Crude Oil Storage Tank Market Size, Share, Analysis

The Crude Oil Storage Tank market is forecast to grow from USD 12.26 billion in 2024 to USD 13.54 billion in 2029 growing at a CAGR of 2.0% during the forecast period (2024–2029). They are designed to hold processed and unrefined oil products, and these tanks are built to process the specific needs of crude oil based on density and susceptibility to temperature. These tanks are built with safeguards against leaks, spills, and vapor emissions. Such tanks are an integral part of the oil supply chain. They aid in inventory management and assurance of supply throughout downstream operations.

The Crude Oil Storage Tank market has been segmented based on Tank types into Open-Top Tank, Floating Roof Tank, Fixed Roof Tank, and Others. In the petroleum and gas industry, floating-roof tanks store crude oil, petroleum products, and other volatile liquids with the roof floating on the liquid's surface as closely as possible, thus minimizing vapor space and, consequently, emissions and evaporation losses. Key components of this design include pontoon or pontoon-mounted flotation; rim seals to prevent vapor escape; and devices for convincing floating roof level changes. With the rim seals in good condition, there is the least chance of vapor escaping. The floating roof is the most critical part of a floating roof tank that floats directly on the surface of the liquid; it floats up and down according to the level of the liquid. Floating roof tanks can have an internal type, which has a fixed roof above it to shelter the structure, and an external type. Air tightness is assured by means of elastic fillers and seals secured with bolts. The floating roof is supported by pillars whenever the liquid level drops low.

Oil Refineries, Strategic Petroleum Reserves, and Distribution Terminals make up the Application segment of the Crude Oil Storage Tank market. There are 825 oil refineries that are currently operational across the globe as of 2024. One of these is the Jamnagar refinery, which is located in Jamnagar, Gujarat, India, owned by Reliance Industries, and is the world's biggest active oil refinery. Other major ones include the Paraguayan Refinery Complex in Venezuela, Ulsan refinery in South Korea, and Ruwais refinery in UAE. Crude oil storage tanks essentially constitute the backbones of refinery operations and ensure smooth and continuous supply of crude oil to satisfy the continued demands of the refining process. These tanks help in absorbing any disturbance in supply or mismatch between arrival of crude oil and processing. They also play a huge role in managing inventory, thus allowing refineries to stock crude for future use during a low-price period or provide operational flexibility.

A few of the players operating in the Crude Oil Storage Tank market include NOV (US), Superior Tank Co., Inc. (US), Oiltanking GmbH (Germany), Storage Tank Technology B.V. (US), and T BAILEY INC. (US) among others.

