Global Water Tank Market Report and Forecast 2024-2032

Global Water Tank Market Outlook

The global water tank market attained a value of USD 4.18 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 3.2% to reach USD 5.56 billion by 2032.

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Increasing Demand for Plastic Water Tank to Augment the Growth of the Global Water Tank Industry

Based on type, the plastic segment was the significant revenue contributor, accounting for a considerable share in the historical period. There has been a rise in demand for plastic water tanks due to their benefits such as easily available, affordability, and quick installation time. Thus, the plastic or the polyethylene water tank is one of the most widely used water tank all around the world owing to its easy availability and installation process.

The  Asia Pacific to Dominate the Global Water Tank Industry

Geographically, the Asia Pacific was the largest market, in terms of revenue generation, in the historical period. The region is further expected to expand with a significant CAGR during the forecast period. The regional market growth can be attributed to the increasing construction activities in the Asia Pacific, with the rising construction of households, new buildings, and public places. The increasing penetration of domestic players in emerging economies like India and China is expected to further contribute to the market growth. For instance,  in November 2020, Astral Poly Technik Limited announced to enter the business of manufacturing plastic water storage tanks in India in an investment of around Rs75cr, thus, adding new capacity to enhance its market position.

Global Water Tank Industry: Definition and Segmentation

Water tanks refer to containers used to store liquid. They come in various shapes and sizes. Water tanks are used to provide storage of water for use in many applications, such as drinking water, irrigation agriculture, fire suppression, agricultural farming, both for plants and livestock, chemical manufacturing, food preparation as well as many others.

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By type the industry is segmented into:

• Steel
• Plastic
• Fibreglass

Based on application, the market is bifurcated into:

• Household
• Institutional

The market can be broadly categorised on the basis of location into:

• Underground
• Outdoor
• Indoor

The EMR report looks into the regional markets of the product like North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Increasing Application of Water Tank to Bolster the Growth of the Global Water Tank Industry

The global water tank industry is being driven by the increasing application of water tanks in areas such as agriculture, aquaculture, household, and others. This has led to a consistent increase in sales of water tanks all around the world, thus, contributing to the water tanks industry growth.  Also, the rise in use of water tanks for underground water storage for conservation is expected to further enhance the market growth. The rapid industrialisation and urbanisation, which is a direct result of booming global populations, is also propelling the industry growth. In addition, the exponential increase in construction activities across the world is poised to enhance the market growth in the forecast period. Furthermore, the increasing focus of leading industry players to develop assorted types of tanks for specific new applications is anticipated to further propel the industry forward over the forecast period.

Key Industry Players in the Global Water Tank Market

The report presents a detailed analysis of the following key players in the global water tank market, looking into their capacity, market shares, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:

• Beltecno Corporation
• Design Tanks, Inc
• Dn Tanks, Inc
• Fiber Technology Corporation
• Pipeco Group
• Others

The comprehensive report looks into the macro and micro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of Porter’s Five Forces model.

Key Highlights of the Report