Oil Storage Market Synopsis

Oil Storage Market Size Was Valued at USD 13.77 Billion in 2023 and is Projected to Reach USD 20.38 Billion by 2032, Growing at a CAGR of 4.45% From 2024-2032.

• There are different types and designs of oil storage tanks to meet the various requirements of the petroleum industry. Smaller tanks with bolts are utilized for temporary storage in production sites, while larger tanks with welded joints are standard in refineries and distribution terminals.
• Tanks are selected depending on operational factors, storage capacities, and design needs, with materials and construction methods chosen to accommodate the properties of the stored product. Oil storage facilities are crucial in the worldwide energy supply system as they handle changes in supply and demand. They guarantee a constant oil supply for sectors such as transportation and manufacturing.
• Strategic reserves also play a role in decreasing dependency on foreign oil and improving energy security in the face of different risks. Fluctuations in global oil prices significantly affect the oil storage sector, altering the balance between supply and demand. Changes in supply chains require additional storage facilities to safeguard against price fluctuations.
• Growing consumption and production necessitate more extensive storage facilities. Furthermore, the strategic petroleum reserves of different nations help drive market expansion, guaranteeing energy stability when there are interruptions in supply. Oil storage sites must follow strict rules regarding the environment and safety to avoid leaks and pollution, ensuring protection of the environment and public health.
• Tanks are equipped with advanced safety features including secondary containment and leak detection systems. Adherence is essential to prevent penalties and uphold operational integrity, as regulations consistently influence industry operations. The extensive and varied oil storage capacity worldwide ranges from small on-site tanks to large terminals, including above-ground and underground storage tanks. Essential for handling supply chains in times of high production or low demand, countries with substantial oil industries operate large storage systems. This ability is necessary for strategic stockpiles and business needs in order to guarantee a steady and dependable oil source.

Oil Storage Market Trend Analysis

The most emerging trend is the integration of automation and IoT for enhanced operational efficiency and safety.

• The blending of automation and IoT technologies is a significant trend in the oil storage sector, improving efficiency, safety, and monitoring. Automated systems and IoT devices allow for monitoring in real-time, predictive maintenance, and better inventory control to ensure optimal storage conditions and adherence to regulations.
• Countries worldwide are increasing their strategic petroleum reserves (SPRs) to protect energy security and handle supply interruptions, leading to a higher need for extensive storage sites and encouraging investments in infrastructure for market durability. Floating roof tanks are becoming more and more common for the storage of volatile materials such as crude oil.
• They lower evaporation and fire hazards, which is why they are the top choice for secure storage. This trend shows that the industry is concentrating on safety and adhering to environmental regulations. By situating storage facilities close to transportation hubs and refineries, supply chain logistics are improved, costs are decreased, and the distribution of oil products becomes more efficient.
• Proximity to ports, pipelines, and refineries improves operational effectiveness. Businesses in the oil storage industry are investigating hybrid storage solutions that merge conventional oil storage techniques with renewable energy sources such as solar and wind to decrease carbon emissions and comply with worldwide energy transition targets.

The most emerging opportunity is the expansion in emerging markets driven by increasing crude oil demand and strategic reserves.

• The oil storage market has opportunities due to the integration of Automation and IoT in technological advancements. They enhance effectiveness, security, supervision, offer a competitive advantage, streamline administration, and enforce adherence.
• Strategic Petroleum Reserves (SPRs) provide governments with opportunities for growth by helping to handle supply disruptions, control fluctuations in oil prices, and stimulate the need for substantial storage facilities, promoting market expansion and durability. Geopolitical factors influence investments in oil storage facilities, with nations seeking to enhance energy security and reduce dependence on imported oil. Improving and enhancing storage facilities is essential for mitigating risks.
• There is a growing global demand for crude oil, creating opportunities to enlarge storage capacities. Investments in infrastructure are being made to support increased volumes and maintain a consistent supply chain as demand grows in different industries. India and China's rapid economic growth and industrialization are fueling the expansion of the oil storage industry, particularly in emerging markets. This development allows for the growth of storage infrastructure to meet energy needs and support market expansion.

Oil Storage Market Segment Analysis:

The Oil Storage Market is Segmented on the basis of Type, Material, Product Design, Storage Type, and End-Use.

