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Oil Storage Market Trends

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

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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.

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.