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Premium Report Details
Base Year: 2024
Companies covered: 15
Tables & Figures: 15
Countries covered: 21
Pages: 120
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Oil Storage Market
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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 global shifts in energy dynamics and significant fluctuations in geopolitical factors and storage technology across the globe is positively inducing the changes in the market growth. Due to the increased demand of refined oil products such as gasoline, diesel and jet fuel, the investments in the downstream storage facilities have increased in the areas including Southeast Asia and Africa that are undergoing urbanization and industrialization, which in turn will propelling the business landscape.
The increase in the Strategic Petroleum Reserve (SPR) expansion along with the shifting trends towards renewable energy integration is creating an opportunity for market growth. Continuous investments by government in building strategic reserves against supply disruption and volatile pricing is increasing all around the world, thereby increasing oil storage demand. Furthermore, global political changes are set to boost the energy security of emerging economies in the Asia-Pacific region through investments in storage infrastructure which will in turn lead to growth in the market.
Oil Storage Market Trends
Increasing usage of advanced storage techniques for the processed crude as well as changing trade patterns & regional centers for the fuel storage are propelling the market growth. Additionally, the market for oil storage is expected to grow due to the advancements in tank design and enhanced monitoring systems, which offer a significant level of automation and IoT systems for real-time inventory processing, especially in the case of large storage facilities. Moreover, variation in the oil trading system as a result of change in the pattern of oil production and consumption is shifting the centers of storage across the globe. Countries including UAE and the U.S. Gulf Coast have initiated to invest in consolidating their positions for exports and storage, thereby enhancing the market dynamics.
Oil Storage Market Analysis
The floating roof oil storage industry will surpass the 685 million cubic meter capacity 2034. These tanks are used widely to reduce evaporation losses, thereby lowering environmental emissions and retaining their stored goods. These tanks are also increasingly being utilized to hold volatile liquids including crude oil and refined petroleum, and with the introduction of new materials and seals for carrying liquids, efficiency and adherence to environmental standards has increased, thus contributing to the industry growth.
The crude oil industry is projected to grow at a rate of over 3% by 2034. Frequent volatility in oil production volume along with a growing demand cycle of crude oil owing to the increasing energy demand is swaying the end use industry. Crude oil products including gasoline, diesel or jet fuel are on the rise due to overhauls that aim at improving the storage capacity. In addition, the rising appropriate monitoring technology to maintain the efficiency and safety of the equipment along with achieving stricter petroleum environmental safety and operational standards will boost the adoption of oil storage facilities across the globe.
The U.S. oil storage market will witness over 180 million cubic meter by 2034. Production form shale reserves continue to be on the rise, which in turn is resulting in the increase in export activities, thereby forming the country a vital member of the tank oil market. Moreover, the expansions in the regions where strategic reserves have been established including private storage is expected to improve the oil output, stabilize oil market fluctuations and in the process positively changing the market dynamics within the country.
Chinas augmentation of energy use along with its global expansion of storage is driving the demand for growth within the energy industry indicating the higher market growth for the Asia Pacific region. In addition, growth in economic policies which encourage the use of crude oil along with refined goods to be imported have been witnessed, which in turn have expanded the commercial side of the business along with storage capabilities to assist in ensuring energy security, thereby contributing to the market growth.
Oil Storage Market Share
CST Industries, NOV Inc, Fisher Tank Company, Shawcor and Royal Vopak are some of the dominant storage capacity players in the industry maintaining a competitive edge over each other while establishing a strong global network. A wide array of companies across the region including Asia- Pacific and the Middle East are witnessing a high growth due to investment under capacity expansion plans and further development in midstream sector. In addition, the contributing variables that serve as a basis for market share distribution includes transportation integration, geographic area and others.
Oil Storage Market Companies
Major players operating in the oil storage industry are:
Oil Storage Industry News
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
Market, By End Use
The above information has been provided for the following regions and countries: