What Is The Current and Historic Market Size Analysis Of Oil Storage Market?
The oil storage market has seen considerable growth due to a variety of factors.
• Over recent years, the size of the oil storage market has consistently expanded. It is projected to grow from a value of $10.31 billion in 2024 to $10.8 billion in 2025, signifying a compound annual growth rate (CAGR) of 4.7%.
The growth observed in the historical period stems from the development of emerging markets, an increase in oil and gas exploration investments in developing nations, and a spike in oil and gas exports.
What Is The Forecast For The Oil Storage Market By 2029?
The oil storage market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, a robust growth is anticipated in the oil storage market size, reaching up to $14.03 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 6.8%.
Government backing, heightened urbanization, expansion of the petrochemical industry, and an upsurge in consumption of crude oil products are the key driving factors for this projected growth. The emerging trends in the forecast period indicate a focus on the utilization of the Internet of Things (IoT), amplified investments, and product innovations.
Which Key Drivers Are Propelling Th Oil Storage Market's Growth?
The oil storage market is predicted to flourish due to rising demands for crude oil supply. Oil storage facilities play a crucial role in storing important oil products like petroleum and crude oil, which are subsequently distributed to final consumers. This surge in demand for crude oil supply is attributed to the growing consumption of petroleum, oil, and gas products. As the use of oil increases, so too will the demand for crude oil supply, leading to a substantial requirement for oil storage. For instance, reports by the International Energy Agency (IEA) forecast that India's natural gas consumption will reach 25 billion cubic meters by 2024 with a yearly growth rate of 9%. Additionally, the Indian Brand Equity Foundation (IBEF) predicts that by 2030, India's oil demand will increase by 50% while global demand will grow by 7%. Consequently, the rising energy of crude oil supply will likely be a significant factor in driving the growth of the oil storage market.
How Is The Globa Oil Storage Market Divided Into Key Segments?
The oil storage market covered in this report is segmented –
1) By Product Design: Open Top Tank, Fixed Roof Tank, Floating Roof Tank, Other Designs
2) By Type: Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, Liquefied Petroleum Gas (LPG)
3) By Materials: Steel, Carbon Steel, Fiberglass Reinforced Plastic (FRP), Other Materials
Subsegments:
1) By Open Top Tank: Cone Roof Open Top Tank, Flat Roof Open Top Tank
2) By Fixed Roof Tank: Cone Roof Fixed Tank, Domed Roof Fixed Tank, Vertical Fixed Roof Tank
3) By Floating Roof Tank: External Floating Roof Tank, Internal Floating Roof Tank
4) By Other Designs: Horizontal Tank, Underground Tank, Double-Wall Tank
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What Trends Are Reshaping The Oil Storage Market?
Firms in the oil storage sector are strategically focusing on creating innovative products and new solutions to consolidate their market standing. As an illustration, the Canada-based Axiom Equipment Group, an industrial equipment supplier, introduced the Mega tank fuel storage tank in September 2022, with capacity options of 1000L, 2000L, and 3000L. The Mega tank, which features a double-walled structure with bi-directional forklift pockets and lifting brackets, a detachable inner tank, a significantly large compartment area, and the ability to supply fuel to three equipment pieces concurrently, aims to mitigate downtime risks while improving cost efficiency in operations.
Who Are the Key Players in the Oil Storage Market?
Major companies operating in the oil storage market include:
• 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
What are the Regional Insights into the Oil Storage Market?
North America was the largest region in the oil storage market in 2024. The regions covered in the oil storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
