North America Oil Storage Market Size – By Product, By End Use, Analysis, Share, Growth Forecast, 2025 – 2034

North America Oil Storage Market Size

The North America oil storage market size was marked at 166.2 million cubic meter capacity in 2024 and is estimated to grow at a CAGR of 2.4% from 2025 to 2034. The market is experiencing significant growth driven by several key business trends including the increasing demand for oil storage capacity due to fluctuating oil production and consumption patterns, particularly in the U.S., which is a major oil producer and consumer.
 

The rise in shale oil production and the expansion of pipelines have necessitated the development of additional storage infrastructure to manage surpluses and ensure a steady supply during periods of high demand or geopolitical instability. The market is also witnessing increased consolidation with larger players acquiring smaller, regional operators to expand their footprint and gain competitive advantages. This trend is expected to continue as companies look to optimize their storage assets and reduce operational costs.
 

North America Oil Storage Market Trends

The growing focus on energy security and the need for strategic reserves, especially in light of supply chain disruptions and environmental concerns, is influencing investments in oil storage facilities. With the ongoing transition toward cleaner energy sources, oil storage companies are also exploring more efficient and environmentally friendly storage solutions. This includes upgrading existing storage facilities to meet stricter regulatory standards and adopting advanced technologies such as automated inventory management and remote monitoring systems. Furthermore, there is a rising interest in developing offshore oil storage facilities, driven by the need to store excess crude and refined products in more geographically strategic locations.
 

North America Oil Storage Market Analysis

The floating roof oil storage market will exceed 115 million cubic meter capacity by 2034. These tanks are becoming more prevalent owing to their capability to minimize evaporation losses and decrease environmental emissions. Moreover, they are increasingly utilized for storing volatile liquids like crude oil and refined petroleum products. Advancements in seals and materials have further improved their operational efficiency while ensuring better compliance with environmental regulations.
 

The North America oil storage market from crude oil segment size will grow at a CAGR of over 2% by 2034. Crude oil storage continues to be a crucial segment driven by fluctuations in production and the increasing demand for refined product storage. The need for storage of refined products such as gasoline, diesel and jet fuel are rising as infrastructure upgrades aim to boost capacity. These upgrades are also incorporating advanced monitoring technologies to enhance safety and efficiency, while ensuring compliance with stricter environmental and operational standards across the oil storage industry.
 

U.S. oil storage market is set to reach over 180 million cubic meter by 2034. The country continues to be a dominant force in the oil storage market, driven by its strong production from shale reserves and expanding export activities. Additionally, the growth of strategic petroleum reserves and private storage facilities is focused on managing the rising output and mitigating market fluctuations, thereby enhancing the overall market dynamics across the country. Additionally, regulatory pressures to comply with environmental standards are encouraging the adoption of more efficient, environmentally friendly storage solutions, enhancing safety and operational performance.
 

The Canada oil storage market is experiencing steady growth, driven by the country's significant oil production, particularly from the oil sands in Alberta. As a major oil exporter, Canada requires extensive storage infrastructure to manage both domestic supply and exports, particularly to the U.S. and overseas markets. The expansion of pipeline networks and the rising demand for crude and refined product storage have led to investments in new storage facilities and the upgrading of existing ones.
 

North America Oil Storage Market Share

The market is led by prominent players such as Royal Vopak, CST Industries, NOV Inc., Fisher Tank Company, and Shawcor. These companies capitalize on their extensive regional networks and state-of-the-art storage infrastructure to maintain a strong competitive position. Market share within the region is primarily shaped by factors such as storage capacity, geographic reach, and seamless integration with transportation networks, including pipelines and rail systems.
 

North America Oil Storage Market Companies

Major players operating in the North America oil storage industry are:

• Ascent Industries
• CST Industries
• Ergil
• Fisher Tank
• LF Manufacturing
• NOV
• Roth Industries
• Royal Vopak
• Shawcor
• Snyder Industries
• Superior Tank
• T Bailey
• Waterford Tank
   

North America Oil Storage Industry News

• In October 2024, the U.S. Department of Energy's (DOE) Office of Petroleum Reserves announced a solicitation to acquire up to 3.0 million barrels of domestically produced crude oil for the Strategic Petroleum Reserve (SPR). This initiative highlights the government's commitment to replenishing reserves with proceeds from emergency sales, ensuring the SPR's operational readiness and reinforcing the nation's energy security, ultimately supporting growth within the industry.
   
• In October 2024, Mexican state oil company Pemex has made the decision to boost its oil and gas reserves in order to enhance the country's energy security. Additionally, the company plans to ramp up deepwater exploration and introduce new business models to attract investment, thereby driving growth within the industry.
   

This North America oil storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of capacity (million cubic meter) from 2021 to 2034, for the following segments:

Market, By Product

• Fixed roof
• Floating roof
• Spherical
• Others

Market, By End Use

• Crude Oil
• Gasoline
• Aviation fuel
• Middle distillates
• LNG
• LPG

The above information has been provided for the following countries:

• U.S.
• Canada
• Mexico