The global fuel storage tank market is forecasted to grow from USD 16.02 billion in 2025 to USD 24.22 billion by 2035, reflecting a CAGR of 4.7%. The growth of the market is driven by the increasing global demand for energy storage solutions in the oil, gas, and industrial sectors.
As fuel storage tanks are vital for storing petroleum, natural gas, and other energy sources, the market is benefiting from the expanding energy infrastructure and the increasing need for reliable fuel storage systems worldwide. Fuel storage tanks are essential for ensuring energy security, optimizing distribution networks, and maintaining a steady supply of energy resources to meet both industrial and consumer demand.
Several recent strategic developments in the market highlight the growing investment and expansion in fuel storage infrastructure. In October 2024, Enterprise Products Partners, based in the USA, opened a new fuel terminal in Utah with a storage capacity of 400,000 barrels for gasoline and diesel.
| Attribute | Value |
|---|---|
| Market Size in 2025 | USD 16.02 Billion |
| Market Size in 2035 | USD 24.22 Billion |
| CAGR (2025 to 2035) | 4.7% |
This facility is designed to serve the eastern Utah and western Colorado markets, addressing regional fuel storage needs and enhancing distribution capacity. Meanwhile, in April 2025, JERA and Saibu Gas, based in Japan, announced plans to expand the Hibiki LNG Terminal by constructing a third LNG storage tank with a capacity of 230,000 kilolitres.
This expansion, scheduled to be operational by 2029, aims to enhance fuel logistics and support the integration of renewable energy sources, reflecting a broader trend of increasing investments in energy infrastructure to meet both demand and environmental objectives. Furthermore, in March 2025, VARO Energy, a European energy company, reached an agreement to acquire Preem Holding AB, Sweden's largest fuel company.
Technological advancements in fuel storage tank design and construction are also contributing to the market’s growth. Innovations such as the development of corrosion-resistant materials, improved tank monitoring systems, and automation in tank management are enhancing the efficiency, safety, and environmental sustainability of fuel storage tanks.
Additionally, the growing emphasis on environmental protection and regulations related to hazardous material storage is driving the adoption of more advanced and secure storage solutions. These innovations, combined with the growing global demand for energy and the expansion of infrastructure in key regions, are expected to support the continued growth of the fuel storage tank market throughout the forecast period.
The fuel storage tank market is expected to see steady growth, driven by key segments such as above-ground fuel storage tanks and the oil & gas industry. Above-ground tanks are projected to dominate the tank type segment, while the oil & gas sector will continue to be the leading end-use application. These segments are anticipated to shape the future of the market.
Above-ground fuel storage tanks are expected to capture 55% of the market share in 2025. These tanks are preferred for their accessibility, ease of maintenance, and safety features. Above-ground tanks are commonly used in residential, commercial, and industrial settings to store fuel for heating, transportation, and other energy needs.
Companies such as CST Industries, Containment Solutions, and McDermott have been leading the production and design of above-ground storage tanks, offering a range of solutions for various fuel types, including gasoline, diesel, and oil. The growing demand for renewable energy and the need to store alternative fuels are contributing to the increased use of above-ground tanks.
Their ability to be installed in accessible locations and equipped with various safety mechanisms such as leak detection systems and fire prevention measures make them a popular choice for fuel storage. As environmental regulations become stricter, the demand for above-ground fuel storage tanks is expected to remain strong due to their cost-effectiveness and regulatory compliance.
The oil & gas sector is expected to account for 40% of the fuel storage tank market share by 2025. This sector is the largest consumer of fuel storage tanks, as the storage of crude oil, refined petroleum products, and natural gas requires large-scale and secure containment systems. Key players such as Shell, ExxonMobil, and BP are major consumers of fuel storage tanks, utilizing them for the storage of various hydrocarbons across their global operations.
The demand for fuel storage tanks in the oil & gas sector is driven by the growing global need for energy security, infrastructure development, and increased storage capacities to meet the rising demand for oil and gas products. As exploration and production activities expand in both traditional and new oil fields, the oil & gas industry will continue to require robust and safe storage solutions.
The growing focus on energy sustainability and the adoption of more advanced, eco-friendly tank designs further reinforces the importance of fuel storage tanks in this sector, ensuring its continued dominance in the market.
The fuel storage tank market growth is anticipated to occur highest in Asian countries. The Asia-Pacific region will inflate the market size. These emerging economies assist the new entrants by providing a wider competitive landscape.
The robust technological infrastructure in North America will ensure the highest market space provided by the region. It generates the growth driver of the fuel storage tank market.
