Oil Storage Tank Service Market Analysis

The market is segmented and analyzed for demand and supply by material into steel, carbon steel, and fiberglass-reinforced plastic. Out of these types, the carbon steel segment is estimated to gain the largest market share of about 29% in the year 2037. The growth of the segment can be attributed to the increasing demand for carbon steel for the manufacturing of storage tanks across the world. Carbon steel is the most popular and widely used across the world for its wear resistance, stronger and harder compared to steel. The carbon steel tanks are lined and painted to enhance their resistance to chemicals and water making them a high preference for liquid and gas storage. These factors are estimated to hike the market segment growth in the coming years. The market segment growth is also attributed to the increasing oil storage tanks construction across the world with carbon steel to reduce cost and fulfill the requirements across the world. The carbon steel production and sales value in the year 2022 was estimated to be over USD 83 billion according to the statistics report.

The global oil storage tank service market is also segmented and analyzed for demand and supply by tank design into open-top, fixed roof, and floating roof. Amongst these three segments, the floating roof segment is expected to garner a significant share of around 32% in the year 2037. The market segment growth is attributed to the rising oil and gas production and increasing demand for crude oil across the world. The growing awareness of safety and the wastage of oil in storage tanks caused by dust, fire, and other particulate matter is estimated to drive the market segment growth in the coming years. The storage capacity of crude oil and crude oil products in 2020 for onshore and on-floating vessels was nearly 7 billion barrels. The increasing use of floating roof tanks is high in petroleum reserves as it is a volatile oil and tends to evaporate more often compared to other fossil fuels and is estimated to propel the market segment growth.

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