Oil Storage Market

Market Overview:

The global oil storage market size reached US$ 9.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.7 Billion by 2028, exhibiting a growth rate (CAGR) of 3.76% during 2023-2028.

Oil storage refers to tanks and terminals used in oil and gas supply chains for storing processed oil in under or above-ground facilities. Some of the commonly used oil storage tanks include open-top, fixed roof, floating roof, single skin and double skin and bundled tanks. These oil storage tanks are usually manufactured using stainless steel, plastic, carbon steel and reinforced concrete material and act as a reservoir for gasoline, aviation fuel, naphtha, liquified petroleum gas (LPG), crude oil, petrol, diesel and other derivatives. As a result, they find extensive applications across various industries, including transportation, automotive and oil and gas.

Significant growth in the oil and gas industry across the globe is one of the key factors creating a positive outlook for the market growth. With the increasing requirement for mega refining hubs, import and distribution-related facilities, there is a rising demand for efficient oil storage facilities, especially in the developing economies. Furthermore, widespread utilization of strategic petroleum reserves (SPRs) by government organizations for maintaining oil reserves in large volumes and ensuring constant energy supply are providing a thrust to the market growth. With the rising off-shore and on-shore exploratory activities, there is a significant increase in the demand for oil storage installations. Additionally, the utilization of advanced technologies for fabricating more durable steel tanks to prevent and minimize oil leakages during storage is contributing to the market growth. Other factors, including the implementation of favorable government policies, along with cross-border oil trade activities, are anticipated to drive the market further.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global oil storage market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on material, product and application.

Breakup by Material:

• Steel
• Carbon Steel
• Fiberglass Reinforced Plastic (FRP)
• Others
   

Breakup by Product:

• Open Top
• Fixed Roof
• Floating Roof
• Others
   

Breakup by Application:

• Crude Oil
• Middle Distillates
• Gasoline
• Aviation Fuel
• Others
   

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

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. and Ziemann Holvrieka GmbH.

Report Coverage:

Key Questions Answered in This Report:

• How has the global oil storage market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the global oil storage market?
• What are the key regional markets?
• What is the breakup of the market based on the material?
• What is the breakup of the market based on the product?
• What is the breakup of the market based on the application?
• What are the various stages in the value chain of the industry?
• What are the key driving factors and challenges in the industry?
• What is the structure of the global oil storage market and who are the key players?
• What is the degree of competition in the industry?