Oil Storage Market Analysis | 2024-2030

Market Insights

The oil storage market was estimated at USD 17 billion in 2023 and is likely to grow at a CAGR of 4.15% during 2024-2030 to reach USD 22.67 billion in 2030.

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Market Dynamics

Introduction

Oil storage refers to the facilities and infrastructure used for the storage of crude oil, refined petroleum products, and other oil-related substances. This includes above-ground storage tanks, underground storage tanks, pipelines, and other structures designed to hold oil. Oil storage is essential for the smooth functioning of the oil industry, as it allows for the safe and efficient storage of oil until it can be transported to refineries, distribution centers, or other facilities where it is needed. The size and capacity of oil storage facilities can vary widely, depending on the specific needs of the industry and the volume of oil being produced and transported.

Market Drivers

The major factors driving the growth of the oil storage market are:

• Rising global energy demand: The increased global energy consumption, specifically for the growing economy or emergent countries, requires sound oil storage solutions. There is this increasing demand from industries and cities to meet their demands for energy especially caused by industrialization and population growth. 
• Increasing the adoption of new technologies.
• Increase in oil & gas production activities and a surge in demand for crude oil in several end-use sectors.
• The decline in crude oil prices increases the demand for storing oil in huge quantities.

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Key Players

Some of the major market players are:

• Synder
• Denali
• ZCL Composites
• Superior Tank Company
• L.F. Manufacturing
• Vopak
• Elixir
• Roth Industries
• Ergil
• Waterford Tank & Fabrication
• Tianjin Anson International Company.

Note: The above list does not necessarily include all the top players in the market.

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Segment Analysis

By Product Type

Based on product type, the market is segmented as fixed roof, floating roof, spherical, and Others. The floating roof segment is estimated to grow with the highest CAGR during the forecast period owing to increasing demand for low & medium-flash point hydrocarbon-related products.

By Reserve Type

Based on reserve type, the market is segmented into strategic reserves and commercial reserves. The commercial reserve segment is estimated to grow with the highest CAGR during the forecast period, driven by incessant soaring petroleum product demand on account of increasing urbanization.

Regional Insights

In terms of regions, North America is estimated to be the largest market during the forecast period. The government and authority’s positive outlook toward the expansion of oil refining capabilities in the United States drives the market in the region. Europe and Asia-Pacific are also likely to offer substantial growth opportunities during the forecast period.

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s oil storage market realities and future market possibilities for the forecast period.
• The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The oil storage market is segmented into the following categories.

By Reserve Type

• Strategic Reserve
• Commercial Reserve

By Product Type

• Fixed Roof
• Floating Roof
• Spherical
• Others

By End-Use Type

• Crude Oil 
• Gasoline
• Aviation Fuel
• Middle Distillates
• LNG
• LPG 

By Region

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by end-use type.

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.