Authors:
Ankit Gupta, Shashank Sisodia
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North America Oil Storage Market Size & Share 2026-2035
Report ID: GMI5716
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Published Date: October 2026
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North America Oil Storage Market
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North America Oil Storage Market Size
The North America oil storage market held 192.5 MCM of installed commercial storage capacity in 2025, is expected to reach 195.4 MCM in 2026, and is projected to grow at a 2% CAGR (2026–2035) to reach 233.7 MCM by 2035. The market covers commercial storage capacity for crude oil and petroleum products, including gasoline, aviation fuel, middle distillates, LNG, and LPG, across terminals, tank farms, and related facilities in the United States, Canada, and Mexico.
North America Oil Storage Market Key Takeaways
Market Leader: Enbridge Inc. led with over 4.5% market share in 2025.
Leading Players: Top 5 players in this market include Enbridge Inc., Plains All American Pipeline, Energy Transfer LP, Enterprise Products Partners, Kinder Morgan, which collectively held a market share of 15.7% in 2025.
The North America oil storage market is evolving around throughput reliability rather than speculative inventory expansion. Crude export logistics, LNG infrastructure, and refined-product distribution require operators to maintain strategically located buffer capacity, while long-duration shipper commitments and infrastructure integrity obligations determine the timing of new tank additions.
GMI Analyst View
Based on our capacity assessment across North American terminal operators and midstream infrastructure filings, installed commercial storage capacity across the region totalled 190.2 MCM in 2024, with incremental additions concentrated at U.S. Gulf Coast export terminals and in Canada's pipeline-affiliated tankage cluster around Edmonton. This baseline reading confirms that North American petroleum storage infrastructure expands in measured but consistent increments, with capital commitment cycles closely linked to hydrocarbon throughput agreements and long-term shipper contracts rather than to short-term commodity price movements.
North America Oil Storage Market Trends, Growth Drivers & GMI Forecast Outlook
North American storage demand is being reshaped by export-oriented hydrocarbon logistics. Gulf Coast crude and LNG infrastructure supports investment in specialized terminal capacity, while pipeline ramp-up risk, permitting uncertainty, and tank-integrity obligations limit the pace at which announced infrastructure needs translate into operational storage additions.
Key Drivers
Evidence anchors use cited external data; demand implications and forecast conditions represent GMI analysis.
Crude production and export flows influence storage requirements most directly where gathering systems, long-haul pipelines, terminal manifolds, and vessel-loading schedules intersect. At Gulf Coast facilities, tanks provide operational flexibility for crude aggregation, grade segregation, and delivery sequencing before marine loading. This makes incremental capacity decisions more responsive to contracted throughput visibility than to short-term price movements.
LNG development introduces a distinct storage requirement because liquefaction systems depend on reliable feed-gas conditioning and product buffering. New export facilities also stimulate associated demand for gas-liquids handling, fractionation-linked tankage, and specialized cryogenic infrastructure. The resulting investment is concentrated in locations where export terminal construction and long-term offtake commitments reduce commercial uncertainty.
Stockholding and fuel-security policies provide a floor beneath storage utilization in product markets. For terminal operators, this support is especially relevant in gasoline, middle distillate, and aviation-fuel networks, where supply continuity requirements can sustain contract renewals even when discretionary inventory behavior weakens.
Key Restraints
Evidence anchors use cited external data; demand implications and forecast conditions represent GMI analysis.
Pipeline-linked terminal investments carry a timing risk when physical capacity enters service ahead of dependable shipper utilization. Storage attached to major crude systems can be commercially valuable, but the economics depend on actual nominations, vessel access, and sustained takeaway demand. Canadian operators are therefore likely to favor additions backed by confirmed commercial arrangements rather than broad speculative expansion.
Mexico faces a different constraint: state-led rehabilitation can improve national logistics resilience without automatically expanding the investment space available to independent terminal developers. Private projects remain most viable in coastal corridors and product-import locations where regulatory approvals, customer commitments, and access to transport infrastructure can be secured together.
Integrity management also limits the amount of capital available for net-new construction. Secondary containment, inspection, drainage, engineering review, and maintenance-related outages are essential operating requirements rather than discretionary upgrades. These obligations create a relative advantage for operators with established technical teams, diversified terminal portfolios, and the ability to spread compliance costs across larger asset bases.
GMI Analyst View
We view the market's central growth pattern as selective rather than broad-based: Gulf Coast export corridors continue to attract capacity because crude and LNG logistics are supported by durable commercial commitments, while Canadian and Mexican additions remain more exposed to throughput realization, permitting, and policy execution. The principal shift is toward storage formats and locations that serve export-linked hydrocarbon flows.
North America Oil Storage Market Segment Analysis
By Product
The North America oil storage market is segmented by product configuration because tank design determines the commodities a facility can handle, its emissions-control profile, its operating flexibility, and the capital intensity of terminal expansion.
