Oil Storage Market - Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Type (Open Top, Fixed Roof, Floating Roof and Others), By Material (Steel, Carbon Steel, Fiberglass Reinforced Plastic and Others), By Fuel Type (Crude Oil, Gasoline, Diesel, LPG, Distillates, Aviation Fuel and Others), By Region and Competition, 2019-2029F

  • Industry : Oil and Gas
  • Pages : NA
  • Published Date : NA
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Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 13.34 billion

CAGR (2024-2029)

5.02%

Fastest Growing Segment

Crude Oil

Largest Market

Asia Pacific

Market Size (2029)

USD 18.06 billion

Market Overview

Global Oil Storage Market was valued at USD 13.34 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 5.02% through 2029. The inherent volatility in global oil prices is a significant driver impacting the oil storage market. Fluctuations in oil prices can result from geopolitical tensions, economic conditions, and supply-demand imbalances. During periods of oversupply, oil storage facilities play a critical role in absorbing excess inventory and preventing a glut in the market, which could further depress prices. Conversely, during times of supply disruptions or geopolitical uncertainties, storage facilities act as a buffer, ensuring a steady supply and stabilizing prices. The interconnectedness of global markets intensifies the impact of these fluctuations, making a well-developed and adaptable oil storage infrastructure essential for market stability.

Key Market Drivers

Increasing Global Demand for Energy

The relentless growth in global energy demand stands as a primary driver propelling the expansion of the Global Oil Storage Market. As emerging economies industrialize and populations burgeon, the thirst for energy escalates, driving up the consumption of oil. Oil, being a versatile and vital energy source, plays a pivotal role in meeting this escalating demand. Consequently, oil producers and traders seek to secure adequate storage facilities to manage the ebb and flow of supply and demand dynamics.

Developing nations, particularly in Asia and Africa, are experiencing rapid urbanization and industrialization, leading to heightened energy needs. Simultaneously, established economies continue to rely on oil to fuel their industries and sustain transportation. This dual effect amplifies the necessity for robust oil storage infrastructure globally. The need for strategic reserves and buffer stocks to navigate geopolitical uncertainties further accentuates the importance of a well-developed oil storage market.

Fluctuating Oil Prices and Market Volatility

The inherent volatility in global oil prices is another crucial driver steering the dynamics of the oil storage market. Oil prices are subject to a myriad of factors, including geopolitical tensions, economic conditions, and supply-demand imbalances. Such fluctuations create an environment where strategic oil storage becomes imperative for market participants to cushion the impact of sudden price shifts and ensure a reliable supply chain.

During periods of oversupply, oil storage facilities play a critical role in absorbing excess inventory, preventing a glut in the market that could lead to a further plunge in prices. Conversely, in times of geopolitical tensions or supply disruptions, these storage facilities act as a buffer, ensuring a steady supply to meet demand. The interconnectedness of global markets intensifies the impact of these fluctuations, making a robust and adaptable oil storage infrastructure essential for market stability.

Infrastructure Investments and Technological Advancements

The continual investments in oil storage infrastructure and the integration of advanced technologies represent a third key driver in the Global Oil Storage Market. As the industry evolves, there is a growing emphasis on enhancing storage capacities, optimizing operational efficiency, and ensuring the security and environmental sustainability of storage facilities.

Technological advancements, such as the implementation of automation, IoT (Internet of Things), and data analytics, are revolutionizing how oil storage is managed. These innovations enable real-time monitoring, predictive maintenance, and improved decision-making, contributing to more efficient utilization of storage capacities. Additionally, investments in building new storage facilities and upgrading existing ones, especially in strategic locations near major consumption centers and transportation hubs, bolster the adaptability and resilience of the oil storage market to meet evolving global demands.



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Key Market Challenges

Overcapacity and Economic Uncertainty

One prominent challenge facing the Global Oil Storage Market is the persistent risk of overcapacity, exacerbated by economic uncertainty. The cyclical nature of the oil industry, coupled with geopolitical tensions and economic downturns, often results in periods of oversupply. During such phases, oil storage facilities may reach their maximum capacities, leading to a surplus that can drive down storage prices and erode profit margins for operators.

