Global Oil Storage Market Size 2024, Forecast To 2033
11 Mar, 2024
The oil storage market has demonstrated robust growth in recent years, expanding from $9.98 billion in 2023 to $10.5 billion in 2024, recording a compound annual growth rate (CAGR) of 5.2%. The surge in the historic period can be linked to the growth in emerging markets, increased investments in oil and gas exploration in developing countries, and a rise in oil and gas exports. Looking forward, the market is poised for continued expansion, projecting a size of $13.15 billion in 2028, with a compound annual growth rate (CAGR) of 5.8%. Factors contributing to this growth in the forecast period include government support, escalating urbanization, a thriving petrochemical industry, and an increasing consumption of crude oil products. Key trends encompass a focus on utilizing the internet of things (IoT), increased investments, and ongoing product innovations.
Global Oil Storage Market Key Driver
The oil storage market is set to witness growth due to an increase in the demand for crude oil supply. Oil storage plays a crucial role in storing crude oil, petroleum, and other oil products for subsequent distribution to end-users. The growing demand for crude oil supply is attributed to increased consumption of crude oil products such as petroleum, oil, and gas. In India, for instance, the International Energy Agency (IEA) projects a consumption of 25 billion cubic meters of natural gas with a 9% annual growth by 2024. Additionally, the Indian Brand Equity Foundation (IBEF) anticipates a 50% growth in oil demand in India by 2030 compared to a 7% global demand growth. The rising energy demand for crude oil supply is expected to drive the oil storage market, with market sizes in 2023, 2024, and 2028 providing crucial insights into industry trends.
Get A Free Sample Of The Global Oil Storage Market ReportGlobal Oil Storage Market 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
By Geography:The regions covered in the oil storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
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.
Major Oil Storage Industry Players
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
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Oil Storage Market Overview
Oil storage refers to reservoirs or containers used to store oils. The oil storage tank is used to hold oil products temporarily before they are transported to end-users. Oil storage is used by companies to get more profits by using the cheapest storage method called underground spaces like the depleted reservoir.
Oil Storage Global Market Report 2023 provides data on the global oil storage market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The oil storage market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.