GVR Report cover Oil Storage Market Size & Trends Report

Oil Storage Market Size & Trends Analysis Report By Application (Crude Oil, Gasoline), By Product (Open Top, Fixed Roof, Floating Roof), By Region, And Segment Forecasts, 2025 - 2030

  • Report ID: GVR-1-68038-132-0
  • Number of Report Pages: 110
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2023
  • Forecast Period: 2025 - 2030 
  • Industry: Energy & Power

Oil Storage Market Size & Trends

The global oil storage market size was estimated at 2199.1 MCM in 2024 and is projected to grow at a CAGR of 4.8% from 2025 to 2030. Rapid industrialization and urbanization, particularly in emerging economies, have increased energy resource consumption. As countries develop their infrastructure and industries, reliable and efficient oil storage systems are critical to ensure a stable supply chain. This growing demand necessitates the expansion of oil storage facilities to accommodate higher volumes of crude oil and refined products, ultimately driving market growth.

Oil Storage Market Size, By Application, 2020 - 2030 (MCM)

The unpredictability associated with changes in market value due to geopolitical events, supply-demand imbalances, and economic conditions creates a need for strategic storage solutions. When prices are low, producers often store excess oil until market conditions improve, allowing them to sell at more favorable prices later. Conversely, during periods of high prices, there is an increased incentive to hoard oil in anticipation of further price increases. This volatility underscores the importance of having robust storage capabilities to manage financial risks effectively.

Countries recognize the importance of maintaining strategic reserves as a buffer against potential supply disruptions caused by geopolitical tensions or natural disasters. Governments aim to enhance their energy security by investing in large-scale storage facilities and reducing dependency on foreign oil supplies during crises. This proactive approach contributes positively to market growth as nations prioritize building their reserves.

Application Insights

The crude oil segment accounted for the largest market share of 51.2% in 2024. As economies worldwide continue to grow, particularly in emerging markets such as India and China, there is an increasing need for energy resources to support industrial activities, transportation, and residential consumption. The International Energy Agency (IEA) projects that global oil demand will continue to rise, necessitating enhanced storage capacities to manage supply fluctuations effectively. This growing demand compels oil companies to invest in more extensive and sophisticated storage solutions to ensure they can meet market needs without interruption.

The aviation fuel segment is anticipated to grow at the fastest CAGR of 5.9% over the forecast period. As global air travel expands, the demand for aviation fuel has grown significantly. The increasing passenger traffic, propelled by economic growth and rising disposable incomes, has led airlines to operate more flights and increase their fleet sizes. This surge in airline activity necessitates a robust infrastructure for storing and distributing aviation fuel, thereby influencing the overall dynamics of the market.

Product Insights

The fixed roof oil storage segment accounted for the largest market share in 2024. Fixed roof tanks are often favored because they are less prone to evaporation losses than floating roof tanks, making them more compliant under regulations such as the U.S. Environmental Protection Agency’s (EPA) New Source Performance Standards (NSPS). As countries continue tightening their environmental policies, operators increasingly invest in fixed-roof solutions to meet these requirements.

Oil Storage Market Share, By Product, 2024 (%)

The floating roof oil storage segment is anticipated to register the fastest CAGR over the forecast period. Floating roof tanks are specialized storage solutions designed to minimize evaporation losses and reduce emissions from volatile organic compounds (VOCs) in the oil and gas industry. These tanks feature a roof that floats on the surface of the stored liquid, adjusting its height according to the liquid level.

Regional Insights

The North America oil storage market accounted for the largest global revenue share of 22.7% in 2024. Rising exploration and production activities associated with shale gas reserves directly influence the market demand. In addition, the presence of a major U.S. strategic petroleum reserve is anticipated to further bolster the regional growth.

Oil Storage Market Trends, by Region, 2025 - 2030

U.S. Oil Storage Market Trends

The oil storage market in the U.S. is anticipated to grow at a lucrative rate over the forecast period. The U.S. Strategic Petroleum Reserve (SPR) is one of the largest emergency oil stockpiles globally, and its management has led to increased investments in storage facilities. Moreover, as countries aim to comply with regulations regarding energy independence and sustainability, there is a growing emphasis on building additional storage capacity.

