Product Code: 4808
The Global Oil Storage Market, valued at USD 14.10 Billion in 2024, is projected to experience a CAGR of 5.91% to reach USD 19.90 Billion by 2030. The global oil storage market encompasses the infrastructure and services dedicated to the warehousing of crude oil and refined petroleum products in facilities such as tanks, caverns, and strategic petroleum reserves. Main drivers supporting market growth include the necessity for strategic petroleum reserves to ensure energy security and manage volatile oil prices, alongside the ongoing expansion of refining and petrochemical industries.
| Market Overview |
| Forecast Period | 2026-2030 |
| Market Size 2024 | USD 14.10 Billion |
| Market Size 2030 | USD 19.90 Billion |
| CAGR 2025-2030 | 5.91% |
| Fastest Growing Segment | Crude Oil |
| Largest Market | Asia Pacific |
Key Market Drivers
The expansion of the global oil storage market is strongly supported by rising crude oil and natural gas production levels. Intensified upstream activities are driving the need for increased storage capacity to accommodate raw hydrocarbons prior to refining and distribution. As global energy demand remains resilient, producers continue to scale extraction operations, directly amplifying the requirement for robust storage infrastructure across the value chain. This trend is clearly illustrated by data from the U.S. Energy Information Administration, which projected in August 2023 that global oil production would rise by 1.7 million barrels per day in 2024. Such sustained production growth reinforces the necessity for expanded storage solutions, including terminals, offshore floating storage facilities, and underground caverns, ensuring efficient handling of volumes while maintaining supply continuity and market stability.
Key Market Challenges
The global transition towards renewable energy sources presents a significant challenge to the growth of the oil storage market. This fundamental shift towards cleaner energy solutions progressively reduces the long-term demand for traditional oil and petroleum products, consequently diminishing the need for extensive storage infrastructure. As nations prioritize decarbonization and invest in sustainable energy alternatives, the impetus for developing and expanding oil storage capacity naturally decreases.
This challenge is clearly demonstrated by recent trends in oil demand.
Key Market Trends
The global oil storage market is significantly influenced by a rising focus on environmentally sustainable storage solutions, driven by tightening regulations and corporate commitments to decarbonization. This trend manifests in the adoption of technologies designed to minimize environmental impact, such as advanced vapor recovery systems, leak detection, and carbon capture and storage (CCS) initiatives. For instance, according to Royal Vopak's 2024 Annual Report, the company achieved a 43% reduction in greenhouse gas emissions from its operations by the end of 2024 compared to its 2021 baseline, demonstrating a tangible shift towards greener operations.
Key Market Players
- Brooge Energy Limited
- NOV, Inc.
- LBC Tank Terminals Group BVC
- L.F. Manufacturing, Inc.
- Odfjell SE
- Oiltanking Gmbh
- CST Industries Inc.
- Vitol Group
Report Scope:
In this report, the Global Oil Storage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
Oil Storage Market, By Type:
- Open Top
- Fixed Roof
- Floating Roof
- Others
Oil Storage Market, By Material:
- Steel
- Carbon Steel
- Fiberglass Reinforced Plastic
- Others
Oil Storage Market, By Fuel Type:
- Crude Oil
- Gasoline
- Diesel
- LPG
- Distillates
- Aviation Fuel
- Others
Oil Storage Market, By Region:
- North America
- United States
- Canada
- Mexico
- Europe
- France
- United Kingdom
- Italy
- Germany
- Spain
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- South America
- Brazil
- Argentina
- Colombia
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
Competitive Landscape
Company Profiles: Detailed analysis of the major companies presents in the Global Oil Storage Market.
Available Customizations:
Global Oil Storage Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to five).
