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Oil Storage Market Size to Worth Around USD 23 Bn by 2030

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The worldwide Oil Storage market measurement is anticipated to achieve USD 23 billion by 2030 and is anticipated to increase at a CAGR of 4.1% from 2021 to 2030.

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The demand for oil storage facilities is rising across the globe to ensure supply of oil in case of emergencies. Growth in demand for refined petroleum products in various end-use industries is estimated to boost the global oil storage market over the next few years.

The demand for refined products is expected to rise in developing countries, such as China and India, in the near future, owing to rapid industrial economic development and increase in total household income of the people in these countries. For instance, as per BP Stats, the global consumption of petroleum products increased from 94.40 million barrels per day in 2014 to 98.27 million barrels per day in 2019. The increase in global demand for oil & gas products has boosted the investment by refiners in the expansion and construction of refinery facilities to cater to the rise in demand for petroleum products. This, in turn, is anticipated to propel the demand for storage facilities as these facilities are used to store refined products.

Increase in Demand for Oil Storage in Oil & Gas Sector

  • Demand for oil & gas products is rising across the globe owing to increase in population and growth in industrialization
  • Supply of oil has been disrupted due to the COVID-19 pandemic. Development of oil storage facilities is expected to play a major role in energy security policy, as oil is used for a variety of purposes and is difficult to substitute with another commodities.
  • There are two types of oil storage facilities: commercial reserves and strategic petroleum reserves (SPR). Commercial reserves are reserves stored for commercial purposes by various refineries and petroleum companies. Strategic petroleum reserve refers to the reserves made by the government body of a particular country to safeguard the economy and help maintain national security during an energy crisis.
  • In Asia Pacific, China is a prominent importer of crude oil. The country imports 40% of its crude oil from the Middle East. This is boosting the demand for oil storage facilities in the country.

Report Highlights

Based on storage type, the floating roof tanks segment dominated the global oil storage market in 2020. Floating roof tanks are widely preferred for oil storage across the globe. These tanks can be customized according to requirements. The segment is also anticipated to be highly attractive during the forecast period.

In terms of product type, the crude oil segment dominated the global oil storage market in 2020. The demand for crude oil is rising across the globe, owing to high consumption of petroleum products in various end-use industries.

Asia Pacific dominated the global oil storage market in 2020. It is likely to be a highly attractive region of the global oil storage market during the forecast period. The oil storage market in the region is estimated to expand at a significant pace between 2020 and 2030, due to the rise in urbanization and globalization. In Asia Pacific, China has the largest commercial and strategic oil storage facilities. It is followed by Japan. Japan provides oil storages facilities on lease to various petroleum companies. India, Malaysia, and South Korea are expanding their existing oil storage facilities. The price of crude oil has reduced marginally due to sudden drop in global consumption. This, in turn, has led to an increase in demand for storage facilities across the globe.

The U.S. held major share of the oil storage market in North America in 2020. The country is anticipated to continue its dominance of the oil storage market in the region in the near future, primarily due to the presence of key oil & gas players. Furthermore, investments in oil & gas exploration activities is high in the U.S. The country is also one of the largest exporters of crude oil in the world. This is propelling the oil storage market in the country.

Key Players

Key players operating in the global oil storage market are Royal Vopak N.V., Vitol, Oiltanking GmbH, Ghazanfar Group, NuStar Energy L.P., Magellan Midstream Partners L.P., International-matex Tank Terminals Inc, Horizon Terminals Ltd, CLH Group, CIM-CCMP Group, and Buckeye Partners L.P.

Report Highlights Details
Market Size US$ 23 billion by 2030
Growth Rate CAGR of 4.1% From 2021 to 2030
Base year 2020
Historic Data 2017 to 2020
Forecast Period 2021 to 2030
Segments Covered Storage Type, Product Type, Reserve Type
Regional Scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Companies Mentioned Royal Vopak N.V., Vitol, Oiltanking GmbH, Ghazanfar Group, NuStar Energy L.P., Magellan Midstream Partners L.P., International-matex Tank Terminals Inc, Horizon Terminals Ltd, CLH Group, CIM-CCMP Group, and Buckeye Partners L.P.

Market Segmentation

Market By Storage Type

  • Open Top Tanks
  • Fixed Roof Tanks
  • Floating Roof Tanks
  • Others (including Cylindrical Tanks and Horizontal Tanks)

Market By Product Type

  • Crude Oil
  • Gasoline
  • Aviation Fuel
  • Middle Distillates

Market By Reserve Type

  • Strategic Petroleum Reserve
  • Commercial Petroleum Reserve

Market By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • Italy
    • Spain
    • Russia & CIS
    • Rest of Europe
  • Asia Pacific
    • Japan
    • China
    • India
    • Singapore
    • Malaysia
    • Thailand
    • Indonesia
    • Other ASEAN
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • South Africa
    • Rest of Latin America

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Research Methodology

The research methodology adopted by analysts for compiling the global Oil Storage market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.

During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.

For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global Oil Storage market.

Table of Contents

Chapter 1.   Introduction

1.1.  Research Objective

1.2.  Scope of the Study

1.3.  Definition

Chapter 2.   Research Methodology

2.1.  Research Approach

2.2.  Data Sources

2.3.  Assumptions & Limitations

Chapter 3.   Executive Summary

3.1.  Market Snapshot

Chapter 4.   Market Variables and Scope

4.1.  Introduction

4.2.  Market Classification and Scope

4.3.  Industry Value Chain Analysis

4.3.1.     Raw Material Procurement Analysis

4.3.2.     Sales and Distribution Channel Analysis

4.3.3.     Downstream Buyer Analysis

Chapter 5.   Market Dynamics Analysis and Trends

5.1.  Market Dynamics

5.1.1.     Market Drivers

5.1.2.     Market Restraints

5.1.3.     Market Opportunities

5.2.  Porter’s Five Forces Analysis

5.2.1.     Bargaining power of suppliers

5.2.2.     Bargaining power of buyers

5.2.3.     Threat of substitute

5.2.4.     Threat of new entrants

5.2.5.     Degree of competition

Chapter 6.   Competitive Landscape

6.1.1.     Company Market Share/Positioning Analysis

6.1.2.     Key Strategies Adopted by Players

6.1.3.     Vendor Landscape

6.1.3.1.          List of Suppliers

6.1.3.2.          List of Buyers

Chapter 7.   Global Oil Storage Market, By Storage Type

7.1.  Oil Storage Market, by Storage Type, 2021-2027

7.1.1.     Open Top Tanks

7.1.1.1.          Market Revenue and Forecast (2016-2027)

7.1.2.     Fixed Roof Tanks

7.1.2.1.          Market Revenue and Forecast (2016-2027)

7.1.3.     Floating Roof Tanks

7.1.3.1.          Market Revenue and Forecast (2016-2027)

7.1.4.     Others (including Cylindrical Tanks and Horizontal Tanks)

7.1.4.1.          Market Revenue and Forecast (2016-2027)

Chapter 8.   Global Oil Storage Market, By Product Type

8.1.  Oil Storage Market, by Product Type, 2021-2027

8.1.1.     Crude Oil

8.1.1.1.          Market Revenue and Forecast (2016-2027)

8.1.2.     Gasoline

8.1.2.1.          Market Revenue and Forecast (2016-2027)

8.1.3.     Aviation Fuel

8.1.3.1.          Market Revenue and Forecast (2016-2027)

8.1.4.     Middle Distillates

8.1.4.1.          Market Revenue and Forecast (2016-2027)

Chapter 9.   Global Oil Storage Market, By Reserve Type

9.1.  Oil Storage Market, by Reserve Type, 2021-2027

9.1.1.     Strategic Petroleum Reserve

9.1.1.1.          Market Revenue and Forecast (2016-2027)

9.1.2.     Commercial Petroleum Reserve

9.1.2.1.          Market Revenue and Forecast (2016-2027)

Chapter 10.       Global Oil Storage Market, Regional Estimates and Trend Forecast

10.1.         North America

10.1.1.  Market Revenue and Forecast, by Storage Type (2016-2027)

10.1.2.  Market Revenue and Forecast, by Product Type (2016-2027)

10.1.3.  Market Revenue and Forecast, by Reserve Type (2016-2027)

10.1.4.  U.S.

10.1.4.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.1.4.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.1.4.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.1.5.  Rest of North America

10.1.5.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.1.5.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.1.5.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.2.         Europe

10.2.1.  Market Revenue and Forecast, by Storage Type (2016-2027)

10.2.2.  Market Revenue and Forecast, by Product Type (2016-2027)

10.2.3.  Market Revenue and Forecast, by Reserve Type (2016-2027)

10.2.4.  UK

10.2.4.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.2.4.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.2.4.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.2.5.  Germany

10.2.5.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.2.5.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.2.5.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.2.6.  France

10.2.6.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.2.6.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.2.6.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.2.7.  Rest of Europe

10.2.7.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.2.7.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.2.7.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.3.         APAC

10.3.1.  Market Revenue and Forecast, by Storage Type (2016-2027)

10.3.2.  Market Revenue and Forecast, by Product Type (2016-2027)

10.3.3.  Market Revenue and Forecast, by Reserve Type (2016-2027)

10.3.4.  India

10.3.4.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.3.4.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.3.4.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.3.5.  China

10.3.5.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.3.5.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.3.5.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.3.6.  Japan

10.3.6.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.3.6.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.3.6.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.3.7.  Rest of APAC

10.3.7.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.3.7.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.3.7.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.4.         MEA

10.4.1.  Market Revenue and Forecast, by Storage Type (2016-2027)

10.4.2.  Market Revenue and Forecast, by Product Type (2016-2027)

10.4.3.  Market Revenue and Forecast, by Reserve Type (2016-2027)

10.4.4.  GCC

10.4.4.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.4.4.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.4.4.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.4.5.  North Africa

10.4.5.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.4.5.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.4.5.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.4.6.  South Africa

10.4.6.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.4.6.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.4.6.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.4.7.  Rest of MEA

10.4.7.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.4.7.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.4.7.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.5.         Latin America

10.5.1.  Market Revenue and Forecast, by Storage Type (2016-2027)

10.5.2.  Market Revenue and Forecast, by Product Type (2016-2027)

10.5.3.  Market Revenue and Forecast, by Reserve Type (2016-2027)

10.5.4.  Brazil

10.5.4.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.5.4.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.5.4.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

10.5.5.  Rest of LATAM

10.5.5.1.       Market Revenue and Forecast, by Storage Type (2016-2027)

10.5.5.2.       Market Revenue and Forecast, by Product Type (2016-2027)

10.5.5.3.       Market Revenue and Forecast, by Reserve Type (2016-2027)

Chapter 11.  Company Profiles

11.1.                 Royal Vopak N.V.

11.1.1.  Company Overview

11.1.2.  Product Offerings

11.1.3.  Financial Performance

11.1.4.  Recent Initiatives

11.2.                 Vitol

11.2.1.  Company Overview

11.2.2.  Product Offerings

11.2.3.  Financial Performance

11.2.4.  Recent Initiatives

11.3.                 Oiltanking GmbH

11.3.1.  Company Overview

11.3.2.  Product Offerings

11.3.3.  Financial Performance

11.3.4.  Recent Initiatives

11.4.                 Ghazanfar Group

11.4.1.  Company Overview

11.4.2.  Product Offerings

11.4.3.  Financial Performance

11.4.4.  Recent Initiatives

11.5.                 NuStar Energy L.P.

11.5.1.  Company Overview

11.5.2.  Product Offerings

11.5.3.  Financial Performance

11.5.4.  Recent Initiatives

11.6.                 Magellan Midstream Partners L.P.

11.6.1.  Company Overview

11.6.2.  Product Offerings

11.6.3.  Financial Performance

11.6.4.  Recent Initiatives

11.7.                 International-matex Tank Terminals Inc

11.7.1.  Company Overview

11.7.2.  Product Offerings

11.7.3.  Financial Performance

11.7.4.  Recent Initiatives

11.8.                 Horizon Terminals Ltd

11.8.1.  Company Overview

11.8.2.  Product Offerings

11.8.3.  Financial Performance

11.8.4.  Recent Initiatives

11.9.                 CLH Group

11.9.1.  Company Overview

11.9.2.  Product Offerings

11.9.3.  Financial Performance

11.9.4.  Recent Initiatives

11.10.             CIM-CCMP Group

11.10.1.                  Company Overview

11.10.2.                  Product Offerings

11.10.3.                  Financial Performance

11.10.4.                  Recent Initiatives

Chapter 12.  Research Methodology

12.1.                 Primary Research

12.2.                 Secondary Research

12.3.                 Assumptions

Chapter 13.  Appendix

13.1.                 About Us

13.2.                 Glossary of Terms

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