North America Oil Storage Market Predicted to Grow at Steady 4.6% CAGR by 2032 | Persistence Market Research Analysis

Overview of the Market

The North America oil storage market is poised for significant expansion, with its value projected to increase from US$ 816.0 million in 2025 to US$ 1,118.0 million by 2032, growing at a CAGR of 4.6% over the forecast period. This growth trajectory reflects the increasing importance of storage infrastructure in balancing supply-demand mismatches, especially as the U.S. and Canada continue ramping up oil production and exports. What was once a functional part of the oil value chain has now evolved into a pivotal strategic asset for market stability and energy security.

Crude oil is anticipated to remain the leading product segment, accounting for approximately 35.1% of the market share in 2025, due to the need for specialized storage that can accommodate variations in crude quality. Geographically, the United States dominates the North American market, with key hubs like Cushing, Oklahoma, and Hardisty, Alberta in Canada playing vital roles in shaping global oil prices. These storage centers are not only physical assets but also influence crude benchmark contracts, making them critical to market dynamics.

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Key Highlights from the Report

• Crude oil is forecast to hold 35.1% share of the storage market in 2025.
• The U.S. and Canada are leveraging storage hubs like Cushing and Hardisty to influence global oil trading.
• Aging tank infrastructure is being modernized with floating roofs and vapor recovery systems.
• Export-oriented policies are expanding coastal and marine terminal storage capacities.
• Environmental mandates are driving innovation in vapor emission control in storage units.
• Shale basins such as the Permian and Eagle Ford continue to support long-term demand for oil storage.

Market Segmentation

The North America oil storage market is segmented primarily by product type, which includes crude oil, gasoline, aviation fuel, diesel, and others. Among these, crude oil leads due to its diverse quality profiles that require dedicated segregation during storage. Gasoline and diesel follow as vital segments driven by steady downstream consumption patterns and seasonal demand fluctuations.

By storage type, the market is categorized into floating roof tanks, fixed roof tanks, spherical tanks, and others. Floating roof tanks are increasingly preferred for storing volatile products such as crude oil and gasoline, particularly due to their vapor control capabilities. This is aligned with stricter environmental regulations regarding emissions and leakage prevention, which is reshaping infrastructure decisions across the region.

Regional Insights

In the United States, Texas and Oklahoma continue to be at the forefront of oil storage due to the prolific output from the Permian Basin and access to major pipeline networks. Storage terminals like those in Cushing serve as physical delivery points for NYMEX WTI contracts, solidifying their central role in price discovery.

Canada, particularly Alberta, hosts strategic facilities like Hardisty, which serve as launch points for oil sands crude headed to U.S. Gulf Coast refineries. The country's focus on export pipelines and compliance with clean fuel regulations has also led to a wave of investment in modern, environmentally compliant storage solutions.

Market Drivers

One of the main drivers of market growth is the increase in crude oil and refined product exports. With the lifting of the U.S. crude oil export ban and rising demand in global markets, particularly in Asia and Europe, North American producers are expanding marine terminals and coastal storage to support export logistics. Additionally, shale oil production in regions like the Eagle Ford and Permian Basins continues to break output records, necessitating expanded intermediate and long-term storage capacity.

Market Restraints

Despite its growth, the market faces restraints such as volatile oil prices, which impact investment in new storage infrastructure. Additionally, environmental regulations around VOC emissions from storage tanks can increase operational costs. High capital costs and complex permitting processes also slow down the development of new storage facilities, especially in ecologically sensitive or urban areas.

Market Opportunities

Significant opportunities lie in retrofitting aging tank systems with technologies like floating roofs and vapor recovery units. Additionally, the emerging push toward carbon-neutral infrastructure creates room for innovative storage designs and smart monitoring systems. There's also a growing interest in hybrid storage for oil and biofuels, driven by mandates to decarbonize energy supply chains.

Reasons to Buy the Report

✔ Get accurate market size projections for North America's oil storage industry through 2032.
✔ Understand key growth drivers such as shale production and export-led demand.
✔ Access insights into leading regional markets, particularly the U.S. and Canada.
✔ Evaluate investment opportunities in environmentally compliant storage infrastructure.
✔ Track top market players and their recent developments and strategic initiatives.

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Frequently Asked Questions (FAQs)

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Who are the Key Players in the North America Oil Storage Market?
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Which Region is Estimated to Dominate the Industry through the Forecast Period?

Company Insights

Key players operating in the North America oil storage market include:

1. Kinder Morgan Inc.
2. Enbridge Inc.
3. Buckeye Partners L.P.
4. NuStar Energy L.P.
5. Magellan Midstream Partners L.P.
6. Plains All American Pipeline L.P.
7. Enterprise Products Partners L.P.
8. Matrix Service Company
9. Oiltanking North America
10. CIMC Enric Holdings Ltd.

Recent Developments:

• In 2024, Enbridge Inc. expanded its Hardisty terminal in Alberta with additional storage tanks to support increasing demand from oil sands producers.

• Kinder Morgan announced a US$ 150 million investment in upgrading its Galena Park terminal in Texas to include vapor control and enhanced blending capabilities.

Conclusion

The North America oil storage market is navigating a transformative phase marked by rising exports, technological modernization, and stringent environmental regulations. As production volumes soar and supply chains stretch across continents, strategic oil storage facilities in the U.S. and Canada will play a more central role than ever. Market stakeholders-from refiners to traders and logistics providers-must realign their strategies to leverage this evolving infrastructure. Looking ahead, the region's storage ecosystem will not just act as a buffer but emerge as a key enabler in energy transition and global oil commerce.

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This release was published on openPR.