By Type, Crude Oil Segment Is Expected to Dominate the Market During the Forecast Period

• Increased production and reduced demand are the reasons behind crude oil storage's 51% market share in 2021. Greater storage capacity is required to effectively handle excess inventories.
• Investments in refining plants increase the growth of middle distillates, fueled by high demand for low-sulphur distillates in Asia-Pacific nations, resulting in a rise in the storage market.
• The growth of the gasoline industry is driven by its demand in both vehicles and industrial applications. Competition from Electric Vehicles could impede the potential expansion of the gasoline market in the future.
• The shift to renewable energy sources and electric vehicles has led to an increased demand for crude oil storage by both governments and energy companies in order to sustain petrochemical production crucial for industries such as electric vehicle manufacturing.
• Geopolitical conflicts in areas that produce oil increase the necessity for storing crude oil as a precautionary measure, leading to higher demand for storage facilities. The expansion of the market is also fueled by the LNG industry's dependence on natural gas liquids.

By Product Design, Fixed roof tank Segment Held the Largest Share In 2023

• Fixed roof tanks are crucial in the oil storage industry due to their cost efficiency and dependability. They offer important storage for different types of oil products, effectively meeting the needs of the industry. Global increases in oil production and refinery capacity are driving up the demand for fixed-roof storage tanks as there is a growing need for strong storage facilities in light of the rising oil production.
• Stricter environmental regulations and spill prevention measures are the reasons why fixed roof tanks are favored over floating tanks for storing oil, as they offer superior containment and ensure compliance with safety standards. Improvements in tank technology are enhancing the use of fixed-roof storage systems in the oil industry infrastructure, increasing their effectiveness and safety.
• The global market is dominated by the fixed roof oil storage segment, holding a 48% volume share in 2021. Its excellent ability to contain reduces fire hazards, while lower installation expenses for fixed-roof designs drive up demand and market expansion.

Oil Storage Market Regional Insights:

North America is Expected to Dominate the Market Over the Forecast Period

• During 2020, there was a 2.8-million-barrel increase in US oil reserves as production rose and demand fell due to factors such as the COVID-19 pandemic. Limited space and excess resources necessitate strategic approaches for efficient handling.
• Factors such as technological advancements, increasing environmental concerns, and a shift in consumer preferences towards sustainable alternatives have led to a decrease in oil consumption in North America and the US, affecting trends in energy consumption.
• North America, which includes the United States and Canada, is putting money into new storage infrastructure such as oil terminals and expanding current facilities to manage growing inventories and keep supply chains intact as production levels rise.
• The strategic placement of important storage facilities such as Freeport V, West Hackberry, and Big Hill in the US supports effective distribution, and logistics, and guarantees the durability of North America's oil storage network. Due to investments in storage infrastructure and strategic positioning of key facilities, North America is expected to lead the global oil storage market, managing storage challenges and remaining a key player in the energy sector.

Oil Storage Market Active Players

• Royal Vopak (Netherlands)
• Vitol Tank Terminals International BV (VTTI) (Switzerland)
• Oiltanking GmbH (Germany)
• NuStar Energy L.P. (U.S.)
• Magellan Midstream Partners L.P. (U.S.)
• Buckeye Partners L.P. (U.S.)
• CST Industries (U.S.)
• NOV Inc. (U.S.)
• Snyder Industries (U.S.)
• LF Manufacturing (U.S.)
• Superior Tank Co., Inc. (U.S.)
• SHAWCOR (Canada)
• Waterford Tank & Fabrication (U.S.)
• ERGIL (Turkey)
• Kinder Morgan (U.S.)
• Containment Solutions Inc. (U.S.)
• Roth Industries Inc. (Germany)
• Belco Manufacturing Company Inc. (U.S.)
• Enduro Composites Inc. (U.S.)
• McDermott International Ltd. (U.S.)
• Oil India Ltd. (India)
• Reliance Industries Ltd. (India)
• China National Petroleum Corporation (China)
• China National Offshore Oil Corporation (China)
• Sinochem Group (China)
• Rosneft (Russia)
• Gazprom (Russia)
• Axiom Equipment Group (Canada)
• LukOil (Russia)
• Transneft (Russia)
• E4.1on Mobil Corporation (U.S.) and Other Active Players.

Key Industry Developments in the Oil Storage Market:

• In Mar 2023, Buckeye Partners, L.P. announced the launch of BAES Infrastructure, a diversified energy company focused on the development, construction, and operation of energy transition projects.
• In Nov 2022, Oiltanking signed an agreement with Adani Ports and Special Economic Zone Limited to sell its stake in Indian Oiltanking and its subsidiaries.
• In Sep 2022, Axiom Equipment Group, a Canada-based industrial equipment supplier, launched the Mega tank fuel storage tank with 1000L, 2000L, and 3000L capacity options, featuring double-walled construction, bi-directional forklift pockets, and the ability to dispense fuel to three pieces of equipment simultaneously.

1. INTRODUCTION
   1. RESEARCH OBJECTIVES
   2. RESEARCH METHODOLOGY
   3. RESEARCH PROCESS
   4. SCOPE AND COVERAGE
      1. Market Definition
      2. Key Questions Answered
   5. MARKET SEGMENTATION
2. EXECUTIVE SUMMARY
3. MARKET OVERVIEW
4. GROWTH OPPORTUNITIES BY SEGMENT
5. MARKET LANDSCAPE
   1. PORTER’S FIVE FORCES ANALYSIS
      1. Bargaining Power of Supplier
      2. Threat Of New Entrants
      3. Threat Of Substitutes
      4. Competitive Rivalry
      5. Bargaining Power Among Buyers
   2. INDUSTRY VALUE CHAIN ANALYSIS
   3. MARKET DYNAMICS
      1. Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
   4. MARKET TREND ANALYSIS
   5. REGULATORY LANDSCAPE
   6. PESTLE ANALYSIS
   7. PRICE TREND ANALYSIS
   8. PATENT ANALYSIS
   9. TECHNOLOGY EVALUATION
   10. MARKET IMPACT OF THE RUSSIA-UKRAINE WAR
       1. Geopolitical Market Disruptions
       2. Supply Chain Disruptions
       3. Instability in Emerging Markets
   11. ECOSYSTEM
6. OIL STORAGE MARKET BY TYPE (2017-2032)
   1. OIL STORAGE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. CRUDE OIL
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors and Opportunities
      5. Geographic Segmentation Analysis
   4. GASOLINE
   5. AVIATION FUEL
   6. LIQUEFIED PETROLEUM GAS (LPG)
   7. DIESEL
   8. KEROSENE
7. OIL STORAGE MARKET BY MATERIAL (2017-2032)
   1. OIL STORAGE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. STEEL
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. CARBON STEEL
   5. FIBERGLASS-REINFORCED PLASTIC (FRP)
8. OIL STORAGE MARKET BY PRODUCT DESIGN (2017-2032)
   1. OIL STORAGE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. OPEN TOP TANK
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. FIXED ROOF TANK
   5. FLOATING ROOF TANK
   6. BULLET TANK
   7. SPHERICAL TANK
9. OIL STORAGE MARKET BY STORAGE TYPE (2017-2032)
   1. OIL STORAGE MARKET SNAPSHOT AND GROWTH ENGINE
   2. MARKET OVERVIEW
   3. ABOVE-GROUND STORAGE TANKS (AST)
      1. Introduction And Market Overview
      2. Historic And Forecasted Market Size in Value (2017-2032F)
      3. Historic And Forecasted Market Size in Volume (2017-2032F)
      4. Key Market Trends, Growth Factors And Opportunities
      5. Geographic Segmentation Analysis
   4. UNDERGROUND STORAGE TANKS (UST)
10. OIL STORAGE MARKET BY END-USE (2017-2032)
    1. OIL STORAGE MARKET SNAPSHOT AND GROWTH ENGINE
    2. MARKET OVERVIEW
    3. COMMERCIAL
       1. Introduction And Market Overview
       2. Historic And Forecasted Market Size in Value (2017-2032F)
       3. Historic And Forecasted Market Size in Volume (2017-2032F)
       4. Key Market Trends, Growth Factors And Opportunities
       5. Geographic Segmentation Analysis
    4. STRATEGIC RESERVES
    5. REFINERIES
    6. PETROCHEMICAL PLANTS
11. COMPANY PROFILES AND COMPETITIVE ANALYSIS
    1. COMPETITIVE LANDSCAPE
       1. Competitive Benchmarking
       2. Oil Storage Market Share By Manufacturer (2023)
       3. Industry BCG Matrix
       4. Heat Map Analysis
       5. Mergers & Acquisitions
    2. ROYAL VOPAK (NETHERLANDS)
       1. Company Overview
