Product Code: PM3112
The global oil storage market size is expected to reach USD 20.22 billion by 2032, according to a new study by Polaris Market Research. The report "Oil Storage Market Share, Size, Trends, Industry Analysis Report, By Type (Crude Oi, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, and Liquified Petroleum Gas); By Material; By Product; By Region; Segment Forecast, 2023-2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
Exponential growth in the oil & gas industry, a surge in demand for mega-refining hubs, and growing import and distribution-related infrastructure across several emerging economies, including Iran, Iraq, and Saudi Arabia, coupled with the increasing offshore and onshore exploratory activities worldwide, are key factors boosting the market growth. To meet the growing need and demand for various oils, energy departments of several countries are implementing new oil storage tanks, and major manufacturers are investing in R&D to develop high-capacity storage systems.
For instance, in August 2022, Nepal Oil Construction established two new storage tanks to stock petrol, which will be transported via the pipeline system at the Amlekhgunj depot. The storage tanks can stock 4,100 kiloliters of petrol in each one.
Crude oil prices continue to demonstrate high volatility and change and are always expected to gain sharp spikes or sudden dips owing to supply shortages since this fluctuation in the oil prices has forced governments to increase their attention towards the development of crucial oil storage facilities. As a result, many refiners in the United States are being executed on some capital projects to support their crude oil processing capacity by the end of 2023.
Furthermore, the increasing rate of urbanization and continuous rise in the global population, along with the growing adoption of automobiles across the globe, has fueled the consumption of oils across a wide range of industries. Thus the need for oil storage terminals has also grown drastically to meet this rising demand.
Oil Storage Market Report Highlights:
- Crude oil segment accounted for over significant global market share in 2022, on account of rising adoption of crude oil across numerous applications due to its beneficial characteristics
- Carbon steel segment held the significant market revenue share in 2022, which is mainly accelerated by its ability to hold any type of fluid and can be easily painted or lined for enhancing chemical resistance properties
- Floating roof tank segment is anticipated to grow at a considerable CAGR during the projected period, because of the high advancements in the technology and new product innovations
- Middle East & Africa region dominated the market in 2022, owing to the availability of large number of fuel resources and high contribution of the oil industry in the major countries GDP in the region
- The global key market players include Superior Tank Co., Synalloy Corporation, Hydrotherm Engineering Services, ZCL Composites, Roth Industries Company, and Containment Solutions
Polaris Market Research has segmented the oil storage market report based on type, material, product, and region:
Oil Storage, Type Outlook (Revenue - USD Billion, 2019 - 2032)
- Crude Oil
- Gasoline
- Aviation Fuel
- Naphtha
- Diesel
- Kerosene
- Liquified Petroleum Gas
Oil Storage, Material Outlook (Revenue - USD Billion, 2019 - 2032)
- Steel
- Carbon Steel
- Fiberglass-Reinforced Plastic
- Others
Oil Storage, Product Outlook (Revenue - USD Billion, 2019 - 2032)
- Open Top Tank
- Fixed Roof Tank
- Floating Roof Tank
- Others
Oil Storage, Regional Outlook (Revenue - USD Billion, 2019 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Netherlands
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Latin America
- Argentina
- Brazil
- Mexico
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Oil Storage Market Insights
- 4.1. Oil Storage Market - Product Snapshot
- 4.2. Oil Storage Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Government initiatives regarding the emission of greenhouse gases
- 4.2.1.2. Requirement of the additional storage facility
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Involvement of high capex in storage facilities
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Oil Storage Market Product Trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global Oil Storage Market, by Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 5.3. Crude Oil
- 5.3.1. Global Oil Storage Market, by Crude Oil, by Region, 2019-2032 (USD Billion)
- 5.4. Gasoline
- 5.4.1. Global Oil Storage Market, by Gasoline, by Region, 2019-2032 (USD Billion)
- 5.5. Aviation Fuel
- 5.5.1. Global Oil Storage Market, by Aviation Fuel, by Region, 2019-2032 (USD Billion)
- 5.6. Naphtha
- 5.6.1. Global Oil Storage Market, by Naphtha, by Region, 2019-2032 (USD Billion)
- 5.7. Diesel
- 5.7.1. Global Oil Storage Market, by Diesel, by Region, 2019-2032 (USD Billion)
- 5.8. Kerosene
- 5.8.1. Global Oil Storage Market, by Kerosene, by Region, 2019-2032 (USD Billion)
- 5.9. Liquified Petroleum Gas
- 5.9.1. Global Oil Storage Market, by Liquified Petroleum Gas, by Region, 2019-2032 (USD Billion)
6. Global Oil Storage Market, by Material
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 6.3. Steel
- 6.3.1. Global Oil Storage Market, by Steel, by Region, 2019-2032 (USD Billion)
- 6.4. Carbon Steel
- 6.4.1. Global Oil Storage Market, by Carbon Steel, by Region, 2019-2032 (USD Billion)
- 6.5. Fiberglass-Reinforced Plastic
- 6.5.1. Global Oil Storage Market, by Fiberglass-Reinforced Plastic, by Region, 2019-2032 (USD Billion)
- 6.6. Others
- 6.6.1. Global Oil Storage Market, by Others, by Region, 2019-2032 (USD Billion)
7. Global Oil Storage Market, by Product
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Global Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 7.3. Open Top Tank
- 7.3.1. Global Oil Storage Market, by Open Top Tank, By Region, 2019-2032 (USD Billion)
- 7.4. Fixed Roof Tank
- 7.4.1. Global Oil Storage Market, by Fixed Roof Tank, By Region, 2019-2032 (USD Billion)
- 7.5. Floating Roof Tank
- 7.5.1. Global Oil Storage Market, by Floating Roof Tank, By Region, 2019-2032 (USD Billion)
- 7.6. Others
- 7.6.1. Global Oil Storage Market, by Others, By Region, 2019-2032 (USD Billion)
8. Global Oil Storage Market, by Geography
- 8.1. Key findings
- 8.2. Introduction
- 8.2.1. Oil Storage Market Assessment, By Geography, 2019-2032 (USD Billion)
- 8.3. Oil Storage Market - North America
- 8.3.1. North America: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.3.2. North America: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.3.3. North America: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.3.4. Oil Storage Market - U.S.
