According to TechSci Research report, “North America Oil & Gas Storage Tank Market – By Country, Competition, Forecast & Opportunities, 2020-2030F, The North America Oil & Gas Storage Tank Market was valued at USD 4.35 Billion in 2024 and is expected to reach USD 5.01 Billion by 2030 with a CAGR of 2.38% during the forecast period.
Environmental regulations and the growing emphasis on sustainable energy practices are driving oil and gas operators in North America to upgrade and expand their storage tank infrastructure to meet stringent compliance requirements. Regulatory bodies such as the United States Environmental Protection Agency and Environment and Climate Change Canada have introduced updated safety, emissions control, and spill prevention mandates that require storage facilities to incorporate advanced engineering standards. This has led to increased demand for double-walled tanks, floating roofs, secondary containment systems, and vapor recovery units that minimize volatile organic compound emissions and prevent soil or groundwater contamination.
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As climate-related incidents such as hurricanes, floods, and wildfires increase in frequency, the resilience of storage tank installations has become a focal point for risk mitigation planning. Operators are now prioritizing designs that withstand environmental stressors and integrate real-time monitoring technologies for leak detection, pressure control, and structural integrity. These enhancements not only protect ecosystems and public health but also reduce the risk of costly operational shutdowns and litigation, reinforcing their value as long-term assets. The shift toward sustainability is also encouraging some operators to retrofit older tanks or decommission non-compliant units in favor of modern, eco-friendly designs. All these developments are boosting demand for new storage tank systems and services across North America, positioning environmental performance as a key growth lever for the regional market.
There is a significant trend toward the expansion of oil and gas storage tank infrastructure near key export terminals and strategic energy corridors in North America, driven by the region’s evolving role as a major global energy supplier. The growth in crude oil and refined product exports, particularly from the Gulf Coast and Western Canadian provinces, has placed increased logistical pressure on port facilities, necessitating the development of high-capacity tank farms to support international trade flows. These facilities serve multiple purposes, including blending, staging, quality assurance, and buffering of supply before loading onto tankers or railcars. In addition, energy corridors such as the Trans Mountain Expansion Project and new liquefied petroleum gas terminals in the Pacific Northwest have catalyzed demand for nearby storage assets to synchronize transport schedules and reduce turnaround times.
Storage tanks located at or near these transit points offer operational agility, allowing for quicker response to fluctuating global demand and pricing differentials. As North American energy exports become more diversified and geographically widespread, infrastructure investments are increasingly prioritizing coastal regions and inland transportation hubs with multimodal access. The clustering of pipelines, terminals, and storage facilities is reshaping regional energy maps and creating competitive advantages for operators with scalable and strategically located storage capabilities. This trend reflects a broader transformation in energy logistics, positioning storage tanks not only as passive containment units but as active nodes in the global energy value chain.
Based on Material, the fiberglass-reinforced plastic segment is projected to be the fastest-growing application during the forecast period in the North America Oil & Gas Storage Tank Market. fiberglass-reinforced plastic segment is projected to be the fastest growing material category in the North America oil & gas storage tank market. This accelerated growth is primarily driven by the increasing demand for corrosion-resistant and lightweight storage solutions, particularly in environments where traditional metal tanks face challenges related to chemical exposure, moisture, and temperature fluctuations. Fiberglass-reinforced plastic tanks offer excellent durability, minimal maintenance requirements, and a longer operational lifespan compared to carbon steel or conventional steel tanks, especially in upstream and downstream applications involving saltwater, brine, or chemically treated liquids.
Their ease of transport and modular installation makes them attractive for remote and offshore oil & gas operations. Growing environmental regulations around emission control and groundwater protection are further encouraging the adoption of fiberglass-reinforced plastic tanks, as these tanks provide superior sealing and insulation properties. The increasing shift toward renewable and low-emission fuels, such as biofuels and hydrogen blends, also supports the use of fiberglass-reinforced plastic due to its compatibility with varied fuel chemistries. As oil & gas companies prioritize sustainability, safety, and lifecycle cost efficiency, the demand for advanced non-metallic storage materials like fiberglass-reinforced plastic is expected to expand significantly across North America.
Based on country, Mexico is rapidly emerging as the fastest-growing country in the North America oil & gas storage tank market, fueled by significant investments in energy infrastructure and the liberalization of its oil & gas sector. The government’s ongoing reforms and partnerships with international energy companies have led to an increase in upstream and midstream activities, necessitating the expansion of modern storage facilities.
Mexico’s strategic location, with access to both the Gulf of Mexico and the Pacific Ocean, makes it a vital hub for oil & gas exports and imports, further driving the need for large-scale storage capacity. In addition, initiatives to upgrade and expand refinery operations under the national energy plan are prompting new storage tank installations for crude oil, gasoline, and diesel. With growing demand for energy security, fuel distribution, and logistical efficiency, Mexico is set to play a pivotal role in shaping the region’s oil & gas storage infrastructure landscape.
Key market players in the North America Oil & Gas Storage Tank market are: –
- General Industries, Inc.
- McDermott International, Ltd.
- CST Industries, Inc.
- Hassco Industries Incorporated
- McWane Inc.
- PCL Constructors Inc.
- Imperial Industries Inc.
- Fox Tank Company
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“The North America Oil & Gas Storage Tank Market is poised for steady growth in the coming years, driven by rising crude oil production, expanding export infrastructure, and increasing demand for energy security. Advancements in tank design, automation, and corrosion-resistant materials will support modernization and capacity expansion. Regulatory focus on environmental safety and strategic petroleum reserves will further boost investments in storage facilities. The integration of digital monitoring technologies and the push for cleaner fuels like liquefied natural gas will create new opportunities, ensuring the market remains resilient and adaptive to evolving energy dynamics across the region.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based Global management consulting firm.
“North America Oil & Gas Storage Tank Market by Product (Crude Oil, Liquefied Natural Gas (LNG), Diesel, Gasoline, Kerosene, Liquefied Petroleum Gas (LPG), Others), By Material (Steel, Carbon Steel, Fiberglass-reinforced Plastic), By Country, By Competition, Forecast and Opportunities, 2020-2030F,” has evaluated the future growth potential of North America Oil & Gas Storage Tank Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in North America Oil & Gas Storage Tank Market.
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