Global AST (Above Ground Storage Tank) Market by Type (Fixed Roof, Floating Roof, Lift Roof), By Application (Oil & Gas, Chemical, Water & Wastewater), By Material (Steel, Polyethylene, Fiberglass), By Geographic Scope and Forecast
Report ID: 264201|No. of Pages: 202
Global AST (Above Ground Storage Tank) Market by Type (Fixed Roof, Floating Roof, Lift Roof), By Application (Oil & Gas, Chemical, Water & Wastewater), By Material (Steel, Polyethylene, Fiberglass), By Geographic Scope and Forecast
AST (Above Ground Storage Tank) Market Size And Forecast
AST (Above Ground Storage Tank) Market was valued at USD 7.83 Billion in 2024 and is projected to reach USD 11.08 Billion by 2031 growing at a CAGR of 3.94% from 2024 to 2031.
- Above Ground Storage Tanks (ASTs) are large-scale containers designed for storing various liquids and materials at atmospheric pressure. These tanks are essential infrastructure components across industries, particularly in oil & gas, chemical and water treatment sectors. Their above-ground installation allows for easier maintenance, inspection and leak detection compared to underground alternatives.
- The AST market serves diverse industrial sectors, including petroleum companies, chemical manufacturers, municipal water authorities and food & beverage processors. These tanks provide crucial storage solutions for raw materials, finished products and process intermediates. Their versatility in design and material options makes them suitable for storing everything from crude oil to potable water.
- The future of ASTs is influenced by increasing industrial activities, stringent safety regulations and growing environmental concerns. Organizations are increasingly investing in advanced tank technologies featuring improved safety features, corrosion resistance and monitoring systems. Modern ASTs incorporate sophisticated leak detection systems, advanced coating technologies and automated monitoring capabilities to ensure safe and efficient storage operations.
Global AST (Above Ground Storage Tank) Market Dynamics
The key market dynamics that are shaping the global AST (above ground storage tank) market include:
Key Market Drivers:
- Industrial Expansion: The continuous growth of industrial sectors, particularly in emerging economies, drives demand for storage infrastructure. This expansion creates consistent demand for new storage capacity, especially in chemical processing, oil refining and manufacturing sectors. ASTs provide scalable storage solutions essential for industrial growth and operational efficiency.
- Safety Regulations: Increasingly stringent safety and environmental regulations worldwide are driving investments in modern AST systems. These regulations mandate regular inspections, secondary containment and advanced monitoring systems, promoting the adoption of newer, compliant tank designs. This regulatory environment encourages the replacement of older tanks with modern, safer alternatives.
- Energy Sector Growth: The expanding energy sector, including oil, gas and renewable fuels, requires substantial storage capacity. This growth drives demand for specialized ASTs designed for different fuel types and operating conditions. The energy transition also creates demand for tanks capable of storing alternative fuels and biochemicals.
- Infrastructure Modernization: Aging storage infrastructure in developed regions necessitates replacement and upgrades. This modernization trend drives demand for advanced ASTs with improved safety features and monitoring capabilities. The integration of digital technologies enhances tank management and operational efficiency.
Key Challenges:
- High Initial Costs: The substantial capital investment required for large-scale AST installations can limit market growth. These costs include not only the tank itself but also foundation preparation, safety systems and regulatory compliance measures. The long-term nature of these investments can challenge budget-constrained organizations.
- Environmental Concerns: Growing environmental awareness and stricter regulations regarding potential leaks and emissions pose challenges. Manufacturers must continuously improve designs to minimize environmental risks and ensure compliance with evolving standards. The cost of environmental protection measures adds to overall project expenses.
- Land Requirements: The significant space requirements for AST installations can be challenging in densely populated areas. Finding suitable locations that meet safety distance requirements and local zoning regulations can be difficult. This spatial constraint often influences storage capacity decisions and project feasibility.
- Maintenance Complexity: Regular maintenance and inspection requirements for ASTs can be complex and costly. Ensuring proper maintenance while maintaining operational continuity requires careful planning and expertise. The need for specialized skills and equipment adds to operational costs.
Key Trends:
- Smart Monitoring Systems: Integration of IoT sensors and automated monitoring systems is revolutionizing AST management. These technologies enable real-time monitoring of tank conditions, leak detection and inventory management. Advanced analytics help predict maintenance needs and optimize storage operations.
