| Study Period | 2020 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| CAGR | 2.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Oil Storage Market Analysis
The Oil Storage Market is expected to register a CAGR of greater than 2% during the forecast period.
- The decline in crude oil prices increases the demand for storing oil in huge quantities. Greater discretionary income for consumer spending can further stimulate the economy, thus driving the demand for the oil storage market during the forecast period.
- Technological development, investment in development of storage facilities, and new pipelines for improving the storage capacity of tanks are expected to create immense opportunities for major players operating in the market.
- North America is expected to the largest market during the forecast period, owing to the capacity additions and the number of crude storage facilities, mainly from the United States.
Oil Storage Market Trends
Low Crude Oil Prices to Drive the Market Demand
- Decreasing crude oil prices is expected to drive the market because as the price of the oil is reduced, then the demand for oil storage is expected to increase i.e. consumer stores oil in larger volumes only when the prices are low.
- Globally, the crude oil price in 2019 was 64.21 USD per barrel. A decline of 11% has been observed when compared to 2018 (71.31 USD per barrel).
- Production costs influence prices, along with storage capacity; although less impactful, the direction of interest rates can also influence the price of commodities.
- As of Sep 2019, about 50% of storage capacity is being used in Cushing, Okla. However, slowing production and pipeline network improvements are expected to reduce the chance that oil storage reaches its limits, further helping the investors shed their fears of too much supply and a rise in oil prices.
- Therefore, based on the above-mentioned factors, low crude oil prices are expected to drive the market demand during the forecast period.
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North America to Dominate the Market
- In 2019, North America has an oil consumption (includes light distillates, middle distillates, fuel oil, and others) of 23536 thousand barrels per day (kb/d) i.e. a decline of 0.7% when compared to 2018 (23692 kb/d).
- Similarly, the oil consumption for the United States can be given as 19400 kb/d as of 2019. A decline of 0.1% has been observed when compared to 2018 (19428 kb/d). The United States is expected to dominate the market in the North America region, owing to capacity additions and CAPEX on new build oil storage projects, followed by Canada.
- Growing crude production in Canada has resulted in the complete utilization of storage and pipeline capacities. New oil storage terminals have been planned in the country to cater to the demand of the domestic oil producers.
- The largest oil storage terminals of North America are Freeport V (United States), West Hackberry (United States), and Big Hill (United States). Also, the largest crude storage fields in the United States were Cushing, Oklahoma (82 million barrels), Louisiana Offshore Oil Port (67 million barrels), Houston, Texas (36 million barrels), etc. As the number of storage terminals or oil fields were increasing, the demand for oil storage market is expected to increase in North America during the forecast period.
- United States crude storage facilities are falling rapidly, albeit from a low starting level, and tank space is likely to be a problem if the global oil market remains heavily oversupplied. With global lockdowns already sharply reducing demand for oil, a lack of storage would weigh further on already depressed prices, leaving producers with few financial or physical alternatives but to turn off the taps.
- Therefore, based on the above-mentioned factors, North America is expected to dominate the oil storage market during the forecast period.
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Oil Storage Industry Overview
The oil storage market is consolidated. Some of the major players includes Koninklijke Vopak NV, Vitol Tank Terminals International BV (VTTI), Oiltanking GmbH, Buckeye Partners, L.P., and Shawcor Ltd.
Oil Storage Market Leaders
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Koninklijke Vopak NV
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Vitol Tank Terminals International BV (VTTI)
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Oiltanking GmbH
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McDermott International Inc.
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China National Petroleum Corporation
- *Disclaimer: Major Players sorted in no particular order
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Oil Storage Industry Segmentation
The oil storage market report include:
| Geography | North America |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
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Oil Storage Market Research FAQs
What is the current Oil Storage Market size?
The Oil Storage Market is projected to register a CAGR of greater than 2% during the forecast period (2025-2030)
Who are the key players in Oil Storage Market?
Koninklijke Vopak NV, Vitol Tank Terminals International BV (VTTI), Oiltanking GmbH, McDermott International Inc. and China National Petroleum Corporation are the major companies operating in the Oil Storage Market.
Which is the fastest growing region in Oil Storage Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Oil Storage Market?
In 2025, the North America accounts for the largest market share in Oil Storage Market.
What years does this Oil Storage Market cover?
The report covers the Oil Storage Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Oil Storage Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Oil Storage Terminal Industry Report
The global oil storage market is witnessing significant growth, fueled by the increasing demand for crude oil storage across various sectors and for strategic petroleum reserves. Dominated by crude oil storage due to its pivotal role in the petroleum industry, the market is segmented by type, material, product design, and region. The construction of oil storage facilities utilizes tanks like open top, fixed roof, and floating roof tanks, chosen based on operational needs. This surge in demand, driven by fluctuating crude oil prices, encourages countries to boost their storage capacities to effectively manage supply-demand dynamics and secure energy supplies. Carbon steel is the preferred material for constructing oil storage tanks, offering affordability and durability. The LAMEA region, with its vast fossil fuel resources, captures a significant market share, propelled by technological advancements and investments in storage facility development. Despite challenges such as high investment and maintenance costs and a shift towards renewable energy, the oil storage market thrives, supported by strategic initiatives and efficient storage solutions. For detailed statistics on the oil storage terminal market share, size, revenue growth rate, and a market forecast outlook, access a free report PDF download from Mordor Intelligence™ Industry Reports.
