"Actionable Insights to Fuel Your Growth"

Oil Storage Terminal Market Size, Share & Industry Analysis, By Type (Strategic Reserve and Commercial Reserve), By Tank Type (Fixed Roof, Floating Roof, Bullet Tank, and Spherical Tank), By Product (Diesel, Petrol, Aviation Fuel, Crude Oil, Kerosene, and Others), and Regional Forecast, 2024-2032

Last Updated: November 18, 2024 | Format: PDF | Report ID: FBI100433

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The global oil storage terminal market size was USD 32.71 billion in 2023. The market is projected to grow from USD 33.86 billion in 2024 to USD 44.59 billion by 2032 at a CAGR of 3.50% over the forecast period. The oil storage terminal market in the U.S. is projected to grow significantly, reaching an estimated value of USD 5.98 billion by 2032, driven by the need to create strategic petroleum reserves and export growth.


Oil storage terminals are the most basic pieces of the oil and gas production network across the globe. These terminals are the core of the oil and gas trading between nations. The countries significantly relied on their oil imports, and countries delivering oil in excess amounts all have the presence of these terminals. The storage of raw petroleum and its product is done for commercial and strategic reserve purposes. There are various kinds of storage tanks that are utilized for putting away raw petroleum. A drifting rooftop storage tanks and fixed rooftop storage tanks are the sorts that are significantly being utilized.


The COVID-19 pandemic has intensely affected the worldwide oil and gas industry, which has prompted a lack of storage limits. The oil producing countries and significant exporters are the most severely impacted by the blockade of the oil and gas inventory network. The present circumstance has constrained considerable oil and gas organizations to change their consumption for the current year. Projected speculations have declined, and subsequently, the storage terminal market development is projected to have a slow recovery rate in the next few years.


The reduction in demand for oil and oil items has ended the creation processes at offshore and onshore areas. Hence, the oil storage tank terminal construction and upgradation projects are further driven by the global oil & gas industry's slowdown. This variable will undoubtedly affect the yearly interests in the market development for a predetermined period.


The Asia Pacific, which incorporates China and India, will observe a closure of around 250,000 b/d of oil production till the end of 2021, attributable to the worldwide pandemic. In the post-lockdown time frame, these nations are set to observe an ascent in demand and will zero in on completing the tasks that would help satisfy the need for oil products in their country. Likewise, the U.S., which is also one of the main oil refining nations, will observe a transient overabundance for the exportation of its refined items.


Oil Storage Terminal Market Trends


Reduction in International Crude Oil Prices is expected to drive the Demand for Oil Storage Tanks


Diminishing crude oil prices are projected to drive the market because as the cost of the oil is decreased, the demand for oil storage is expected to get incremented as consumer stores oil in bigger volumes just when the cost is low. Worldwide, the average yearly price of Brent Crude oil climbed to USD 70.68 per barrel in 2021, which was higher than the annual average in 2020, when debilitated demand during the COVID pandemic brought about an oil emergency. The prices of crude oil are the most firmly noticed among all commodities as it impacts costs across all phases of the production cycle and results in alteration of consumer prices as well.


Increasing Investments in Strategic Petroleum Reserves and Rise in Oil Trade Agreements between Nations to Augment Market Growth  


The strategic petroleum reserves (SPR) necessity has constrained nations to focus on their storage limit development to suffice the oil demand in import failure or national emergency. For example, each country under the European Union is obliged to have a strategic oil reserve equivalent to 90 days of average domestic utilization. Additionally, the oil exchange between nations is expected to increment in the conjecture time frame, which will expect governments to put more in storage terminals. China, the world's biggest crude buyer, is expected to import 10.47 MM barrels per day in November 2021, up from October's 8.9 MM barrels per day, which was the lowest since September 2018.


Request a Free sample to learn more about this report.


Oil Storage Terminal Market Growth Factors


Rising Demand for Energy to Foster Industry Development


The rising demand for energy due to the rising populace and fast urbanization is an essential explanation that has affected the development of new terminals. As indicated in research reports by the United Nations (UN) Department of Economic and Social Affairs in June 2017, the total population is expected to be roughly 9.8 billion by 2050 and 11.2 billion by 2100. This growth factor will undoubtedly drive the development of these terminals by developed nations to cater to the domestic demand for oil, generating income by commercial utilization of the equivalent.


