Oil Storage Terminal Market Updates

Oil Storage Terminal Market was valued at USD 31.48 Billion in 2023 and is poised to grow from USD 32.87 Billion in 2024 to USD 46.38 Billion by 2032, growing at a CAGR of 4.4% during the forecast period (2025-2032).

Global oil terminal market is less competitive due to the presence of few manufacturers across the globe. Major manufacturers include- Belco Manufacturing, Royal Vopak, Containment Solutions, Inc., Vitol. These companies are investing heavily on R&D to introduce digitally integrated solutions for monitoring and diagnosis of tanks to gain a competitive edge in the industry. Key players are focusing on launching new products to increase their portfolio and capture additional revenue. 'Vopak', 'Royal Dutch Shell', 'Oiltanking GmbH', 'Kinder Morgan Inc.', 'Magellan Midstream Partners LP', 'Buckeye Partners LP', 'NuStar Energy LP', 'CIM-CCMP Group', 'International-Matex Tank Terminals (IMTT)', 'Blueknight Energy Partners', 'Gulf Oil LP', 'Puma Energy', 'Horizon Terminals', 'CLH Group', 'Enbridge Inc.', 'Inter Pipeline Ltd.', 'TransCanada Corporation', 'Irving Oil', 'China Petroleum & Chemical Corporation (Sinopec)', 'Kuwait Petroleum Corporation'

Due to the rise of population and urbanization as well as industrialization the demand for oil and gas is increasing across the globe. It requires more storage facilities. This factor is boosting the demand opportunities of the global oil storage terminal market. The consumption keeps on increasing YoY except in 2020 due to pandemic. This will undoubtedly promote the establishment of oil terminals to meet domestic oil consumption as well as for industrial use. The high use of crude oil products in the automobile and aviation industry will boost the market growth.

Due to safety issues and risk associated with manual cleaning major industry players are focusing on adoption of automation in oil storage terminals. These manufacturers are heavily investing on R&D to find out new and advanced technology like digitally integrated solutions for diagnosis and monitoring of the tank.

Asia-Pacific holds the largest share of the oil terminal market. The market is valued at USD 10.22 billion in 2021. The demand for energy and oil based commodities has increased in countries like India, China and Japan. South Korea and Singapore are central points for oil storage in the region. Singapore is projected to witness a growth of 6%.