About this market
Increased need for water treatment in developing countries to drive market growth. The demand for freshwater is increasing, and with depleting groundwater levels, there is an increased demand for water and wastewater treatment systems. In countries such as India, China, South Africa, and South Korea, there is a high demand for water for irrigation and various industrial applications. There has been rapid industrial development in countries such as China and India owing to initiatives such as the Open Door Policy and the Make in India initiative. These initiatives have increased the number of manufacturing companies in the country. ’ s analysts have predicted that the industrial water storage tanks market will register a CAGR of around 4% by 2023.
Market Overview
Increasing need for water conservation
Climate change is expected to increase water scarcity. According to the World Bank, the world will face a 40% shortfall between the demand and supply of water by 2023 owing to the current population growth and poor water management practices. Also, the consumption of groundwater has significantly increased in the last few decades. With increasing concerns about the shortage of water, the need for water conservation increases. This is expected to drive the demand for industrial water storage tanks for water treatment and purification.

High market competition
The presence of numerous players in the market increases market competition. However, due to the presence of many regional and international players in the market, no key player can influence the market. Hence, no single vendor can dominate the market, which is a challenge for market growth.
For the detailed list of factors that will drive and challenge the growth of the industrial water storage tanks market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including CROM and CST Industries the competitive environment is quite intense. Factors such as the increased need for water treatment in developing countries and the increasing need for water conservation, will provide considerable growth opportunities to industrial water storage tanks manufactures. CROM, CST Industries, DN Tanks, Promax Plastics, and ZCL Composites are some of the major companies covered in this report.