Economic uncertainties, such as recessions or financial crises, further complicate this challenge. Reduced industrial activity and diminished demand during economic downturns can leave storage facilities underutilized, posing financial challenges for operators. The cost of maintaining and securing these facilities remains high, even when not at full capacity. Striking a balance between anticipating market needs and avoiding excessive capacity creation is a delicate task, and failure to do so can lead to financial strain on the industry.

Environmental and Regulatory Pressures

A significant challenge confronting the Global Oil Storage Market is the increasing scrutiny and pressure from environmental regulations and sustainability concerns. The storage and handling of oil present inherent environmental risks, including the potential for spills, leaks, and soil or water contamination. As environmental consciousness grows globally, governments and regulatory bodies are imposing stricter standards on oil storage facilities to mitigate these risks and minimize the environmental impact of the industry.

Compliance with evolving environmental regulations requires significant investments in technology and infrastructure upgrades to enhance safety measures and reduce the carbon footprint of storage operations. This can pose financial challenges for operators, particularly smaller entities that may struggle to keep pace with rapidly changing regulatory landscapes. Striking a balance between meeting stringent environmental standards and maintaining economic viability is a delicate task for the oil storage industry, making this challenge a persistent and evolving concern.

Geopolitical Instability and Security Risks

Geopolitical instability poses a substantial challenge to the Global Oil Storage Market. Oil storage facilities are often located in regions that are politically volatile or prone to conflicts, creating security risks for both the infrastructure and the stored oil. Political unrest, acts of terrorism, or military conflicts in key oil-producing regions can disrupt supply chains, leading to concerns about the safety and reliability of oil storage operations.

The geopolitical landscape can also impact the decision-making process for building or expanding storage facilities. Uncertainties related to trade policies, sanctions, or diplomatic tensions may deter investments in certain regions, limiting the strategic placement of storage facilities to optimize supply chain efficiency. Navigating these geopolitical challenges requires careful risk assessment and contingency planning by industry participants to ensure the security of oil storage infrastructure and the uninterrupted flow of oil to global markets.

Key Market Trends

Increasing Demand for Strategic Reserves and Storage Optimization

A prominent trend in the Global Oil Storage Market is the increasing recognition of the importance of strategic reserves and the optimization of storage capacities. In response to global uncertainties, including geopolitical tensions and supply disruptions, countries are prioritizing the establishment of strategic oil reserves. This trend is driven by a desire to enhance energy security and ensure a reliable supply of oil during times of crisis.

Moreover, there is a growing emphasis on optimizing existing storage capacities through advanced technologies and data-driven solutions. The integration of Internet of Things (IoT) devices, real-time monitoring systems, and predictive analytics allows operators to efficiently manage storage facilities, minimize downtime, and respond proactively to changes in demand. This trend reflects a shift from traditional, static storage approaches to more dynamic and adaptive strategies that align with the evolving dynamics of the oil market.

Adoption of Sustainable Practices and Environmental Responsibility

An increasingly prevalent trend in the Global Oil Storage Market is the adoption of sustainable practices and a heightened focus on environmental responsibility. As the world grapples with the challenges of climate change, the oil and gas industry, including storage facilities, is under growing pressure to reduce its environmental impact. This trend is prompting operators to invest in eco-friendly technologies, implement stringent safety measures, and adhere to stricter environmental regulations.

Storage facilities are incorporating innovations such as double-walled tanks, leak detection systems, and containment barriers to prevent spills and minimize the risk of environmental contamination. Additionally, there is a shift towards the use of renewable energy sources to power storage operations, reducing the carbon footprint associated with oil storage. Sustainable practices not only align with global environmental goals but also contribute to the industry's long-term viability by addressing stakeholder concerns and ensuring regulatory compliance.

Digitalization and Automation for Operational Efficiency

The Global Oil Storage Market is witnessing a significant trend towards digitalization and automation to enhance operational efficiency. With the integration of advanced technologies such as artificial intelligence, machine learning, and robotics, storage facilities are becoming more automated and data-driven. This trend is revolutionizing key aspects of oil storage, from inventory management and preventive maintenance to safety protocols and emergency response.

