Oil Storage Market Analysis

Product Type (Crude Oil, Gasoline, Aviation Fuel, Middle Distillates, LPG, Diesel, Others)  

The crude oil segment is set to hold over 50.5% oil storage market share by the end of 2037. This is driven by strategic interests such as large-scale oil importation against risk aversion of market turbulence between countries and companies. For instance, in December 2021, Magellan Midstream Partners revealed new commitments for crude oil volume transportation on its Texas pipeline, emphasizing the pressing need for solid infrastructure to keep pace with rising storage demand. The expansions are indicative of the continuous investments being made toward strengthening crude oil storage capacity to help meet global energy needs and strengthen supply chain resilience amidst a more unpredictable market.

Storage Type (Open Top Tanks, Fixed Roof Tanks, Floating Roof Tanks, Other Storage Facilities)

By the end of 2037, fixed roof tanks segment is estimated to dominate around 47.5% oil storage market share. This is driven by their proven reliability and efficient use in the storage of crude oil and petroleum products in large volumes. The fixed roof tanks are simply designed, and their construction costs are relatively lower; hence, they are attractive options for companies to scale up their storage capabilities without excessive costs. In addition, fixed roof tanks have operational advantages, such as smaller evaporation losses, thereby making them more popular in the market. Continuous improvement in tank technologies also contributes to better safety, efficiency, and environmental compliance, hence making it a favorable option for expanding the oil storage infrastructure.

Our in-depth analysis of the oil storage market includes the following segments: