Steel AST Market size was valued at USD 88 Billion in 2022 and is projected to reach USD 123 Billion by 2030, growing at a CAGR of 5.5% from 2024 to 2030.
The steel Above Ground Storage Tank (AST) market is experiencing significant growth, driven by the increasing demand across various industries. Steel ASTs are widely used for the storage of liquids such as oil, chemicals, water, and wastewater due to their durability, cost-effectiveness, and ability to withstand harsh environments. This market is segmented by applications such as oil & gas, chemical industry, water & wastewater, and others. Each of these sectors presents unique opportunities and challenges that drive the demand for steel ASTs. The robust nature of steel tanks allows them to meet the specific storage needs of different industries, which is a critical factor in the widespread adoption of these storage solutions.
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The oil & gas industry is one of the largest sectors contributing to the steel AST market, owing to the high demand for storage solutions that can accommodate large volumes of petroleum products, crude oil, and refined fuels. Steel ASTs are crucial in this industry because they are able to safely store hydrocarbons in an efficient and secure manner. The tanks are designed to handle extreme conditions, such as high temperatures and pressures, ensuring the protection of sensitive materials from potential hazards. Given the volatile nature of oil and gas products, regulatory standards and safety protocols around storage are stringent, making steel ASTs an ideal choice for this application. These tanks help streamline operations while minimizing the risk of contamination and spills, making them indispensable to the oil & gas supply chain.
The growing demand for energy, along with increasing industrialization in emerging markets, further propels the need for large-scale storage systems in the oil & gas industry. Steel ASTs are not only used for bulk storage but also for intermediate storage during various stages of production, refining, and transportation. The advancements in steel technology have led to the development of more corrosion-resistant and environmentally friendly tanks, enhancing their performance and lifespan. These innovations, combined with the increasing global demand for petroleum products, are expected to continue driving the adoption of steel ASTs within the oil & gas sector.
In the chemical industry, steel ASTs play a critical role in the storage of hazardous chemicals, solvents, and other volatile substances. These tanks are designed to handle a variety of chemicals that require safe and secure containment to prevent leaks, spills, and accidents. Steel, with its high strength and resistance to corrosion, provides an ideal material for tanks that must withstand the potential impacts of aggressive chemicals and fluctuating environmental conditions. The chemical industry is highly regulated, and the need for tanks that comply with industry standards for safety and environmental protection is paramount. Steel ASTs are frequently employed to store raw materials, intermediate products, and finished goods across various chemical manufacturing processes.
The growth of the chemical industry globally, especially in emerging markets, contributes significantly to the increasing demand for steel ASTs. The tanks are essential for both large-scale storage of chemicals used in production as well as the containment of finished chemical products. Additionally, as sustainability becomes a more pressing concern, the chemical sector is focusing on developing and using eco-friendly, corrosion-resistant, and high-quality steel ASTs. Innovations in tank design, such as double-wall systems and improved sealing technologies, have enhanced their safety features, making them even more attractive to chemical manufacturers aiming to minimize environmental impact while maintaining operational efficiency.
The water and wastewater treatment industry relies heavily on steel ASTs for the storage of water and wastewater treatment chemicals, as well as the safe containment of treated water. Steel tanks are ideal for this application due to their durability, resistance to rust, and ability to hold large volumes of liquid. Water treatment plants, municipalities, and wastewater facilities use steel ASTs to store chemicals used for disinfecting and treating water, as well as for storing the treated water before it is distributed. Steel ASTs are designed to withstand the chemical exposure typical in water and wastewater operations, which often involves aggressive substances such as chlorine and other disinfectants. Their robust construction ensures that they remain leak-proof and durable over time, making them a key component of water management infrastructure.
The global need for clean water and improved sanitation is expected to increase the demand for steel ASTs in water and wastewater applications. As the world’s population continues to grow and urbanize, municipalities are investing in advanced water treatment technologies, driving the requirement for storage solutions. Additionally, with climate change posing challenges to water resources, the demand for efficient and reliable water storage systems is on the rise. Steel ASTs, with their ability to resist corrosion and withstand tough operational conditions, are well-positioned to meet the growing need for large-scale water storage, ensuring reliable access to clean water and wastewater management systems.
The "Others" category within the steel AST market includes a wide range of applications where steel tanks are used to store materials that do not fall under the traditional categories of oil & gas, chemicals, or water. This segment includes industries such as food and beverage, pharmaceuticals, agriculture, and mining. Steel ASTs are used for storing liquids such as food-grade oils, pharmaceuticals, fertilizers, and other specialty liquids that require secure, temperature-controlled storage. In the food and beverage industry, for example, steel ASTs are essential for the safe storage of ingredients, ensuring that food products maintain their quality and are stored in compliance with health and safety regulations. The adaptability of steel ASTs to a wide range of industries contributes to the growth of this market segment.
As industries diversify and the need for various storage solutions grows, the "Others" segment continues to expand. In agriculture, steel ASTs are used to store irrigation water, pesticides, and fertilizers, while in the mining industry, they store chemicals used in ore processing. Additionally, the increasing focus on sustainability across all sectors has encouraged innovation in steel AST design, such as the incorporation of eco-friendly materials and technologies that reduce environmental impact. This broad range of uses highlights the versatility and scalability of steel ASTs, ensuring their continued relevance across various industries well into the future.
The steel AST market is experiencing several key trends that are reshaping the industry. One prominent trend is the increasing adoption of corrosion-resistant materials and coatings. As environmental conditions become more challenging, steel ASTs are being designed with advanced protective coatings to prevent corrosion and extend the lifespan of storage tanks. This trend is especially important in industries such as oil & gas and chemicals, where the tanks are exposed to harsh substances that can cause wear and tear over time. Another significant trend is the move towards environmentally friendly and sustainable practices. Steel AST manufacturers are focusing on producing tanks that not only meet safety standards but also minimize environmental impact. This includes the use of recyclable materials and the development of tanks that are easier to maintain and repair.
Automation and digitalization are also making their way into the steel AST market. Manufacturers are integrating sensor technologies and digital monitoring systems into tanks, allowing for real-time monitoring of tank conditions such as temperature, pressure, and fluid levels. This data-driven approach enhances the safety and efficiency of storage operations. Additionally, there is a growing trend of using double-walled and secondary containment steel ASTs in response to increasing environmental regulations and the need to prevent spills and leaks. These innovations are helping industries mitigate risks while ensuring that they comply with the stringent safety and environmental standards imposed by regulatory bodies.
The steel AST market offers numerous growth opportunities for manufacturers and stakeholders. One of the most promising opportunities lies in the expanding demand for storage solutions in emerging economies, particularly in Asia-Pacific and Africa. As these regions continue to industrialize and urbanize, the need for large-scale storage systems across various sectors, including oil & gas, chemicals, and water management, is expected to rise. This demand presents a significant opportunity for steel AST manufacturers to tap into new markets and expand their product offerings. Another key opportunity lies in the development of high-performance, environmentally friendly steel ASTs that cater to the growing sustainability trend across industries.
Furthermore, there is a growing emphasis on the retrofitting and upgrading of existing storage tanks in developed markets, particularly in industries such as oil & gas and chemicals. Many existing ASTs are reaching the end of their operational lifespan and require replacement or upgrading to meet new safety standards. This presents an opportunity for manufacturers to supply more efficient, durable, and environmentally friendly tanks. With regulations becoming stricter and industries seeking more reliable storage solutions, the demand for innovative and high-quality steel ASTs is likely to continue growing in the coming years.
What are steel ASTs used for?
Steel Above Ground Storage Tanks (ASTs) are used to store liquids like oil, chemicals, water, and other substances in various industries.
What materials are used to make steel ASTs?
Steel ASTs are typically made of carbon steel, stainless steel, or other alloy materials for strength and corrosion resistance.
How do steel ASTs benefit the oil & gas industry?
Steel ASTs provide secure, efficient storage solutions for large quantities of crude oil, refined fuels, and other petroleum products in the oil & gas industry.
Why are steel ASTs important in the chemical industry?
Steel ASTs are crucial for safely storing hazardous chemicals, ensuring compliance with safety regulations and minimizing risks of leaks or contamination.
How does corrosion affect steel ASTs?
Corrosion can lead to weakening and damage of the tank, making it less effective in storing materials safely. Anti-corrosion coatings help mitigate this issue.
What trends are driving growth in the steel AST market?
Key trends include the use of corrosion-resistant materials, digital monitoring systems, and a focus on sustainability and environmental protection.
What are the advantages of double-walled steel ASTs?
Double-walled steel ASTs offer enhanced safety by providing secondary containment to prevent spills or leaks, ensuring compliance with regulatory standards.
Which industries benefit from steel ASTs?
Industries like oil & gas, chemicals, water & wastewater management, food & beverage, and agriculture rely heavily on steel ASTs for liquid storage.
Are there any eco-friendly steel ASTs available?
Yes, manufacturers are increasingly developing steel ASTs with environmentally friendly materials and coatings to reduce their impact on the environment.
What are the challenges in the steel AST market?
Challenges include high manufacturing costs, the need for compliance with stringent regulations, and the long lifespan and maintenance requirements of storage tanks.
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Top Steel AST Market Companies
CST Industries
McDermott
CIMC
Toyo Kanetsu
ISHII IRON WORKS
PermianLide
Altard
Fox Tank
Polymaster
Highland Tank
General Industries
Pfaudler
MEKRO
Tank Connection
Regional Analysis of Steel AST Market
North America (United States, Canada, and Mexico, etc.)
Asia-Pacific (China, India, Japan, South Korea, and Australia, etc.)
Europe (Germany, United Kingdom, France, Italy, and Spain, etc.)
Latin America (Brazil, Argentina, and Colombia, etc.)
Middle East & Africa (Saudi Arabia, UAE, South Africa, and Egypt, etc.)
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Steel AST Market Insights Size And Forecast