Automation streamlines routine tasks, minimizes human intervention, and reduces the risk of errors, contributing to safer and more efficient operations. Real-time data analytics enable operators to make informed decisions, optimize storage utilization, and respond swiftly to market fluctuations. This trend not only improves the overall efficiency of oil storage facilities but also positions the industry to adapt more effectively to the dynamic and fast-paced nature of the global oil market.

Segmental Insights

Type Insights

The Floating Roof segment emerged as the dominating segment in 2023. The floating roof technology offers several advantages that contribute to its widespread adoption in the oil storage industry. One primary benefit is the reduction of evaporative losses, as the floating roof creates a seal that minimizes exposure of the stored oil to the atmosphere. This not only conserves the volume of oil but also helps in complying with environmental regulations and sustainability goals by mitigating emissions.

Moreover, floating roofs are particularly beneficial in storing volatile liquids, providing a safer alternative to fixed-roof tanks. The ability to adapt to varying liquid levels helps prevent the accumulation of explosive vapors, reducing the risk of accidents and enhancing overall safety standards. As a result, industries with a focus on safety and environmental stewardship find floating roof tanks to be a preferred storage solution.

High-quality seals and construction materials are crucial for ensuring the longevity and reliability of floating roof tanks. As industry standards evolve and environmental regulations become more stringent, there is a growing focus on developing materials that meet or exceed these standards, further driving innovation in the floating roof segment. The demand for floating roof storage solutions is closely tied to the overall growth in oil production. As global oil production continues to rise, especially in regions with abundant oil reserves, the need for efficient and scalable storage infrastructure becomes paramount. Floating roofs provide a flexible and cost-effective solution for accommodating the fluctuations in oil production and storage requirements.

The Asia-Pacific region, in particular, is witnessing a surge in the demand for floating roof storage due to increased oil production and refining activities. Countries like China and India, with their expanding industrial bases, are investing in advanced storage infrastructure, including floating roof tanks, to meet the growing demand for oil products.

The floating roof segment of the Global Oil Storage Market is characterized by its advantages in reducing evaporative losses, ongoing technological advancements, and a growing market driven by increasing oil production. As the industry continues to evolve, floating roofs will likely remain a vital component of the global oil storage infrastructure, offering flexibility, safety, and environmental benefits.



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Regional Insights

Asia Pacific emerged as the dominating region in 2023, holding the largest market share. As these economies continue to industrialize, the need for strategic oil reserves and storage facilities near major industrial hubs becomes paramount. The Asia-Pacific region is witnessing ongoing investments in expanding and modernizing oil storage capacities to meet the escalating energy needs of emerging economies.

The Asia-Pacific region is strategically positioned as a major hub for oil production, refining, and consumption. Countries in the region are not only significant consumers of oil but also major producers. Key countries such as China, India, Japan, and South Korea have invested heavily in oil storage infrastructure to secure their energy supplies and manage the flow of oil within the region. The strategic location of the Asia-Pacific region also makes it a vital transit point for oil trade between the Middle East and other parts of the world. The Strait of Malacca, for example, is a crucial maritime route for oil transportation, further emphasizing the importance of the region in the global oil trade. This strategic position drives the need for extensive and strategically located oil storage facilities.

The Asia-Pacific region exhibits a diverse range of oil storage infrastructure to meet the varied needs of different countries. This includes large tank farms, floating storage, underground storage, and strategic reserves. The diversity in storage facilities reflects the region's adaptability to changing market dynamics and its commitment to ensuring energy security. Countries in the region are investing in the development of technologically advanced storage facilities, incorporating innovations such as floating roof tanks, automated systems, and environmentally sustainable practices. This reflects a commitment to not only meeting current storage needs but also aligning with global environmental standards.

As awareness of environmental sustainability grows globally, the Asia-Pacific region has witnessed an increased focus on environmental regulations and considerations in the oil storage sector. Governments and regulatory bodies are imposing stricter standards on emissions, spill prevention, and safety measures to minimize the environmental impact of oil storage operations. This trend has led to investments in technologies and practices that enhance the environmental performance of storage facilities. From advanced leak detection systems to the use of eco-friendly materials, the region is adopting measures to ensure that oil storage operations align with international environmental standards.