Fixed roof tanks held 61.6 MCM of installed capacity in 2025 and are projected to account for a 29.0% share of regional installed capacity by 2035. Fixed roof systems remain an important choice for refined products, heavier crude grades, and inland terminal applications where vapor-management requirements are less demanding. Their role is strongest in refinery-associated tank farms, pipeline breakout locations, and distribution terminals where operating simplicity and construction economics outweigh the need for more specialized containment.
Floating roof tanks are projected to reach 84.1 MCM in 2035 and held a 37.0% share of total installed capacity in 2025. Floating roof designs remain central to crude oil and gasoline storage because they control vapor space more effectively than conventional fixed-roof systems. Their concentration at Gulf Coast export terminals and major pipeline hubs gives this category a direct connection to crude logistics, marine loading activity, and emissions-management requirements.
Spherical tanks are projected to reach 32.7 MCM by 2035 and are expected to grow at a 3.6% CAGR (2026–2035). The category serves commodities that require pressurized or specialized containment, particularly LPG and related gas liquids. Its above-market momentum reflects the expanding role of fractionation, NGL export handling, and cryogenic-adjacent infrastructure in the North American storage mix.
Other storage configurations held 36.6 MCM of installed capacity in 2025 and are projected to grow at a 2.9% CAGR (2026–2035). This category includes underground caverns, specialty pressure vessels, and cryogenic storage formats that address location-specific and commodity-specific needs. Demand is supported by the need for differentiated storage solutions in LNG, LPG, and state-managed hydrocarbon systems, where conventional atmospheric tanks are not always suitable.
By End Use
Crude oil storage held 90.5 MCM of installed capacity in 2025 and is projected to represent a 43.0% share of total market capacity by 2035. Crude remains the defining end-use category because storage is embedded in the physical movement of production from inland supply basins to refineries, pipelines, and export docks. Its relative share moderates over time as faster-growing specialized commodities take a larger place in the mix, rather than because crude-storage demand loses its strategic role.
Gasoline storage is projected to reach 28.0 MCM by 2035 and accounted for a 13.0% share of commercial capacity in 2025. Gasoline terminal demand is shaped by refinery output balancing, rack distribution, blending operations, and regional supply security. The segment is comparatively mature, but its installed base remains essential to the reliability of retail fuel distribution networks across all three countries.
Aviation fuel storage held 11.6 MCM of installed capacity in 2025 and is projected to grow at a 2.0% CAGR (2026–2035). Aviation-fuel tankage is concentrated around major airports, pipeline-connected supply systems, and coastal import facilities. Demand is tied to the operational need to protect airline and cargo networks from supply disruption, creating localized storage requirements that differ from broad refinery or retail-fuel logistics.
Middle distillates are projected to reach 35.1 MCM by 2035 and represented a 15.0% share of installed capacity in 2025. Diesel and heating-oil storage benefit from a diverse demand base spanning freight transport, construction, agriculture, industrial activity, and seasonal heating requirements. Segregated tankage is also increasingly relevant where renewable diesel and conventional products must be managed through parallel distribution systems.
LNG storage is projected to reach 21.0 MCM by 2035 and is expected to grow at a 6.1% CAGR (2026–2035). LNG is the market's most expansionary end-use category because export facilities require specialized storage and handling systems that are integral to liquefaction operations. Venture Global announced a brownfield expansion at Plaquemines LNG involving more than 18 MTPA of additional capacity and approximately $18 billion of investment, illustrating the scale of export infrastructure commitments supporting the category [5]Venture Global. "Venture Global Announces Major Brownfield Expansion of Plaquemines LNG." ventureglobal.com.
LPG storage held 25.0 MCM of installed capacity in 2025 and is projected to account for a 15.0% share of regional commercial storage capacity by 2035. LPG storage growth is closely linked to gas-processing output, fractionation capacity, refrigerated export terminals, and the ability to aggregate propane and butane for international markets. Enterprise Products Partners is expanding its Houston Ship Channel export facility with additional propane and butane loading capacity, reinforcing the role of Gulf Coast export systems in supporting dedicated LPG storage demand [6]Enterprise Products Partners L.P. "Enterprise Expanding Houston Ship Channel Export Facility." enterpriseproducts.com.
GMI Analyst View
We expect tank technology selection to become increasingly important to competitive positioning. Conventional crude and refined-product tankage will remain indispensable, but future capacity additions are likely to favor systems that handle pressurized, refrigerated, and export-oriented hydrocarbon streams. The commercial advantage will accrue to operators able to integrate these specialized assets with pipelines, fractionation, marine access, and long-term customer contracts.
North America Oil Storage Market Regional Analysis
U.S.
