Oil Storage Market Size – By Product, By End Use, Growth Forecast, 2025 – 2034

Oil Storage Market Size

The global oil storage market was marked at 922.1 million cubic meter capacity in 2024 and is estimated to grow at a CAGR of 3.3% from 2025 to 2034. The market is evolving significantly due to shifting dynamics in energy demand, geopolitical influences, and advancements in storage technologies across the globe.
 

The growing consumption of refined petroleum products such as gasoline, diesel, and jet fuel has driven investments in downstream storage facilities. This trend is particularly prominent in regions undergoing industrialization and urbanization including Southeast Asia and Africa.
 

Expansion of strategic petroleum reserves (SPR) along with increasing transition toward renewable integration is setting growth prospects to the market. Governments worldwide are increasingly investing in strategic reserves to buffer against supply disruptions and price volatility. Emerging economies especially in Asia-Pacific are boosting their storage infrastructure to ensure energy security, aligning with global geopolitical shifts, thereby adding to the overall market growth.
 

Oil Storage Market Trends

Rising adoption of advanced storage technologies for refined crude along with shifting trade flows & regional hubs for fuel storage is fueling the market growth. Innovations in tank design and monitoring systems are enhancing efficiency and safety in oil storage while automation and IoT-enabled systems for real-time inventory management are becoming standard, particularly in high-capacity storage hubs. In addition, changing oil trade dynamics driven by shifts in production and consumption patterns are repositioning global storage hubs. Regions like the Middle East and the U.S. Gulf Coast are witnessing significant investments to strengthen their roles as export and storage centers, thereby complementing the market dynamics.
 

Oil Storage Market Analysis

The floating roof segment will exceed 685 million cubic meter capacity by 2034. These tanks are gaining popularity due to their ability to minimize evaporation losses and reduce environmental emissions. Additionally, the tanks are increasingly used for storing volatile liquids such as crude oil and refined petroleum products, with advancements in seals and materials enhancing operational efficiency and compliance with environmental regulations.
 

The oil storage market from crude oil end use segment market size will grow at a CAGR of over 3% by 2034. Crude oil storage remains a vital segment driven by fluctuating production along with rising demand cycles of refined product storage. The demand for refined product storage, including gasoline, diesel, and jet fuel is growing as infrastructure upgrades are focusing on enhancing capacity and adopting advanced monitoring technologies to ensure safety and efficiency while meeting 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 U.S. remains a key player in the market supported by its robust production from shale reserves and growing export activities. In addition, expansions in strategic petroleum reserves and private storage facilities are further focusing on accommodating increased output and stabilizing market fluctuations, which in turn is augmenting the market dynamics across the country.
 

The Asia Pacific region is witnessing significant growth in oil storage infrastructure driven by rising energy demand and strategic stockpiling initiatives by countries like China and India. Increasing imports of crude oil and refined products have led to the expansion of both commercial and strategic storage facilities, supported by government policies promoting energy security, thereby augmenting the business scenario.
 

Oil Storage Market Share

The market is dominated by key players, including Royal Vopak, CST Industries, NOV Inc., Fisher Tank Company, and Shawcor. These companies leverage extensive global networks and advanced storage infrastructure to maintain a competitive edge. Emerging regional players, particularly in Asia-Pacific and the Middle East are also gaining ground through strategic investments in capacity expansion and innovation. Market share distribution is influenced by factors such as geographic presence, storage capacity, and integration with transportation networks.
 

Oil Storage Market Companies

Major players operating in the oil storage industry are:

• Anson
• Ascent Industries
• CST Industries
• ElixirPro Engineering Solutions
• ERGIL
• Fisher Tank
• LF Manufacturing
• NOV
• Roth Industries
• Royal Vopak
• SHAWCOR
• Snyder Industries
• Superior Tank
• T BAILEY
• Waterford Tank & Fabrication
   

Oil Storage Industry News

• In October 2024, the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves has issued a solicitation to acquire up to 3.0 million barrels of domestically produced crude oil for the Strategic Petroleum Reserve (SPR). This initiative underscores a commitment to replenishing reserves using revenues from emergency sales, ensuring the SPR's operational readiness, and safeguarding the nation's energy security, contributing to industry growth.
   
• In October 2024, State-owned Indian Strategic Petroleum Reserves Ltd (ISPRL), responsible for managing India’s strategic crude oil storage, plans to finalize awards by December for leasing approximately 1 million tons (7.3 million barrels) of crude oil storage space at two of the nation’s three existing Strategic Petroleum Reserves (SPRs). This initiative will facilitate the refilling of crude oil caverns, effectively enhancing the country's oil storage capacity.
   

This oil storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of capacity (million cubic meter) from 2021 to 2034, for the following segments:

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Market, By Product

• Fixed roof
• Floating roof
• Spherical
• Others

Market, By End Use

• Crude Oil
• Gasoline
• Aviation fuel
• Middle distillates
• LNG
• LPG

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • Netherlands
  • Spain
  • Belgium
  • Russia
• Asia Pacific
  • China
  • Japan
  • South Korea
  • Singapore
  • Malaysia
  • Indonesia
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Iran
  • South Africa
• Latin America
  • Brazil
  • Argentina