Oil Storage Market Size Exceed $20.22 Billion By 2032 | CAGR: 4.40%

Oil Storage Market Size Worth $20.22 Billion By 2032 | CAGR: 4.40%

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, 2024-2032” 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.

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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