Global Oil Storage Market is estimated to be valued at 2,233.2 MCM in 2025 and is expected to reach 3,121.4 MCM by 2032, growing at a compound annual growth rate (CAGR) of 4.9% from 2025 to 2032.
Report Coverage
Report Details
Base Year:
2024
Market Size in 2025:
2,233.2 MCM
Historical Data for:
2020 To 2024
Forecast Period:
2025 To 2032
Forecast Period 2025 to 2032 CAGR:
4.90%
2032 Value Projection:
3,121.4 MCM
The global oil storage market has witnessed significant growth in recent years, driven by the increasing demand for crude oil and its derivatives across various industries. Oil storage plays a crucial role in ensuring the smooth functioning of the oil and gas supply chain, providing a buffer against fluctuations in demand and supply. The market encompasses various types of storage facilities including above-ground storage tanks, underground caverns, and floating storage units. With the growing emphasis on energy security and the need to maintain strategic petroleum reserves, the oil storage market is expected to continue its upward trajectory in the coming years. This introduction aims to provide an overview of the global oil storage market, its key drivers, restraints, and opportunities, as well as the latest trends shaping the industry.
Market Dynamics
The global oil storage market is influenced by a complex interplay of drivers, restraints, and opportunities. One of the primary drivers is the increasing demand for crude oil and its derivatives, fueled by population growth, urbanization, and industrialization in developing economies. The expansion of transportation and manufacturing sectors also contributes to the rising demand for oil storage infrastructure. However, the market growth is tempered by restraints such as the high capital costs associated with constructing and maintaining storage facilities, as well as the stringent regulations governing the storage and handling of petroleum products. Environmental concerns and the shift towards cleaner energy sources may also pose challenges to the market. On the other hand, opportunities arise from the need to upgrade and expand existing storage infrastructure, particularly in regions with aging facilities. The development of strategic petroleum reserves and the growth of the petrochemical industry also present significant growth prospects for the oil storage market. Technological advancements, such as the adoption of smart storage solutions and the integration of IoT devices, are expected to enhance the efficiency and safety of storage operations, further driving market growth.
Key Features of the Study
This report provides in-depth analysis of the global oil storage market, and provides market size (MCM) and compound annual growth rate (CAGR %) for the forecast period (2025-2032), considering 2024 as the base year
It elucidates potential Volume opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the global oil storage market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include Vitol Tank Terminals International BV (VTTI), Koninklijke Vopak NV, Oiltanking GmbH, Shawcor Ltd., Buckeye Partners, L.P., Containment Solutions, Inc., ZCL Composites, Belco Manufacturing, Zepnotek Storage, Columbian Steel Tank, Aluminum Tank Industries, Westeel, Tnemec Company, Inc., Santos Group, and Bechtel Corporation
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The global oil storage market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global oil storage market
Market Segmentation
Product Insights (Volume, MCM, 2020 - 2032)
Fixed Roof
Open Top
Floating Roof
Others
Material Insights (Volume, MCM, 2020 - 2032)
Carbon Steel
Fiberglass Reinforced Plastic
Stainless Steel
Others (Polyethylene, Concrete)
Application Insights (Volume, MCM, 2020 - 2032)
Crude Oil Storage
Refined Products Storage
Liquefied Natural Gas (LNG) Storage
Others
Regional Insights (Volume, MCM, 2020 - 2032)
North America
U.S.
Canada
Latin America
Brazil
Argentina
Mexico
Rest of Latin America
Europe
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
GCC Countries
Israel
Rest of Middle East
Africa
South Africa
North Africa
Central Africa
Key Players Insights
Vitol Tank Terminals International BV (VTTI)
Koninklijke Vopak NV
Oiltanking GmbH
Shawcor Ltd.
Buckeye Partners, L.P.
Containment Solutions, Inc.
ZCL Composites
Belco Manufacturing
Zepnotek Storage
Columbian Steel Tank
Aluminum Tank Industries
Westeel
Tnemec Company, Inc.
Santos Group
Bechtel Corporation
Table of Contents
1. Research Objectives and Assumptions
Research Objectives
Assumptions
Abbreviations
2. Market Purview
Report Description
Market Definition and Scope
Executive Summary
Global Oil Storage Market, By Product
Global Oil Storage Market, By Material
Global Oil Storage Market, By Application
Global Oil Storage Market, By Region
3. Market Dynamics, Regulations, and Trends Analysis
Market Dynamics
Impact Analysis
Key Highlights
Regulatory Scenario
Product Launches/Approvals
PEST Analysis
PORTER's Analysis
Market Opportunities
Regulatory Scenario
Key Developments
Industry Trends
4. Global Oil Storage Market, By Product, 2020-2032, (MCM)
Introduction
Market Share Analysis, 2025 and 2032 (%)
Y-o-Y Growth Analysis, 2021 - 2032
Segment Trends
Fixed Roof
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
Open Top
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
Floating Roof
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
Others
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
5. Global Oil Storage Market, By Material, 2020-2032, (MCM)
Introduction
Market Share Analysis, 2025 and 2032 (%)
Y-o-Y Growth Analysis, 2021 - 2032
Segment Trends
Carbon Steel
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
Fiberglass Reinforced Plastic
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
Stainless Steel
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
Others (Polyethylene, Concrete)
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
6. Global Oil Storage Market, By Application, 2020-2032, (MCM)
Introduction
Market Share Analysis, 2025 and 2032 (%)
Y-o-Y Growth Analysis, 2021 - 2032
Segment Trends
Crude Oil Storage
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
Refined Products Storage
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
Liquefied Natural Gas (LNG) Storage
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
Others
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (MCM)
7. Global Oil Storage Market, By Region, 2020 - 2032, Value (MCM)
Introduction
Market Share (%) Analysis, 2025, 2028 & 2032, Value (MCM)
Market Y-o-Y Growth Analysis (%), 2021 - 2032, Value (MCM)
Regional Trends
North America
Introduction
Market Size and Forecast, By Product, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Material, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Application, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Country, 2020 - 2032, Value (MCM)
U.S.
Canada
Latin America
Introduction
Market Size and Forecast, By Product, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Material, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Application, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Country, 2020 - 2032, Value (MCM)
Brazil
Argentina
Mexico
Rest of Latin America
Europe
Introduction
Market Size and Forecast, By Product, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Material, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Application, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Country, 2020 - 2032, Value (MCM)
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
Introduction
Market Size and Forecast, By Product, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Material, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Application, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Country, 2020 - 2032, Value (MCM)
China
India
Japan
Australia
South Korea
ASEAN
Rest of Asia Pacific
Middle East
Introduction
Market Size and Forecast, By Product, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Material, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Application, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Country, 2020 - 2032, Value (MCM)
GCC Countries
Israel
Rest of Middle East
Africa
Introduction
Market Size and Forecast, By Product, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Material, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Application, 2020 - 2032, Value (MCM)
Market Size and Forecast, By Country/Region, 2020 - 2032, Value (MCM)