Press release
Rising Crude Oil Demand Fuels Growth In The Oil Storage Market: Key Factor Driving The Growth In The Oil Storage Market
Oil Storage
What Is the Expected Oil Storage Market Size During the Forecast Period?
The scale of the oil storage market has experienced consistent growth over the past few years. It is projected to rise from $10.31 billion in 2024 to $10.8 billion in 2025, with a compound annual growth rate (CAGR) of 4.7%. The increase in the earlier period is linked to the expansion of emerging markets, an escalation in investment towards oil and gas discovery in growing economies, and a boost in oil and gas exports.
In the forthcoming years, the oil storage market is projected to witness robust growth, escalating to $14.03 billion in 2029 with a compound annual growth rate (CAGR) of 6.8%. This growth trail in the projection period can be credited to governmental backing, escalating urbanization, an expanding petrochemical sector, and an uptick in the consumption of crude oil products. The prediction period is also anticipated to see key trends such as a heightened focus on utilizing the Internet of Things (IoT), ramped up investments, and innovation in product development.
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What Are the High-Growth Segments in the Oil Storage Market?
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
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What Key Drivers Are Expected to Influence Future Oil Storage Market Growth?
The growth of the oil storage market is projected to be driven by a surge in the demand for crude oil supply. Oil storage serves the purpose of reserving crude oil, petroleum, and a slew of other oil products that are subsequently provided to the ultimate consumers. This heightened demand for crude oil supply emerges from escalating consumption of products derived from crude oil like petroleum, oil, and gas. As oil utilization increases, it will trigger the demand for crude oil supply, leading to substantial requirement for oil storage. Citing the International Energy Agency (IEA), by 2024, India's consumption of natural gas is anticipated to hit 25 billion cubic meters, growing annually at 9%. Also, the Indian Brand Equity Foundation (IBEF) asserts that compared to a 7% growth in global demand, India's oil demand is set to see a 50% surge by 2030. Hence, the amplified energy stemming from crude oil supply is projected to catalyze the oil storage market.
Which Companies Hold the Largest Share Across Different Oil Storage Market Segments?
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
What Are the Latest Developing Trends in the Oil Storage Market?
Oil storage market players are concentrating on product evolution and introducing innovative product solutions to solidify their market standing. For instance, Axiom Equipment Group, an industrial equipment supplier based in Canada, unveiled the Mega tank fuel storage tank in September 2022. Available in capacities of 1000L, 2000L, and 3000L, the Mega tank is designed with double walls, bi-directional forklift pockets and lifting brackets, a detachable inner tank, and an oversized compartment area. It can also dispense fuel to three different equipment pieces simultaneously, making it a tool to minimize downtime risks while optimizing operational cost-efficiency.
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What Are the Emerging Geographies for The Oil Storage Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Oil Storage Market?
2. What is the CAGR expected in the Oil Storage Market?
3. What Are the Key Innovations Transforming the Oil Storage Industry?
4. Which Region Is Leading the Oil Storage Market?
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