Global Oil Storage Terminal Market is valued approximately USD 31.14 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.4% over the forecast period 2023-2030. Oil storage terminals, also known as oil terminals or tank farms, are facilities used for the storage of various types of oil and petroleum products. They serve as vital infrastructure in the oil industry and play a crucial role in ensuring a stable supply of oil to meet demand. Oil storage terminals are typically located near major ports, refineries, or production areas to facilitate the efficient transportation, storage, and distribution of oil. These terminals consist of several storage tanks, which can vary in size and capacity, depending on the specific terminal and its intended purpose. The Oil Storage Terminal market is expanding because of factors such as increasing demand energy, rising demand for various crude oil derived products.

The OPEC 2021 World Oil Outlook 2045 report predicts that between 2021 and 2045, upstream investments will amount to roughly US$1.5 trillion. About US$ 450 billion of this is allocated for investments in new refinery projects and the expansion of current facilities, primarily in developing nations. According to the International Energy Agency, total oil demand across the globe was 91 million barrels per day in 2020, climbed to 99.4 million barrels per day in 2022, and is expected to reach 104.1 million barrels per day by 2026. Thus, increasing demand, and consumption of oil across the globe is catering the market growth. In addition, Increasing Oil Trade Agreements and Increasing investments for creating strategic petroleum reserves is creating lucrative growth to the market. However, emphasis on adoption of renewable energy resources and growing awareness of carbon emissions stifles market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Oil Storage Terminal Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the rising oil demand, rising government support for the development of oil reserves. Asia Pacific is expected to grow significantly during the forecast period, owing to factors such as rising oil demand, and rising demand for petroleum based products, geographic expansion of key players, and active participation of government and nonprofit organizations in the market space.

Major market players included in this report are:
Royal Vopak
Belco Manufacturing
Containment Solutions, Inc.
Vitol
Oiltanking GmbH
CST Industries, Inc.
LF Manufacturing
Red Ewald
Superior Tank Co., Inc.
Puma Energy
Recent Developments in the Market:
In September 2021, in the UAE's port of Fujairah, the Brooge Petroleum and Gas Investment Company (BPGIC), a division of Brooge Energy, has begun construction of its phase 2 storage facility. All commissioning and testing clearances have been obtained for the location housing crude oil and clean petroleum products. BPGIC is now the second-largest storage operator in the area after phase 2 operations, with a storage capacity of roughly 1 million m3 (6.3 million bbl).
In December 2021, NOLA Oil Terminal LLC has announced the development of phase one of the oil and refined products terminal project in Plaquernines Parish, Louisiana. The United States invested $300 in purchasing the 158 acres. The project's first water-side phase includes two deepwater ports and one barge dock. When both ports are completely operating, they can moor 170.000 tank ships.
Global Oil Storage Terminal Market Report Scope:
Historical Data: 2020 - 2021
Base Year for Estimation: 2022
Forecast period: 2023-2030
Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered: Type, Tank Type, Product, Region
Regional Scope: North America; Europe; Asia Pacific; Latin America; Middle East & Africa
Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and Typeofferings of key players. The detailed segments and sub-segment of the market are explained below:

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:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa