Oil Storage Global Market Report 2024

The oil storage market size has grown strongly in recent years. It will grow from $9.98 billion in 2023 to $10.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The expansion observed in the historical period can be attributed to the growth of emerging markets, increased investment in oil and gas exploration in developing countries, and a surge in oil and gas exports.

The oil storage market size is expected to see strong growth in the next few years. It will grow to $13.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The anticipated growth in the forecast period can be attributed to government support, rising urbanization, a growing petrochemical industry, and increasing consumption of crude oil products. Key trends projected for the forecast period include a focus on utilizing the Internet of Things (IoT), increasing investments, and ongoing product innovations.

The oil storage market is poised for growth, driven by the increasing demand for crude oil supply. Oil storage facilities play a crucial role in storing crude oil, petroleum, and other oil products for subsequent distribution to end-users. The surge in demand for crude oil supply is attributed to the rising consumption of crude oil products such as petroleum, oil, and gas. As oil consumption continues to grow, there is a substantial need for increased crude oil supply, leading to a heightened demand for oil storage. Notably, the International Energy Agency (IEA) forecasts a significant annual growth of 9% in natural gas consumption in India, reaching 25 billion cubic meters by 2024. Additionally, the Indian Brand Equity Foundation (IBEF) projects a 50% growth in oil demand in India by 2030 compared to a 7% global demand growth. Hence, the escalating demand for crude oil supply is expected to be a driving force for the oil storage market.

Government support is anticipated to be a key driver for the growth of the oil storage market. Governments worldwide are backing the oil and gas sector to develop innovative solutions that better serve the industry. An illustrative example is Iraq's awarding of a project to China Petroleum Pipeline Engineering Company (CPP) to construct its largest crude oil depot for export, boasting a capacity of approximately 3.2 million barrels. Furthermore, in April 2022, India, along with other major consumers, released 5 million barrels of oil from its strategic petroleum reserves to alleviate inflationary pressures, demonstrating the commitment of governments to support initiatives in the oil and gas industry. Therefore, government support is poised to boost the demand for the oil and gas industry, subsequently driving the oil storage market.

Companies in the oil storage market are strategically focusing on product innovations and developing new solutions to fortify their market positions. An instance of this is Axiom Equipment Group, a Canada-based industrial equipment supplier, launching the Mega Tank fuel storage tank with capacities ranging from 1000L to 3000L in September 2022. The Mega Tank features a double-walled construction with bi-directional forklift pockets, a removable inner tank, and the ability to dispense fuel to three pieces of equipment simultaneously. This innovation aims to enhance operational efficiency while reducing the risks of downtime.

Companies operating in the oil storage market are making strategic investments to expand production capacities. For instance, Nepal Oil Corporation (NOC), a Nepal-based state-owned trading enterprise, announced plans to build an 8.7 million-liter fuel storage tank in Amlekhgunj with an investment of around Rs 3.15 billion ($0.038 billion). This infrastructure development is part of NOC's strategy to strengthen its capabilities in fuel storage.

In June 2021, Energi Asia, a UAE-based oil and gas infrastructure investment company, acquired the assets of Bulk Terminal Storage from Oil Tanking, a Germany-based logistics service provider. This acquisition underscores Energi Asia's commitment to fortifying its infrastructure in the African region, catering to the diverse storage needs of conventional and alternative fuels.

Major companies operating in the oil storage market report are NOV Inc., Chemie Tech, Shawcor Ltd., CST Industries, PermianLide (Permian Tank), McDermott International Ltd., Snyder Industries, Toyo Kanetsu KK, Superior Tank Co. Inc., Ishii Iron Works Co Ltd., Oil India Ltd., Reliance Industries Ltd., China National Petroleum Corporation, China National Offshore Oil Corporation, Shaanxi Yanchang Petroleum, Sinochem Group, JAPAN OIL Development Co. Ltd. Minato-Ku, Japan Petroleum Exploration Co. Ltd., Sakhalin Oil and Gas Development Co. Ltd., Japan Organization for Metals and Energy Security, Air Liquide Japan G.K., BPA British Pipelines Agency, CLH Compañía Logística de Hidrocarburos, GPSS Government Pipelines and Storage System, LCC Lissan Coal Company, OPA Oil and Pipelines Agency, PSD Petroleum Storage Depo, Rosneft, Surgutneftegas, Gazprom, LukOil, Transneft, Climbex S.A., VIG Sp. z o.o, ETG Risorse e Tecnologia S.r.l, Balcke-Durr GmbH, Suncor, Canadian Natural, Husky Energy, PDC Energy Inc., Kinetik Holdings Inc., Nustar Energy L.P., Delek US Holdings Inc., Exxon Mobil Corporation, Chevron Argentina SRL, YPF SA, Brooge Energy, Gulf Energy Maritime (GEM), Hansa Tankers, Odfjell Tankers, Petrochem Middle East (PME), Ace Tankers, Engen Petroleum, Vivo Energy, MOL Group, Stolt-Nielsen Limited.

North America was the largest region in the oil storage market in 2023. The regions covered in the oil storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oil storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The primary types of oil storage include open-top tanks, fixed roof tanks, floating roof tanks, and others. Open-top tanks are process-oriented and are commonly employed for tasks such as blending or containment, including chroming tanks, dipping tanks, and batch tanks. These tanks serve as secondary containers for liquid storage in various industries. They are utilized for storing a range of oil products, including crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and liquefied petroleum gas (LPG). Different materials are used in oil storage, including steel, carbon steel, fiberglass-reinforced plastic (FRP), and others.

The oil storage market research report is one of a series of new reports that provides oil storage market statistics, including oil storage industry global market size, regional shares, competitors with an oil storage market share, detailed oil storage market segments, market trends and opportunities, and any further data you may need to thrive in the oil storage industry. This oil storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The oil storage market consists of sales of atmospheric storage tanks (AST), open top tanks (OTT), external floating-roof tanks (EFRT), and internal floating-roof tanks (IFRT). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.