IMARC Group, a leading market research company, has recently released a report titled "Oil Storage Market Report by Material (Steel, Carbon Steel, Fiberglass Reinforced Plastic (FRP), and Others), Product (Open Top, Fixed Roof, Floating Roof, and Others), Application (Crude Oil, Middle Distillates, Gasoline, Aviation Fuel, and Others), and Region 2025-2033." The study provides a detailed analysis of the industry, including the global oil storage market share, size, trends, growth and forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Oil Storage Market Overview
The global oil storage market size was valued at USD 10.0 Billion in 2024. It is projected to reach USD 13.4 Billion by 2033, growing at a CAGR of 3.15% during the forecast period 2025-2033. Rising global energy consumption, fluctuating oil prices, technological advancements, and stringent environmental regulations are driving market demand. Oil storage facilities serve crucial roles such as storage, distribution, stockpiling, blending, and strategic reserves to ensure supply stability despite market volatility.
Study Assumption Years
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
Oil Storage Market Key Takeaways
- Current Market Size: USD 10.0 Billion in 2024
- CAGR: 3.15% during 2025-2033
- Forecast Period: 2025-2033
- Carbon steel holds the largest market share among materials due to its strength, durability, cost-effectiveness, and corrosion resistance.
- Floating roof tanks dominate the product segment by reducing VOC emissions and evaporation loss while ensuring quality preservation.
- Crude oil is the largest application segment because of strategic stockpiling for petrochemical use and supply security amid geopolitical tensions.
- The Middle East and Africa region accounts for the largest market share, supported by vast oil reserves and extensive infrastructure investments.
- The U.S., Europe, Asia Pacific, and Latin America exhibit specific market characteristics linked to refining capacity, energy transition, demand growth, and political-economic factors respectively.
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Market Growth Factors
The oil storage market is primarily driven by fluctuating crude oil prices which impact storage utilization. When prices drop, companies buy and store oil in large quantities anticipating higher future prices, thereby increasing storage demand. Conversely, rising prices reduce storage needs as companies sell holdings. This dynamic makes storage capacity vital for managing supply-demand imbalances and capitalizing on price volatility.
Increasing global energy demand due to population growth, urbanization, and industrialization ensures a continuous need for oil storage. Oil remains essential for heating, transportation, electricity, and manufacturing, thus storage facilities are critical to balancing irregular supply and demand. This sustained need supports market expansion.
Rising oil production and refining capacity also fuel storage demand. Periods of surplus production require storage until oil can be processed and distributed. Political and economic variables causing supply fluctuations necessitate dynamic storage management. Furthermore, strategic reserves maintained by governments reflect the importance of secure storage in managing crises, further propelling market growth.
Market Segmentation
Breakup by Material:
- Steel
- Carbon Steel
- Fiberglass Reinforced Plastic (FRP)
- Others
Carbon steel represents the largest segment owing to its exceptional strength, durability, cost-effectiveness, and reliability for constructing large-capacity oil storage tanks capable of withstanding harsh environmental conditions.
Breakup by Product:
- Open Top
- Fixed Roof
- Floating Roof
- Others
Floating roof tanks lead the market as they rest on the oil surface, adapting to liquid levels, reducing VOC emissions and evaporation losses, and protecting oil quality in compliance with stringent regulations.
Breakup by Application:
- Crude Oil
- Middle Distillates
- Gasoline
- Aviation Fuel
- Others
Crude oil dominates applications due to its strategic storage for petrochemical manufacturing, supply security amid geopolitical tensions, and its role in the liquefied natural gas (LNG) industry with natural gas liquids typically stored alongside.
Breakup By Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
The Middle East and Africa region exhibits clear dominance with the largest market share. The Middle East hosts major oil producers such as Saudi Arabia, Iran, Iraq, and the UAE, with vast oil reserves and significant investments in oil storage infrastructure including tank farms and storage facilities. These investments support both domestic consumption and international exports, cementing the region's leading position in the global oil storage market.
Recent Developments & News
In July 2021, Aegis and Vopak announced a collaboration in India to expand their LPG and chemicals storage and handling businesses. In March 2023, Buckeye Partners, L.P. launched BAES Infrastructure, focusing on energy transition project development, construction, and operation. In November 2022, Oiltanking agreed to sell its stake in Indian Oiltanking and subsidiaries to Adani Ports and Special Economic Zone.
Key Players
- Buckeye Partners L.P.
- CST Industries Inc.
- Denali Incorporated (National Oilwell Varco Inc.)
- Energy Transfer LP
- L.F. Manufacturing
- Oiltanking GmbH (Marquard & Bahls)
- Royal Vopak N.V.
- Shawcor Ltd.
- Synalloy Corporation
- Snyder Industries LLC
- VTTI B.V.
- Ziemann Holvrieka GmbH.
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