The global water tank market size was valued at USD 3,916 million in 2021, envisioned to reach USD 5,157 million growing at a CAGR of 3.5% during the forecast period. A water tank is a container with the function of holding fluids. Potable water, rainwater, irrigation water, water for construction, water for animals, water for usage inside houses, and various other types of water are all stored there at various times. Water tanks are commonly built of polyethylene, steel, or fiberglass and are utilized in homes and multiple institutions. They are accessible in a number of forms and sizes, ranging from 200 to over 10,000 liters. Plastic or polyethylene water tanks are the world's most often used water tanks due to their easy availability and straightforward installation.
The market for water tanks is primarily driven by the global increase in houses and other structures constructed yearly. Moreover, the application of water tanks in construction, agriculture, and aquaculture industries has resulted in steady sales worldwide, facilitating the expansion of the water tanks sector. However, the issue of water safety in plastic water tanks significantly restrains the market growth for water tanks, as most plastic tanks are known to alter the properties of water. On the contrary, an increase in the use of water tanks for underground water storage for conservation purposes and an increase in the demand for portable water tanks are anticipated to create potential prospects for the market.
Get more information on this report Download Sample Report
The Increment in Population and Associated Problem of Water Scarcity and the Expansion of Retail Segment
Water is essential for human survival. Even though most of the earth's surface is covered with water, the current supply of drinkable water will not be sufficient to meet the needs of the next generation. According to the FAO, water use has increased at a rate greater than double that of the human population over the past century, due in part to an increase in water use in industries such as agriculture, which stands for 70% of the world's freshwater consumption. In addition, the human population is expanding rapidly, which has raised the demand for water for drinking, sanitation, cooking, and other purposes. Due to the increased demand for water and the restricted availability of useable water, people store water throughout the day. This has resulted in steady sales of water tanks across the globe.
The retail industry consists of businesses and individuals that sell final products and goods to end consumers. The expansion of the retail market can be attributed to the low unemployment rate and steady electricity prices in the United States and the rest of the world. Various retail models provide access to a vast array of consumer items. Internet retailing is one of the most favored retail formats among the general population for purchasing water tanks. These stores serve as a marketing tool that contributes to developing a fantastic premium image and increases the brand exposure of a vast array of consumer goods. Thus, the expansion of the retail sector is a crucial element attributing to the development of the water tank market.
The Issue with Water Tanks to Hinder Market Growth
Temperature causes a significant transformation in the shape that plastics take on. Plastics' tensile and shear strengths are affected by varying degrees of the surrounding temperature. When polyvinyl chloride, also known as PVC, is exposed to cold temperatures, it becomes brittle. In areas where it is cold, moisture and freezing can cause damage to storage tanks, which can then result in leaks. Additionally, it is commonly believed that drinking water stored in plastic for an excessive amount of time poses a threat to human health. This has a significant detrimental impact on the market for water tanks.
The Increase in Water Conservation Practice to Boost Market Opportunities
Methods of collecting and storing water are included in the practice of water conservation. Rainwater harvesting is one of the water conservation methods. Diverse techniques exist for collecting rainwater, including excavating ponds, lakes, and canals, enlarging the water reservoir and installing rainwater collecting ducts and filtration systems in homes. Various people in many nations store water in clean containers to boil it and drink it. Rainwater collected and filtered can be used for flushing toilets, residential gardening, grass watering, and small-scale agriculture. The water collected in this manner is frequently stored in water tanks for future use. Therefore, water conservation practice raises the demand for water tanks and increases sales worldwide while creating opportunities for the market players.
The global water tank market is classified based on type, application, location, and region.
Segmentation based on type includes steel, plastic, and fiberglass.
The plastic segment is anticipated to advance at a CAGR of 3.7% and hold the largest share. UV-treated, impact-modified, food-grade polyethylene is used to manufacture plastic water tanks. Plastic water tanks for storage are the most prevalent water tanks now available on the market. There are a variety of shapes, sizes, patterns, and colors available for plastic water tanks. As a result of its lightweight, it is easy to maintain in the future; for instance, washing a plastic water storage tank is considerably simpler than cleaning the other varieties. It is non-corrosive and comes in various shapes, sizes, and colors to suit your preferences and needs. It is appropriate for both residential and industrial applications.