- 8.3.4.1. U.S.: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.3.4.2. U.S.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.3.4.3. U.S.: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.3.5. Oil Storage Market - Canada
- 8.3.5.1. Canada: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.3.5.2. Canada.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.3.5.3. Canada: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.4. Oil Storage Market - Europe
- 8.4.1. Europe: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.4.2. Europe.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.4.3. Europe: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.4.4. Oil Storage Market - UK
- 8.4.4.1. UK: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.4.4.2. UK.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.4.4.3. UK: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.4.5. Oil Storage Market - France
- 8.4.5.1. France: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.4.5.2. France.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.4.5.3. France: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.4.6. Oil Storage Market - Germany
- 8.4.6.1. Germany: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.4.6.2. Germany.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.4.6.3. Germany: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.4.7. Oil Storage Market - Italy
- 8.4.7.1. Italy: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.4.7.2. Italy.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.4.7.3. Italy: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.4.8. Oil Storage Market - Spain
- 8.4.8.1. Spain: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.4.8.2. Spain.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.4.8.3. Spain: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.4.9. Oil Storage Market - Netherlands
- 8.4.9.1. Netherlands: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.4.9.2. Netherlands.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.4.9.3. Netherlands: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.4.10. Oil Storage Market - Russia
- 8.4.10.1. Russia: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.4.10.2. Russia.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.4.10.3. Russia: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.5. Oil Storage Market - Asia Pacific
- 8.5.1. Asia Pacific: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.5.2. Asia Pacific.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.5.3. Asia Pacific: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.5.4. Oil Storage Market - China
- 8.5.4.1. China: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.5.4.2. China.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.5.4.3. China: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.5.5. Oil Storage Market - India
- 8.5.5.1. India: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.5.5.2. India.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.5.5.3. India: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.5.6. Oil Storage Market - Malaysia
- 8.5.6.1. Malaysia: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.5.6.2. Malaysia.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.5.6.3. Malaysia: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.5.7. Oil Storage Market - Japan
- 8.5.7.1. Japan: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.5.7.2. Japan.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.5.7.3. Japan: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.5.8. Oil Storage Market - Indonesia
- 8.5.8.1. Indonesia: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.5.8.2. Indonesia.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.5.8.3. Indonesia: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.5.9. Oil Storage Market - South Korea
- 8.5.9.1. South Korea: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.5.9.2. South Korea.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.5.9.3. South Korea: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.6. Oil Storage Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.6.2. Middle East & Africa.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.6.3. Middle East & Africa: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.6.4. Oil Storage Market - Saudi Arabia
- 8.6.4.1. Saudi Arabia: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.6.4.2. Saudi Arabia.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.6.4.3. Saudi Arabia: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.6.5. Oil Storage Market - UAE
- 8.6.5.1. UAE: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.6.5.2. UAE.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.6.5.3. UAE: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.6.6. Oil Storage Market - Israel
- 8.6.6.1. Israel: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.6.6.2. Israel.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.6.6.3. Israel: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.6.7. Oil Storage Market - South Africa
- 8.6.7.1. South Africa: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.6.7.2. South Africa.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.6.7.3. South Africa: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.7. Oil Storage Market - Latin America
- 8.7.1. Latin America: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.7.2. Latin America.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.7.3. Latin America: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.7.4. Oil Storage Market - Mexico
- 8.7.4.1. Mexico: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.7.4.2. Mexico.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.7.4.3. Mexico: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.7.5. Oil Storage Market - Brazil
- 8.7.5.1. Brazil: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.7.5.2. Brazil.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.7.5.3. Brazil: Oil Storage Market, by Material, 2019-2032 (USD Billion)
- 8.7.6. Oil Storage Market - Argentina
- 8.7.6.1. Argentina: Oil Storage Market, by Type, 2019-2032 (USD Billion)
- 8.7.6.2. Argentina.: Oil Storage Market, by Product, 2019-2032 (USD Billion)
- 8.7.6.3. Argentina: Oil Storage Market, by Material, 2019-2032 (USD Billion)
9. Competitive Landscape
- 9.1. Expansion and Acquisition Analysis
- 9.1.1. Expansion
- 9.1.2. Acquisitions
- 9.2. Partnerships/Collaborations/Agreements/Exhibitions
10. Company Profiles
- 10.1. Containment Solutions
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
- 10.2. CST Industries
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
- 10.3. Superior Tank
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
- 10.4. Delta Oil Tanking
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
- 10.5. Royal Vopak
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
- 10.6. Oiltanking
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
- 10.7. Shawcor
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
- 10.8. Roth Industries Company
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
- 10.9. Columbian Steel Tank
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
- 10.10. Ziemann Holvrieka
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
- 10.11. Sunoco Logistics
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
- 10.12. Poly processing
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
- 10.13. ZCL Composites
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
- 10.14. Synalloy Corporation
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
- 10.15. LF Manufacturing
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development
- 10.16. Hydrotherm Engineering Services
- 10.16.1. Company Overview
- 10.16.2. Financial Performance
- 10.16.3. Product Benchmarking
- 10.16.4. Recent Development