Oil Storage Market Size, Trends and Insights By Product (Open Top, Fixed Roof, Floating Roof, Others), By Application (Crude Oil, Middle Distillates, Gasoline, Aviation Fuel, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033
Report Snapshot
| Study Period: | 2024-2033 |
| Fastest Growing Market: | Asia-Pacific |
| Largest Market: | Europe |
Major Players
- Vopak
- Oiltanking GmbH
- Kinder Morgan
- Royal Vopak
- NuStar Energy L.P.
- Buckeye Partners L.P.
- Others
Reports Description
Global Oil Storage Market was valued at USD 12.3 Billion in 2024 and is expected to reach USD 19.6 Billion by 2033, at a CAGR of 4.3% during the forecast period 2024 – 2033.
Infrastructure or containers used to hold crude oil, refined petroleum, or other liquid hydrocarbons are referred to as oil storage. The storage facilities play a vital role in the oil supply chain by offering a mechanism to counterbalance variations in supply and demand, streamlining transportation logistics.
Oil Storage Market: Growth Factors
Rapid expansion of refining sector
Larger storage facilities are required to handle the increased amounts of refined goods and crude oil resulting from expanded refining capability. The requirement for strategic supplies to maintain supply stability in the midst of shifting global oil demand and international conflicts increases the need for storage options.
In addition, building more storage infrastructure is frequently necessary for the modernization and upgrading of already-existing refineries to comply with regulations and improve operational effectiveness. Additionally, as the refining industry grows, more money is invested in infrastructure and storage technologies, such as automated systems and sophisticated tank designs, to maximize storage space utilization and guarantee the secure transport of petroleum products.
All things considered, the rise in demand and evolution of the oil storage market is mostly fuelled by the expansion of the refining industry. For instance, The Oil Minister of India stated last month that the country’s refining capacity will rise by 56 million tons by 2028. This corresponds to a 22% increase in total capacity or 1.12 million barrels per day.
The second-largest refinery, the new Barmer refinery of Hindustan Petroleum Corp. located in the northern state of Rajasthan. The project is anticipated to operate at maximum capacity by 2025, with development slated to be finished in 2024.
Growing production of crude oil
The market for oil storage is significantly impacted by the increasing output of crude oil. There is a corresponding rise in the need for storage spaces to handle the surplus as output levels rise. This is especially important in times of high output and low demand, such as recessions or geopolitical unrest, when hoarding becomes necessary.
Furthermore, producers typically hold extra oil until prices are opportune for selling due to volatility in the oil price and unstable market circumstances. As a result, there is an increasing need for safe and effective storage options, which is fuelling investments in infrastructure such as ports, tanks, and strategic reserves.
Additionally, the growing market for oil storage boosts other sectors like engineering, transportation, and construction, promoting economic expansion and job prospects in areas with substantial oil production and consumption.
For instance, according to IEA projections, non-OPEC will contribute 95% of the extra barrels needed for the world oil supply, which is expected to rise by 1.7 mb/d to a record 103.8 mb/d in 2024. To the non-OPEC cartel, increased output from the United States, Argentina, Guyana, and Canada would be the primary components.
Oil Storage Market: Restraints
Excessive investment
The oil storage business may be hampered by over investment in infrastructure for oil storage in several ways. Initially, an excess of storage facilities encourages rivalry among suppliers, which drives down costs and narrows profit margins. High investment levels can also result in an excess of storage capacity, outpacing variations in demand and leading to inadequate use of already-existing facilities.
This excess capacity locks up money without yielding enough returns, which deters new investment and slows down the expansion of the market. Furthermore, overinvestment could give rise to overbuilding, which might impede market development further by raising regulatory and environmental issues.
Careful investment plans that are in line with sector trends and demand predictions are necessary to keep the market viable, avoid oversaturation, and promote long-term growth in the oil storage sector.
Oil Storage Market: Opportunities
Growing strategic petroleum investments
The market for oil storage is driven primarily by the growth of long-term strategic petroleum reserves (SPRs). Building and expanding SPR facilities is a priority for governments throughout the globe as they aim to control volatile oil prices and minimize supply interruptions.
To handle the extra reserves, this strategic endeavour produces a spike in demand for storage facilities, which include containers, terminals, and tunnels. As a result, the market for oil storage grows significantly, propelled by both private sector expansions to accommodate storage demand and governmental sector expenditures in SPR infrastructure.
In addition, the increasing intricacy of worldwide supply networks and geopolitical unpredictability highlight the significance of strong storage capacities, encouraging increased expenditure and technological advancement in the oil storage industry to guarantee reliability and adaptability in the energy market.
For instance, India is exploring additional methods to increase its strategic petroleum reserves (SPRs) as several of its initiatives to strengthen the nation’s energy security have been postponed or shelved. At state-run refineries, there are plans to construct five or six modest, ground-level storage tanks with reduced capacity by 2025, as stated by the Oil Minister of India.
Oil Storage Market: Segmentation Analysis
The Global Oil Storage market is segmented by product, application, and region. Based on product, the market is classified into open top, fixed roof, floating roof and others. Fixed Roof dominated the market in 2023 with a market share of 55.7% and is expected to keep its dominance during the forecast period 2024-2033.
Fixed roof storage tanks serve an integral part in driving the oil storage market owing to their low price and dependability. These tanks, which have a fixed roof, offer essential facilities for the storage of different types of oil products, such as processed and crude petroleum products.
The world’s ongoing oil production and refinery development is the main driver of the need for fixed roof storage tanks. The choice of fixed roof tanks over floated roof options has also been influenced by strict rules about environmental safety and spill avoidance, particularly when it comes to the storage of specific types of oil.
The effectiveness and safety of fixed roof storage systems have also been improved by technical developments in tank building and maintenance, which has accelerated their acceptance in the oil storage industry. Overall, storage tanks with permanent roofs serve as critical assets in the oil industry’s infrastructure, ensuring secure and reliable storage solutions for petroleum products.
Based on application, the market is classified into crude oil, middle distillates, gasoline, aviation fuel and others. Crude Oil dominated the market in 2023 with a market share of 40.5% and is expected to keep its dominance during the forecast period 2024-2033.
Crude oil acts as the main impetus of the oil storage market owing to its key position in global energy demand and supply dynamics. Geopolitical tensions, economic variables, and variations in crude oil output all have a major impact on the need for storage facilities. There is a spike in demand for oil warehouses to hold extra crude, regulating prices and guaranteeing supply during times of surplus or geopolitical unrest.
In contrast, storage facilities are crucial for satisfying market demands and keeping strategic reserves during periods of high demand or supply interruptions. Furthermore, the necessity of storage facilities to handle varying production levels has been highlighted by the growth of unconventional oil production, such as shale oil. In general, the crude oil market’s dynamics have a direct influence on the demand for and utilization of oil storage facilities worldwide.
Report Scope
| Feature of the Report | Details |
| Market Size in 2024 | USD 12.3 Billion |
| Projected Market Size in 2033 | USD 19.6 Billion |
| Market Size in 2023 | USD 12.1 Billion |
| CAGR Growth Rate | 4.3% CAGR |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Key Segment | By Product, Application and Region |
| Report Coverage | Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends |
| Regional Scope | North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America |
| Buying Options | Request tailored purchasing options to fulfil your requirements for research. |
Oil Storage Market: Regional Insight
By region, Oil Storage market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa. The Middle East and Africa dominated the global Oil Storage market in 2023 with a market share of 34.5% and is expected to keep its dominance during the forecast period 2024-2033.
Some of the major oil-producing nations in the world, such as Saudi Arabia, Kuwait, Iraq, and the United Arab Emirates, are located in the Middle East. These nations are important exporters of crude oil to international markets and have large deposits of the commodity, which makes them in need of considerable facilities for distribution and storage.
Furthermore, oil prices have fluctuated due to geopolitical concerns and regional conflicts in the Middle East, which has prompted producers and users to retain strategic reserves and storage space to minimize supply interruptions.
This has increased the area’s prominence as a major participant in the global oil storage business by spurring investments in oil storage facilities and ports around the region. Apart from the Middle East, Africa also plays a role in the expansion of the oil storage industry, especially in major oil producing nations like Africa, Angola, and Libya.
These nations tend to draw expenditures in infrastructure for oil storage to fund their petroleum production and export operations, even in the face of obstacles like political unrest and security worries. Strong storage capacities in the Middle East and Africa are especially crucial because of the region’s advantageous location between major oil-consuming markets in Europe, Asia, and North America and oil-producing countries.
Due to its location, crude oil and petroleum products can be transported and distributed efficiently, which increases demand for storage infrastructure.
Oil Storage Market: Recent Developments
- In March 2022, Indian oil and gas logistics firm Aegis Logistics and Dutch tank storing supplier Royal Vopak Tuesday disclosed the creation of a new joint venture in the LPG business.
- In November 2022, Oiltanking announced that it had agreed with the Adani Ports and Special Economic Zone Limited (APSEZ) to dispose of its stakes in Indian Oiltanking Limited (IOT) and its affiliated companies.
- In December 2021, Magellan Midstream Partners, L.P. announced more covenants for the transportation volume on the western coast of its refined crude oil pipeline system in Texas.
List of the prominent players in the Oil Storage Market:
- Vopak
- Oiltanking GmbH
- Kinder Morgan
- Royal Vopak
- NuStar Energy L.P.
- Buckeye Partners L.P.
- Magellan Midstream Partners L.P.
- CIMC Enric Holdings Limited
- ZCL Composites Inc.
- F. Manufacturing, Inc.
- Synalloy Corporation
- Zepak Corporation
- Snyder Industries Inc.
- CST Industries Inc.
- Containment Solutions Inc.
- Roth Industries Inc.
- Belco Manufacturing Company Inc.
- Enduro Composites Inc.
- Assmann Corporation of America
- Red Ewald Inc.
- Others
These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.
The Oil Storage Market is segmented as follows:
By Product
- Open Top
- Fixed Roof
- Floating Roof
- Others
By Application
- Crude Oil
- Middle Distillates
- Gasoline
- Aviation Fuel
- Others
Regional Coverage:
North America
- U.S.
- Canada
- Mexico
- Rest of North America
Europe
- Germany
- France
- U.K.
- Russia
- Italy
- Spain
- Netherlands
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Taiwan
- Rest of Asia Pacific
The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of the Middle East & Africa
Latin America
- Brazil
- Argentina
- Rest of Latin America
Table of Contents
- Chapter 1. Preface
- 1.1 Report Description and Scope
- 1.2 Research scope
- 1.3 Research methodology
- 1.3.1 Market Research Type
- 1.3.2 Market Research Methodology
- Chapter 2. Executive Summary
- 2.1 Global Oil Storage Market, (2024 – 2033) (USD Billion)
- 2.2 Global Oil Storage Market: snapshot
- Chapter 3. Global Oil Storage Market – Industry Analysis
- 3.1 Oil Storage Market: Market Dynamics
- 3.2 Market Drivers
- 3.2.1 Rapid expansion of the refining sector
- 3.2.2 Growing production of crude oil
- 3.3 Market Restraints
- 3.4 Market Opportunities
- 3.5 Market Challenges
- 3.6 Porter’s Five Forces Analysis
- 3.7 Market Attractiveness Analysis
- 3.7.1 Market Attractiveness Analysis By Product
- 3.7.2 Market Attractiveness Analysis By Application
- Chapter 4. Global Oil Storage Market- Competitive Landscape
- 4.1 Company market share analysis
- 4.1.1 Global Oil Storage Market: Company Market Share, 2023