Table of Contents
1. Product Overview
- 1.1. Market Definition
- 1.2. Scope of the Market
- 1.2.1. Markets Covered
- 1.2.2. Years Considered for Study
- 1.2.3. Key Market Segmentations
2. Research Methodology
- 2.1. Objective of the Study
- 2.2. Baseline Methodology
- 2.3. Key Industry Partners
- 2.4. Major Association and Secondary Sources
- 2.5. Forecasting Methodology
- 2.6. Data Triangulation & Validation
- 2.7. Assumptions and Limitations
3. Executive Summary
- 3.1. Overview of the Market
- 3.2. Overview of Key Market Segmentations
- 3.3. Overview of Key Market Players
- 3.4. Overview of Key Regions/Countries
- 3.5. Overview of Market Drivers, Challenges, Trends
4. Voice of Customer
5. Global Oil Storage Market Outlook
- 5.1. Market Size & Forecast
- 5.2. Market Share & Forecast
- 5.2.1. By Type (Open Top, Fixed Roof, Floating Roof, Others)
- 5.2.2. By Material (Steel, Carbon Steel, Fiberglass Reinforced Plastic, Others)
- 5.2.3. By Fuel Type (Crude Oil, Gasoline, Diesel, LPG, Distillates, Aviation Fuel, Others)
- 5.2.4. By Region
- 5.2.5. By Company (2024)
- 5.3. Market Map
6. North America Oil Storage Market Outlook
- 6.1. Market Size & Forecast
- 6.2. Market Share & Forecast
- 6.2.1. By Type
- 6.2.2. By Material
- 6.2.3. By Fuel Type
- 6.2.4. By Country
- 6.3. North America: Country Analysis
- 6.3.1. United States Oil Storage Market Outlook
- 6.3.1.1. Market Size & Forecast
- 6.3.1.2. Market Share & Forecast
- 6.3.1.2.1. By Type
- 6.3.1.2.2. By Material
- 6.3.1.2.3. By Fuel Type
- 6.3.2. Canada Oil Storage Market Outlook
- 6.3.2.1. Market Size & Forecast
- 6.3.2.2. Market Share & Forecast
- 6.3.2.2.1. By Type
- 6.3.2.2.2. By Material
- 6.3.2.2.3. By Fuel Type
- 6.3.3. Mexico Oil Storage Market Outlook
- 6.3.3.1. Market Size & Forecast
- 6.3.3.2. Market Share & Forecast
- 6.3.3.2.1. By Type
- 6.3.3.2.2. By Material
- 6.3.3.2.3. By Fuel Type
7. Europe Oil Storage Market Outlook
- 7.1. Market Size & Forecast
- 7.2. Market Share & Forecast
- 7.2.1. By Type
- 7.2.2. By Material
- 7.2.3. By Fuel Type
- 7.2.4. By Country
- 7.3. Europe: Country Analysis
- 7.3.1. Germany Oil Storage Market Outlook
- 7.3.1.1. Market Size & Forecast
- 7.3.1.2. Market Share & Forecast
- 7.3.1.2.1. By Type
- 7.3.1.2.2. By Material
- 7.3.1.2.3. By Fuel Type
- 7.3.2. France Oil Storage Market Outlook
- 7.3.2.1. Market Size & Forecast
- 7.3.2.2. Market Share & Forecast
- 7.3.2.2.1. By Type
- 7.3.2.2.2. By Material
- 7.3.2.2.3. By Fuel Type
- 7.3.3. United Kingdom Oil Storage Market Outlook
- 7.3.3.1. Market Size & Forecast
- 7.3.3.2. Market Share & Forecast
- 7.3.3.2.1. By Type
- 7.3.3.2.2. By Material
- 7.3.3.2.3. By Fuel Type
- 7.3.4. Italy Oil Storage Market Outlook
- 7.3.4.1. Market Size & Forecast
- 7.3.4.2. Market Share & Forecast
- 7.3.4.2.1. By Type
- 7.3.4.2.2. By Material
- 7.3.4.2.3. By Fuel Type
- 7.3.5. Spain Oil Storage Market Outlook
- 7.3.5.1. Market Size & Forecast
- 7.3.5.2. Market Share & Forecast
- 7.3.5.2.1. By Type
- 7.3.5.2.2. By Material
- 7.3.5.2.3. By Fuel Type
8. Asia Pacific Oil Storage Market Outlook
- 8.1. Market Size & Forecast
- 8.2. Market Share & Forecast
- 8.2.1. By Type
- 8.2.2. By Material
- 8.2.3. By Fuel Type
- 8.2.4. By Country
- 8.3. Asia Pacific: Country Analysis
- 8.3.1. China Oil Storage Market Outlook
- 8.3.1.1. Market Size & Forecast