- Sustainable Materials: Growing adoption of corrosion-resistant and environmentally friendly materials in tank construction. Advanced coating technologies and composite materials extend tank lifespan and reduce maintenance requirements. These materials also help meet increasingly stringent environmental regulations.
- Modular Designs: Increased popularity of modular and prefabrichttps://docs.google.com/spreadsheets/d/1flzGBxRZr57zpQvAtCke7KuFg7MTkoe9SFXBYPsETr8/edit#gid=183325442ated tank systems that offer faster installation and flexibility. These designs reduce on-site construction time and costs while maintaining high quality standards. Modular approaches also facilitate capacity expansion and relocation when needed.
- Safety Innovations: Development of advanced safety features including improved venting systems, better containment solutions and enhanced fire protection. Integration of automated safety systems reduces risks and improves emergency response capabilities. Modern designs emphasize both prevention and mitigation of potential incidents.
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Global AST (Above Ground Storage Tank) Market Regional Analysis
Here is a more detailed regional analysis of the global AST (above ground storage tank ) market:
North America:
- According to Verified Market Research, North America is expected to dominate the Global AST (above ground storage) tank
- The region maintains the largest market share due to extensive oil & gas infrastructure, strict safety regulations and ongoing industrial development.
- The United States and Canada are major contributors to market growth, driven by energy sector expansion and infrastructure modernization needs.
- The region’s focus on environmental protection and safety compliance drives adoption of advanced tank technologies.
- Significant investments in chemical and petrochemical sectors further boost market growth.
Asia-Pacific:
- According to Verified Market Research, Asia-Pacific is the fastest growing region in Global AST (above ground storage Tank) market.
- Rapid industrialization in countries like China, India and Southeast Asian nations drives market growth.
- The region’s expanding manufacturing sector and increasing energy demand create substantial storage requirements.
- Government initiatives supporting industrial development contribute to market expansion.
- Growing environmental awareness is promoting adoption of safer storage solutions.
Global AST (Above Ground Storage Tank) Market: Segmentation Analysis
The Global AST (Above Ground Storage Tank) Market is segmented on the basis of Type, Application, Material, and Geography.
AST (Above Ground Storage Tank) Market, By Type
- Fixed Roof
- Floating Roof
- Lift Roof
Based on Type, the Global AST Market is divided into Fixed Roof, Floating Roof and Lift Roof segments. The Fixed Roof segment currently dominates the market due to its cost-effectiveness, simpler design and suitability for a wide range of applications. These tanks offer reliable storage solutions for various products while maintaining competitive installation and maintenance costs. The Floating Roof segment is expected to show the highest growth during the forecast period, driven by increasing environmental regulations and the need to minimize emissions, particularly in oil and gas applications.
AST (Above Ground Storage Tank) Market, By Application
- Oil & Gas
- Chemical
- Water & Wastewater
- Food & Beverage
Based on Application, The Global AST (Aboveground Storage Tank) Market is segmented into Oil & Gas, Chemical, Water & Wastewater and Food & Beverage. The Oil & Gas segment currently leads, driven by high storage demands in the petroleum industry and energy sector expansion. Meanwhile, the Chemical segment is anticipated to grow the fastest due to rising chemical production capacities and the demand for specialized storage solutions adhering to stringent safety regulations. This growth reflects the industry’s need to manage hazardous materials effectively while meeting regulatory standards.
AST (Above Ground Storage Tank) Market, By Material
- Steel
- Polyethylene
- Fiberglass
Based on Material, The Global AST (Aboveground Storage Tank) Market is categorized by material into Steel, Polyethylene and Fiberglass. The Steel segment leads, due to its durability, strength and established industry usage. However, the Fiberglass segment is projected to witness the fastest growth due to its excellent corrosion resistance, reduced maintenance needs and rising popularity in chemical and water treatment sectors. Additionally, fiberglass’s lightweight nature and flexibility make it an increasingly preferred choice for specialized storage applications, especially where safety and longevity are critical in challenging environmental conditions.
AST (Above Ground Storage Tank) Market, By Geography
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
Based on Geography, the Global AST (Aboveground Storage Tank) Market is segmented by geography into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. North America currently leads, benefiting from a strong industrial infrastructure, stringent regulatory requirements and continuous investments in storage facilities. Meanwhile, Asia-Pacific exhibits the highest growth potential due to fast-paced industrialization, rising energy consumption and expanding manufacturing sectors. This region’s dynamic economic growth, coupled with ongoing infrastructure development, positions it as a significant driver of AST demand in the coming years.