Rising Demand for Oil Storage Tanks Considering Drop in Oil Prices to Boost Market Growth


Cheap crude oil prices are predictable to drive the market due to the cost of oil falls. The growing demand for oil storage is predictable to increase as customers store more oil in larger amounts when the price is low. For instance, Brent Crude oil's yearly average price rose to USD 70.68 per barrel in 2021, additional than the yearly average in 2021, when crippled ultimatum amid the COVID-19 pandemic activated an oil emergency.


The opportunities to store oils while there is drop in the prices will boost the market growth for oil storage terminal. Moreover, crude oil prices are the maximum extensively reported of all supplies as they affect expenditures at all phases of the industrial process and affect consumer valuing.


RESTRAINING FACTORS


Emphasis on Adoption of Renewable Energy Resources to Alter Oil Industry Growth


The key factor restraining the oil storage terminals market is the growing adoption of renewable sources for power generation. Environmental concerns have overtaken energy security as the principal driver of government policies to promote renewable fuels, as they are generally less polluting. In recent years, research and development of alternative automotive-fuel technology have focused on fuels based on oil and natural gas, biofuels derived from vegetable matter such as ethanol or biodiesel, electric vehicles (EVs), and hydrogen-based fuel cells. Another factor restraining the oil storage terminal market growth is the high cost required for the terminal's construction and the maintenance required during its operational lifetime.


Oil Storage Terminal Market Segmentation Analysis


By Type Analysis


Increasing Oil Trade Agreements Will Surge Demand for Commercial Terminals 


The market is segmented into strategic reserve and commercial reserve based on type. The commercial reserves have ruled the market throughout recent years as a critical part of the developed terminals is intended for the commercial utilization of crude oil. The strategic reserves are kept to suffice the energy demand for a country if there should be an occurrence of crisis or import disappointments. In this manner, the limit of these terminals is restricted, and then again, commercial storage extensions happen routinely with fluctuating demand for energy and imports.


By Tank Type Analysis


Floating Roof Tanks Will Lead Market Due to Their Operational Advantages 


Based on tank type, the global market is segmented into the floating roof, fixed roof, spherical tanks, and bullet tanks. The fixed-rooftop tanks segment leads the market. Still, with the presentation of innovation and specific benefits, drifting rooftop tanks are projected to support the market development during the impending years. The no-gap space between the floating rooftop deck and oil level aids in lessening the losses during crude oil evaporation. The floating rooftop likewise assists with keeping a superior quality of the stored liquids.


To know how our report can help streamline your business, Speak to Analyst


By Product Analysis


Utilization of Diesel across Various Sectors Will Lead to Its Domination in Market


The market is divided into diesel, petrol, aviation fuel, kerosene, crude oil, and others in the product segment. Diesel is expected to dominate the market as it is widely used in the automotive sector, marine fuels, and aviation fuel manufacturing. Most of the heavy load vehicles today are as yet running on diesel. Petroleum and aviation fuel will likewise have sound development with expanding automobiles operated on petroleum and growing air traffic.


REGIONAL INSIGHTS


Asia Pacific Oil Storage Terminal Market Size, 2023 (USD Billion)

To get more information on the regional analysis of this market, Request a Free sample


The oil storage terminal market is widespread across five regions which includes Asia Pacific, North America, Europe, Latin America and Middle East & Africa. The market size of an oil storage terminal in the Asia Pacific stood at USD 10.20 billion in 2021. The demand for energy and oil-based commodities has expanded in China and India. A significant piece of these nations' power and energy supply is finished by crude oil. South Korea and Singapore are central points for oil storage around here. Also, divestments exercises by a few organizations in the area will probably set off new extension designs and push the business standpoint. For instance, in December 2020, Bright oil Petroleum has sold around 90% of the offers in its Hong Kong-based division, incorporating the Zhoushan oil storage and terminal offices to Yantian Group.


