North & South America Oil Storage Market is Expected to grow at a robust CAGR of 4.28% through 2029F
The
increasing North & South America oil storage market is driven by growing
refining capacity and downstream operations, technological advancements and
smart storage solutions during the forecast period 2025-2029F.
According
to TechSci Research report, “North
& South America Oil Storage Market – By Country, Competition, Forecast
& Opportunities, 2019-2029F, The North & South America Oil Storage
Market was valued at USD 5.42 Billion in 2023 and is expected to reach USD 7.03
Billion by 2029 with a CAGR of 4.28% during the forecast period. Geopolitical
tensions and uncertainties surrounding global oil supply chains are prompting a
heightened focus on energy security in North & South America, a trend that
is significantly impacting the oil storage market. The United States and
Canada, both major oil producers and consumers, are increasingly concerned
about ensuring stable and reliable access to energy resources. These concerns
are driven by factors such as conflicts in the Middle East, trade tensions, and
sanctions on key oil-producing nations like Russia and Venezuela.
As
a result, North & South American governments and private sector players are
making substantial investments in expanding their oil storage capabilities. The
goal is to mitigate the risks associated with supply disruptions, price
volatility, and unexpected shifts in global oil markets. Strategic Petroleum
Reserves (SPR) have become central to this strategy, with both the U.S. and
Canada increasing their focus on maintaining and expanding their oil
stockpiles. The North
& South America oil storage market is benefiting from diversification
efforts. Many companies and governments are building storage infrastructure not
just for crude oil but also for refined products like gasoline, diesel, and jet
fuel. This diversification ensures a broader range of energy sources can be
stored and accessed in times of crisis or market fluctuations.
Increasing tensions in major oil-producing regions further underscore the
importance of domestic energy security. By bolstering oil storage
infrastructure, North & South American countries aim to reduce reliance on
foreign oil imports and strengthen their self-sufficiency. This trend is likely
to intensify as global uncertainties continue, positioning the oil storage
market as a key element in North & South America's broader energy security
strategy. The growing role of the U.S. as a major oil exporter is driving the
expansion of export-oriented storage infrastructure in the North & South
America oil storage market. There has been a surge in demand for storage
facilities near export terminals and ports, particularly along the Gulf Coast,
which serves as the primary hub for U.S. oil exports.
This
trend is characterized by the development of large-scale oil storage terminals
designed to handle both crude oil and refined petroleum products. These
facilities are strategically located to facilitate easy access to international
markets and support the growing volume of oil exports. Many companies are
investing in infrastructure that can accommodate very large crude carriers
(VLCCs), which are essential for transporting oil across long distances. Canada is also expanding its export-oriented storage infrastructure,
particularly in regions like Alberta and British Columbia. With the completion
of pipeline projects like the Trans Mountain expansion, Canadian oil producers
are gaining increased access to international markets, further driving the need
for storage capacity that supports exports.
This
trend is expected to continue as North & South America solidifies its role
as a key player in the global oil market. The expansion of export-oriented
storage infrastructure not only boosts the region's oil storage market but also
strengthens its position in the global energy supply chain. With increasing global
demand for oil and refined products, particularly from emerging markets, the North
& South America oil storage market is poised for sustained growth in this
area.
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North & South America Oil Storage Market"
Based
on material, Steel dominated in the North & South America Oil Storage
Market in 2023, due to its strength, durability, and resistance to corrosion.
Steel tanks are widely preferred for storing crude oil and refined petroleum
products because they offer superior structural integrity and long-lasting
performance, which are crucial for maintaining the safety and efficiency of
storage facilities. One of the key advantages of steel is its ability to
withstand extreme environmental conditions, including fluctuations in
temperature and pressure. This makes it an ideal choice for oil storage, where
the potential for leaks or structural failure can pose significant
environmental and financial risks. The resilience of steel also contributes to
lower maintenance costs over time, making it a cost-effective solution for
operators who must balance initial investment with long-term operational
efficiency. The growing emphasis on regulatory compliance and
environmental safety standards has further propelled the use of steel in oil
storage. Steel tanks can be designed with advanced leak detection and
containment systems, ensuring that operators can adhere to stringent
regulations aimed at preventing environmental contamination. This alignment
with regulatory requirements enhances the attractiveness of steel as a material
choice for oil storage facilities.