Key Players
The Global AST (Above Ground Storage Tank) Market study report will provide valuable insight with an emphasis on the global market. The major players in the AST Market include McDermott International, Inc., CST Industries, Inc., Containment Solutions, Inc., Tank Connection, Highland Tank & Manufacturing Company, Inc., Synalloy Corporation, Superior Tank Co., Inc., L.F. Manufacturing, Inc., Snyder Industries and ZCL Composites Inc.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above- mentioned players globally.
AST (Above Ground Storage Tank) Market Recent Developments
- In February 2024, CST Industries, Inc. launched a new line of advanced coating systems for ASTs, featuring improved corrosion resistance and extended service life.
- In March 2024, McDermott International, Inc. announced a strategic initiative to expand its AST manufacturing capabilities, focusing on large-scale storage solutions for the energy transition market.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Base Year | 2024 |
| Forecast Period | 2024-2031 |
| Historical Period | 2021-2023 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | McDermott International, Inc., CST Industries, Inc., Containment Solutions, Inc., Tank Connection, Highland Tank & Manufacturing Company, Inc., Synalloy Corporation, Superior Tank Co., Inc., L.F. Manufacturing, Inc., Snyder Industries and ZCL Composites Inc. |
| Segments Covered | By Type, By Application, By Material, and By Geography. |
| Customization Scope | Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Research Methodology of Verified Market Research:
