Oil Storage Global Market Opportunities and Strategies to 2032

This report describes and explains the oil storage market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.

The global oil storage market reached a value of nearly $9,411.5 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.8% since 2017. The market is expected to grow from $9,411.5 million in 2022 to $11,936.9 million in 2027 at a rate of 4.9%. The market is then expected to grow at a CAGR of 5.9% from 2027 and reach $15,878.0 million in 2032.

Growth in the historic period resulted from emerging markets growth, rise in investment for oil and gas exploration in developing countries, surge in oil and gas exports. Factors that negatively affected growth in the historic period were COVID-19 impact, and restrictions on free trade.

Going forward, government support, rising urbanization, growing petrochemical industry, increasing consumption of crude oil products will drive the growth. Factor that could hinder the growth of the oil storage market in the future include geopolitical tensions and the Russia-Ukraine war impact.

The oil storage market is segmented by product design into open top tank, fixed roof tank, floating roof tank and other designs. The fixed roof tank market was the largest segment of the oil storage market segmented by product design, accounting for 49.2% of the total in 2022. Going forward, the floating roof tank segment is expected to be the fastest growing segment in the oil storage market segmented by product design, at a CAGR of 5.0% during 2022-2027.

The oil storage market is segmented by type into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, liquefied petroleum gas. The crude oil market was the largest segment of the oil storage market segmented by type, accounting for 51.4% of the total in 2022. Going forward, the gasoline segment is expected to be the fastest growing segment in the oil storage market segmented by type, at a CAGR of 5.1% during 2022-2027.

The oil storage market is segmented by materials into steel, carbon steel, fiberglass reinforced plastic and other materials. The carbon steel market was the largest segment of the oil storage market segmented by materials, accounting for 82.5% of the total in 2022. Going forward, the steel segment is expected to be the fastest growing segment in the oil storage market segmented by materials, at a CAGR of 5.0% during 2022-2027.

North America was the largest region in the oil storage market, accounting for 32.0% of the total in 2022. It was followed by the Middle East, and then the other regions. Going forward, the fastest-growing regions in the oil storage market will be the Middle East and North America where growth will be at CAGRs of 5.6% and 5.4% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 4.8% and 4.0% respectively.

The global oil storage market is highly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 3.51% of the total market in 2022. This can be due to the existence of number of local players in the market serving customers in particular geographies. NOV Inc. was the largest competitor with 0.92% of the market, followed by Chemie Tech with 0.58%, Shawcor Ltd with 0.56%, CST Industries with 0.39%, PermianLide (Permian Tank) with 0.38%, McDermott International, Ltd with 0.27%, Snyder Industries with 0.13%, Toyo Kanetsu KK with 0.13%, Superior Tank Co., Inc. with 0.08% and Ishii Iron Works Co Ltd with 0.08%.

The top opportunities in the oil storage market segmented by product design will arise in the fixed roof tank segment, which will gain $1,254.0 million of global annual sales by 2027. The top growth potential in the oil storage market segmented by type will arise in the crude oil segment, which will gain $1,340.6 million of global annual sales by 2027. The top opportunities in the oil storage market segmented by materials will arise in the carbon steel segment, which will gain $2,088.5 million of global annual sales by 2027. The oil storage market size will gain the most in the USA at $779.2 million.

Market-trend-based strategies for the oil storage market include focusing on using the Internet of Things (IoT), increasing investments, and product innovations.

Player-adopted strategies in the oil storage market include focus on strengthening operational capabilities through business expansions, focus on enhancing operational capabilities through production capacity expansions, and focus on strengthening business capabilities through geographic expansion.

To take advantage of the opportunities, the publisher recommends the oil storage companies to focus on new product launches, focus on increasing investments in production capacities, focus on the Internet of Things (IoT), expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and target petrochemicals companies.