Home > Energy & Power > Oil and Gas > Midstream > Oil Storage Market

Oil Storage Market Size

Report ID: GMI803
Published Date: Dec 2024
Report Format: PDF

Download Free Sample

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.

To get key market trends

Download Free Sample

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 Report Attributes
Report Attribute	Details
Base Year:	2024
Oil Storage Market Size in 2024:	922.1 Million Cubic Meter (Capacity)
Forecast Period:	2025 to 2034
Forecast Period 2025 to 2034 CAGR:	3.3%
2034 Value Projection:	1,28 Million Cubic Meter (Capacity)
Historical Data for:	2021 to 2024
No. of Pages:	120
Tables, Charts & Figures:	15
Segments covered:	Product, End use, and Region
Growth Drivers:	Rising energy production rate and oil trade movement Requirement of additional storage capacity
Pitfalls & Challenges:	Involvement of high Capex in storage facilities

Learn more about the key segments shaping this market

Download Free Sample

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The global oil storage industry was valued at 922.1 million cubic meters in 2024 and is projected to grow at a 3.3% CAGR from 2025 to 2034, driven by shifting energy demand, geopolitical factors, and advancements in storage technologies.

The floating roof segment is expected to exceed 685 million cubic meters by 2034 as it minimizes evaporation losses, reduces environmental emissions, and ensures compliance with environmental regulations through advancements in seals and materials.

The U.S. oil storage market is projected to surpass 180 million cubic meters by 2034, supported by robust shale reserve production, growing export activities, and expansions in strategic petroleum reserves and private storage facilities.

Key players in the oil storage sector include Anson, Ascent Industries, CST Industries, ElixirPro Engineering Solutions, ERGIL, Fisher Tank, LF Manufacturing, NOV, Roth Industries, Royal Vopak, SHAWCOR, Snyder Industries, and Superior Tank.