       2. Key Executives
       3. Company Snapshot
       4. Role of the Company in the Market
       5. Sustainability and Social Responsibility
       6. Operating Business Segments
       7. Product Portfolio
       8. Business Performance (Production Volume, Sales Volume, Sales Margin, Production Capacity, Capacity Utilization Rate)
       9. Key Strategic Moves And Recent Developments
       10. SWOT Analysis
    3. VITOL TANK TERMINALS INTERNATIONAL BV (VTTI) (SWITZERLAND)
    4. OILTANKING GMBH (GERMANY)
    5. NUSTAR ENERGY L.P. (U.S.)
    6. MAGELLAN MIDSTREAM PARTNERS L.P. (U.S.)
    7. BUCKEYE PARTNERS L.P. (U.S.)
    8. CST INDUSTRIES (U.S.)
    9. NOV INC. (U.S.)
    10. SNYDER INDUSTRIES (U.S.)
    11. LF MANUFACTURING (U.S.)
    12. SUPERIOR TANK CO., INC. (U.S.)
    13. SHAWCOR (CANADA)
    14. WATERFORD TANK & FABRICATION (U.S.)
    15. ERGIL (TURKEY)
    16. KINDER MORGAN (U.S.)
    17. CONTAINMENT SOLUTIONS INC. (U.S.)
    18. ROTH INDUSTRIES INC. (GERMANY)
    19. BELCO MANUFACTURING COMPANY INC. (U.S.)
    20. ENDURO COMPOSITES INC. (U.S.)
    21. MCDERMOTT INTERNATIONAL LTD. (U.S.)
    22. OIL INDIA LTD. (INDIA)
    23. RELIANCE INDUSTRIES LTD. (INDIA)
    24. CHINA NATIONAL PETROLEUM CORPORATION (CHINA)
    25. CHINA NATIONAL OFFSHORE OIL CORPORATION (CHINA)
    26. SINOCHEM GROUP (CHINA)
    27. ROSNEFT (RUSSIA)
    28. GAZPROM (RUSSIA)
    29. AXIOM EQUIPMENT GROUP (CANADA)
    30. LUKOIL (RUSSIA)
    31. TRANSNEFT (RUSSIA)
    32. E4.1ON MOBIL CORPORATION (U.S.) AND OTHER ACTIVE PLAYERS.
12. GLOBAL OIL STORAGE MARKET BY REGION
    1. OVERVIEW
    2. NORTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Type
       4. Historic And Forecasted Market Size By Material
       5. Historic And Forecasted Market Size By Product Design
       6. Historic And Forecasted Market Size By Storage Type
       7. Historic And Forecasted Market Size By End-Use
       8. Historic And Forecasted Market Size By Country
          1. USA
          2. Canada
          3. Mexico
    3. EASTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Russia
          2. Bulgaria
          3. The Czech Republic
          4. Hungary
          5. Poland
          6. Romania
          7. Rest Of Eastern Europe
    4. WESTERN EUROPE
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Germany
          2. United Kingdom
          3. France
          4. The Netherlands
          5. Italy
          6. Spain
          7. Rest Of Western Europe
    5. ASIA PACIFIC
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. China
          2. India
          3. Japan
          4. South Korea
          5. Malaysia
          6. Thailand
          7. Vietnam
          8. The Philippines
          9. Australia
          10. New-Zealand
          11. Rest Of APAC
    6. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    7. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
13. INVESTMENT ANALYSIS
14. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies
       1. 1. Thailand
          2. Vietnam
          3. The Philippines
          4. Australia
          5. New-Zealand
          6. Rest Of APAC
    3. MIDDLE EAST & AFRICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Turkey
          2. Bahrain
          3. Kuwait
          4. Saudi Arabia
          5. Qatar
          6. UAE
          7. Israel
          8. South Africa
    4. SOUTH AMERICA
       1. Key Market Trends, Growth Factors And Opportunities
       2. Key Manufacturers
       3. Historic And Forecasted Market Size By Segments
       4. Historic And Forecasted Market Size By Country
          1. Brazil
          2. Argentina
          3. Rest of South America
15. INVESTMENT ANALYSIS
16. ANALYST VIEWPOINT AND CONCLUSION
    1. Recommendations and Concluding Analysis
    2. Potential Market Strategies