Press release
Rising Crude Oil Demand Fuels Growth In The Oil Storage Market: Transformative Forces Shaping the Oil Storage Market Landscape in 2025
Oil Storage
What Will the Oil Storage Industry Market Size Be by 2025?
The size of the oil storage market has been expanding consistently in the past few years. The market, which is predicted to swell from $10.31 billion in 2024 to $10.74 billion in 2025, will witness a compound annual growth rate (CAGR) of 4.2%. This escalation during the historical period can be credited to the advancement of emerging markets, increased investment in oil and gas exploration in developing nations, and a spike in oil and gas exports.
What's the Long-Term Growth Forecast for the Oil Storage Market Size Through 2029?
In the coming years, a significant expansion is anticipated in the oil storage market, which is projected to reach a value of $13.97 billion in 2029 with a compound annual growth rate (CAGR) of 6.8%. Factors driving this growth in the forecasted period include governmental backing, escalating urbanization, expansion in the petrochemical industry, and heightened crude oil product consumption. Key trends guiding this growth in the upcoming period encompass emphasis on the application of the Internet of Things (IoT), surge in investments, and product advancements.
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What Are the Key Growth Drivers Fueling the Oil Storage Market Expansion?
The growth of the oil storage market is likely to be fueled by the rising demand for crude oil supply. Oil storage plays a crucial role in storing petroleum, crude oil, and other oil-products awaiting supply to end-users. This heightened demand for crude oil supply is sparked by the increased consumption of products like petroleum, oil, and gas. Increased oil consumption subsequently leads to a surge in crude oil supply demand, hence escalating the necessity for oil storage. Illustratively, the International Energy Agency (IEA) projects that natural gas consumption in India will reach 25 billion cubic meters marking annual growth of 9% by 2024. Further, the Indian Brand Equity Foundation (IBEF) predicts that oil demand in India will rise by 50% by 2030 as compared to the 7% global growth. Consequently, the amplifying energy of the crude oil supply is set to bolster the oil storage market.
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Which Fast-Growing Trends Are Poised to Disrupt the Oil Storage Market?
In an effort to solidify their foothold in the oil storage market, companies are putting a significant emphasis on the creation of innovative product solutions. Axiom Equipment Group, an industrial equipment supplier based in Canada, exemplifies this through their Mega tank fuel storage tank launched in September 2022. Offering capacities of 1000L, 2000L, and 3000L, and boasting features such as bi-directional forklift pockets, lifting brackets, a removable inner tank, an expanded compartment space, and the capacity to dispense fuel to three different equipment at the same time, the Mega tank is designed to lessen downtime risks and increase operational cost-efficiency.
How Is the Oil Storage Market Segmented?
The oil storagemarket 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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Which Companies Are Leading the Charge in Oil Storage Market Innovation?
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
Which Regions Are Leading the Global Oil Storage Market in Revenue?
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.
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