- 4.2 Strategic development
- 4.2.1 Acquisitions & mergers
- 4.2.2 New Product launches
- 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
- 4.2.4 Research and development and Regional expansion
- 4.3 Price trend analysis
- 4.1 Company market share analysis
- Chapter 5. Global Oil Storage Market – Product Analysis
- 5.1 Global Oil Storage Market Overview: By Product
- 5.1.1 Global Oil Storage Market Share, By Product, 2023 and 2033
- 5.2 Open Top
- 5.2.1 Global Oil Storage Market by Open Top, 2024 – 2033 (USD Billion)
- 5.3 Fixed Roof
- 5.3.1 Global Oil Storage Market by Fixed Roof, 2024 – 2033 (USD Billion)
- 5.4 Floating Roof
- 5.4.1 Global Oil Storage Market by Floating Roof, 2024 – 2033 (USD Billion)
- 5.5 Others
- 5.5.1 Global Oil Storage Market by Others, 2024 – 2033 (USD Billion)
- 5.1 Global Oil Storage Market Overview: By Product
- Chapter 6. Global Oil Storage Market – Application Analysis
- 6.1 Global Oil Storage Market Overview: By Application
- 6.1.1 Global Oil Storage Market Share, By Application, 2023 and 2033
- 6.2 Crude Oil
- 6.2.1 Global Oil Storage Market by Crude Oil, 2024 – 2033 (USD Billion)
- 6.3 Middle Distillates
- 6.3.1 Global Oil Storage Market by Middle Distillates, 2024 – 2033 (USD Billion)
- 6.4 Gasoline
- 6.4.1 Global Oil Storage Market by Gasoline, 2024 – 2033 (USD Billion)
- 6.5 Aviation Fuel
- 6.5.1 Global Oil Storage Market by Aviation Fuel, 2024 – 2033 (USD Billion)
- 6.6 Others
- 6.6.1 Global Oil Storage Market by Others, 2024 – 2033 (USD Billion)
- 6.1 Global Oil Storage Market Overview: By Application
- Chapter 7. Oil Storage Market – Regional Analysis
- 7.1 Global Oil Storage Market Regional Overview
- 7.2 Global Oil Storage Market Share, by Region, 2023 & 2033 (USD Billion)
- 7.3. North America
- 7.3.1 North America Oil Storage Market, 2024 – 2033 (USD Billion)
- 7.3.1.1 North America Oil Storage Market, by Country, 2024 – 2033 (USD Billion)
- 7.3.1 North America Oil Storage Market, 2024 – 2033 (USD Billion)
- 7.4 North America Oil Storage Market, by Product, 2024 – 2033
- 7.4.1 North America Oil Storage Market, by Product, 2024 – 2033 (USD Billion)
- 7.5 North America Oil Storage Market, by Application, 2024 – 2033
- 7.5.1 North America Oil Storage Market, by Application, 2024 – 2033 (USD Billion)
- 7.6. Europe
- 7.6.1 Europe Oil Storage Market, 2024 – 2033 (USD Billion)
- 7.6.1.1 Europe Oil Storage Market, by Country, 2024 – 2033 (USD Billion)
- 7.6.1 Europe Oil Storage Market, 2024 – 2033 (USD Billion)
- 7.7 Europe Oil Storage Market, by Product, 2024 – 2033
- 7.7.1 Europe Oil Storage Market, by Product, 2024 – 2033 (USD Billion)
- 7.8 Europe Oil Storage Market, by Application, 2024 – 2033
- 7.8.1 Europe Oil Storage Market, by Application, 2024 – 2033 (USD Billion)
- 7.9. Asia Pacific
- 7.9.1 Asia Pacific Oil Storage Market, 2024 – 2033 (USD Billion)
- 7.9.1.1 Asia Pacific Oil Storage Market, by Country, 2024 – 2033 (USD Billion)
- 7.9.1 Asia Pacific Oil Storage Market, 2024 – 2033 (USD Billion)
- 7.10 Asia Pacific Oil Storage Market, by Product, 2024 – 2033
- 7.10.1 Asia Pacific Oil Storage Market, by Product, 2024 – 2033 (USD Billion)
- 7.11 Asia Pacific Oil Storage Market, by Application, 2024 – 2033
- 7.11.1 Asia Pacific Oil Storage Market, by Application, 2024 – 2033 (USD Billion)
