Metal Tank Manufacturing in the US - Market Size, Industry Analysis, Trends and Forecasts (2024-2029)

Tanks a Lot: Rising Steel Prices May Contribute to Higher Selling Prices and Revenue

The COVID-19 pandemic resulted in drastic contractions across the industry, leading to economic stimulus and a general resumption of regular business activity in 2021. This caused a boom in the industry, with exceptional growth in revenue, employment, and enterprises. The industry is expected to contract slightly in 2023 as it begins to return to normalcy in the wake of the coronavirus pandemic. The industry is forecast to decrease at a CAGR of 1.3% to $9.6 billion over the five years to 2023, including a decline of 6.4% in 2023 alone.

Operators in this industry manufacture tanks, vessels and other containers by cutting, forming and joining heavy-gauge metals. Industry products include acetylene cylinders, cryogenic tanks, farm storage tanks, fermentation tanks, gas storage tanks, liquefied petroleum gas cylinders, oil storage tanks, septic tanks, storage tanks, water tanks and vats. Industry operators may also provide valued-added services such as installation and product design.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.