Central and South America Oil Storage Market Trends

The CSA oil storage market is anticipated to register the fastest CAGR of 6.5% over the forecast period. Central and South America are home to several oil-rich countries, such as Brazil, Venezuela, and Colombia. The growth in oil production in these regions is a significant driver for the market. For instance, Brazil has ramped up its offshore oil extraction activities, particularly in the pre-salt fields, which has increased crude oil output. As production levels rise, there is a corresponding need for adequate storage facilities to manage excess supply before it reaches refineries or export terminals. Government policies further support this trend to boost exploration and production activities, thereby necessitating more robust storage solutions.

Asia Pacific Oil Storage Market Trends 

The Asia Pacific oil storage market is anticipated to grow at a CAGR of 5.8% over the forecast period. Asia Pacific’s geographical positioning is crucial to its market growth. The region serves as a vital transit hub for global oil trade, with key shipping routes passing through areas like the Strait of Malacca. This strategic location enhances the importance of developing oil storage facilities to accommodate regional and international trade demands. In addition, countries such as Singapore have positioned themselves as leading oil trading hubs, further driving investments in storage infrastructure to support their growing roles in global energy markets.

China oil storage market is anticipated to grow significantly over the forecast period. The country’s rapid industrialization and urbanization have increased energy needs, driving demand for crude oil and refined products. As a result, adequate storage facilities have become paramount to ensure a stable supply chain.

Key Oil Storage Company Insights

Some of the key players operating in the market include Koninklijke Vopak NV, Oiltanking GmbH, and others:

  • Koninklijke Vopak NV is an independent tank storage company headquartered in Rotterdam, Netherlands, specializing in storing and handling liquid and gaseous oil products, chemicals, vegetable oils, biofuels, and liquefied natural gases. The company operates a network of specialized facilities that include tanks, jetties, truck loading stations, and pipelines, providing comprehensive logistics services encompassing customs formalities and documentation for its clients.

  • Oiltanking GmbH is a leading logistics services provider specializing in tank storage for petroleum products, chemicals, gases, and other liquid substances. Oiltanking’s facilities are designed according to stringent DIN standards and local building regulations to ensure safety and environmental requirements compliance. The company emphasizes health, safety, security, and environmental (HSSE) considerations in its operations, implementing measures such as liquid-tight containment chambers and fire prevention systems to protect against potential hazards.

Key Oil Storage Companies:

The following are the leading companies in the oil storage Market. These companies collectively hold the largest market share and dictate industry trends.

View a comprehensive list of companies in the Oil Storage Market

Oil Storage Market Report Scope

Report Attribute

Details

Market size value in 2025

2315.1 MCM

Revenue forecast in 2030

2919.8 MCM

Growth Rate

CAGR of 4.8% from 2025 to 2030

Base year for estimation

2024

Actual estimates/Historical data

2018 - 2023

Forecast period

2025 - 2030

Quantitative units

Volume in million cubic meters and CAGR from 2025 to 2030

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Regional Scope

North America, Europe, Asia Pacific, Central & South Africa, and Middle East & Africa

Country scope

U.S., Canada, Mexico, Germany, Russia, Netherlands, Belgium, China, Indonesia, Malaysia, Australia, Brazil, Argentina, Saudi Arabia, UAE

Segments covered

Application, product, region

Key companies profiled

Vitol Tank Terminals International BV (VTTI); Koninklijke Vopak N; Oiltanking GmbH; Shawcor Ltd.; Buckeye Partners, L.P.; Containment Solutions, Inc.; ZCL Composites; Belco Manufacturing; Zepnotek Storage; Columbian Steel Tank

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Global Oil Storage Market Report Segmentation

This report forecasts volume growth at regional & country levels and provides an analysis of the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global oil storage market report based on application, product, and region:

Global Oil Storage Market Report Segmentation

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

    • Middle Distillates

    • Gasoline

    • Aviation Fuel

    • Others

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

    • Open Top

    • Fixed Roof

    • Floating Roof

    • Others

  • 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

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