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TABLE OF CONTENTS

1 INTRODUCTION

1.1. STUDY OBJECTIVES

1.2. MARKET DEFINITION

1.3. INCLUSIONS AND EXCLUSIONS

1.4. MARKET SCOPE

1.4.1. MARKET SEGMENTATION AND REGIONAL SCOPE

1.4.2. YEARS CONSIDERED

1.5. CURRENCY

1.6. LIMITATIONS

1.7. STAKEHOLDERS

1.8. SUMMARY OF CHANGES

2 RESEARCH METHODOLOGY

2.1. RESEARCH DATA

2.2. SECONDARY AND PRIMARY RESEARCH

2.2.1. SECONDARY DATA

2.2.1.1. KEY DATA FROM SECONDARY SOURCES

2.2.2. PRIMARY DATA

2.2.2.1. KEY DATA FROM PRIMARY SOURCES

2.2.2.2. KEY INDUSTRY INSIGHTS

2.2.2.3. BREAKDOWN OF PRIMARY INTERVIEWS

2.3. MARKET SIZE ESTIMATION

2.3.1. BOTTOM-UP APPROACH

2.3.2. TOP-DOWN APPROACH

2.3.3. DEMAND SIDE ANALYSIS

2.3.3.1. ASSUMPTIONS FOR DEMAND SIDE ANALYSIS

2.3.3.2. DEMAND SIDE CALCULATION

2.3.4. SUPPLY-SIDE ANALYSIS

2.3.4.1. ASSUMPTIONS FOR SUPPLY-SIDE ANALYSIS

2.3.4.2. SUPPLY-SIDE CALCULATION

2.4. MARKET BREAKDOWN AND DATA TRIANGULATION

2.5. FORECAST

2.5.1. RESEARCH ASSUMPTIONS

2.5.2. LIMITATIONS OF RESEARCH

2.5.3. RISK ASSESSMENT

3 EXECUTIVE SUMMARY

4 PREMIUM INSIGHTS

5 MARKET OVERVIEW

5.1. INTRODUCTION

5.2. MARKET DYNAMICS

5.2.1. DRIVERS

5.2.2. RESTRAINTS

5.2.3. OPPORTUNITIES

5.2.4. CHALLENGES

5.3. TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESS

5.4. SUPPLY/VALUE CHAIN ANALYSIS

5.5. ECOSYSTEM/MARKET MAP

5.6. CASE STUDY ANALYSIS

5.7. TECHNOLOGY ANALYSIS

5.8. TRADE ANALYSIS

5.9. PATENT ANALYSIS

5.10. KEY CONFERENCES & EVENTS IN 2024–2025

5.11. PRICING ANALYSIS

5.12. REGULATORY LANDSCAPE

5.12.1. REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS

5.12.2. REGULATORY FRAMEWORK

5.13. PORTER’S FIVE FORCES ANALYSIS

5.14. KEY STAKEHOLDERS AND BUYING CRITERIA

5.14.1. KEY STAKEHOLDERS IN BUYING PROCESS

5.14.2. BUYING CRITERIA

6 CRUDE OIL STORAGE TANK MARKET, BY MATERIAL (QUALITATIVE)

6.1. INTRODUCTION

6.2. STEEL

6.3. CARBON STEEL

6.4. FIBERGLASS REINFORCED PLASTIC

6.5. OTHERS

7 CRUDE OIL STORAGE TANK MARKET, BY TANK TYPE

(Value (USD Million) - 2023, 2024-e, 2029-f)

7.1. INTRODUCTION

7.2. OPEN-TOP TANK

7.3. FLOATING ROOF TANK

7.4. FIXED ROOF TANK

7.5. OTHERS

8 CRUDE OIL STORAGE TANK MARKET, BY APPLICATION

(Value (USD Million) - 2023, 2024-e, 2029-f)

8.1. INTRODUCTION

8.2. OIL REFINERIES

8.3. STRATEGIC PETROLEUM RESERVES

8.4. DISTRIBUTION TERMINALS

9 CRUDE OIL STORAGE TANK MARKET, BY REGION

(Value (USD Million) - 2023, 2024-e, 2029-f)

9.1. INTRODUCTION

9.2. NORTH AMERICA

9.2.1. BY TANK TYPE

9.2.2. BY APPLICATION

9.2.3. BY COUNTRY

9.2.3.1. US

9.2.3.1.1. BY TANK TYPE

9.2.3.2. CANADA

9.2.3.3. MEXICO

9.3. EUROPE

9.3.1. BY TANK TYPE

9.3.2. BY APPLICATION

9.3.3. BY COUNTRY

9.3.3.1. NORWAY

9.3.3.1.1. BY TANK TYPE

9.3.3.2. UK

9.3.3.3. ITALY

9.3.3.4. REST OF EUROPE

9.4. ASIA PACIFIC

9.4.1. BY TANK TYPE

9.4.2. BY APPLICATION

9.4.3. BY COUNTRY

9.4.3.1. CHINA

9.4.3.1.1. BY TANK TYPE

9.4.3.2. INDIA

9.4.3.3. JAPAN

9.4.3.4. INDONESIA

9.4.3.5. REST OF ASIA PACIFIC

9.5. SOUTH AMERICA

9.5.1. BY TANK TYPE

9.5.2. BY APPLICATION

9.5.3. BY COUNTRY

9.5.3.1. BRAZIL

9.5.3.1.1. BY TANK TYPE

9.5.3.2. ARGENTINA

9.5.3.3. REST OF SOUTH AMERICA

9.6. MIDDLE EAST & AFRICA

9.6.1. BY TANK TYPE

9.6.2. BY APPLICATION

9.6.3. BY COUNTRY

9.6.3.1. GCC COUNTRIES

9.6.3.1.1. SAUDI ARABIA

9.6.3.1.1.1. BY TANK TYPE

9.6.3.1.2. UAE

9.6.3.1.3. REST OF GCC

9.6.3.2. NIGERIA

9.6.3.3. ALGERIA

9.6.3.4. ANGOLA

9.6.3.5. REST OF MIDDLE EAST & AFRICA

10 COMPETITIVE LANDSCAPE

10.1. KEY PLAYER STRATEGIES OVERVIEW

10.2. MARKET RANKING OF KEY PLAYERS, 2023

10.3. MARKET EVALUATION FRAMEWORK, 2019-2023

10.4. COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023

10.4.1. STARS

10.4.2. EMERGING LEADERS

10.4.3. PERVASIVE PLAYERS

10.4.4. PARTICIPANTS

10.4.5. COMPANY FOOTPRINT: KEY PLAYERS, 2023

10.4.5.1. Company Footprint

10.4.5.2. Region Footprint

10.4.5.3. Tank Type Footprint

10.5. COMPETITIVE SCENARIO AND TRENDS

11 COMPANY PROFILES

11.1. NOV

11.1.1. Business Overview

11.1.2. Products & Services

11.1.3. Recent Developments

11.1.4. MnM View

11.1.4.1. Key strategies/right to win

11.1.4.2. Strategic choices made

11.1.4.3. Weaknesses/competitive threats

11.2. SUPERIOR TANK CO., INC.

11.3. BNH GAS

11.4. OILTANKING GMBH

11.5. STORAGE TANK TECHNOLOGY B.V.

11.6. PUNJ LLOYD

11.7. EUROTANKWORKS

11.8. T BAILEY, INC.

11.9. CST INDUSTRIES

11.10. PERMIANLIDE

12 APPENDIX

12.1. INSIGHTS OF INDUSTRY EXPERTS

12.2. DISCUSSION GUIDE

12.3. KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL

12.4. CUSTOMIZATION OPTIONS

12.5. RELATED REPORTS

12.6. AUTHOR DETAILS

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