Oil Storage Market Size

Oil Storage Market Size

Oil Storage Market size exceeded 790 million cubic meters capacity in 2021 and is projected to expand at over 3.5% CAGR from 2022 to 2030. Rising execution of capital projects to boost crude oil processing capacity will expedite industry expansion.

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Oil prices continue to demonstrate high volatility and are expected to witness sharp spikes and sudden dips owing to global supply shortages. This fluctuation in oil prices and crude oil supply has resulted in increased attention toward the development of essential oil storage facilities. In the United States, refiners have been executing some capital projects to increase domestic crude oil processing capacity by 2023 end. Initiatives such as these to offset facility closures and mitigate supply risks will drive the production of crude oil storage tanks in the region as well as globally.

The construction of oil storage tanks, however, involves high costs associated with installation and deployment. Extensive forays into the renewable fuel sector may also limit capacity additions across the industry. Moreover, renewable energy prices are decreasing rapidly, making them more economical than fossil fuels including oil. Such factors may create roadblocks to oil capacity additions and hinder the industry progression.