The latest report by IMARC Group, titled “Oil Storage Market Report by Material (Steel, Carbon Steel, Fiberglass Reinforced Plastic (FRP), and Others), Product (Open Top, Fixed Roof, Floating Roof, and Others), Application (Crude Oil, Middle Distillates, Gasoline, Aviation Fuel, and Others), and Region 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global oil storage market trends. The global market size reached US$ 9.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.1 Billion by 2032, exhibiting a growth rate (CAGR) of 3.3% during 2024-2032.
Factors Affecting the Growth of the Oil Storage Industry:
- Growing Energy Sector:
The energy sector, extending beyond traditional oil and gas industries, encompasses various utilities that heavily rely on oil, particularly for power generation in specific regions. Additionally, in areas where oil remains a predominant source of energy, the demand for extensive storage solutions is essential, thus contributing to the market growth. This necessity arises to manage supply fluctuations and to ensure a stable energy output during periods of variable demand or interrupted supply. Moreover, oil storage is essential in energy security, serving as a buffer against geopolitical tensions or natural disasters that might disrupt supply chains. These utilities can guarantee a consistent energy supply by maintaining ample oil reserves, which is essential for economic stability and growth. Thus, oil storage facilities are integral to the broader energy industry, supporting reliability and continuity in power generation.
- Petrochemical Industry Expansion:
The expansion of the petrochemical industry, which processes raw materials derived from oil and natural gas, underscores the importance of oil storage facilities. These facilities are repositories for crude oil and store a variety of intermediates and finished products essential in the production of plastics, fertilizers, and other chemical products. As the global demand for petrochemicals grows, driven by industries ranging from agriculture to manufacturing, the need for robust storage solutions is contributing to the market growth. These storage systems enable the petrochemical industry to manage production workflows efficiently, buffer against market volatility, and ensure continuous operation by having necessary materials readily available. Furthermore, effective storage facilities thus enhance operational flexibility and economic efficiency in the petrochemical sector across the globe.
- Transportation and Logistics Growth:
Oil storage is indispensable in the transportation and logistics sector, serving a vital function in fueling various modes of transport such as aviation, shipping, and ground transportation. As global trade and mobility increase, so does the demand for oil as the key energy source for these activities. Additionally, storage facilities strategically located at major transport hubs, such as ports, airports, and railway depots, ensure that different transport vehicles have timely and reliable access to the required fuels. This accessibility is essential for maintaining the efficiency of global supply chains and supporting international trade. Moreover, these storage solutions enable the transportation sector to hedge against fuel price fluctuations, secure in the knowledge that they have sufficient reserves to withstand short-term market changes. Hence, oil storage is a cornerstone of the dynamic and ever-expanding transportation and logistics industry across the globe.
Competitive Landscape with Key Player:
- Buckeye Partners L.P.
- CST Industries Inc.
- Denali Incorporated (National Oilwell Varco Inc.)
- Energy Transfer LP
- L.F. Manufacturing
- Oiltanking GmbH (Marquard & Bahls)
- Royal Vopak N.V.
- Shawcor Ltd.
- Synalloy Corporation
- Snyder Industries LLC
- VTTI B.V.
- Ziemann Holvrieka GmbH.
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Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Material:
- Steel
- Carbon Steel
- Fiberglass Reinforced Plastic (FRP)
- Others
Carbon steel represents the largest segment due to its cost-effectiveness, durability, and suitability for large-scale oil storage applications.
Breakup by Product:
- Open Top
- Fixed Roof
- Floating Roof
- Others
Floating roofs account for the largest market share as they minimize evaporation losses and ensure safer storage of volatile liquids like crude oil.
Breakup by Application:
- Crude Oil
- Middle Distillates
- Gasoline
- Aviation Fuel
- Others
Crude oil dominates the market growth owing to its extensive global production and transportation needs, necessitating significant storage capacities.
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Middle East and Africa’s dominance in the oil storage market is attributed to its vast oil reserves, high production levels, and strategic importance in global oil supply chains.
Global Oil Storage Market Trends:
There is a growing need for short-term and long-term storage solutions due to fluctuations in oil prices and production levels. This demand is driven by factors such as geopolitical tensions, supply chain disruptions, and seasonal variations in demand. Additionally, several countries are expanding their underground storage capacities, utilizing depleted oil fields and salt caverns. These facilities offer security and protection against external factors like weather and geopolitical risks. Besides this, several innovations in storage technologies are focused on enhancing efficiency, reducing environmental impact, and ensuring safety. This includes advancements in monitoring systems, automation, and corrosion-resistant materials.
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