In Europe, the oil storage terminals is expected to witness a health growth owing to increasing production capacities from several key players. The demand for oil storage has been expanding, driving interest in the area and expanding rivalry as organizations seek to better position themselves for the future and amplify returns. The European oil storage terminals market is projected to witness solid CAGR attributable to expanding production capacities from a few central members. Numerous nations in the area are subjected to oil imports for satisfying their energy demands, further, the increment in demand for energy, the storage limit extension is relied upon to be completed. Also, the expanding endeavors by the central participants to encounter natural and inorganic extensions are projected to support the territorial landscape.


For example, in November 2020, CLH Group has gotten the procurement of 15 Inter fluid item storage terminal offices in Ireland, Germany, the Netherlands, and the U.K. from Inter Pipeline. After this obtaining, the all-out limit of CLH will increment by 18 million bbl, and the expense of the task is EUR 457 million or around USD 400.78 million. By the enhancement procedure connected to environmental change and worldwide development, CLH is presently one of the significant fluid terminal organizations in the area, having tasks in eight nations.


In North America, The U.S. is expected to dominate the market owing to capacity additions and CAPEX on new build oil storage projects, followed by Canada. Additionally, investment activities in the area are expected to positively enhance market growth. For instance, in December 2021, NOLA Oil Terminal, LLC announced the construction of phase one of the oil and refined products terminal project in Plaquemines Parish, Louisiana, U.S., occupying 158 acres and a total cost of USD 300. The project’s initial water-side phase includes two deepwater berths and one barge dock. The two berths, when operational, will be capable of mooring 170,000 tank vessels.


List of Key Companies in Oil Storage Terminal Market


Royal Vopak and Oil Tanking GmbH are focusing on contracts Acquisition to fortify their Product Portfolio in Market


The competitive landscape of the oil storage terminal market portrays a market overwhelmed by Royal Vopak and Oiltanking Gmbh. These organizations hold a significant part of the market covered with storage terminals spread across Europe, North America, and the Asia Pacific. The market likewise has the presence of neighborhood players like HMT Tanks, Containment Solutions, Superior Tank, and others that have storage terminals in their dynamic districts. The inescapable client reaches in different areas of the planet, alongside higher brand esteem contrasted with different players, has been the unmistakable component for organizations like Royal Vopak and other leading companies to lay out a solid impression in the worldwide market.


List of Key Companies Profiled:



  • Belco Manufacturing (U.S.)

  • Royal Vopak (Netherlands)

  • Containment Solutions, Inc. (U.S.)

  • Vitol (Switzerland)

  • Oiltanking GmbH (Germany)

  • Koole Terminals (Netherlands)

  • Brooge Energy (UAE)

  • Shell (Netherlands)

  • LBC Tank Terminals (Belgium)

  • Ergon International (U.S.)

  • Olivia Petroleum, S.A.U. (Spain)

  • Odfjell SE (Norway)

  • Oman Tank Terminal Company (Oman)

  • Puma Energy (Singapore)


KEY INDUSTRY DEVELOPMENTS:



  • May 2024: AltaGas and Vopak announced a joint venture to develop export facility that will operate bulk liquids terminal with rail/logistics and other marine infrastructure.

  • May 2022: ADNOC, Abu Dhabi's national oil company announced that it is set to open its huge crude oil caverns in the crags of Fujairah following year, one year later than planned. It will boost Fujairah's location as a regional trading center, as the caverns will be able to stock three different grades of crude oil.

  • December 2021: NOLA Oil Terminal begun the building of the phase 1 of the oil & refined fuels terminal project in U.S.. The U.S. capitalized USD 300 in purchasing the 158 acres. The plan includes 1 barge dock  and 2 deep-water ports.

  • September 2021: Brooge Petroleum and gas investment company (BPGIC) a branch of Brooge energy, has started its phase 2 storage facility in the port of Fujairah, based in UAE. The site storing crude oil and clean petroleum products has completed all commissioning and testing approvals. With the phase 2 operations, BPGIC is the second largest storage operator in the region, with a storage capacity of approximately 1 million m3 (6.3 million bbl).