The Asia-Pacific region is a dynamic and vital player in the Global Oil Storage Market. Its strategic geopolitical position, rising energy demand, diverse storage infrastructure, commitment to environmental considerations, and regional investments underscore its significance in shaping the present and future landscape of the global oil storage industry.

Recent Developments

  • In April 2024, India, the world's third-largest oil consumer and importer, announced plans to construct its first commercial strategic crude oil storage to enhance stockpiles against supply disruptions. Indian Strategic Petroleum Reserves Ltd (ISPRL), established by the government for this purpose, is seeking bids to build 2.5 million tonnes of underground storage in Padur, Karnataka.
  • In March 2024, the government permitted Abu Dhabi National Oil Company (Adnoc) to export crude oil from its underground strategic reserves in Mangalore, enhancing operational flexibility for the foreign firm, according to a Ministry of Commerce and Industry order. Currently, crude oil exports are restricted to the state-owned Indian Oil Corporation (IOC). This move marks a significant change in export regulations.

Key Market Players

  • Brooge Energy Limited
  • NOV, Inc.
  • LBC Tank Terminals Group BVC
  • L.F. Manufacturing, Inc.
  • Odfjell SE
  • Oiltanking Gmbh
  • CST Industries Inc.
  • Vitol Group

By Type

By Material

By Fuel Type

By Region
  • Open Top
  • Fixed Roof
  • Floating Roof
  • Others
  • Steel
  • Carbon Steel
  • Fiberglass Reinforced Plastic
  • Others
  • Crude Oil
  • Gasoline
  • Diesel
  • LPG
  • Distillates
  • Aviation Fuel
  • Others
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Oil Storage Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Oil Storage Market, By Type:

o   Open Top

o   Fixed Roof

o   Floating Roof

o   Others        

  • Oil Storage Market, By Material:

o   Steel

o   Carbon Steel

o   Fiberglass Reinforced Plastic

o   Others      

  • Oil Storage Market, By Fuel Type:

o   Crude Oil

o   Gasoline

o   Diesel

o   LPG

o   Distillates

o   Aviation Fuel

o   Others     

  • Oil Storage Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

§  Netherlands

§  Belgium

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

§  Thailand

§  Malaysia

o   South America

§  Brazil

§  Argentina

§  Colombia

§  Chile

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Oil Storage Market.

Available Customizations:

Global Oil Storage Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

Global Oil Storage Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.         Product Overview

1.1.    Market Definition

1.2.    Scope of the Market

1.2.1.Markets Covered

1.2.2.Years Considered for Study

1.2.3.Key Market Segmentations

2.         Research Methodology

2.1.    Objective of the Study

2.2.    Baseline Methodology

2.3.    Formulation of the Scope

2.4.    Assumptions and Limitations

2.5.    Sources of Research

2.5.1.Secondary Research

2.5.2.Primary Research

2.6.    Approach for the Market Study

2.6.1.The Bottom-Up Approach

2.6.2.The Top-Down Approach

2.7.    Methodology Followed for Calculation of Market Size & Market Shares

2.8.    Forecasting Methodology

2.8.1.Data Triangulation & Validation

3.         Executive Summary

4.         Impact of COVID-19 on Global Oil Storage Market

5.         Voice of Customer

6.         Global Oil Storage Market Overview

7.         Global Oil Storage Market Outlook

7.1.    Market Size & Forecast

7.1.1.By Value

7.2.    Market Share & Forecast

7.2.1.By Type (Open Top, Fixed Roof, Floating Roof and Others)

7.2.2.By Material (Steel, Carbon Steel, Fiberglass Reinforced Plastic and Others)

7.2.3.By Fuel Type (Crude Oil, Gasoline, Diesel, LPG, Distillates, Aviation Fuel and Others)

7.2.4.By Region (North America, Europe, South America, Middle East & Africa, Asia Pacific)

7.3.    By Company (2023)

7.4.    Market Map

8.         North America Oil Storage Market Outlook

8.1.    Market Size & Forecast

8.1.1.By Value

8.2.    Market Share & Forecast

8.2.1.By Type

8.2.2.By Material

8.2.3.By Fuel Type

8.2.4.By Country

8.3.    North America: Country Analysis

8.3.1.United States Oil Storage Market Outlook

8.3.1.1.      Market Size & Forecast

8.3.1.1.1.    By Value

8.3.1.2.      Market Share & Forecast

8.3.1.2.1.    By Type

8.3.1.2.2.    By Material

8.3.1.2.3.    By Fuel Type

8.3.2.Canada Oil Storage Market Outlook

8.3.2.1.      Market Size & Forecast

8.3.2.1.1.    By Value

8.3.2.2.      Market Share & Forecast

8.3.2.2.1.    By Type

8.3.2.2.2.    By Material

8.3.2.2.3.    By Fuel Type

8.3.3.Mexico Oil Storage Market Outlook

8.3.3.1.      Market Size & Forecast

8.3.3.1.1.    By Value

8.3.3.2.      Market Share & Forecast

8.3.3.2.1.    By Type

8.3.3.2.2.    By Material

8.3.3.2.3.    By Fuel Type

9.         Europe Oil Storage Market Outlook

9.1.    Market Size & Forecast

9.1.1.By Value

9.2.    Market Share & Forecast

9.2.1.By Type

9.2.2.By Material

9.2.3.By Fuel Type

9.2.4.By Country

9.3.    Europe: Country Analysis

9.3.1.Germany Oil Storage Market Outlook

9.3.1.1.      Market Size & Forecast

9.3.1.1.1.    By Value

9.3.1.2.      Market Share & Forecast

9.3.1.2.1.    By Type

9.3.1.2.2.    By Material

9.3.1.2.3.    By Fuel Type

9.3.2.France Oil Storage Market Outlook

9.3.2.1.      Market Size & Forecast

9.3.2.1.1.    By Value

9.3.2.2.      Market Share & Forecast

9.3.2.2.1.    By Type

9.3.2.2.2.    By Material

9.3.2.2.3.    By Fuel Type

9.3.3.United Kingdom Oil Storage Market Outlook

9.3.3.1.      Market Size & Forecast

9.3.3.1.1.    By Value

9.3.3.2.      Market Share & Forecast

9.3.3.2.1.    By Type

9.3.3.2.2.    By Material

9.3.3.2.3.    By Fuel Type

9.3.4.Italy Oil Storage Market Outlook

9.3.4.1.      Market Size & Forecast

9.3.4.1.1.    By Value

9.3.4.2.      Market Share & Forecast

9.3.4.2.1.    By Type

9.3.4.2.2.    By Material

9.3.4.2.3.    By Fuel Type

9.3.5.Spain Oil Storage Market Outlook

9.3.5.1.      Market Size & Forecast

9.3.5.1.1.    By Value

9.3.5.2.      Market Share & Forecast

9.3.5.2.1.    By Type

9.3.5.2.2.    By Material

9.3.5.2.3.    By Fuel Type

9.3.6.Netherlands Oil Storage Market Outlook

9.3.6.1.      Market Size & Forecast

9.3.6.1.1.    By Value

9.3.6.2.      Market Share & Forecast

9.3.6.2.1.    By Type

9.3.6.2.2.    By Material

9.3.6.2.3.    By Fuel Type

9.3.7.Belgium Oil Storage Market Outlook

9.3.7.1.      Market Size & Forecast

9.3.7.1.1.    By Value

9.3.7.2.      Market Share & Forecast

9.3.7.2.1.    By Type

9.3.7.2.2.    By Material

9.3.7.2.3.    By Fuel Type

10.      South America Oil Storage Market Outlook

10.1. Market Size & Forecast

10.1.1.     By Value

10.2. Market Share & Forecast

10.2.1.     By Type

10.2.2.     By Material

10.2.3.     By Fuel Type

10.2.4.     By Country

10.3. South America: Country Analysis

10.3.1.     Brazil Oil Storage Market Outlook

10.3.1.1.   Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2.   Market Share & Forecast

10.3.1.2.1. By Type

10.3.1.2.2. By Material

10.3.1.2.3. By Fuel Type

10.3.2.     Colombia Oil Storage Market Outlook

10.3.2.1.   Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2.   Market Share & Forecast

10.3.2.2.1. By Type

10.3.2.2.2. By Material

10.3.2.2.3. By Fuel Type

10.3.3.     Argentina Oil Storage Market Outlook

10.3.3.1.   Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2.   Market Share & Forecast

10.3.3.2.1. By Type

10.3.3.2.2. By Material

10.3.3.2.3. By Fuel Type

10.3.4.     Chile Oil Storage Market Outlook

10.3.4.1.   Market Size & Forecast

10.3.4.1.1. By Value

10.3.4.2.   Market Share & Forecast

10.3.4.2.1. By Type

10.3.4.2.2. By Material

10.3.4.2.3. By Fuel Type

11.      Middle East & Africa Oil Storage Market Outlook

11.1. Market Size & Forecast

11.1.1.     By Value

11.2. Market Share & Forecast

11.2.1.     By Type

11.2.2.     By Material

11.2.3.     By Fuel Type

11.2.4.     By Country

11.3. Middle East & Africa: Country Analysis

11.3.1.     Saudi Arabia Oil Storage Market Outlook

11.3.1.1.   Market Size & Forecast

11.3.1.1.1. By Value

11.3.1.2.   Market Share & Forecast

11.3.1.2.1. By Type

11.3.1.2.2. By Material

11.3.1.2.3. By Fuel Type

11.3.2.     UAE Oil Storage Market Outlook

11.3.2.1.   Market Size & Forecast

11.3.2.1.1. By Value

11.3.2.2.   Market Share & Forecast

11.3.2.2.1. By Type

11.3.2.2.2. By Material

11.3.2.2.3. By Fuel Type

11.3.3.     South Africa Oil Storage Market Outlook

11.3.3.1.   Market Size & Forecast

11.3.3.1.1. By Value

11.3.3.2.   Market Share & Forecast

11.3.3.2.1. By Type

11.3.3.2.2. By Material

11.3.3.2.3. By Fuel Type

11.3.4.     Turkey Oil Storage Market Outlook

11.3.4.1.   Market Size & Forecast

11.3.4.1.1. By Value

11.3.4.2.   Market Share & Forecast

11.3.4.2.1. By Type

11.3.4.2.2. By Material

11.3.4.2.3. By Fuel Type

12.      Asia Pacific Oil Storage Market Outlook

12.1. Market Size & Forecast

12.1.1.     By Value

12.2. Market Share & Forecast

12.2.1.     By Type

12.2.2.     By Material

12.2.3.     By Fuel Type

12.2.4.     By Country

12.3. Asia-Pacific: Country Analysis

12.3.1.     China Oil Storage Market Outlook

12.3.1.1.   Market Size & Forecast

12.3.1.1.1. By Value

12.3.1.2.   Market Share & Forecast

12.3.1.2.1. By Type

12.3.1.2.2. By Material

12.3.1.2.3. By Fuel Type

12.3.2.     India Oil Storage Market Outlook

12.3.2.1.   Market Size & Forecast

12.3.2.1.1. By Value

12.3.2.2.   Market Share & Forecast

12.3.2.2.1. By Type

12.3.2.2.2. By Material

12.3.2.2.3. By Fuel Type

12.3.3.     Japan Oil Storage Market Outlook

12.3.3.1.   Market Size & Forecast

12.3.3.1.1. By Value

12.3.3.2.   Market Share & Forecast

12.3.3.2.1. By Type

12.3.3.2.2. By Material

12.3.3.2.3. By Fuel Type

12.3.4.     South Korea Oil Storage Market Outlook

12.3.4.1.   Market Size & Forecast

12.3.4.1.1. By Value

12.3.4.2.   Market Share & Forecast

12.3.4.2.1. By Type

12.3.4.2.2. By Material

12.3.4.2.3. By Fuel Type

12.3.5.     Australia Oil Storage Market Outlook

12.3.5.1.   Market Size & Forecast

12.3.5.1.1. By Value

12.3.5.2.   Market Share & Forecast

12.3.5.2.1. By Type

12.3.5.2.2. By Material

12.3.5.2.3. By Fuel Type

12.3.6.     Thailand Oil Storage Market Outlook

12.3.6.1.   Market Size & Forecast

12.3.6.1.1. By Value

12.3.6.2.   Market Share & Forecast

12.3.6.2.1. By Type

12.3.6.2.2. By Material

12.3.6.2.3. By Fuel Type

12.3.7.     Malaysia Oil Storage Market Outlook

12.3.7.1.   Market Size & Forecast

12.3.7.1.1. By Value

