Oil Storage Market To Reach 2919.8 Million Cubic Meters By 2030

Oil Storage Market Growth & Trends

The global oil storage market volume is expected to reach 2919.8 MCM in 2030 and is projected to grow at a CAGR of 4.8% from 2025 to 2030. A rise in oil & gas production along with the growing demand for crude oil in several end-use markets is likely to drive the market growth over the forecast period. A fixed roof oil storage tank is the most commonly used tank in North America for storage purposes of petroleum products and crude oil. These tanks are easy to construct and an economical option in comparison to the other tank designs. The floating roof tank is likely to witness the fastest growth rate over the forecast period due to fabrication developments and can be used in combination with the fixed roof oil storage tanks. Strategic Petroleum Reserve (SPR) is an emergency storage reserve.

To ensure energy security coupled with the increasing population and demand for petroleum products, several countries are actively involved in developing strategic petroleum reserves. Oil production has witnessed significant growth along with the rising downstream potential. This has urged the government and the oil companies to upgrade their inventories and infrastructure to store large quantities of crude oil and other petroleum products, which are anticipated to increase the SPR facilities. North America is a major oil-producing and consuming region in the world, with the U.S. accounting for a significant share. Oil storage in Canada and the U.S. has evolved rapidly to accommodate the increased output of crude oil and related products.

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Oil Storage Market Report Highlights

• In terms of volume, the crude oil segment of oil storage accounted for a prominent share in the market in 2024 and is further expected to witness steady growth over the forecast period

• The Asia Pacific oil storage market is anticipated to grow at a CAGR of 5.8% over the forecast period. On account of high demand for petroleum and distillates in the commercial and industrial sectors

• The oil industry in North America is significantly formed by the geopolitical implications of its countries and the world. The U.S. is a major contributing nation to the oil economy of this region. Interconnections of the U.S. with the world are a key strategy for its energy security

• Major industry participants are practicing several organic and inorganic strategic growth initiatives to expand their service portfolio and enhance their foothold in the market

Oil Storage Market Segmentation

Grand View Research has segmented the global oil storage market report based on application, product, and region

Oil Storage Application Outlook (Volume, Million cubic meters, 2018 - 2030)

• Crude Oil

• Middle Distillates

• Gasoline

• Aviation Fuel

• Others

Oil Storage Product Outlook (Volume, Million cubic meters, 2018 - 2030)

• Open Top

• Fixed Roof

• Floating Roof

• Others

Oil Storage Regional Outlook (Volume, Million cubic meters, 2018 - 2030)

• North America

• U.S.

• Canada

• Mexico

• Europe

• Germany

• Russia

• Netherlands

• Belgium

• Asia Pacific

• China

• Indonesia

• Malaysia

• Australia

• Central & South America

• Brazil

• Argentina

• Middle East & Africa

• Saudi Arabia

• UAE

List of Key Players in Oil Storage Market

• Vitol Tank Terminals International BV (VTTI)

• Koninklijke Vopak NV

• Oiltanking GmbH

• Shawcor Ltd.     

• Buckeye Partners, L.P.

• Containment Solutions, Inc.

• ZCL Composites

• Belco Manufacturing

• Zepnotek Storage

• Columbian Steel Tank