Oil Storage Market Size, Share, Trends, Industry Analysis Report: By Type, Application, Product, and Region

Description

List of Tables

The global oil storage market size is expected to reach USD 21.94 billion by 2034, according to a new study by Polaris Market Research. The report "Oil Storage Market Size, Share, Trends, Industry Analysis Report: By Type (Floating Roof Tanks, Fixed Roof Tanks, Underground Storage, and Bullet Tanks), Application, Product, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2025 - 2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.

The oil storage market is a vital component of the global energy infrastructure, facilitating the efficient storage, management, and distribution of crude oil, refined petroleum products, and other liquid fuels. The market growth is driven by rising energy demand, fluctuating oil prices, and strategic stockpiling by governments and industry players to ensure energy security.

The oil storage market dynamics are shaped by advancements in storage technologies, the increasing adoption of floating and underground storage solutions, and a growing focus on sustainability to reduce environmental impact. Industry trends indicate a shift toward digitalization, with smart storage systems integrating real-time monitoring and predictive analytics to optimize operations.

The oil storage market expansion is further supported by the proliferation of renewable energy sources, which necessitate enhanced storage capabilities to balance intermittent energy supply with market demand. The opportunities are emerging from the integration of hybrid storage solutions that combine traditional oil storage with energy storage systems, addressing evolving energy mix requirements. Moreover, the ongoing modernization of storage infrastructure to comply with stringent environmental regulations presents significant growth prospects.

Increased investment in strategic reserves and the deployment of advanced materials for tank construction are supporting market development. The demand for oil storage tanks is also fueled by the rising adoption of long-term storage solutions in response to geopolitical uncertainties and supply chain disruptions. As global energy consumption patterns evolve, the oil storage market is positioned to play a critical role in supporting the energy transition while ensuring the stability and reliability of energy supply chains.

Oil Storage Market Report Highlights

In terms of type, the floating roof tanks segment accounted for the largest market share in 2024 due to their cost efficiency, ability to minimize evaporative losses, and widespread use for storing large volumes of oil.

Based on product, the crude oil segment held a significant market growth in 2024 due to increasing crude oil production, trade activities, and the rising need for strategic reserves globally.

In 2024, North America accounted for the largest oil storage market share due to substantial investments in storage infrastructure and robust shale oil production.

Asia Pacific is expected to witness the fastest oil storage market growth over the forecast period due to rapid industrialization, increasing energy demand, and expansion of refining capacities in the region.

Some of the global key market players are Royal Vopak, Kinder Morgan, China Petroleum & Chemical Corporation (Sinopec), Shell, BP, Oiltanking GmbH, Horizon Terminals, Magellan Midstream Partners, Vitol Group, Saudi Aramco, Emirates National Oil Company (ENOC), CLH Group, Adani Group, Buckeye Partners, LBC Tank Terminals.

Polaris Market Research has segmented oil storage market report based on type, application, product, and region:

By Type Outlook (Revenue, USD Billion, 2020 - 2034)

Floating Roof Tanks
Fixed Roof Tanks
Underground Storage
Bullet Tanks

By Application Outlook (Revenue, USD Billion, 2020 - 2034)

Commercial Usage
Strategic Reserves
Industrial Applications

By Product Outlook (Revenue, USD Billion, 2020 - 2034)

Crude Oil
Refined Petroleum Products
Liquefied Natural Gas (LNG)

By Regional Outlook (Revenue, USD Billion, 2020 - 2034)

North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Netherlands
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
Malaysia
South Korea
Indonesia
Australia
Vietnam
Rest of Asia-Pacific
Middle East & Africa
Saudi Arabia
UAE
Israel
South Africa
Rest of Middle East & Africa
Latin America
Mexico
Brazil
Argentina
Rest of Latin America

Product Code: PM3112

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

2.1. Market Highlights

3. Research Methodology

3.1. Overview
- 3.1.1. Data Mining
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 - Market Snapshot
4.2. Oil Storage Market Dynamics
- 4.2.1. Drivers and Opportunities
  - 4.2.1.1. Strategic Petroleum Reserves
  - 4.2.1.2. Digitalization and Automation in Oil Storage
- 4.2.2. Restraints and Challenges
  - 4.2.2.1. Volatility in Oil Prices
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 Trends
4.6. Value Chain Analysis

5. Global Oil Storage Market, by Type

5.1. Key Findings
5.2. Introduction
- 5.2.1. Global Oil Storage Market, by Type, 2020-2034 (USD Billion)
5.3. Floating Roof Tanks
- 5.3.1. Global Oil Storage Market, by Floating Roof Tanks, by Region, 2020-2034 (USD Billion)
5.4. Fixed Roof Tanks
- 5.4.1. Global Oil Storage Market, by Fixed Roof Tanks, by Region, 2020-2034 (USD Billion)
5.5. Underground Storage
- 5.5.1. Global Oil Storage Market, by Underground Storage, by Region, 2020-2034 (USD Billion)
5.6. Bullet Tanks
- 5.6.1. Global Oil Storage Market, by Bullet Tanks, by Region, 2020-2034 (USD Billion)

