Oil Storage Market Share, Size, Trends, Industry Analysis Report, By Type (Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, and Liquified Petroleum Gas); By Material; By Product; By Region; Segment Forecast, 2024-2032
- Published Date:Jan-2024
- Pages: 116
- Format: PDF
- Report ID: PM3112
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global oil storage market was valued at USD 13.77 billion in 2023 and is expected to grow at a CAGR of 4.40% during the forecast period. The rapid increase in the demand for captive in-house storage capacities, rising oil prices, and supply chain risks, owing to geo-political risks between Europe and Russia, along with the surge in the number of government initiatives regarding the emission of greenhouse gases & favorable government investments, are among the prominent factors influencing the growth of the global market. With the change in product, physical, and chemical properties, market manufacturers focus on developing new products with more effective and improved features while tackling these emerging challenges, propelling the demand, and creating significant growth opportunities.
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For instance, in October 2022, India & the United States introduced a new “Energy Storage Task Force” to support the integration of renewable energy. The new initiatives will further strengthen the US-India partnership in the crucial energy sector while working on energy efficiency & conservation of oil and gas in appliances.
Moreover, the increasing necessity of strategic petroleum reserves has significantly forced many countries across the globe to prioritize the expansion of their capacity to meet the oil demand when an import failure or crisis happens. The addition to the current storage capacity and increase in the number of large crude storage facilities, especially among the countries like the US and Canada.
The oil storage market report details key market dynamics to help industry players align their business strategies with current and future trends. It examines technological advances and breakthroughs in the industry and their impact on the market presence. Furthermore, a detailed regional analysis of the industry at the local, national, and global levels has been provided.
The outbreak of the COVID-19 pandemic has significantly impacted the growth of the oil storage market. The novel coronavirus has adversely affected several economies across the globe, as it caused a lockdown and other trade restrictions, which limited the demand and created huge disruptions in the supply chain. The shutdown of industrial manufacturers led to a significant decline in the need for fossil fuels in the aviation and transportation sector, slowing down the growth of the oil storage market.
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Industry Dynamics
Growth Drivers
The oil and gas business has grown drastically in the recent past years with the exponential rise in the demand from variety of end-use sectors. Oil storage has become a very crucial need as the demand for wide range of oils such as gasoline, aviation fuel, intermediate distillates, and crude oil among others is still growing extensively, thereby fueling the demand and growth of the global market. Furthermore, the rapid expansion for both offshore and onshore operations across the globe and the rising infrastructure for import and distribution mainly in the emerging economies like Saudi Arabia, Venezuela, Iran, and Iraq along with the high prevalence for strategic petroleum reserves among government bodies for the effective and convenient management of substantial oil stockpiles, which further boost the global market growth.
Report Segmentation
The market is primarily segmented based on type, material, product and region.
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By Type |
By Material |
By Product |
By Region |
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Crude oil segment accounted for largest market share in 2022
The crude oil segment accounted for a significant global market share in 2022 and will likely retain its market position throughout the anticipated period. The growth of the segment market can be mainly attributed to the increasing use of crude oil in various applications, including the automobile industry, due to its wide range of advantageous characteristics coupled with the rising prevalence of the product among downstream and midstream sectors.
The gasoline segment is expected to grow at a significant growth rate during the projected period, which is highly attributed to its continuously rising usage as automobile fuel, as it provides high combustion energy compared to others and is being widely used in various other sectors, including construction, landscaping, farming equipment, and forestry among others.
Carbon steel segment held the significant market revenue share in 2022
The carbon steel segment held the largest market revenue share in 2022 because of the high demand and need for carbon steel in manufacturing oil storage tanks due to its high affordability than stainless steel. Tanks, which are constructed with carbon steel, can be easily painted or lined to enhance their water and chemical resistance that, which allows them to hold most types of fluids or even gases more conveniently, which has fueled their popularity among a large number of manufacturers and expected to drive the segment growth at a significant pace.
