Press release
Impressive Growth of Global Oil Storage Market: Insights on Notable CAGR Projection, Leading Players, and Latest Trends
Oil Storage Market
Reaping rewards from Emerging Markets' Growth and the Surge in Oil and Gas Exports: Projection and Dynamics of the Global Oil Storage Market
What Is The Projected Market Size Of The Global Oil Storage Market And Its Growth Rate?
• The oil storage market size has shown sturdy growth over the recent years, growing from $10.31 billion in 2024 to $10.8 billion in 2025 with a CAGR of 4.7%. The growth is propelled by emerging markets growth, the rise in investment for oil and gas exploration in developing countries, and a surge in oil and gas exports.
• Projections show the oil storage market size heading towards more vigorous growth in the future, expected to grow to $14.03 billion in 2029 at a 6.8% CAGR. The key factors contributing to this growth include government support, rising urbanization, a growing petrochemical industry, and increasing consumption of crude oil products. Major trends predicted for the forecast period comprise a focused use of the IoT (Internet of Things), heightened investments, and product innovations.
What Is Driving The Growth In The Oil Storage Market?
The growth in the oil storage market is directly related to the demand for crude oil supply. The storage facilities for crude oil, petroleum, and other such products are vital for ensuring a steady supply to end-users. Free-flowing demand for crude oil products such as petroleum, oil, and gas has resulted in extensive need for oil storage facilities. Significant data driving this trend includes the IEA's (International Energy Agency) projection for natural gas consumption in India, which is expected to reach 25 billion cubic meters by 2024 with an annual growth of 9%. Likewise, the IBEF (Indian Brand Equity Foundation) estimates a 50% growth in the demand for oil in India by 2030, backed by a global demand growth of 7%. Taken together, these factors paint a picture of an expanding crude oil supply energy, which plays a crucial role in driving the oil storage market.
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Who Are the Key Players Driving Oil Storage Market Growth?
• NOV Inc.
• Chemie Tech
• Shawcor Ltd
• CST Industries
• PermianLide (Permian Tank)
• McDermott International Ltd
• Snyder Industries
• Toyo Kanetsu KK
• Superior Tank Co. Inc.
• Ishii Iron Works Co Ltd.
• Oil India Ltd, Reliance Industries Ltd
• China National Petroleum Corporation
• China National Offshore Oil Corporation
• Shaanxi Yanchang Petroleum
• Sinochem Group
• JAPAN OIL Development Co. Ltd. Minato-Ku
• Japan Petroleum Exploration Co. Ltd
• Sakhalin Oil and Gas Development Co. Ltd
• Japan Organization for Metals and Energy Security
• Air Liquide Japan G.K.
• BPA British Pipelines Agency
• CLH Compañía Logística de Hidrocarburos
• GPSS Government Pipelines and Storage System
• LCC Lissan Coal Company
• OPA Oil and Pipelines Agency
• PSD Petroleum Storage Depo
• Rosneft
• Surgutneftegas
• Gazprom
• LukOil
• Transneft
• Climbex S.A.
• Shell NA
• LINET LIMITED
• VIG Sp. z o.o
• ETG Risorse e Tecnologia S.r.l
• Balcke-Durr GmbH
• Suncor
• Canadian Natural, Husky Energy
• PDC Energy Inc.
• Kinetik Holdings Inc.
• Nustar Energy L.P.
• Delek US Holdings Inc.
• Exxon Mobil Corporation
• Chevron Argentina SRL
• YPF SA
• Brooge Energy
• Gulf Energy Maritime (GEM)
• Hansa Tankers
• Odfjell Tankers
• Petrochem Middle East (PME)
• Ace Tankers
• Engen Petroleum
• Vivo Energy
• MOL Group
• Stolt-Nielsen Limited
What Are The Key Trends In The Oil Storage Market?
• Focused use of the Internet of Things (IoT)
• Increased investments in oil storage infrastructure
• Product innovations driving efficiency and capacity
What Are The Segments Of The Global Oil Storage Market?
• By Product Design: Open Top Tank, Fixed Roof Tank, Floating Roof Tank, Other Designs
• By Type: Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, Liquefied Petroleum Gas (LPG)
• By Materials: Steel, Carbon Steel, Fiberglass Reinforced Plastic (FRP), Other Materials
Which Region Leads The Oil Storage Market?
North America emerged as the largest region in the oil storage market in 2024, backed by significant oil production and storage infrastructure. The detailed report covers additional regions with a special emphasis on Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
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What Is Covered In The Oil Storage Market Global Market Report?
- Market Size Analysis: Analyze the Oil Storage Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Oil Storage Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Oil Storage Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Oil Storage Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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