Metal Tank Manufacturing in the US - Market Research Report (2014-2029)
New York, United States
Last Updated: July 2024
NAICS 33242Revenue
$9.8bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
30,757
Businesses
577
Wages
$X.Xbn
Metal Tank Manufacturing in the US industry analysis
The COVID-19 pandemic severely crippled the metal tank manufacturing industry. Revenue plummeted an expected 16.0% in 2020 alone as manufacturers were forced to halt all activity. The industry returned to slight growth in 2021 and 2022, though this was short lived as revenue shrank again in 2023 as overall manufacturing activity slowed. Revenue is forecast to have dropped at a CAGR of 5.5% to $9.3 billion through the end of 2024, including an expected depression of 9.8% in 2024 alone.<br />The industry depends on select key markets to purchase its products, including the industrial manufacturing, farming and dairy markets. The industrial manufacturing market is one of the largest purchasers of metal tanks thanks to its need for metal tanks in storage facilities, oil refineries and cement plants. Demand from industrial manufacturing rose even as lower oil prices forced companies to suspend new projects. Dairy farms that purchase milk-cooling storage equipment, refrigeration units and heat recovery equipment from the industry suffered from the volatile price of raw milk, which has decreased in recent years. <br />Still, demand from critical downstream industries, such as construction and packaging, increased despite an interruption in this growth in 2020 amid the COVID-19 pandemic, mitigating the losses from other downstream industries. Some products have become standardized, causing companies to increasingly compete based on price. These trends have increased import penetration while decreasing export revenue. Profitability varies depending on a manufacturer's size, but industry profit is expected to contract to 2.3% of revenue in 2024, down from 3.7% in 2019.
Trends and Insights
- The industry gets the bulk of its product sales in the industrial manufacturing, agricultural and dairy markets. The industry is dependent on the performance of these downstream markets for consistent demand.
- The bulk of metal tank products are built with a particular application or customer in mind. Physical size and technical attributes distinguish goods in the metal tank manufacturing business.
- The Southeast, Southwest, and Great Lakes regions have the highest concentrations of metal tank manufacturers. This is because of their closeness to essential manufacturing hubs and population centers.
- There's a moderate risk of new competitors entering the industry from unrelated business sectors. Existing manufacturers will face increased competition if new businesses do enter the market.
Industry Overview
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 4.1 % over the past five years, to reach an estimated $9.8bn in 2024.
Trends and Insights
COVID-19 and its aftermath have depressed downstream demand
- The metal tank manufacturing industry serves a variety of downstream markets across the manufacturing, healthcare and food & beverage sectors. Still, this did little to cushion revenue loss during the height of the pandemic in 2020.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Industrial manufacturing markets are expected to continue expanding
- Markets for industrial production are anticipated to keep growing. As liquidity returns to the international financial markets, this element will reflect the gradual recovery of private capital investment as well as the cyclical upswing in building electric power infrastructure.
Biggest companies in the Metal Tank Manufacturing in the US
| Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
|---|---|---|---|---|
Worthington Industries, Inc. | 1,051.7 | 58.1 | 5.5 | |
Caldwell Tanks Inc. | 282.4 | 10.4 | 3.7 | |
Chart Industries, Inc. | 272.8 | 9.0 | 3.3 |
To view the market share and analysis for all 16 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Gas cylinders and storage tanks , Field erected metal tanks and Ferrous and nonferrous metal storage tanks. Gas cylinders and storage tanks is the largest segment of the Metal Tank Manufacturing in the US.
Trends and Insights
Pressure tank manufacturing
- Pressure tanks undergo an extensive manufacturing and testing process to ensure durability. International manufacturers that operate in less strict environments and specialize in pressure tank manufacturing have severely undercut domestic production.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Metal Can & Container Manufacturing in the US
Complementors
- Steel Framing in the US
- Structural Metal Product Manufacturing in the US
- Boiler & Heat Exchanger Manufacturing in the US
International industries
- Metal Tank Manufacturing in Canada
- Boiler and Tank Manufacturing in Australia
- Other Tank, Reservoir & Metal Container Manufacturing in the UK
- Structural Metal Product Manufacturing in Ireland
Table of Contents
About this industry
Industry definition
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.
What's included in this industry?
Manufacturing light gauge metal tanks and vesselsManufacturing gas cylindersManufacturing heavy gauge metal tanksCompanies
Worthington Industries, Inc.Caldwell Tanks Inc.Chart Industries, Inc.Purchase this report to view all 16 major companies in this industry.
Related Terms
COMPUTER-AIDED DESIGN (CAD)ORIGINAL EQUIPMENT MANUFACTURER (OEM)OFFSHOREIndustry Code
NAICS 33242 - Metal Tank Manufacturing in the US
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
The industry gets the bulk of its product sales in the industrial manufacturing, agricultural and dairy markets. The industry is dependent on the performance of these downstr...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
The bulk of metal tank products are built with a particular application or customer in mind. Physical size and technical attributes distinguish goods in the metal tank manufa...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
The Southeast, Southwest, and Great Lakes regions have the highest concentrations of metal tank manufacturers. This is because of their closeness to essential manufacturing h...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each state
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each state in 2024
- Number and share of revenue each state accounts for in 2024
- Number and share of wages each state accounts for in 2024
- Number and share of employees in each state in 2024
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
There's a moderate risk of new competitors entering the industry from unrelated business sectors. Existing manufacturers will face increased competition if new businesses do ...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Low market share concentration exists in the metal tank manufacturing industry. With the top four companies accounting for 17.0% of total revenue, the industry primarily comp...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Worthington Industries, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Caldwell Tanks Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Chart Industries, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 13 additional companies
Detailed analysis
- Description and key data for Worthington Industries, Inc., and factors influencing its performance in the industry
- Description and key data for Caldwell Tanks Inc., and factors influencing its performance in the industry
- Description and key data for Chart Industries, Inc., and factors influencing its performance in the industry
- Description, key data and performance trends for 13 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
The regulation of the operators' production of tanks and cylinders, as well as their own manufacturing procedures, is a concern for the industry. Regulation largely deals wit...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Downstream demand and input price instability was a serious problem for the industry. Due to the fluctuation in input costs, profit was likewise unstable, ultimately declinin...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Industry Multiples (2017-2022)
- Industry Tax Structure (2017-2022)
- Income Statement (2017-2022)
- Balance Sheet (2017-2022)
- Liquidity Ratios (2017-2022)
- Coverage Ratios (2017-2022)
- Leverage Ratios (2017-2022)
- Operating Ratios (2017-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the US include:
- US Census Bureau
- US Bureau of Labor Statistics
- US International Trade Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Metal Tank Manufacturing in the US industry in United States in 2024?
The market size of the Metal Tank Manufacturing in the US industry in United States is $9.8bn in 2024.
How many businesses are there in the Metal Tank Manufacturing in the US industry in 2024?
There are 577 businesses in the Metal Tank Manufacturing in the US industry in United States, which has declined at a CAGR of 1.6 % between 2019 and 2024.
Has the Metal Tank Manufacturing in the US industry in United States grown or declined over the past 5 years?
The market size of the Metal Tank Manufacturing in the US industry in United States has been declining at a CAGR of 4.1 % between 2019 and 2024.
What is the forecast growth of the Metal Tank Manufacturing in the US industry in United States over the next 5 years?
Over the next five years, the Metal Tank Manufacturing in the US industry in United States is expected to decline.
What are the biggest companies in the Metal Tank Manufacturing in the US market in United States?
The biggest companies operating in the Metal Tank Manufacturing market in United States are Worthington Industries, Inc., Caldwell Tanks Inc. and Chart Industries, Inc.
What does the Metal Tank Manufacturing in the US in United States include?
Manufacturing light gauge metal tanks and vessels and Manufacturing gas cylinders are part of the Metal Tank Manufacturing in the US industry.
Which companies have the highest market share in the Metal Tank Manufacturing in the US in United States?
The company holding the most market share in United States is Worthington Industries, Inc..
How competitive is the Metal Tank Manufacturing in the US industry in United States?
The level of competition is moderate and increasing in the Metal Tank Manufacturing in the US industry in United States.