Europe focuses on sustainability, which is reflected in its governmental policies. Due to this, leading players in the fuel storage tank market are encouraged to adhere to sustainable practices while producing fuel storage tanks.
Forecast CAGRs from 2025 to 2035
| Countries | Forecasted CAGR |
|---|---|
| The United States of America | 3.5% |
| The United Kingdom | 4.7% |
| Japan | 4.9% |
| China | 6.5% |
| India | 6.5% |
The United States provides a wider competitive landscape and estimates the fuel storage tank market growth at a CAGR of 3.5%. The growing demand for renewable energy supports leading players in the fuel storage tank market to produce relevant tanks.
Government support also assists the growth driver of the fuel storage tank market. Hence, these factors create lucrative opportunities for the market.
The United Kingdom is a key European country, promising to lift the fuel storage tank market size through 2035 at a CAGR of 4.7%. The population in the country demands alternative fuel resources to meet sustainability demands.
Consequently, leading players in the fuel storage tank market are encouraged to produce LNG storage tanks in surging demand. Hence, these factors boost the growth driver of the fuel storage tank market.
Japan is shifting toward cleaner energy production, where fuel cells are a supreme choice. The energy storage generated through fuel cells requires a special design, creating a lucrative prospect for leading players in the fuel storage tank market.
Also, this augments market verticals, boosting the growth driver of the fuel storage tank market. Due to these parameters, the Japanese fuel storage tank market growth will occur at a near-to-moderate paced CAGR of 4.9%.
China emphasizes above-ground tank manufacturing, supporting leading players in the fuel storage tank market to produce relevant goods. Also, the country aims to expand oil reserves to gain a better geopolitical position.
This is a key opportunity for ensuring the fuel storage tank growth. Thus, China will be estimated to inflate the growth driver of the fuel storage tank market at the joint-highest CAGR of 6.5%.
The growing rate of urbanization surges more demand for energy and fuel resources. This supports the growth of the oil and gas industry, diversifying working verticals for the leading players in the fuel storage tank market.
Also, the rising energy requirements increase the fuel storage tank market size. Hence, the growth driver of the fuel storage tank market of India matches that of the Chinese market, estimating the market progress at a CAGR of 6.5%.
Leading players in the fuel storage tank market govern significant market space, increasing fierce competition. The competitive landscape gives several growth drivers of the fuel storage tank market. Various strategies are incorporated to gain a competitive niche. Partnerships, mergers, collaborations, acquisitions, and alliances deliver the expected results, boosting the fuel storage tank market size.
New entrants must augment their offerings through innovation to withstand the competitive force. Also, more emphasis needs to be placed on innovative marketing campaigns to gain a significant competitive niche.
Key Market Developments
| Report Attributes | Details |
|---|---|
| Market Size in 2025 | USD 16.02 billion |
| Market Size in 2035 | USD 24.22 billion |
| CAGR (2025 to 2035) | 4.7% |
| Base Year for Estimation | 2024 |
| Historical Period | 2020 to 2024 |
| Projections Period | 2025 to 2035 |
| Quantitative Units | USD billion for value |
| End-Use Industries Analyzed | Oil & Gas, Power Plants, Chemical, Mining, Transportation & Logistics, Agriculture, Military & Defense, Commercial, Others |
| Regions Covered | North America, Latin America, Western Europe, Eastern Europe, South Asia & Pacific, East Asia, Middle East and Africa |
| Countries Covered | United States, Canada, Mexico, Brazil, Argentina, Germany, France, United Kingdom, Italy, Spain, Netherlands, China, India, Japan, South Korea, GCC Countries, South Africa |
| Key Players influencing the Market | Granby Industries, Haase Tank GmbH, Meridian Manufacturing Inc, Western Global, Belco, Fuel Total Systems, Textron, C&E Plastics Inc., Air Liquide, GEI Works, Cryolor, Sabre Manufacturing, Enduraplas, CST Industries, Sintex, Other Key Players |
| Additional Attributes | Dollar sales by end-use industry (oil & gas, agriculture, etc.), Dollar sales by region (North America, Europe, Asia-Pacific, etc.), Growth trends in fuel storage demand for commercial vs industrial applications, Regional dynamics in fuel storage infrastructure |
The fuel storage tank market is estimated to progress at a CAGR of 4.7% through 2035.
The fuel storage tank market will likely reach USD 24.22 billion by 2035.
The fuel storage tank market will attain a market size of USD 16.02 billion in 2025.
Demand for above ground fuel storage tanks is likely to yield 55% of the total revenue in 2025.
The fuel storage tank market's oil & gas segment will likely secure 35% of the market space in 2025.
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