Categories: Oil & Gas

Oil Storage Market Forecast 2024-2033: Growth Rate, Drivers, And Trends

The Oil Storage by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Oil Storage, The oil storage market size has grown strongly in recent years. It will grow from $9.98 billion in 2023 to $10.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to emerging markets growth, rise in investment for oil and gas exploration in developing countries, surge in oil and gas exports.

The oil storage market size is expected to see strong growth in the next few years. It will grow to $13.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to government support, rising urbanization, growing petrochemical industry, increasing consumption of crude oil products. Major trends in the forecast period include focusing on using the internet of things (iot), increasing investments, and product innovations.

The increase in the demand for crude oil supply is expected to propel the growth of the oil storage market. Oil storage is used for storing crude oil, petroleum, and other oil products that are further supplied to end-users. The increase in demand for crude oil supply is due to an increase in consumption of crude oil products like petroleum, oil, and gas. As the oil consumption grows, it will increase the demand of crude oil supply and there will be a significant need for oil storage. For instance, according to the International Energy Agency (IEA), consumption of natural gas in India is expected to reach 25 billion cubic meters with an annual growth of 9% by 2024, and also, according to the Indian Brand Equity Foundation (IBEF), oil demand in India is expected to grow by 50% by 2030 compared to 7% growth for global demand. Therefore, the increase in the energy of crude oil supply is expected to drive the oil storage market.

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The oil storage market covered in this report is segmented –

1) By Product Design: Open Top Tank, Fixed Roof Tank, Floating Roof Tank, Other Designs

2) By Type: Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, Liquefied Petroleum Gas (LPG)

3) By Materials: Steel, Carbon Steel, Fiberglass Reinforced Plastic (FRP), Other Materials

Companies in the oil storage market are focusing on product innovations and developing new product solutions to strengthen their position in the market. For example, in September 2022, Axiom Equipment Group, a Canada-based Industrial equipment supplier, launched the Mega tank fuel storage tank with 1000L, 2000L, and 3000L capacity options. Built double-walled with bi-directional forklift pockets and lifting brackets, a removable inner tank, an extra-large compartment area, and the ability to dispense fuel to three pieces of equipment simultaneously, the Mega tank will help reduce the risks of downtime while becoming more cost-efficient operationally.

The oil storage market report table of contents includes: