Oil Storage Market To Reach $3296.1 Million Cubic Meters By 2033

Oil Storage Market Growth & Trends

The global oil storage market size is expected to reach USD 3296.1 MCM by 2033, registering a CAGR of 4.4% from 2026 to 2033, according to a new report by Grand View Research, Inc. 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.

 Request a free sample copy or view report summary: Oil Storage Market Report

Oil Storage Market Report Highlights

• The global oil storage industry continues to expand, driven by rising demand for secure, flexible, and efficient storage infrastructure to support the growing consumption of crude oil and refined products across the industrial, transportation, and power generation sectors.

• Emerging opportunities in the oil storage industry are being created by the development of integrated storage and logistics hubs that combine terminals, pipelines, and port connectivity to improve operational efficiency and turnaround times

• The fixed roof segment led the market with the largest volume share of 47.7% in 2025, and is expected to maintain its leading position over the forecast period

• The floating roof segment is anticipated to register at the fastest CAGR of 5.5% during the forecast period.

• The crude oil segment led the market with the largest volume share of 51.4% in 2025, maintaining its position as the dominant application category

• Middle East & Africa dominated the global oil storage market with the largest revenue share of 34.5% in 2025, maintaining its position as the largest regional market

Oil Storage Market Segmentation

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

Oil Storage Product Outlook (Volume, Million cubic meters, 2021 - 2033)

• Open top

• Fixed roof

• Floating roof

• Others

Oil Storage Application Outlook (Volume, Million cubic meters, 2021 - 2033)

• Crude oil

• Middle distillates

• Gasoline

• Aviation fuel

• Others

Oil Storage Regional Outlook (Volume, Million cubic meters, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

• Latin America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

  • UAE

List of Key Players in Oil Storage Market

• Koninklijke Vopak N.V.

• Vitol Tank Terminals International BV (VTTI)

• Oiltanking GmbH

• China National Petroleum Corporation (CNPC)

• China Petroleum & Chemical Corporation (Sinopec Group)

• Saudi Aramco

• Kinder Morgan, Inc.

• Buckeye Partners, L.P.

• Rosneft Oil Company

• BP plc