Oil Storage Market Share, Size, Trends, Industry Analysis Report, By Type (Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, and Liquified Petroleum Gas); By Material; By Product; By Region; Segment Forecast, 2023-2032

Oil Storage Market Share, Size, Trends, Industry Analysis Report, By Type (Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, and Liquified Petroleum Gas); By Material; By Product; By Region; Segment Forecast, 2023-2032

The global oil storage market size is expected treach USD 20.22 billion by 2032, according ta new study by Polaris Market Research. The report “Oil Storage Market Share, Size, Trends, Industry Analysis Report, By Type (Crude Oi, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, and Liquified Petroleum Gas); By Material; By Product; By Region; Segment Forecast, 2023-2032” gives a detailed insight intcurrent market dynamics and provides analysis on future market growth.

Exponential growth in the oil & gas industry, a surge in demand for mega-refining hubs, and growing import and distribution-related infrastructure across several emerging economies, including Iran, Iraq, and Saudi Arabia, coupled with the increasing offshore and onshore exploratory activities worldwide, are key factors boosting the market growth. Tmeet the growing need and demand for various oils, energy departments of several countries are implementing new oil storage tanks, and major manufacturers are investing in R&D tdevelop high-capacity storage systems.

For instance, in August 2022, Nepal Oil Construction established twnew storage tanks tstock petrol, which will be transported via the pipeline system at the Amlekhgunj depot. The storage tanks can stock 4,100 kiloliters of petrol in each one.

Crude oil prices continue tdemonstrate high volatility and change and are always expected tgain sharp spikes or sudden dips owing tsupply shortages since this fluctuation in the oil prices has forced governments tincrease their attention towards the development of crucial oil storage facilities. As a result, many refiners in the United States are being executed on some capital projects tsupport their crude oil processing capacity by the end of 2023.

Furthermore, the increasing rate of urbanization and continuous rise in the global population, along with the growing adoption of automobiles across the globe, has fueled the consumption of oils across a wide range of industries. Thus the need for oil storage terminals has alsgrown drastically tmeet this rising demand.

Oil Storage Market Report Highlights

Crude oil segment accounted for over significant global market share in 2022, on account of rising adoption of crude oil across numerous applications due tits beneficial characteristics

Carbon steel segment held the significant market revenue share in 2022, which is mainly accelerated by its ability thold any type of fluid and can be easily painted or lined for enhancing chemical resistance properties

Floating roof tank segment is anticipated tgrow at a considerable CAGR during the projected period, because of the high advancements in the technology and new product innovations

Middle East & Africa region dominated the market in 2022, owing tthe availability of large number of fuel resources and high contribution of the oil industry in the major countries GDP in the region

The global key market players include Superior Tank Co., Synalloy Corporation, Hydrotherm Engineering Services, ZCL Composites, Roth Industries Company, and Containment Solutions

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

Oil Storage, Type Outlook (Revenue - USD Billion, 2019 - 2032)

Crude Oil

Gasoline

Aviation Fuel

Naphtha

Diesel

Kerosene

Liquified Petroleum Gas

Oil Storage, Material Outlook (Revenue - USD Billion, 2019 - 2032)

Steel

Carbon Steel

Fiberglass-Reinforced Plastic

Others

Oil Storage, Product Outlook (Revenue - USD Billion, 2019 - 2032)

Open Top Tank

Fixed Roof Tank

Floating Roof Tank

Others

Oil Storage, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

North America

U.S.

Canada

Europe

Germany

UK

France

Italy

Spain

Russia

Netherlands

Asia Pacific

China

India

Japan

South Korea

Indonesia

Malaysia

Latin America

Argentina

Brazil

Mexico

Middle East & Africa

UAE

Saudi Arabia

Israel

South Africa