North America Oil Storage Market
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The North America oil storage market size was marked at 166.2 million cubic meter capacity in 2024 and is estimated to grow at a CAGR of 2.4% from 2025 to 2034. The market is experiencing significant growth driven by several key business trends including the increasing demand for oil storage capacity due to fluctuating oil production and consumption patterns, particularly in the U.S., which is a major oil producer and consumer.
The rise in shale oil production and the expansion of pipelines have necessitated the development of additional storage infrastructure to manage surpluses and ensure a steady supply during periods of high demand or geopolitical instability. The market is also witnessing increased consolidation with larger players acquiring smaller, regional operators to expand their footprint and gain competitive advantages. This trend is expected to continue as companies look to optimize their storage assets and reduce operational costs.
| Report Attribute | Details |
|---|---|
| Base Year: | 2024 |
| North America Oil Storage Market size in 2024: | 166.2 Million Cubic Meter |
| Forecast Period: | 2025 – 2034 |
| Forecast Period 2023 - 2032 CAGR: | 2.4 |
| 2023 Value Projection: | 212.7 Million Cubic Meter |
| Historical Data for: | 2021 – 2024 |
| No of Pages: | 110 |
| Tables, Charts & Figures: | 15 |
| Segments Covered: | Product, end use, and country |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The growing focus on energy security and the need for strategic reserves, especially in light of supply chain disruptions and environmental concerns, is influencing investments in oil storage facilities. With the ongoing transition toward cleaner energy sources, oil storage companies are also exploring more efficient and environmentally friendly storage solutions. This includes upgrading existing storage facilities to meet stricter regulatory standards and adopting advanced technologies such as automated inventory management and remote monitoring systems. Furthermore, there is a rising interest in developing offshore oil storage facilities, driven by the need to store excess crude and refined products in more geographically strategic locations.
The floating roof oil storage market will exceed 115 million cubic meter capacity by 2034. These tanks are becoming more prevalent owing to their capability to minimize evaporation losses and decrease environmental emissions. Moreover, they are increasingly utilized for storing volatile liquids like crude oil and refined petroleum products. Advancements in seals and materials have further improved their operational efficiency while ensuring better compliance with environmental regulations.
The North America oil storage market from crude oil segment size will grow at a CAGR of over 2% by 2034. Crude oil storage continues to be a crucial segment driven by fluctuations in production and the increasing demand for refined product storage. The need for storage of refined products such as gasoline, diesel and jet fuel are rising as infrastructure upgrades aim to boost capacity. These upgrades are also incorporating advanced monitoring technologies to enhance safety and efficiency, while ensuring compliance with stricter environmental and operational standards across the oil storage industry.
U.S. oil storage market is set to reach over 180 million cubic meter by 2034. The country continues to be a dominant force in the oil storage market, driven by its strong production from shale reserves and expanding export activities. Additionally, the growth of strategic petroleum reserves and private storage facilities is focused on managing the rising output and mitigating market fluctuations, thereby enhancing the overall market dynamics across the country. Additionally, regulatory pressures to comply with environmental standards are encouraging the adoption of more efficient, environmentally friendly storage solutions, enhancing safety and operational performance.
The Canada oil storage market is experiencing steady growth, driven by the country's significant oil production, particularly from the oil sands in Alberta. As a major oil exporter, Canada requires extensive storage infrastructure to manage both domestic supply and exports, particularly to the U.S. and overseas markets. The expansion of pipeline networks and the rising demand for crude and refined product storage have led to investments in new storage facilities and the upgrading of existing ones.
The market is led by prominent players such as Royal Vopak, CST Industries, NOV Inc., Fisher Tank Company, and Shawcor. These companies capitalize on their extensive regional networks and state-of-the-art storage infrastructure to maintain a strong competitive position. Market share within the region is primarily shaped by factors such as storage capacity, geographic reach, and seamless integration with transportation networks, including pipelines and rail systems.
Major players operating in the North America oil storage industry are:
Market, By Product
Market, By End Use
The above information has been provided for the following countries:
Key players in the industry include Ascent Industries, CST Industries, Ergil, Fisher Tank, LF Manufacturing, NOV, Roth Industries, Royal Vopak, Shawcor, Snyder Industries, Superior Tank, T Bailey, and Waterford Tank.
The U.S. market is projected to reach over 180 million cubic meters by 2034, driven by strong shale reserve production and expanding export activities.
The floating roof oil storage market is expected to exceed 115 million cubic meters by 2034, owing to their ability to minimize evaporation losses and reduce environmental emissions.
The North America oil storage industry was recorded at a capacity of 166.2 million cubic meters in 2024 and is estimated to grow at a 2.4% CAGR from 2025 to 2034, driven by increasing demand for oil storage due to fluctuating production and consumption patterns.