  • August 2021: The Fujairah Oil Terminal is planning to invest an estimated USD 45 million for upgrading its infrastructure at its storage facilities. The expansion of Fujairah Oil Terminal’s will connect will connect its terminal to the Port of Fujairah's very large crude carrier (VLCC) loading facility and the Abu Dhabi Crude Oil. The project will give access to customers who wants to move crude oil through VLCCs, and it provides customers direct access to the ADCOP, which brings Abu Dhabi's Murban Crude into Fujairah.


REPORT COVERAGE


The oil storage terminal market statistics report provides a detailed analysis of the market. It focuses on key aspects such as leading companies, product types, and leading applications of the product. Besides this, the research report offers insights into the market trends and highlights key industry developments. In addition to the aforementioned factors, the report encompasses several factors that have contributed to the growth of the market over recent years.


An Infographic Representation of Oil Storage Terminal Market

To get information on various segments, share your queries with us



REPORT SCOPE & SEGMENTATION



















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2023



Estimated Year



2024



Forecast Period



2024-2032



Historical Period



2019-2022



Growth Rate



CAGR of 3.50% from 2024-2032



Unit



Value (USD Billion)



 


 


 


 


 


 


 


 


 


 


 


Segmentation



By Type



  • Strategic Reserve

  • Commercial Reserve



By Tank Type



  • Fixed Roof

  • Floating Roof

  • Bullet Tank

  • Spherical Tank



By Product



  • Diesel

  • Petrol

  • Aviation Fuel

  • Crude Oil

  • Kerosene

  • Others



By Geography



  • North America (By Type, By Tank Type, By Product, By Country)


    • U.S. (By Product)

    • Canada (By Product)


  • Europe (By Type, By Tank Type, By Product, By Country)


    • U.K. (By Product)

    • Germany (By Product)

    • France (By Product)

    • Italy (By Product)

    • Spain (By Product)

    • Russia (By Product)

    • Rest of Europe (By Product)


  • Asia Pacific (By Type, By Tank Type, By Product, By Country)


    • China (By Product)

    • India (By Product)

    • Japan (By Product)

    • Australia (By Product)

    • Southeast Asia (By Product)

    • Rest of Asia Pacific (By Product)


  • Latin America (By Type, By Tank Type, By Product, By Country)


    • Brazil (By Product)

    • Mexico (By Product)

    • Rest of Latin America (By Product)


  • Middle East and Africa (By Type, By Tank Type, By Product, By Country)


    • South Africa (By Product)

    • GCC (By Product)

    • Rest of Middle East and Africa(By Product)




 





Frequently Asked Questions

Fortune Business Insights says that the global market size was USD 32.71 billion in 2023.

The market is expected to reach USD 44.59 billion by 2032.

Growing at a CAGR of 3.50%, the market will exhibit a healthy growth rate during the forecast period (2024-2032).

Floating roof tanks are expected to be the leading segment in this market during the forecast period.

Increasing demand for crude oil products across aviation, automobile, and chemical, among other industry verticals, directly drives the requirement for crude oil and will lead to the construction coupled with the expansion of these terminals.

Royal Vopak, Oiltanking GmbH, Vitol, LF Manufacturing, CST Industries, and Red Ewaldare the key global market players.

Asia Pacific dominated the market share in 2021.

Wide-scale utilization of products & by-products of crude oil distillation as raw materials to manufacture goods across many application sectors will drive the market growth.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts
Speak to an Expert
  • 2019-2032
  • 2023
  • 2019-2022
  • 242
Multi-report Purchase Plan
    A Customized Plan Will be Created Based on the number of reports you wish to purchase
Client Testimonials

“We are quite happy with the methodology you outlined. We really appreciate the time your team has spent on this project, and the efforts of your team to answer our questions.”

- One of the largest & renowned medical research centers based in the U.S. on a report on the U.S. NIPT Market.

“Thanks a million. The report looks great!”

- Feedback from a consultant on a report on the U.S. Beef Market.

“Thanks for the excellent report and the insights regarding the lactose market.”

- Brazil based company specializing in production of protein ingredients.

“I liked the report; would it be possible to send me the PPT version as I want to use a few slides in an internal presentation that I am preparing.”

- Global Digital Services Agency on a report on the Global Luxury Goods Market.

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X