Oil Storage Market Report 2026

The oil storage market size has grown strongly in recent years. It will grow from $10.74 billion in 2025 to $11.48 billion in 2026 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to growth in global oil production, expansion of refining capacities, volatility in crude oil prices, increase in petroleum trade activities, demand for bulk oil storage infrastructure.

The oil storage market size is expected to see strong growth in the next few years. It will grow to $14.87 billion in 2030 at a compound annual growth rate (CAGR) of 6.7%. The growth in the forecast period can be attributed to strategic petroleum reserve expansion, growth in fuel consumption across emerging economies, increasing investment in storage terminal infrastructure, rising focus on energy security, expansion of aviation and petrochemical fuel demand. Major trends in the forecast period include rising demand for large scale strategic oil storage capacity, increasing use of underground and depleted reservoir storage, growing focus on safety and leak prevention in storage tanks, expansion of floating roof tank installations, increasing emphasis on efficient oil inventory management.

The oil storage market is poised for growth, driven by the increasing demand for crude oil supply. Oil storage facilities play a crucial role in storing crude oil, petroleum, and other oil products for subsequent distribution to end-users. The surge in demand for crude oil supply is attributed to the rising consumption of crude oil products such as petroleum, oil, and gas. As oil consumption continues to grow, there is a substantial need for increased crude oil supply, leading to a heightened demand for oil storage. Notably, the International Energy Agency (IEA) forecasts a significant annual growth of 9% in natural gas consumption in India, reaching 25 billion cubic meters by 2024. Additionally, the Indian Brand Equity Foundation (IBEF) projects a 50% growth in oil demand in India by 2030 compared to a 7% global demand growth. Hence, the escalating demand for crude oil supply is expected to be a driving force for the oil storage market.

Major companies operating in the oil storage market are focusing on developing innovative solutions, such as onshore crude oil export terminals, to address the growing demand for cost-efficient crude evacuation and enhanced production logistics. Onshore crude oil export terminals are large-scale facilities designed for local crude storage and management, equipped with high-capacity storage tanks, integrated loading systems, and multi-modal access via truck, barge, pipeline, and sea. Unlike traditional dependence on distant or floating production storage systems, these terminals help reduce operational and capital expenditures by enabling localized storage and faster evacuation. For instance, in May 2025, Green Energy International Limited, a Nigeria-based energy infrastructure company, launched the Otakikpo Oil Terminal, an advanced onshore terminal that provides local crude storage with an initial capacity of 750,000 barrels, expandable to three million barrels, and a loading capacity of 360,000 barrels per day. The terminal incorporates indigenous engineering, delivers logistical advantages for marginal field operators, minimizes evacuation bottlenecks, and reduces production costs by up to 40%, while also supporting energy transition goals through reduced gas flaring.

In July 2024, Energy Transfer LP (NYSE: ET), based in Dallas, Texas, and Sunoco LP (NYSE: SUN), also headquartered in Dallas, announced the establishment of a joint venture to merge their respective crude oil and produced water gathering assets in the Permian Basin. Energy Transfer will serve as the operator of the joint venture, contributing its assets and operations related to Permian crude oil and produced water gathering. Meanwhile, Sunoco will provide all of its Permian crude oil gathering assets and operations. It's important to note that Energy Transfer's long-haul crude pipeline network, which transports crude oil from the Permian Basin to Nederland, Houston, and Cushing, is excluded from this joint venture.

Major companies operating in the oil storage market are NOV Inc., Chemie Tech, Shawcor Ltd, CST Industries, PermianLide (Permian Tank), McDermott International Ltd, Snyder Industries, Toyo Kanetsu KK, Superior Tank Co. Inc., Ishii Iron Works Co Ltd., Oil India Ltd, Reliance Industries Ltd, China National Petroleum Corporation, China National Offshore Oil Corporation, Shaanxi Yanchang Petroleum, Sinochem Group, JAPAN OIL Development Co. Ltd. Minato-Ku, Japan Petroleum Exploration Co. Ltd, Sakhalin Oil and Gas Development Co. Ltd, Japan Organization for Metals and Energy Security, BPA British Pipelines Agency, CLH Compañía Logística de Hidrocarburos, GPSS Government Pipelines and Storage System, OPA Oil and Pipelines Agency, PSD Petroleum Storage Depo, Rosneft, Surgutneftegas, Gazprom, LukOil, Transneft, Climbex S.A., VIG Sp. z o.o, ETG Risorse e Tecnologia S.r.l, Suncor, Canadian Natural, Husky Energy, Kinetik Holdings Inc., Nustar Energy L.P., Delek US Holdings Inc., Exxon Mobil Corporation, Chevron Argentina SRL, YPF SA, Brooge Energy, Petrochem Middle East (PME), Engen Petroleum, Vivo Energy, MOL Group, Stolt-Nielsen Limited.

North America was the largest region in the oil storage market in 2025. The regions covered in the oil storage market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the oil storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The oil storage market consists of sales of atmospheric storage tanks (AST), open top tanks (OTT), external floating-roof tanks (EFRT), and internal floating-roof tanks (IFRT). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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