12.3.7.2.   Market Share & Forecast

12.3.7.2.1. By Type

12.3.7.2.2. By Material

12.3.7.2.3. By Fuel Type 

13.      Market Dynamics

13.1. Drivers

13.2. Challenges

14.      Market Trends and Developments

15.      Company Profiles

15.1.  Brooge Energy Limited

15.1.1.     Business Overview

15.1.2.     Key Revenue and Financials 

15.1.3.     Recent Developments

15.1.4.     Key Personnel/Key Contact Person

15.1.5.     Key Product/Services Offered

15.2.  NOV, Inc.

15.2.1.     Business Overview

15.2.2.     Key Revenue and Financials 

15.2.3.     Recent Developments

15.2.4.     Key Personnel/Key Contact Person

15.2.5.     Key Product/Services Offered

15.3.  LBC Tank Terminals Group BVC

15.3.1.     Business Overview

15.3.2.     Key Revenue and Financials 

15.3.3.     Recent Developments

15.3.4.     Key Personnel/Key Contact Person

15.3.5.     Key Product/Services Offered

15.4.  L.F. Manufacturing, Inc.

15.4.1.     Business Overview

15.4.2.     Key Revenue and Financials 

15.4.3.     Recent Developments

15.4.4.     Key Personnel/Key Contact Person

15.4.5.     Key Product/Services Offered

15.5. Odfjell SE

15.5.1.     Business Overview

15.5.2.     Key Revenue and Financials 

15.5.3.     Recent Developments

15.5.4.     Key Personnel/Key Contact Person

15.5.5.     Key Product/Services Offered

15.6.  Oiltanking Gmbh

15.6.1.     Business Overview

15.6.2.     Key Revenue and Financials 

15.6.3.     Recent Developments

15.6.4.     Key Personnel/Key Contact Person

15.6.5.     Key Product/Services Offered

15.7.  CST Industries Inc.

15.7.1.     Business Overview

15.7.2.     Key Revenue and Financials 

15.7.3.     Recent Developments

15.7.4.     Key Personnel/Key Contact Person

15.7.5.     Key Product/Services Offered

15.8.   Vitol Group

15.8.1.     Business Overview

15.8.2.     Key Revenue and Financials 

15.8.3.     Recent Developments

15.8.4.     Key Personnel/Key Contact Person

15.8.5.     Key Product/Services Offered

16.      Strategic Recommendations

17.      About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The market size of the Global Oil Storage Market was USD 13.34 billion in 2023.

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The Floating Roof segment dominated the market in 2023. Floating roof technology provides numerous benefits that have led to its widespread use in the oil storage sector. A key advantage is the reduction of evaporative losses, as the floating roof forms a seal that limits the stored oil's exposure to the atmosphere.

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Asia Pacific dominated the market in 2023. Rapid industrialization and urbanization in countries like China, India, and Southeast Asia have led to an increased demand for energy, driving the need for substantial oil storage capacities.

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Increasing Global Demand for Energy, Seasonal Demand Variations and Strategic Petroleum Reserves (SPR) are some of the major drivers for the Global Oil Storage Market.

Related Reports

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Parvati Sharma

Account Manager BD
Press Release

Oil Storage Market is expected to grow at a CAGR of 5.02% through 2029

Jul, 2024

Oil Storage Market is expected to grow owing to growing demand for energy, Fluctuating Oil Prices and Market Volatility, and Adoption of Sustainable Practices & Environmental Responsibility throughou

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