According to the business intelligence report titled ‘Global Oil Storage Market Size study, by Product (Open Top, Fixed Roof, Floating Roof, Others), by Application (Crude Oil, Middle Distillates, Gasoline, Aviation Fuel, Others) and Regional Forecasts 2020-2027’, available with Market Study Report, global oil storage market was worth USD 3.6 billion in 2019 and is projected to grow at an annual rate of 4.4% over 2020-2027, subsequently reaching a valuation of USD 5.1 billion by the end of the forecast period.
 

As per the report findings, escalating oil demand across numerous verticals including automotive industry, pharmaceutical sector, and chemical industry has compelled suppliers to expand their inventories, which in turn is augmenting global oil storage market size.
 

Additionally, rising production and surging demand for crude oil & gas, volatile oil prices, along with government investments towards oil & gas exploration activities and projects are adding substantial traction to the industry growth.
 

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For the record, oil storage refers to a strategy wherein vertically integrated oil companies procure oil for direct delivery and stockpile until the oil prices increase. This safeguards the companies from short-term price fluctuations of crude oil as well as its derivatives.
 

Speaking of the factors hindering global oil storage market growth, , mounting inventory costs and imposition of stringent regulations germane to oil stockpiling will continue to hamper business dynamics during the analysis timeframe.
 

Based on product terrain, the industry is bifurcated into floating roof, fixed roof, open top, and others.
 

Elaborating on application spectrum, the industry is categorized into aviation fuel, gasoline, middle distillates, and crude oil among others.
 

Regionally, Latin America currently holds a majority of the overall oil storage market share and is slated to amass significant gains through 2027, owing to high concentration of prominent industry vendors and increasing oil & gas exploration activities in the region.
 

On the other hand, Asia-Pacific region is expected to emerge as a lucrative growth avenue for the industry during 2020-2027, attributable to surging crude oil & gas demand, and increasing investments towards offshore and onshore oil operations, especially in emerging economies like India and China, are fostering the regional industry development.
 

Leading companies influencing the worldwide oil storage market trends are Shawcor Ltd., Royal Vopak N.V., Columbian Steel Tank Co., Buckeye Partners, L.P, Oiltanking GmbH, Containment Solutions, Inc., Belco Manufacturing Company, Inc., Vitol Tank Terminals International B.V., and ZCL Composites, Inc.