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2.3.2 Canada
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2.3.3 Mexico
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North America Oil and Gas Storage Tank Market Size FAQs
What is the current North America Oil and Gas Storage Tank Market size?
The North America Oil and Gas Storage Tank Market is projected to register a CAGR of greater than 3.5% during the forecast period (2024-2029)
Who are the key players in North America Oil and Gas Storage Tank Market?
Mcdermott International Ltd., Shawcor, Matrix NAC, Manchester Tank and Hassco Industries are the major companies operating in the North America Oil and Gas Storage Tank Market.