Advancements in steel manufacturing technologies have led to the development of
high-strength, lightweight steel products that offer even greater efficiency
and safety. These innovations allow for the construction of larger storage
tanks that maximize storage capacity while minimizing the footprint, thereby
optimizing land use in critical storage locations. The increasing focus on
energy security in North & South America, driven by geopolitical tensions
and supply chain disruptions, has heightened the need for robust oil storage
solutions.
Based
on country, Canada is the fastest growing country in the North & South
America Oil Storage Market during the forecast period, Canada boasts
significant oil reserves, particularly in the oil sands of Alberta, which are
among the largest in the world. As production from these reserves continues to
increase, there is a corresponding demand for expanded storage capabilities to
manage both crude oil and refined products efficiently.
Canada’s strategic geographical position allows it to serve as a critical
supplier to the United States, one of the largest consumers of oil globally.
The extensive pipeline infrastructure connecting Canadian oil fields to U.S.
refineries necessitates a robust storage network to facilitate the seamless
flow of crude oil across the border. The development of new pipelines and the
expansion of existing ones further underline Canada’s commitment to enhancing
its oil storage capabilities to support this export-driven model. Regulatory
support and government initiatives also play a crucial role in promoting the
growth of the oil storage sector in Canada. The Canadian government has
actively encouraged investment in energy infrastructure, including storage
facilities, to ensure energy security and boost economic development. This
supportive environment attracts both domestic and foreign investments in oil
storage solutions, fostering growth in the sector.
The increasing focus on sustainability and environmental responsibility has
prompted Canadian companies to adopt advanced storage technologies, such as
double-walled tanks and leak detection systems. These innovations not only
enhance operational efficiency but also ensure compliance with stringent
environmental regulations, which is crucial for maintaining public trust and
social license to operate. Geopolitical factors, such as global supply chain
disruptions and market volatility, have emphasized the need for strategic oil
reserves, driving Canadian operators to expand their storage capabilities. As a
result, Canada’s combination of robust production, strategic positioning,
regulatory support, and innovative technologies positions it as the
fastest-growing country in the North & South America oil storage market
during the forecast period.
Key
market players in the North & South America Oil Storage market are: -
- Koninklijke
Vopak N.V.
- Berkshire
Hathaway Inc.
- LyondellBasell
Industries Holdings B.V.
- Gibson
Energy Inc.
- ONEOK,
Inc.
- Oiltanking
GmbH
- Intercontinental
Exchange, Inc.
- Sunoco
LP
- TGE
Gas Engineering GmbH
- Hanson
Tank
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“The
North & South America oil storage market presents several opportunities
driven by increasing domestic oil production, rising export demand, and the
need for enhanced energy security. Investment in advanced storage technologies,
such as automated monitoring systems and environmentally friendly tank designs,
can improve efficiency and safety. The transition toward
renewable energy sources offers opportunities for hybrid storage solutions that
accommodate both traditional and alternative fuels. Regulatory support and
government incentives for infrastructure development further enhance the
attractiveness of the market, encouraging investment in new storage facilities
and upgrades to existing ones to meet evolving market demands and compliance
standards.Top of Form” said Mr.
Karan Chechi, Research Director of TechSci Research, a research-based Global
management consulting firm.
“North & South America Oil Storage Market
By Type (Open Top, Fixed Roof, Floating Roof, Others), By Material (Steel,
Carbon Steel, Fiberglass Reinforced Plastic, Others), By Fuel Type (Crude Oil,
Gasoline, Diesel, LPG, Distillates, Aviation Fuel, Others), By Country,
Competition, Forecast and Opportunities, 2019-2029F,” has evaluated the future growth
potential of North & South America Oil Storage Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in North & South America Oil Storage Market.
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