Oil Storage Market Size

Oil Storage Market size was valued at USD 14.3 billion in 2024 and is projected to reach USD 28.8 billion by the end of 2037, rising at a CAGR of 5.5% during the forecast period, i.e., 2025-2037. In 2025, the industry size of oil storage will be valued at USD 15.1 billion. 

The rise in energy security and increasing demand for crude oil storage are some primary factors anticipated to drive the adoption of oil storage. Strategic stockpiling by large nations decreases disruption risk and uncertain supply, which leads to unstable pricing. This focused strategy has thus catalyzed a rise in the level of investments being directed toward oil storage infrastructures, with both governmental bodies and private sector entities increasing storage capacity levels. Given the energy consumption rise observed across the world, the increasingly critical role that oil storage must play is underlined as one of the factors of resilience and stability for international supply chains.

In September 2024, India and UAE came to an agreement to expand the crude oil storage infrastructure. The deal represents full alignment with the strategic priority of building large intellectual long-term supplies of oil, especially in view of the indeterminate global supply chain climate. Further, such international collaborations are likely to encourage more developments in the oil storage market since countries will be looking forward to increasing energy resilience due to sustained geopolitical tension and unstable energy requirements. This not only contributes to national energy security but also provides a contribution to the stability of global oil storage market.