Oil & Gas Storage Services Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented By Service (Storage Service, Throughput Service and Ancillary Service), By Product Type (Crude Oil, Gasoline, Diesel, Jet Fuel, Liquefied Petroleum Gas (LPG), Heavy Fuel Oil (Residual) and Others), By End-Users (Refinery, Distributors and Merchant Traders), By Region, Competition 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 4.78 Billion
CAGR (2026-2031)	5.82%
Fastest Growing Segment	Refinery
Largest Market	North America
Market Size (2031)	USD 6.71 Billion

Market Overview

The Global Oil & Gas Storage Services Market will grow from USD 4.78 Billion in 2025 to USD 6.71 Billion by 2031 at a 5.82% CAGR. Oil and gas storage services encompass the commercial infrastructure and logistics solutions required to stockpile crude oil, refined petroleum products, and natural gas in above-ground tanks or underground reservoirs. The market’s growth is primarily supported by the heightening global demand for energy security and the critical necessity to mitigate supply chain disruptions caused by geopolitical instability. Furthermore, the inherent price volatility of hydrocarbon commodities incentivizes stakeholders to utilize storage facilities for strategic inventory management and arbitrage opportunities, ensuring stable distribution during periods of fluctuating consumption.

However, market expansion confronts a significant challenge regarding the substantial capital expenditure required for constructing new facilities and maintaining aging infrastructure under stringent environmental regulations. These financial barriers can impede capacity development and delay necessary upgrades. According to the International Energy Agency, in November 2024, OECD industry stocks fell to 2,799 million barrels, positioning them 95.3 million barrels below the five-year average, illustrating the dynamic shifts in inventory levels that storage providers must navigate.

Key Market Drivers

The surge in Liquefied Natural Gas (LNG) trade functions as a primary catalyst for the storage services sector, necessitating the rapid development of specialized infrastructure. As nations diversify energy portfolios to reduce reliance on pipeline gas and coal, the logistical chain for LNG requires extensive cryogenic containment and regasification terminals. This trade momentum creates high utilization rates for existing terminals and drives investment in new capacity to handle transshipment volumes, ensuring that supply can bridge the geographic gap between production centers and end-users. According to Shell, February 2024, in the 'LNG Outlook 2024', global trade in liquefied natural gas reached 404 million tonnes in 2023, underscoring the massive scale of physical volumes that require intermediate stockpiling and logistical management.

Simultaneously, the expansion of Strategic Petroleum Reserves (SPR) by major economies directly bolsters demand for large-scale storage solutions. Governments are proactively procuring crude oil to refill national buffers, aiming to insulate domestic markets from supply shocks arising from geopolitical conflicts and production cuts. This state-led accumulation tightens available commercial capacity and ensures consistent revenue streams for storage operators managing these reserves. According to the U.S. Department of Energy, October 2024, in an announcement regarding the Strategic Petroleum Reserve, the government has directly purchased over 55 million barrels of oil for the stockpile to replenish reserves. This procurement activity aligns with broader consumption trends, as noted by the Organization of the Petroleum Exporting Countries, November 2024, in the 'Monthly Oil Market Report', where the world oil demand forecast for 2024 reflects a robust growth of 1.82 million barrels per day, further validating the need for expanded inventory holding capabilities.

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Key Market Challenges

The substantial capital expenditure required for constructing new facilities and upgrading aging infrastructure constitutes a formidable barrier hampering the growth of the Global Oil & Gas Storage Services Market. Developing storage terminals involves massive upfront costs and extended payback periods, which discourages investment, particularly when compounded by strict environmental regulations that necessitate expensive compliance measures. These financial and regulatory hurdles force operators to divert funds toward maintaining existing assets rather than expanding capacity, thereby slowing the development of critical infrastructure needed to handle supply fluctuations.

Consequently, this investment deficit creates a bottleneck that restricts the market's ability to adapt to shifting global energy flows. The magnitude of this financial challenge is evident in the sector's long-term capital requirements. According to the Organization of the Petroleum Exporting Countries (OPEC), in its World Oil Outlook released in September 2024, the global oil midstream sector requires a cumulative investment of approximately $1.3 trillion between 2024 and 2050 to ensure efficient transport and storage logistics. Such a high capital threshold restricts market entry for new players and delays necessary expansion projects, directly impeding the industry's growth trajectory.

Key Market Trends

The integration of Carbon Capture, Utilization, and Storage (CCUS) solutions is transforming the market as service providers evolve into carbon management hubs to decarbonize industrial clusters. Operators are increasingly retrofitting terminals and leveraging geological reservoirs to offer CO2 transport and sequestration services, creating a new revenue stream distinct from traditional hydrocarbon storage. This shift is driven by the need to manage industrial emissions, resulting in a rapid expansion of planned facilities. According to the International Energy Agency (IEA), April 2025, in the commentary 'CCUS projects around the world are reaching new milestones', the global project pipeline indicates that carbon capture capacity is set to reach approximately 430 million tonnes per year by 2030 based on current developments.

Concurrently, the sector is witnessing a strategic trend towards repurposing existing infrastructure for hydrogen and ammonia storage to support the energy transition. Market players are modifying brownfield sites and terminal assets to handle low-carbon carriers, capitalizing on established port access and logistical connectivity to minimize development costs compared to greenfield projects. This adaptation is essential for accommodating the growing trade in green fuels. According to Vopak, February 2025, in the 'Annual Report 2024', the company is redeveloping a strategic plot of land at its Antwerp terminal to facilitate the storage of green methanol and ammonia, illustrating the active conversion of legacy assets for new energy applications.

Segmental Insights

Based on current market analysis, the Refinery segment is projected to be the fastest-growing category within the Global Oil & Gas Storage Services Market. This expansion is primarily driven by the escalating global demand for refined petroleum products, which necessitates increased processing capacities and robust on-site inventory management. As nations expand their downstream infrastructure to ensure energy security, refineries require extensive storage solutions to handle fluctuations in crude oil supply and finished product output. Consequently, the critical need to maintain continuous operations and mitigate supply chain risks significantly accelerates the adoption of storage services within this sector.

Regional Insights

North America maintains a leading position in the Global Oil & Gas Storage Services Market driven by substantial domestic production from unconventional resources and extensive midstream infrastructure. The United States supports this dominance through the Strategic Petroleum Reserve, which necessitates vast storage capacities to manage supply disruptions. Additionally, clear regulatory frameworks established by bodies such as the Federal Energy Regulatory Commission encourage consistent investment in storage facilities and transmission networks. These factors collectively ensure the region remains the primary hub for inventory management and distribution within the global energy sector.

Recent Developments

• In November 2024, Advario and the Abu Dhabi National Oil Company awarded a key contract for the construction of the TA’ZIZ Chemicals Storage Terminal in Abu Dhabi. This new storage facility is set to become a pivotal logistics hub for the export of bulk chemicals and low-carbon fuels from the TA’ZIZ Industrial Chemical Zone. The collaboration highlights the company’s focus on developing integrated infrastructure that facilitates the energy transition. Once operational, the terminal will provide essential storage services, connecting domestic production with global markets and supporting the diversification of the regional energy economy.
• In October 2024, Royal Vopak commissioned a new industrial terminal in Huizhou, China, expanding its service offerings in the region. The greenfield facility adds 560,000 cubic meters of storage capacity and is directly connected to a large-scale chemical manufacturing complex via pipelines. This development represents the company's seventh terminal in China and is supported by long-term contracts with industrial customers. The new infrastructure is designed to handle a diverse range of liquid products, reinforcing the company's strategy to grow its industrial footprint and support the supply chains of key petrochemical hubs in Asia.
• In August 2024, VTTI completed the acquisition of a 50% equity interest in Dragon LNG, a major regasification terminal located in the United Kingdom. This strategic investment aligns with the company's goal to generate half of its earnings from transitional and sustainable energy sources by 2028. The terminal plays a critical role in the country's energy security by receiving, storing, and regasifying liquefied natural gas for the national grid. The CEO of VTTI stated that this collaboration with existing partners would ensure the facility continues to operate safely while accelerating its path toward decarbonization and growth.
• In July 2024, Enterprise Products Partners announced a significant expansion of its export services at the Enterprise Hydrocarbons Terminal along the Houston Ship Channel. The company revealed plans to increase refrigeration capacity, which will boost propane and butane export capabilities by approximately 300,000 barrels per day. This project aims to accommodate the rising international demand for natural gas liquids and is expected to enter service by the end of 2026. By enhancing its infrastructure, the company continues to strengthen its position in the global storage and logistics market, offering customers greater flexibility and access to export avenues.

Key Market Players

• Buckeye Partners, L.P.
• Magellan Midstream Partners, L.P.
• Oiltanking GmbH
• Royal Vopak N.V.
• Vitol Group
• Kinder Morgan, Inc.
• NuStar Energy L.P
• Odfjell SE
• International-Matex Tank Terminals
• Clean Harbors, Inc

By Service	By Product Type	By End-Users	By Region
Storage Service Throughput Service and Ancillary Service	Crude Oil Gasoline Diesel Jet Fuel Liquefied Petroleum Gas (LPG) Heavy Fuel Oil (Residual) and Others	Refinery Distributors and Merchant Traders	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Oil & Gas Storage Services Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

• Oil & Gas Storage Services Market, By Service:

• Storage Service
• Throughput Service and Ancillary Service

• Oil & Gas Storage Services Market, By Product Type:

• Crude Oil
• Gasoline
• Diesel
• Jet Fuel
• Liquefied Petroleum Gas (LPG)
• Heavy Fuel Oil (Residual) and Others

• Oil & Gas Storage Services Market, By End-Users:

• Refinery
• Distributors and Merchant Traders

• Oil & Gas Storage Services Market, By Region:

• North America
• United States
• Canada
• Mexico
• Europe
• France
• United Kingdom
• Italy
• Germany
• Spain
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• South America
• Brazil
• Argentina
• Colombia
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE