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 |
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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.