6. Global Oil Storage Market, by Application

6.1. Key Findings
6.2. Introduction
- 6.2.1. Global Oil Storage Market, by Application, 2020-2034 (USD Billion)
6.3. Commercial Usage
- 6.3.1. Global Oil Storage Market, by Commercial Usage, by Region, 2020-2034 (USD Billion)
6.4. Strategic Reserves
- 6.4.1. Global Oil Storage Market, by Strategic Reserves, by Region, 2020-2034 (USD Billion)
6.5. Industrial Applications
- 6.5.1. Global Oil Storage Market, by Industrial Applications, by Region, 2020-2034 (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, 2020-2034 (USD Billion)
7.3. Crude Oil
- 7.3.1. Global Oil Storage Market, by Crude Oil, by Region, 2020-2034 (USD Billion)
7.4. Refined Petroleum Products
- 7.4.1. Global Oil Storage Market, by Refined Petroleum Products, by Region, 2020-2034 (USD Billion)
7.5. Liquefied Natural Gas (LNG)
- 7.5.1. Global Oil Storage Market, by Liquefied Natural Gas (LNG), by Region, 2020-2034 (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, 2020-2034 (USD Billion)
8.3. Oil Storage Market - North America
- 8.3.1. North America: Oil Storage Market, by Type, 2020-2034 (USD Billion)
- 8.3.2. North America: Oil Storage Market, by Application, 2020-2034 (USD Billion)
- 8.3.3. North America: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.3.4. Oil Storage Market - US
  - 8.3.4.1. US: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.3.4.2. US: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.3.4.3. US: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.3.5. Oil Storage Market - Canada
  - 8.3.5.1. Canada: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.3.5.2. Canada: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.3.5.3. Canada: Oil Storage Market, by Product, 2020-2034 (USD Billion)
8.4. Oil Storage Market - Europe
- 8.4.1. Europe: Oil Storage Market, by Type, 2020-2034 (USD Billion)
- 8.4.2. Europe: Oil Storage Market, by Application, 2020-2034 (USD Billion)
- 8.4.3. Europe: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.4.4. Oil Storage Market - UK
  - 8.4.4.1. UK: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.4.4.2. UK: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.4.4.3. UK: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.4.5. Oil Storage Market - France
  - 8.4.5.1. France: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.4.5.2. France: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.4.5.3. France: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.4.6. Oil Storage Market - Germany
  - 8.4.6.1. Germany: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.4.6.2. Germany: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.4.6.3. Germany: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.4.7. Oil Storage Market - Italy
  - 8.4.7.1. Italy: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.4.7.2. Italy: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.4.7.3. Italy: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.4.8. Oil Storage Market - Spain
  - 8.4.8.1. Spain: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.4.8.2. Spain: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.4.8.3. Spain: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.4.9. Oil Storage Market - Netherlands
  - 8.4.9.1. Netherlands: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.4.9.2. Netherlands: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.4.9.3. Netherlands: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.4.10. Oil Storage Market - Russia
  - 8.4.10.1. Russia: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.4.10.2. Russia: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.4.10.3. Russia: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.4.11. Oil Storage Market - Rest of Europe
  - 8.4.11.1. Rest of Europe: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.4.11.2. Rest of Europe: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.4.11.3. Rest of Europe: Oil Storage Market, by Product, 2020-2034 (USD Billion)
8.5. Oil Storage Market - Asia Pacific
- 8.5.1. Asia Pacific: Oil Storage Market, by Type, 2020-2034 (USD Billion)
- 8.5.2. Asia Pacific: Oil Storage Market, by Application, 2020-2034 (USD Billion)
- 8.5.3. Asia Pacific: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.5.4. Oil Storage Market - China
  - 8.5.4.1. China: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.5.4.2. China: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.5.4.3. China: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.5.5. Oil Storage Market - India
  - 8.5.5.1. India: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.5.5.2. India: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.5.5.3. India: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.5.6. Oil Storage Market - Malaysia
  - 8.5.6.1. Malaysia: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.5.6.2. Malaysia: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.5.6.3. Malaysia: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.5.7. Oil Storage Market - Japan
  - 8.5.7.1. Japan: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.5.7.2. Japan: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.5.7.3. Japan: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.5.8. Oil Storage Market - Indonesia
  - 8.5.8.1. Indonesia: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.5.8.2. Indonesia: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.5.8.3. Indonesia: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.5.9. Oil Storage Market - South Korea
  - 8.5.9.1. South Korea: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.5.9.2. South Korea: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.5.9.3. South Korea: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.5.10. Oil Storage Market - Australia