The United States North America Oil Storage Market held 144.3 MCM of installed capacity in 2025 and is projected to account for a 71.2% share of regional installed capacity by 2035. The country's storage system is anchored by the Gulf Coast, where crude export terminals, LNG facilities, refineries, and interconnected pipelines create demand for high-throughput tankage. The Midwest retains importance through crude-gathering and refinery networks, while the Northeast depends on refined-product terminals that serve dense consumption centers. Investment remains most compelling where terminal capacity is integrated with contracted pipeline and marine movements.
Canada
Canada is projected to reach 39.6 MCM of commercial installed storage capacity by 2035 and is expected to grow at a 2.1% CAGR (2026–2035). Canadian storage demand is concentrated around Alberta's pipeline origination network and British Columbia's tidewater infrastructure. Terminal additions are likely to remain deliberate because operators must balance the benefits of greater export access against the ramp-up profile of pipeline throughput. The Trans Mountain system illustrates this commercial discipline, as the pace of storage investment depends on sustained shipper activity rather than on nameplate pipeline capacity alone [3]Reuters. "Canada's Trans Mountain pipeline lowers forecasts for amount of oil it ships." reuters.com.
Mexico
Mexico held an 8.3% share of North American commercial storage capacity in 2025 and is projected to grow at a 5.8% CAGR (2026–2035). Mexico's faster growth profile reflects its lower installed base, developing private terminal activity, and the need to strengthen fuel logistics resilience. However, project timing remains closely tied to PEMEX priorities, permitting conditions, and access to coastal transport corridors. Rehabilitation of state-controlled infrastructure can reinforce supply security while also shaping the commercial opportunities available to independent storage operators [4]Mexico Business News. "PEMEX Targets Theft, Boosts Fuel Logistics in 2025–2035 Plan." mexicobusiness.news.
GMI Analyst View
We see three distinct regional investment propositions. The United States offers the deepest contract-backed expansion opportunity through export-linked logistics; Canada provides measured growth linked to pipeline performance and western production flows; and Mexico presents the strongest growth potential but the widest execution range because state priorities and private-sector development remain tightly interwoven.
North America Oil Storage Market Share & Competitive Landscape
The North America Oil Storage Market share structure is fragmented, with the top five operators including Enbridge Inc., Plains All American Pipeline, Energy Transfer LP, Enterprise Products Partners, and Kinder Morgan, collectively accounting for approximately 15.7% of installed commercial storage capacity in 2025. This reflects the distributed ownership of petroleum tankage among integrated midstream companies, refiners, independent terminal operators, pipeline affiliates, and private facilities. Competitive advantage is therefore shaped less by simple scale than by asset connectivity, customer contracts, commodity specialization, terminal location, and the ability to maintain reliable operating performance.
Enbridge Inc. held a 4.5% installed capacity share in 2025. Its position is supported by export-linked infrastructure at the Enbridge Ingleside Energy Center and by pipeline connectivity that links production areas to Gulf Coast marine markets. The facility loaded 1.13 million b/d of crude in 2025, underscoring the strategic value of storage integrated with high-throughput export logistics [7]Enbridge Inc. "EIEC, exports and expansion: America's largest crude oil export terminal." enbridge.com.
Plains All American held a 3.5% installed capacity share in 2025. Its storage portfolio is closely associated with crude gathering, quality segregation, blending, and pipeline scheduling across producing basins and downstream market hubs.
Energy Transfer LP held a 3.0% installed capacity share in 2025. Its competitive position reflects the breadth of its midstream network across crude oil, refined products, NGLs, and related logistics systems, enabling storage to function as part of an integrated service offering rather than as a stand-alone terminal product.
Enterprise Products Partners and Kinder Morgan remain influential through their liquids, NGL, pipeline, and terminal networks. Their competitive strength rests on asset integration, commercial access to Gulf Coast demand centers, and the ability to develop specialized storage alongside export, fractionation, and distribution infrastructure. Beyond the largest operators, Gibson Energy, Royal Vopak, ONEOK, Marathon Petroleum, Sunoco LP, and Buckeye Partners contribute important regional terminal, refinery-associated, crude, and refined-product positions.
Tank fabricators and service providers, including CST Industries, Ergil, Fisher Tank Company, Matrix Service Company, NOV, Superior Tank Co., T Bailey LLC, and Waterford Tank, influence competitive capacity development through design, construction, inspection, repair, and integrity-management capabilities. Their role becomes more consequential as operators seek to balance brownfield upgrades, regulatory compliance, and specialized containment requirements.
Recent Industry Developments
Enbridge completed the Phase VII tank expansion at the Enbridge Ingleside Energy Center in May 2026, adding approximately 2.5 million barrels of crude oil storage and bringing total capacity to 20 million barrels [7]Enbridge Inc. "EIEC, exports and expansion: America's largest crude oil export terminal." enbridge.com. The project reinforces the continuing concentration of major storage investment at Gulf Coast export hubs, where terminal capacity is directly tied to pipeline connectivity and marine crude movements.
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