Oil Storage Terminal Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Strategic Reserve, Commercial Reserve), By Tank Type (Fixed Roof, Floating Roof, Bullet Tank, Spherical Tank), By Product (Diesel, Petrol, Aviation Fuel, Crude Oil, Kerosene, Others), By Region & Competition, 2021-2031F

Forecast Period	2027-2031
Market Size (2025)	USD 33.59 Billion
CAGR (2026-2031)	4.27%
Fastest Growing Segment	Spherical Tank
Largest Market	Asia Pacific
Market Size (2031)	USD 43.17 Billion

Market Overview

The Global Oil Storage Terminal Market will grow from USD 33.59 Billion in 2025 to USD 43.17 Billion by 2031 at a 4.27% CAGR. The Global Oil Storage Terminal Market consists of specialized infrastructure, including above-ground tanks and underground caverns, utilized for the temporary stockpiling of crude oil and refined petroleum products during the logistics phase. The market is fundamentally driven by the strategic imperative for nations to maintain energy security through robust reserves and the structural necessity to balance continuous production with fluctuating consumption patterns. Additionally, the inherent volatility in global crude oil prices necessitates flexible storage capacity, allowing stakeholders to mitigate supply chain interruptions and capitalize on price arbitrage opportunities efficiently.

However, market expansion is significantly challenged by the substantial capital expenditure required for facility construction and the increasing stringency of environmental regulations regarding emissions and safety compliance. According to the International Energy Agency, in December 2024, OECD industry stocks stood at 2,778 million barrels, a statistic that highlights the critical reliance on storage infrastructure to manage inventory deficits and stabilize market dynamics. This data underscores the operational pressure on terminals to maintain capacity amidst shifting global supply flows.

Key Market Drivers

The expansion of Strategic Petroleum Reserve (SPR) initiatives serves as a primary catalyst for the market, as nations aggressively bolster their energy security against geopolitical instability. Governments are systematically procuring crude oil to replenish stockpiles depleted during previous supply disruptions, necessitating extensive storage capabilities in both underground caverns and commercial tanks. This state-led accumulation directly absorbs available terminal capacity, ensuring facilities remain operational even during periods of lower commercial demand. According to the U.S. Department of Energy, October 2024, in the 'DOE Purchase of 3.5 Million Barrels for Strategic Petroleum Reserve' announcement, the administration finalized contracts for 3.5 million barrels of crude oil for delivery to the Bayou Choctaw storage site, illustrating the continued momentum in government-backed inventory build-up.

Concurrently, the surge in global refining capacity and petrochemical output requires expanded logistical infrastructure to manage the increased volume of feedstock and finished products. As refineries maximize throughput to meet consumption needs, the requirement for intermediate storage to handle flow imbalances and blending operations intensifies. This uptick in downstream activity exerts pressure on existing terminal networks to optimize turnover rates and maintain high asset utilization. According to the Energy Institute, June 2024, in the 'Statistical Review of World Energy', global refinery throughput increased by 1.5 million barrels per day in 2023, signaling a robust recovery in processing activity that drives demand for tankage. Furthermore, according to Royal Vopak, in 2024, the proportional occupancy rate across its global terminal network stood at 93 percent, demonstrating the critical role of storage providers in accommodating these elevated product flows.

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Key Market Challenges

The expansion of the Global Oil Storage Terminal Market is significantly hindered by the substantial capital expenditure required for facility construction, a challenge compounded by the increasing stringency of environmental regulations. Developing modern storage infrastructure is inherently capital-intensive, demanding heavy upfront investment in land acquisition, specialized steel tanks, and advanced engineering to ensure safety. This financial burden is further intensified by rigorous compliance mandates regarding emissions control and leak detection, which drastically inflate project costs and extend development timelines. Consequently, stakeholders are often forced to prioritize capital discipline, delaying or cancelling capacity expansions in regions where regulatory costs erode the return on investment.

This restrictive investment landscape has led to a marked divergence in global infrastructure development, with growth concentrated in markets where construction economics are more favorable. The impact of these financial and regulatory barriers is evident in the uneven distribution of new projects. According to the Tank Storage Association, in 2024, Asia accounted for approximately 68% of the global tank storage capacity under construction, whereas North America contributed only 6%. This disparity underscores how high capital requirements and complex compliance environments in mature markets effectively hamper local growth, limiting the industry's ability to expand capacity evenly across key logistics hubs.

Key Market Trends

There is a significant shift towards using automated crawler robots and aerial drones for the inspection of storage tanks and pipelines. This trend replaces manual entry into hazardous confined spaces, enhancing worker safety, speeding up statutory inspections, and lowering operational maintenance costs. By deploying autonomous systems equipped with advanced sensors, operators can perform frequent integrity checks without taking assets offline or exposing personnel to toxic environments. According to Bilfinger, December 2025, in the 'Bilfinger partners with Energy Robotics' press release, the integration of automated inspection technologies resulted in a tenfold decrease in operational expenses for tank inspections, underscoring the immense financial efficiency of robotic deployment.

As part of the energy transition, storage terminals are modifying existing infrastructure to handle a diverse range of liquid fuels, including biofuels, methanol, and ammonia. This trend involves upgrading tank linings and pumping systems to ensure compatibility with blended renewable fuels alongside traditional crude oil and refined products. Consequently, terminal operators are reallocating significant capital towards modernizing facilities to support low-carbon supply chains and regulatory compliance. According to Kinder Morgan, July 2025, in the '2024 Sustainability Report', the company allocated 77% of its total expansion capital investment toward lower carbon fuels, highlighting the aggressive industry pivot toward multi-fuel capabilities.

Segmental Insights

The spherical tank segment currently represents the fastest-growing category within the global oil storage terminal market. This rapid expansion is primarily driven by the increasing international demand for liquefied petroleum gas and other volatile hydrocarbons that require storage under high pressure. Unlike standard cylindrical vessels, the distinct geometric design of spherical tanks ensures uniform stress distribution, making them essential for maintaining structural integrity and minimizing vapor loss. Furthermore, adherence to rigorous safety standards set by organizations such as the American Petroleum Institute encourages terminal operators to adopt these robust vessels for handling pressurized commercial gases securely.

Regional Insights

The Asia Pacific region holds a dominant position in the global oil storage terminal market due to rapid industrialization and escalating energy requirements in major economies like China and India. This surge in demand drives extensive investments in infrastructure to manage heavy import dependencies and ensure energy security. Governments are actively expanding strategic petroleum reserves, with institutions such as India's Ministry of Petroleum and Natural Gas implementing policies to bolster national inventory capacities. Furthermore, the region's growing refining sector necessitates increased tankage availability to mitigate supply chain risks and accommodate rising crude oil processing volumes.

Recent Developments

• In December 2025, Gibson Energy announced the sanctioning of a new integration project to connect the Wink-to-Webster pipeline system directly to its Gateway Terminal in Ingleside, Texas. Alongside this infrastructure development, the company secured long-term contract extensions for terminalling services at its Edmonton Terminal in Canada, locking in a significant portion of its storage capacity for an additional twenty years with a key investment-grade customer. These strategic initiatives were part of the company's broader effort to enhance connectivity for Permian Basin crude oil and secure stable, long-term cash flows from its core oil storage assets.
• In September 2024, Advario completed the acquisition of full ownership of the Helios terminal in Singapore by purchasing the remaining stake from its former joint venture partner. The terminal, located on Jurong Island, serves as a vital hub within the Singaporean bunkering ecosystem, managing the storage and handling of fuels and industrial gases. This strategic consolidation enabled the company to fully align the facility with its long-term vision for the energy transition, specifically positioning the terminal to accommodate future flows of low-carbon ammonia, methanol, and biofuels while supporting the nation's sustainable development objectives.
• In July 2024, Enterprise Products Partners announced a major expansion project at its Enterprise Hydrocarbons Terminal on the Houston Ship Channel to address growing global demand for natural gas liquids. The company revealed plans to add refrigeration capacity that would increase its export capabilities for propane and butane by approximately 300,000 barrels per day. This project was also designed to improve instantaneous loading rates and free up additional capacity for propylene exports. The expanded service was scheduled to commence operations by the end of 2026, further solidifying the terminal's position in the global energy supply chain.
• In May 2024, Royal Vopak, in collaboration with its joint venture partner AltaGas, reached a final investment decision to develop the Ridley Island Energy Export Facility in British Columbia, Canada. This new large-scale terminal project was designed to facilitate the export of liquefied petroleum gas, featuring a dedicated jetty capable of handling very large gas carriers. The facility aimed to provide a significant logistical advantage by offering shorter shipping distances to Asian markets compared to the United States Gulf Coast. The partners projected the total investment for the development to be approximately C$1.35 billion, with the terminal expected to be operational by late 2026.

Key Market Players

• TotalEnergies SE
• BP p.l.c.
• Valero Energy Corporation
• Cargill, Inc.
• ONEOK, Inc.
• Buckeye Partners, L.P.
• Oiltanking GmbH
• Zenith Energy Ltd.
• HES International B.V.
• Enbridge Inc.
• Shell plc
• GasLog Ltd.

By Type	By Tank Type	By Product	By Region
Strategic Reserve Commercial Reserve	Fixed Roof Floating Roof Bullet Tank Spherical Tank	Diesel Petrol Aviation Fuel Crude Oil Kerosene Others	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

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

• Oil Storage Terminal Market, By Type:

• Strategic Reserve
• Commercial Reserve

• Oil Storage Terminal Market, By Tank Type:

• Fixed Roof
• Floating Roof
• Bullet Tank
• Spherical Tank

• Oil Storage Terminal Market, By Product:

• Diesel
• Petrol
• Aviation Fuel
• Crude Oil
• Kerosene
• Others

• Oil Storage Terminal 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