- 8.3.1.2. Market Share & Forecast
- 8.3.1.2.1. By Type
- 8.3.1.2.2. By Material
- 8.3.1.2.3. By Fuel Type
- 8.3.2. India Oil Storage Market Outlook
- 8.3.2.1. Market Size & Forecast
- 8.3.2.2. Market Share & Forecast
- 8.3.2.2.1. By Type
- 8.3.2.2.2. By Material
- 8.3.2.2.3. By Fuel Type
- 8.3.3. Japan Oil Storage Market Outlook
- 8.3.3.1. Market Size & Forecast
- 8.3.3.2. Market Share & Forecast
- 8.3.3.2.1. By Type
- 8.3.3.2.2. By Material
- 8.3.3.2.3. By Fuel Type
- 8.3.4. South Korea Oil Storage Market Outlook
- 8.3.4.1. Market Size & Forecast
- 8.3.4.2. Market Share & Forecast
- 8.3.4.2.1. By Type
- 8.3.4.2.2. By Material
- 8.3.4.2.3. By Fuel Type
- 8.3.5. Australia Oil Storage Market Outlook
- 8.3.5.1. Market Size & Forecast
- 8.3.5.2. Market Share & Forecast
- 8.3.5.2.1. By Type
- 8.3.5.2.2. By Material
- 8.3.5.2.3. By Fuel Type
9. Middle East & Africa Oil Storage Market Outlook
- 9.1. Market Size & Forecast
- 9.2. Market Share & Forecast
- 9.2.1. By Type
- 9.2.2. By Material
- 9.2.3. By Fuel Type
- 9.2.4. By Country
- 9.3. Middle East & Africa: Country Analysis
- 9.3.1. Saudi Arabia Oil Storage Market Outlook
- 9.3.1.1. Market Size & Forecast
- 9.3.1.2. Market Share & Forecast
- 9.3.1.2.1. By Type
- 9.3.1.2.2. By Material
- 9.3.1.2.3. By Fuel Type
- 9.3.2. UAE Oil Storage Market Outlook
- 9.3.2.1. Market Size & Forecast
- 9.3.2.2. Market Share & Forecast
- 9.3.2.2.1. By Type
- 9.3.2.2.2. By Material
- 9.3.2.2.3. By Fuel Type
- 9.3.3. South Africa Oil Storage Market Outlook
- 9.3.3.1. Market Size & Forecast
- 9.3.3.2. Market Share & Forecast
- 9.3.3.2.1. By Type
- 9.3.3.2.2. By Material
- 9.3.3.2.3. By Fuel Type
10. South America Oil Storage Market Outlook
- 10.1. Market Size & Forecast
- 10.2. Market Share & Forecast
- 10.2.1. By Type
- 10.2.2. By Material
- 10.2.3. By Fuel Type
- 10.2.4. By Country
- 10.3. South America: Country Analysis
- 10.3.1. Brazil Oil Storage Market Outlook
- 10.3.1.1. Market Size & Forecast
- 10.3.1.2. Market Share & Forecast
- 10.3.1.2.1. By Type
- 10.3.1.2.2. By Material
- 10.3.1.2.3. By Fuel Type
- 10.3.2. Colombia Oil Storage Market Outlook
- 10.3.2.1. Market Size & Forecast
- 10.3.2.2. Market Share & Forecast
- 10.3.2.2.1. By Type
- 10.3.2.2.2. By Material
- 10.3.2.2.3. By Fuel Type
- 10.3.3. Argentina Oil Storage Market Outlook
- 10.3.3.1. Market Size & Forecast
- 10.3.3.2. Market Share & Forecast
- 10.3.3.2.1. By Type
- 10.3.3.2.2. By Material
- 10.3.3.2.3. By Fuel Type
11. Market Dynamics
- 11.1. Drivers
- 11.2. Challenges
12. Market Trends & Developments
- 12.1. Merger & Acquisition (If Any)
- 12.2. Product Launches (If Any)
- 12.3. Recent Developments
13. Global Oil Storage Market: SWOT Analysis
14. Porter's Five Forces Analysis
- 14.1. Competition in the Industry
- 14.2. Potential of New Entrants
- 14.3. Power of Suppliers
- 14.4. Power of Customers
- 14.5. Threat of Substitute Products
15. Competitive Landscape
- 15.1. Brooge Energy Limited
- 15.1.1. Business Overview
- 15.1.2. Products & Services
- 15.1.3. Recent Developments
- 15.1.4. Key Personnel
- 15.1.5. SWOT Analysis
- 15.2. NOV, Inc.
- 15.3. LBC Tank Terminals Group BVC
- 15.4. L.F. Manufacturing, Inc.
- 15.5. Odfjell SE
- 15.6. Oiltanking Gmbh
- 15.7. CST Industries Inc.
- 15.8. Vitol Group
16. Strategic Recommendations
17. About Us & Disclaimer