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
Customization of the Report
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Frequently Asked Questions
1 INTRODUCTION OF GLOBAL AST (ABOVE GROUND STORAGE TANK) MARKET
1.1 Overview of the Market
1.2 Scope of Report
1.3 Assumptions
2 EXECUTIVE SUMMARY
3 RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH
3.1 Data Mining
3.2 Validation
3.3 Primary Interviews
3.4 List of Data Sources
4 GLOBAL AST (ABOVE GROUND STORAGE ) MARKET OUTLOOK
4.1 Overview
4.2 Market Dynamics
4.2.1 Drivers
4.2.2 Restraints
4.2.3 Opportunities
4.3 Porters Five Force Model
4.4 Value Chain Analysis
5 GLOBAL AST (ABOVE GROUND STORAGE TANK) MARKET, BY TYPE
5.1 Overview
5.2 Metal Fuel Tanks
5.3 High-Density Polyethylene Plastic Tanks (HPDE)
5.4 Bladder Tanks
5.5 Others
6 GLOBAL AST (ABOVE GROUND STORAGE TANK) MARKET, BY APPLICATION
6.1 Overview
6.2 Oil and Gas
6.3 Chemicals
6.4 Others
7 GLOBAL AST (ABOVE GROUND STORAGE TANK) MARKET, BY GEOGRAPHY
7.1 Overview
7.2 North America
7.2.1 U.S.
7.2.2 Canada
7.2.3 Mexico
7.3 Europe
7.3.1 Germany
7.3.2 U.K.
7.3.3 France
7.3.4 Rest of Europe
7.4 Asia Pacific
7.4.1 China
7.4.2 Japan
7.4.3 India
7.4.4 Rest of Asia Pacific
7.5 Rest of the World
7.5.1 Latin America
7.5.2 Middle East and Africa
8 GLOBAL AST (ABOVE GROUND STORAGE TANK) MARKET COMPETITIVE LANDSCAPE
8.1 Overview
8.2 Company Market Ranking
8.3 Key Development Strategies
9 COMPANY PROFILES
9.1 CST Industries
9.1.1 Overview
9.1.2 Financial Performance
9.1.3 Product Outlook
9.1.4 Key Developments
9.2 McDermott
9.2.1 Overview
9.2.2 Financial Performance
9.2.3 Product Outlook
9.2.4 Key Developments
9.3 Toyo Kanetsu
9.3.1 Overview
9.3.2 Financial Performance
9.3.3 Product Outlook
9.3.4 Key Developments
9.4 ISHII IRON WORKS
9.4.1 Overview
9.4.2 Financial Performance
9.4.3 Product Outlook
9.4.4 Key Developments
9.5 PermianLide
9.5.1 Overview
9.5.2 Financial Performance
9.5.3 Product Outlook
9.5.4 Key Developments
9.6 Motherwell Bridge
9.6.1 Overview
9.6.2 Financial Performance
9.6.3 Product Outlook
9.6.4 Key Developments
9.7 Fox Tank
9.7.1 Overview
9.7.2 Financial Performance
9.7.3 Product Outlook
9.7.4 Key Developments
9.8 Polymaster
9.8.1 Overview
9.8.2 Financial Performance
9.8.3 Product Outlook
9.8.4 Key Developments
9.9 Highland Tank
9.9.1 Overview
9.9.2 Financial Performance
9.9.3 Product Outlook
9.9.4 Key Developments
9.10 MEKRO
9.10.1 Overview
9.10.2 Financial Performance
9.10.3 Product Outlook
9.10.4 Key Developments
10 KEY DEVELOPMENTS
10.1 Product Launches/Developments
10.2 Mergers and Acquisitions
10.3 Business Expansions
10.4 Partnerships and Collaborations
11 Appendix
11.1 Related Research
Report Research Methodology
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Exploratory data mining
Market is filled with data. All the data is collected in raw format that undergoes a strict filtering system to ensure that only the required data is left behind. The leftover data is properly validated and its authenticity (of source) is checked before using it further. We also collect and mix the data from our previous market research reports.
All the previous reports are stored in our large in-house data repository. Also, the experts gather reliable information from the paid databases.
For understanding the entire market landscape, we need to get details about the past and ongoing trends also. To achieve this, we collect data from different members of the market (distributors and suppliers) along with government websites.
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Data Collection Matrix
| Perspective | Primary Research | Secondary Research |
|---|---|---|
| Supplier side |
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| Demand side |
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Econometrics and data visualization model
Our analysts offer market evaluations and forecasts using the industry-first simulation models. They utilize the BI-enabled dashboard to deliver real-time market statistics. With the help of embedded analytics, the clients can get details associated with brand analysis. They can also use the online reporting software to understand the different key performance indicators.
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The collected data includes market dynamics, technology landscape, application development and pricing trends. All of this is fed to the research model which then churns out the relevant data for market study.
Our market research experts offer both short-term (econometric models) and long-term analysis (technology market model) of the market in the same report. This way, the clients can achieve all their goals along with jumping on the emerging opportunities. Technological advancements, new product launches and money flow of the market is compared in different cases to showcase their impacts over the forecasted period.
Analysts use correlation, regression and time series analysis to deliver reliable business insights. Our experienced team of professionals diffuse the technology landscape, regulatory frameworks, economic outlook and business principles to share the details of external factors on the market under investigation.
Different demographics are analyzed individually to give appropriate details about the market. After this, all the region-wise data is joined together to serve the clients with glo-cal perspective. We ensure that all the data is accurate and all the actionable recommendations can be achieved in record time. We work with our clients in every step of the work, from exploring the market to implementing business plans. We largely focus on the following parameters for forecasting about the market under lens:
- Market drivers and restraints, along with their current and expected impact
- Raw material scenario and supply v/s price trends
- Regulatory scenario and expected developments
- Current capacity and expected capacity additions up to 2027
We assign different weights to the above parameters. This way, we are empowered to quantify their impact on the market’s momentum. Further, it helps us in delivering the evidence related to market growth rates.
Primary validation
The last step of the report making revolves around forecasting of the market. Exhaustive interviews of the industry experts and decision makers of the esteemed organizations are taken to validate the findings of our experts.
The assumptions that are made to obtain the statistics and data elements are cross-checked by interviewing managers over F2F discussions as well as over phone calls.
Different members of the market’s value chain such as suppliers, distributors, vendors and end consumers are also approached to deliver an unbiased market picture. All the interviews are conducted across the globe. There is no language barrier due to our experienced and multi-lingual team of professionals. Interviews have the capability to offer critical insights about the market. Current business scenarios and future market expectations escalate the quality of our five-star rated market research reports. Our highly trained team use the primary research with Key Industry Participants (KIPs) for validating the market forecasts:
- Established market players
- Raw data suppliers
- Network participants such as distributors
- End consumers
The aims of doing primary research are:
- Verifying the collected data in terms of accuracy and reliability.
- To understand the ongoing market trends and to foresee the future market growth patterns.
Industry Analysis Matrix
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