- 7.12. Latin America
- 7.12.1 Latin America Oil Storage Market, 2024 – 2033 (USD Billion)
- 7.12.1.1 Latin America Oil Storage Market, by Country, 2024 – 2033 (USD Billion)
- 7.12.1 Latin America Oil Storage Market, 2024 – 2033 (USD Billion)
- 7.13 Latin America Oil Storage Market, by Product, 2024 – 2033
- 7.13.1 Latin America Oil Storage Market, by Product, 2024 – 2033 (USD Billion)
- 7.14 Latin America Oil Storage Market, by Application, 2024 – 2033
- 7.14.1 Latin America Oil Storage Market, by Application, 2024 – 2033 (USD Billion)
- 7.15. The Middle-East and Africa
- 7.15.1 The Middle-East and Africa Oil Storage Market, 2024 – 2033 (USD Billion)
- 7.15.1.1 The Middle-East and Africa Oil Storage Market, by Country, 2024 – 2033 (USD Billion)
- 7.15.1 The Middle-East and Africa Oil Storage Market, 2024 – 2033 (USD Billion)
- 7.16 The Middle-East and Africa Oil Storage Market, by Product, 2024 – 2033
- 7.16.1 The Middle-East and Africa Oil Storage Market, by Product, 2024 – 2033 (USD Billion)
- 7.17 The Middle-East and Africa Oil Storage Market, by Application, 2024 – 2033
- 7.17.1 The Middle-East and Africa Oil Storage Market, by Application, 2024 – 2033 (USD Billion)
- Chapter 8. Company Profiles
- 8.1 Vopak
- 8.1.1 Overview
- 8.1.2 Financials
- 8.1.3 Product Portfolio
- 8.1.4 Business Strategy
- 8.1.5 Recent Developments
- 8.2 Oiltanking GmbH
- 8.2.1 Overview
- 8.2.2 Financials
- 8.2.3 Product Portfolio
- 8.2.4 Business Strategy
- 8.2.5 Recent Developments
- 8.3 Kinder Morgan
- 8.3.1 Overview
- 8.3.2 Financials
- 8.3.3 Product Portfolio
- 8.3.4 Business Strategy
- 8.3.5 Recent Developments
- 8.4 Royal Vopak
- 8.4.1 Overview
- 8.4.2 Financials
- 8.4.3 Product Portfolio
- 8.4.4 Business Strategy
- 8.4.5 Recent Developments
- 8.5 NuStar Energy L.P.
- 8.5.1 Overview
- 8.5.2 Financials
- 8.5.3 Product Portfolio
- 8.5.4 Business Strategy
- 8.5.5 Recent Developments
- 8.6 Buckeye Partners L.P.
- 8.6.1 Overview
- 8.6.2 Financials
- 8.6.3 Product Portfolio
- 8.6.4 Business Strategy
- 8.6.5 Recent Developments
- 8.7 Magellan Midstream Partners L.P.
- 8.7.1 Overview
- 8.7.2 Financials
- 8.7.3 Product Portfolio
- 8.7.4 Business Strategy
- 8.7.5 Recent Developments
- 8.8 CIMC Enric Holdings Limited
- 8.8.1 Overview
- 8.8.2 Financials
- 8.8.3 Product Portfolio
- 8.8.4 Business Strategy
- 8.8.5 Recent Developments
- 8.9 ZCL Composites Inc.
- 8.9.1 Overview
- 8.9.2 Financials
- 8.9.3 Product Portfolio
- 8.9.4 Business Strategy
- 8.9.5 Recent Developments
- 8.10 L.F. Manufacturing Inc.
- 8.10.1 Overview
- 8.10.2 Financials
- 8.10.3 Product Portfolio
- 8.10.4 Business Strategy
- 8.10.5 Recent Developments
- 8.11 Synalloy Corporation
- 8.11.1 Overview
- 8.11.2 Financials
- 8.11.3 Product Portfolio
- 8.11.4 Business Strategy
- 8.11.5 Recent Developments
- 8.12 Zepak Corporation
- 8.12.1 Overview
- 8.12.2 Financials
- 8.12.3 Product Portfolio
- 8.12.4 Business Strategy
- 8.12.5 Recent Developments
- 8.13 Snyder Industries Inc.
- 8.13.1 Overview
- 8.13.2 Financials
- 8.13.3 Product Portfolio
- 8.13.4 Business Strategy
- 8.13.5 Recent Developments
- 8.14 CST Industries Inc.
- 8.14.1 Overview
- 8.14.2 Financials
- 8.14.3 Product Portfolio
- 8.14.4 Business Strategy
- 8.14.5 Recent Developments
- 8.15 Containment Solutions Inc.
- 8.15.1 Overview
- 8.15.2 Financials
- 8.15.3 Product Portfolio
- 8.15.4 Business Strategy
- 8.15.5 Recent Developments
- 8.16 Roth Industries Inc.
- 8.16.1 Overview
- 8.16.2 Financials
- 8.16.3 Product Portfolio
- 8.16.4 Business Strategy
- 8.16.5 Recent Developments
- 8.17 Belco Manufacturing Company Inc.
- 8.17.1 Overview
- 8.17.2 Financials
- 8.17.3 Product Portfolio
- 8.17.4 Business Strategy
- 8.17.5 Recent Developments
- 8.18 Enduro Composites Inc.
- 8.18.1 Overview
- 8.18.2 Financials
- 8.18.3 Product Portfolio
- 8.18.4 Business Strategy
- 8.18.5 Recent Developments
- 8.19 Assmann Corporation of America
- 8.19.1 Overview
- 8.19.2 Financials
- 8.19.3 Product Portfolio
- 8.19.4 Business Strategy
- 8.19.5 Recent Developments
- 8.20 Red Ewald Inc.
- 8.20.1 Overview
- 8.20.2 Financials
- 8.20.3 Product Portfolio
- 8.20.4 Business Strategy
- 8.20.5 Recent Developments
- 8.21 Others.
- 8.21.1 Overview
- 8.21.2 Financials
- 8.21.3 Product Portfolio
- 8.21.4 Business Strategy
- 8.21.5 Recent Developments
- 8.1 Vopak
List Of Figures
Figures No 1 to 23
List Of Tables
Tables No 1 to 52
Report Methodology
In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:
Preliminary Data Mining
On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.
Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.
Statistical Model
Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.
Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.
Some of the variables taken into account for forecasting are as follows:
• Industry drivers and constraints, as well as their current and projected impact
• The raw material case, as well as supply-versus-price trends
• Current volume and projected volume growth through 2033
We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.
Primary Validation
This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.
Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.
All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:
• Market leaders
• Suppliers of raw materials
• Suppliers of raw materials
• Buyers.
The following are the primary research objectives:
• To ensure the accuracy and acceptability of our data.
• Gaining an understanding of the current market and future projections.
Data Collection Matrix
| Perspective | Primary research | Secondary research |
| Supply-side |
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| Demand-side |
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Market Analysis Matrix
| Qualitative analysis | Quantitative analysis |
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Prominent Player
- Vopak
- Oiltanking GmbH
- Kinder Morgan
- Royal Vopak
- NuStar Energy L.P.
- Buckeye Partners L.P.
- Magellan Midstream Partners L.P.
- CIMC Enric Holdings Limited
- ZCL Composites Inc.
- F. Manufacturing, Inc.
- Synalloy Corporation
- Zepak Corporation
- Snyder Industries Inc.
- CST Industries Inc.
- Containment Solutions Inc.
- Roth Industries Inc.
- Belco Manufacturing Company Inc.
- Enduro Composites Inc.
- Assmann Corporation of America
- Red Ewald Inc.
- Others
FAQs
The major driver for the Oil Storage market is rapid expansion of refining sector and growing production of crude oil.
The “Crude Oil” had the largest share in the global market for Oil Storage.
The key players in the market are Vopak, Oiltanking GmbH, Kinder Morgan, Royal Vopak, NuStar Energy L.P., Buckeye Partners L.P., Magellan Midstream Partners L.P., CIMC Enric Holdings Limited, ZCL Composites Inc., L.F. Manufacturing, Inc., Synalloy Corporation, Zepak Corporation, Snyder Industries Inc., CST Industries Inc., Containment Solutions Inc., Roth Industries Inc., Belco Manufacturing Company Inc., Enduro Composites Inc., Assmann Corporation of America, Red Ewald Inc., Others.
“Middle East & Africa” had the largest share in the Oil Storage Market.
The global market is projected to grow at a CAGR of 4.3% during the forecast period, 2024-2033.
The Oil Storage Market size was valued at USD 12.3 Billion in 2024.