The fiberglass-reinforced plastic segment is anticipated to expand at a considerable growth rate over the coming years, which is mainly driven by its numerous beneficial features, including inherent corrosion resistance, high strength to the weight ratio, radio frequency interface, and ability to be created in any shape or size very easily. Additionally, as these types of tanks are manufactured with resin, it has smooth walls and is 100% watertight, which prevents contamination and results in excessive water pumping and chemical treatment, which in turn, is boosting the segment market.
Floating roof tank segment is expected to witness highest growth during forecast period
The floating roof tank segment is expected to grow at a considerable CAGR during the forecast period. The market's growth can be attributed to the efficient design of the floating roof that helps reduce evaporative losses and corrosion, along with the rapid increase in the demand for storage of medium and low flash point hydrocarbons. Moreover, the advancements in technology and new innovative product launches introduced by major market players will further propel the growth of the segment market.
The fixed roof tank segment led the market in 2022 with a healthy market share due to the high degree of containment of fixed roof oil storage, which reduces the risk of fire incidents and the declining installation costs associated with the fixed-roof design.
Middle East & Africa region dominated the global market in 2022
The Middle East & Africa region dominated the global market in 2022 and is expected to maintain its dominance throughout the anticipated period due to the robust presence of huge fossil fuel resources in the region and the high dependence of GDP on crude oil production and various refineries. Moreover, the extensive rise in the demand for petroleum products, including kerosene, petrol, and diesel, in emerging economies has encouraged the government and private organizations to invest heavily in installing new storage facilities across the region.
Asia Pacific region is anticipated to register the highest growth in the global market over the study period, with China and India accounting for the highest market share in the area. The increasing demand for oil and gas from the major economies, as a result of extensive rise in the population and rapid boom in the automotive and transportation industry coupled with the rising investments in various offshore and onshore activities, are further likely to fuel the demand and growth of the regional market.
Competitive Insight
Some of the major players operating in the global market include Containment Solutions, CST Industries, Superior Tank, Delta Oil Tanking, Royal Vopak, Oiltanking, Shawcor, Roth Industries Company, Columbian Steel Tank, Ziemann Holvrieka, Sunoco Logistics, Poly processing, ZCL Composites, Synalloy Corporation, LF Manufacturing, & Hydrotherm Engineering Services.
Recent Developments
- In November 2021, Trico Corporation introduced its bulk oil-storage systems that provide a cleaner, safer, & easier alternative to the 55-gallon drums for effective handling of the lubricants. The new oil storage systems are available in three tiers to meet the unique and specific requirements of applications.
- In May 2021, PSO introduced its first-ever digitally integrated oil storage and dispatch terminal at the PSO’s Keamari Terminal in the southern port city, which will boost the company’s operational capabilities while improving efficiency and strengthening controls. Digitalizing the filling and dispatch operations will further result in significant growth and improvement in dispatch rates.
Oil Storage Market Report Scope
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Report Attributes |
Details |
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Market size value in 2024 |
USD 14.36 billion |
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Revenue forecast in 2032 |
USD 20.22 billion |
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CAGR |
4.40% from 2024 – 2032 |
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Base year |
2023 |
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Historical data |
2019– 2022 |
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Forecast period |
2024 – 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2024 to 2032 |
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Segments covered |
By Type, By Material, By Product, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America; Middle East & Africa |
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Key companies |
Containment Solutions Inc., CST Industries, Superior Tank Co. Inc., Delta Oil Tanking B.V., Royal Vopak, Oiltanking GmbH, Shawcor, Roth Industries Company, Columbian Steel Tank, Ziemann Holvrieka GmbH, Sunoco Logistics, Poly processing, ZCL Composites Inc., Synalloy Corporation, LF Manufacturing, and Hydrotherm Engineering Services. |
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FAQ's
The global oil storage market size is expected to reach USD 20.22 billion by 2032.
Key players in the oil storage market are Containment Solutions, CST Industries, Superior Tank, Delta Oil Tanking, Royal Vopak, Oiltanking, Shawcor, Roth Industries Company, Columbian Steel Tank.
The Middle East & Africa region contribute notably towards the global oil storage market.
The global oil storage market expected to grow at a CAGR of 4.36% during the forecast period.
The oil storage market report covering key segments are type, material, product and region.
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