  - 8.5.10.1. Australia: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.5.10.2. Australia: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.5.10.3. Australia: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.5.11. Oil Storage Market - Rest of Asia Pacific
  - 8.5.11.1. Rest of Asia Pacific: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.5.11.2. Rest of Asia Pacific: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.5.11.3. Rest of Asia Pacific: Oil Storage Market, by Product, 2020-2034 (USD Billion)
8.6. Oil Storage Market - Middle East & Africa
- 8.6.1. Middle East & Africa: Oil Storage Market, by Type, 2020-2034 (USD Billion)
- 8.6.2. Middle East & Africa: Oil Storage Market, by Application, 2020-2034 (USD Billion)
- 8.6.3. Middle East & Africa: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.6.4. Oil Storage Market - Saudi Arabia
  - 8.6.4.1. Saudi Arabia: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.6.4.2. Saudi Arabia: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.6.4.3. Saudi Arabia: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.6.5. Oil Storage Market - UAE
  - 8.6.5.1. UAE: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.6.5.2. UAE: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.6.5.3. UAE: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.6.6. Oil Storage Market - Israel
  - 8.6.6.1. Israel: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.6.6.2. Israel: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.6.6.3. Israel: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.6.7. Oil Storage Market - South Africa
  - 8.6.7.1. South Africa: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.6.7.2. South Africa: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.6.7.3. South Africa: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.6.8. Oil Storage Market - Rest of Middle East & Africa
  - 8.6.8.1. Rest of Middle East & Africa: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.6.8.2. Rest of Middle East & Africa: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.6.8.3. Rest of Middle East & Africa: Oil Storage Market, by Product, 2020-2034 (USD Billion)
8.7. Oil Storage Market - Latin America
- 8.7.1. Latin America: Oil Storage Market, by Type, 2020-2034 (USD Billion)
- 8.7.2. Latin America: Oil Storage Market, by Application, 2020-2034 (USD Billion)
- 8.7.3. Latin America: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.7.4. Oil Storage Market - Mexico
  - 8.7.4.1. Mexico: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.7.4.2. Mexico: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.7.4.3. Mexico: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.7.5. Oil Storage Market - Brazil
  - 8.7.5.1. Brazil: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.7.5.2. Brazil: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.7.5.3. Brazil: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.7.6. Oil Storage Market - Argentina
  - 8.7.6.1. Argentina: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.7.6.2. Argentina: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.7.6.3. Argentina: Oil Storage Market, by Product, 2020-2034 (USD Billion)
- 8.7.7. Oil Storage Market - Rest of Latin America
  - 8.7.7.1. Rest of Latin America: Oil Storage Market, by Type, 2020-2034 (USD Billion)
  - 8.7.7.2. Rest of Latin America: Oil Storage Market, by Application, 2020-2034 (USD Billion)
  - 8.7.7.3. Rest of Latin America: Oil Storage Market, by Product, 2020-2034 (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. Royal Vopak
- 10.1.1. Company Overview
- 10.1.2. Financial Performance
- 10.1.3. Product Benchmarking
- 10.1.4. Recent Development
10.2. Kinder Morgan
- 10.2.1. Company Overview
- 10.2.2. Financial Performance
- 10.2.3. Product Benchmarking
- 10.2.4. Recent Development
10.3. China Petroleum & Chemical Corporation (Sinopec)
- 10.3.1. Company Overview
- 10.3.2. Financial Performance
- 10.3.3. Product Benchmarking
- 10.3.4. Recent Development
10.4. Shell
- 10.4.1. Company Overview
- 10.4.2. Financial Performance
- 10.4.3. Product Benchmarking
- 10.4.4. Recent Development
10.5. BP
- 10.5.1. Company Overview
- 10.5.2. Financial Performance
- 10.5.3. Product Benchmarking
- 10.5.4. Recent Development
10.6. Oiltanking GmbH
- 10.6.1. Company Overview
- 10.6.2. Financial Performance
- 10.6.3. Product Benchmarking
- 10.6.4. Recent Development
10.7. Horizon Terminals
- 10.7.1. Company Overview
- 10.7.2. Financial Performance
- 10.7.3. Product Benchmarking
- 10.7.4. Recent Development
10.8. Magellan Midstream Partners
- 10.8.1. Company Overview
- 10.8.2. Financial Performance
- 10.8.3. Product Benchmarking
- 10.8.4. Recent Development
10.9. Vitol Group
- 10.9.1. Company Overview
- 10.9.2. Financial Performance
- 10.9.3. Product Benchmarking
- 10.9.4. Recent Development
10.10. Saudi Aramco
- 10.10.1. Company Overview
- 10.10.2. Financial Performance
- 10.10.3. Product Benchmarking
- 10.10.4. Recent Development
10.11. Emirates National Oil Company (ENOC)
- 10.11.1. Company Overview
- 10.11.2. Financial Performance
- 10.11.3. Product Benchmarking
- 10.11.4. Recent Development
10.12. CLH Group
- 10.12.1. Company Overview
- 10.12.2. Financial Performance
- 10.12.3. Product Benchmarking
- 10.12.4. Recent Development
10.13. Adani Group
- 10.13.1. Company Overview
- 10.13.2. Financial Performance
- 10.13.3. Product Benchmarking
- 10.13.4. Recent Development
10.14. Buckeye Partners
- 10.14.1. Company Overview
- 10.14.2. Financial Performance
- 10.14.3. Product Benchmarking
- 10.14.4. Recent Development
10.15. LBC Tank Terminals
- 10.15.1. Company Overview
- 10.15.2. Financial Performance
- 10.15.3. Product Benchmarking
- 10.15.4. Recent Development