The steel segment will hold the second-largest share. Steel water tanks are constructed of galvanized steel, are preferred safe, and are used for various domestic purposes, such as cooking, storing, and others. The steel water tank is highly susceptible to corrosion and rust, which may affect the flavor of the stored water. Additionally, the steel tanks are pretty heavy, making installation and transportation problematic. Most steel tank installations require a minimum 100 mm thick reinforced concrete slab. Nonetheless, steel tanks are highly robust and give the best protection from direct sunlight, which is the fundamental cause for this segment's rise.
Segmentation based on application includes household and institutional.
The institutional segment is expected to grow at a CAGR of 3.8% and hold the largest share. The institutional segment comprises commercial and public sectors such as shopping malls, public parks, construction, and the chemical industry. The growth of the institutional category can be linked to the worldwide increase in the number of public spaces and commercial establishments. In addition, the greater incorporation of water conservation practices in these sectors has raised the need for water tanks and consequently contributed to an increase in the global sales of water tanks.
The household segment will hold the second-largest share. Water tanks play a significant function in the modern home. Various tasks, including sanitation, cooking, and dishwashing, require water from water storage tanks. Most families rely on outdoor/roof-mounted water tanks for water delivery, but underground water storage tanks are becoming increasingly popular as the global water shortage worsens. The residential segment of the water tank market is mainly driven by global population growth and a rise in the number of residential buildings.
Segmentation based on location includes underground, outdoor, and indoor.
The outdoor segment is estimated to advance at a CAGR of 3.6% and hold the largest market share. The outdoor sector comprises all water tanks positioned outside the home or on the roof of a home/building. For outdoor installation, the plastic water tank is the most popular option. This can be ascribed to the availability, cost, and simple installation process of plastic water tanks. The expansion of this market sector can be linked to the world's expanding population and rising demand for houses and flats.
The underground segment will hold the second-largest share. The underground portion contains all underground-installable water tanks. For most business and residential buildings, these water tanks operate as a backup water source in case of a problem with the primary water supply. The expansion of this market sector can be ascribed to the worldwide constraint of water. In addition, an increase in water harvesting drives market expansion since underground water tanks store vast quantities of rainwater.
The region-wise segmentation of the global water tank market includes North America, Europe, Asia-Pacific, and LAMEA.
The Asia Pacific and Europe Will Dominate the Regional Market
Regional Growth Insights Request Sample Pages
The Asia Pacific will likely advance at a CAGR of 4.71% and command the market with the largest share. The Asia-Pacific region has the quickest economic expansion, which can be attributed to the region's constantly improving infrastructure and the ease with which new firms can be established. The water tank market in Asia-Pacific is competitive due to many domestic competitors providing high-standard solutions. The high rates of economic growth that have been achieved in the countries in the Asia-Pacific region have had an impact on how people live their lives as well as their patterns of consumption. People in the Asia Pacific region have recently been demanding access to clean water for various uses, including cooking, drinking, and sanitation. In addition, the nations in the Asia-Pacific region have a sizable population. They have observed an increase in the demand for water storage, which has led to a rise in the investments associated with water tanks.
Europe will hold a revenue share of USD 1,271 million, growing at a CAGR of 2.5%. Europe is regarded as a mature market for consumer products from a global standpoint. The expansion of the water tank market share in the region is fueled by an increase in the investment made in research and innovation by the various engaged stakeholders. In the European market, there has been a growth in the number of industries and organizations using water tanks to store water, which has increased the demand for water tanks. Additionally, the expansion in the number of fast-food restaurants, Quick Service Restaurants (QSR), and other food facilities have further raised the need for water for various uses, including cooking, drinking, sanitation, and other activities. Because of this, more money is being put into purchasing larger water tanks that can hold a greater volume of water, and as a result, there has been an increase in the sales of water tanks.
List of key water tank market manufacturers profiled