Global Oil Storage Market By Overview
Oil Storage Market was valued at US$ 14.6 Billion in 2024 and is projected to grow at a CAGR of 6.1% to reach US$ 25.1 Billion by 2034.
Rise in oil production increases the demand of oil storage containers. Continuous variation in the prices of oil has led to production of large-scale storage for crude oils, which become the suppliers develop high volume oil storage infrastructure. Most of the companies purchase oil when the prices are low and store it until the price of oil increases. However, oil is transported for refinement or filtering process, so the time for storage of oil cannot be long. Also, oil storage requires protection from the fluctuations of crude oil prices.
Global Oil Storage Market By Dynamics
Low crude oil prices, growth in need for mega refining hub, import or distribution type facilities, and high degree of product containment are some among the major factors driving growth of the global market. Government of the developed and the developing countries protects the supply from price hike and stock out incident because of strategic petroleum reserve for stockpiling large volumes of oil. However, decline on production and exploration activities and rising inventory cost are expected to restrain growth of the global oil storage market.
Global Oil Storage Market By Segmentation
Oil storage market has been segmented on the basis of product, application, material and region.
On the basis of product, oil storage market has been segmented into open top tank, fixed roof tank, floating roof tank, and others storage facilities. Based on application, global oil storage market divided into crude oil, middle distillates, gasoline, aviation fuel and others such as diesel, kerosene, and LPG. On the basis of material, segments of oil storage market are steel, carbon steel and fiberglass reinforced plastic (FRP).
Regional Insights:
On the basis of region, the oil storage market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The market of North America account for major share in oil storage market across the globe. Low price of the crude oil across the North America has provided opportunities for the oil storage service providers which lead to growth of the oil storage market. In addition to this, increasing import facilities and rise in the need for refining hub are the factors positively affects on the oil storage market in this region. Asia pacific is expected to grow in the global oil storage market. Also, rising investments in offshore and onshore operations in China, India, and Singapore are leads to the growth of the target market in this region.
Global Oil Storage Market By Key Players
Key players operating in the oil storage market includes ZCL Composites, Containment Solutions, Columbian Steel Tank, Belco Manufacturing Company, Oiltanking GmbH, Sunoco Logistics, Synalloy Corporation, Red Ewald Inc., Oiltanking GmbH, and Poly Processing Company Inc.
Global Oil Storage Market By Table of Contents
- Research Objective and Assumption
- Research Objectives
- Assumptions
- Abbreviations
- Market Preview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product
- Market Snippet, By Application
- Market Snippet, By Material
- Market Snippet, By Region
- Opportunity Map Analysis
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- Recent Approvals
- Impact Analysis
- PEST Analysis
- Porter’s Analysis
- Market Dynamics
- Market Segmentation, By Product, 2024 – 2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
- Y-o-Y Growth Analysis (%), 2024 – 2034
- Segment Trends
- Open Top Tank
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Fixed Roof Tank
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Floating Roof Tank
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Other Storage Facilities
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Overview
- Market Segmentation, By Application, 2024 – 2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
- Y-o-Y Growth Analysis (%), 2024 – 2034
- Segment Trends
- Crude Oil
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Middle Distillates
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Gasoline
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Aviation Fuel
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Others
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Overview
- Market Segmentation, By Material, 2024 – 2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
- Y-o-Y Growth Analysis (%), 2024 – 2034
- Segment Trends
- Steel
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Carbon Steel
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Fiberglass Reinforced Plastic (FRP)
- Overview
- Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), 2024 – 2034
- Overview
- Global Market, By Region, 2024 – 2034, (US$ Bn)
- Overview
- Market Value and Forecast (US$ Bn), and Share Analysis (%), 2024 – 2034
- Y-o-Y Growth Analysis (%), 2024 – 2034
- Regional Trends
- North America
- Market Size and Forecast (US$ Bn), By Product, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Material, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
- U.S.
- Canada
- Europe
- Market Size and Forecast (US$ Bn), By Product, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Material, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Size and Forecast (US$ Bn), By Product, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Material, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Size and Forecast (US$ Bn), By Product, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Material, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Size and Forecast (US$ Bn), By Product, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Application, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Material, 2024 – 2034
- Market Size and Forecast (US$ Bn), By Country, 2024 – 2034
- GCC
- Israel
- South Africa
- Rest of Middle East & Africa
- Overview
- Competitive Landscape
- Heat Map Analysis
- Company Profiles
- ZCL Composites
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Marquard & Bahls AG
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Containment Solutions, Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Columbian Steel Tank
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Belco Manufacturing Company
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Sunoco Logistics
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Synalloy Corporation
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Red Ewald Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Oiltanking GmbH
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Poly Processing Company Inc.
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- ZCL Composites
- Analyst Views
- Section
- Research Methodology
- About Us
- Contact
Global Oil Storage Market By Highlights
FAQs
The Oil Storage market is segmented into basis of product, application, material and region.
The oil storage market is driven by low crude oil prices, growth in need for mega refining hub, and import or distribution type facilities.
By region, North America account major share in global oil storage market owing to the factors such as low prices of the crude oil along with increasing import facilities and rise in the need for refining hub in this region.
The Key players operating in the Oil Storage market include Shawcor, Marquard & Bahls AG, Containment Solutions, Columbian Steel Tank, Belco Manufacturing Company, Sunoco Logistics, Synalloy Corporation, Red Ewald Inc., Oiltanking GmbH, and Poly Processing Company Inc.