Key Influencer in the Oil Storage Market 2025: Rising Crude Oil Demand Fuels Growth In The Oil Storage Market Driver

What combination of drivers is leading to accelerated growth in the oil storage market?
The burgeoning demand for crude oil supply is predicted to stimulate the expansion of the oil storage market. Storage for oil is typically employed for keeping crude oil, petroleum, and varied other oil products, which are then provided to end-users. This growth in demand for crude oil supply stems from an escalated consumption of products such as petroleum, oil, and gas. As oil usage escalates, it subsequently amplifies the demand for its supply, thereby necessitating increased oil storage. For example, the International Energy Agency (IEA) has foreseen that the consumption of natural gas in India will reach 25 billion cubic meters, growing by 9% annually by 2024. Additionally, the Indian Brand Equity Foundation (IBEF) anticipates a 50% growth in India's oil demand by 2030 compared to the global demand growth of 7%. Consequently, the amplified energy of crude oil supply is predicted to steer the growth of the oil storage market.

Get Your Oil Storage Market Report Here:
https://www.thebusinessresearchcompany.com/report/oil-storage-global-market-report

What is the projected compound annual growth rate (CAGR) of the oil storage market from 2025 to 2034, and what factors influence it?
In the past few years, the oil storage market size has experienced a consistent increase. From 2024 to 2025, we can expect a growth from $10.31 billion to $10.8 billion which suggests a compound annual growth rate (CAGR) of 4.7%. The rise during the historical phase could be linked to the growth of the emerging markets, an increase in investment towards oil and gas exploration in developing nations and a hike in oil and gas exports.

In the coming years, the oil storage market is predicted to witness significant expansion, reaching a value of $14.03 billion in 2029, with a compound annual growth rate (CAGR) of 6.8%. This growth in the projected period can be credited to elements such as government backing, escalating urbanization, an expanding petrochemical sector, and increased use of crude oil products. The major trends projected for this period encompass emphasis on incorporating the Internet of Things (IoT), heightened investments, and product innovation.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=6694&type=smp

What are the most significant trends transforming the oil storage market today?
Firms in the oil storage industry are concentrating on creating novel products and solutions to bolster their market position. For instance, Axiom Equipment Group, an Industrial equipment distributor based in Canada, unveiled the Mega tank fuel storage tank in September 2022. The tank offers 1000L, 2000L, and 3000L capacity alternatives. It's double-walled and includes bi-directional forklift pockets and lifting brackets, a detachable inner tank, a super-sized compartment area, and the capability to provide fuel to three pieces of equipment at the same time. The Mega tank is designed to minimizes downtime risks while increasing cost efficiency.

What are the major segments of the oil storage market and their role in driving growth?
The oil storage market covered in this report is segmented -

1) By Product Design: Open Top Tank, Fixed Roof Tank, Floating Roof Tank, Other Designs
2) By Type: Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, Liquefied Petroleum Gas (LPG)
3) By Materials: Steel, Carbon Steel, Fiberglass Reinforced Plastic (FRP), Other Materials

Subsegments:
1) By Open Top Tank: Cone Roof Open Top Tank, Flat Roof Open Top Tank
2) By Fixed Roof Tank: Cone Roof Fixed Tank, Domed Roof Fixed Tank, Vertical Fixed Roof Tank
3) By Floating Roof Tank: External Floating Roof Tank, Internal Floating Roof Tank
4) By Other Designs: Horizontal Tank, Underground Tank, Double-Wall Tank

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=6694

Which regions are key players in the growth of the oil storage market?
North America was the largest region in the oil storage market in 2024. The regions covered in the oil storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Who are the key firms paving the way for growth in the oil storage market?
Major companies operating in the oil storage market include 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., 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

Customize Your Report - Get Tailored Market Insights!
https://www.thebusinessresearchcompany.com/sample.aspx?id=6694&type=smp

What Is Covered In The Oil Storage Global Market Report?

• Market Size Forecast: Examine the oil storage market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the oil storage market for a structured understanding.
• Key Players Overview: Analyze major players in the oil storage market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the oil storage market.
• Segment Contributions: Evaluate how different segments drive overall growth in the oil storage market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the oil storage market.
• Industry Challenges: Identify potential risks and obstacles affecting the oil storage market.
• Competitive Landscape: Review strategic developments in the oil storage market, including expansions, agreements, and new product launches.

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.