Global Oil Storage Fee Rental Market Size, Share, Trends: By Product Type: Floating Roof Tanks, Fixed Roof Tanks, Bullet Tanks, Spherical Tanks, Others; By Application: Crude Oil, Gasoline, Aviation Fuel, Naphtha, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; 2024-2032

Global Oil Storage Fee Rental Market Size

The global oil storage fee rental market reached approximately USD 9.40 billion in 2023. The market is projected to grow at a CAGR of 4.2% between 2024 and 2032, reaching a value of around USD 13.61 billion by 2032.

Global Oil Storage Fee Rental Market Outlook

The global oil storage fee rental market value is increasing due to the rising reliance of nations on oil as a transition fuel to drive sustainable economic growth. Oil storage fee rentals are increasingly used by oil production and shipment companies to take advantage of economic trends and market conditions to boost revenue generation.

The increasing emphasis of large oil corporations and governments to meet fuel demand during times of supply chain disruptions is driving the market expansion. Technological advancements aimed at improving tank design and enhancing the efficiency and safety of oil transportation are expected to surge oil storage fee rental demand in the forecast period.

Increased Storage Demand and Technological Advancements are Some of the Crucial Oil Storage Fee Rental Market Trends

• The market is segmented by product type, with floating roof tanks expected to lead the market with a compound annual growth rate (CAGR) of 4.7%. This growth is driven by their enhanced safety design, which prevents product losses via evaporation and meets stringent environmental standards. 

• As per the oil storage fee rental industry analysis, fixed roof tanks follow with a projected CAGR of 4.5%, favoured for their versatility, simple design, unique pressure control features, and cost-effectiveness. 

• Bullet tanks are anticipated to grow at a CAGR of 4.3%, gaining traction due to their high space efficiency, versatility, transportability, and cost efficiency.

• Spherical tanks are anticipated to grow at a CAGR of 4.0%, gaining traction due to their high structural strength and optimal pressure distribution features. Their durability and efficient material usage create lucrative oil storage fee rental market opportunities.

• Other tanks are anticipated to grow at a CAGR of 3.8%, gaining traction due to the growth of the global oil and gas industry.

Changing Economic Conditions and Market Consolidation are Driving the Oil Storage Fee Rental Market Growth

• In terms of application, the crude oil segment is anticipated to dominate the market, with a CAGR of 4.7%. This can be attributed to the increased demand for electricity and the global expansion of the pharmaceutical industry. 

• The gasoline segment is projected to grow at a CAGR of 4.5%, driven by the growing demand for electricity generators and the usage of gasoline in various tools for the construction industry. 

• The aviation fuel segment is expected to grow at a CAGR of 4.3% to prevent huge losses to the aviation sector in the face of supply chain disruptions. 

• The naphtha segment is expected to grow at a CAGR of 4.0%. This can be attributed to its critical usage as a feedstock in gasoline production. 

• The other applications of the oil fee storage rental market are expected to grow at a CAGR of 3.8%, with technological advancements in innovations in storage tank design.

Global Oil Storage Fee Rental Market Regional Analysis

• The market is expected to experience varied growth rates across different regions from 2024 to 2032. The Asia Pacific significantly contributes to the oil storage fee rental market share, growing at a CAGR of 5.4% during 2024-2032. This growth is driven by rapid industrialisation and urbanisation in countries like China and India. 

• The Middle East and Africa is expected to grow at a CAGR of 4.5%, supported by rapid infrastructural development and the need for cost-effective power solutions in all regions. 

• Latin America is projected to grow at a CAGR of 4.0%, reflecting the region's ongoing efforts to boost energy security. 

• North America remains a significant market with a projected CAGR of 3.5%, driven by the electricity demand from the residential and commercial sectors, particularly in the USA and Canada. 

• The demand for the Europe oil storage fee rental market is expected to grow at a CAGR of 3.2%, driven by increasing government measures to attain self-sufficiency in energy production.

Oil Storage Fee Rental Market Regional Insight

North America

USA: Projected to grow at a CAGR of 3.4%, driven by technological advancements and high demand for power across various sectors.

Canada: Expected to grow at a CAGR of 4.0%, reflecting efforts to boost energy security and support for advanced technologies.

Oil Storage Fee Rental Industry Statistics in Europe

UK: Anticipated to grow at a CAGR of 3.8%, driven by an increase in offshore oil drilling in the North Sea.

Germany: Expected to grow at a CAGR of 3.1%, supported by technological advancements and increasing emphasis on the creation of strategic oil reserves.

France: Projected to grow at a CAGR of 2.9%, due to technological advancements and rising power demand.

Italy: Expected to grow at a CAGR of 2.6%, due to the growth of its manufacturing and chemical production sector.

Asia Pacific

India: Leading with the highest regional CAGR of 6.2%, reflecting rapid industrial growth and economic development.

China: Expected to grow at a CAGR of 5.2%, driven by significant industrialisation and rising imports of oil from Middle Eastern countries.

Japan: Projected to grow at a CAGR of 3.3%, supported by technological advancements and investments towards securing energy supply.

Australia: Expected to grow at a CAGR of 3.7%, driven by rapid urbanisation and rising power demand.

Latin America

The oil storage fee rental industry in Brazil is projected to grow at a CAGR of 4.6%, supported by expanding industrial activities and the growth of the domestic manufacturing sector.

Mexico: Expected to grow at a CAGR of 3.9%, reflecting ongoing efforts to boost industrial development and boost the production of solvents and coatings.

Middle East and Africa

Saudi Arabia: Projected to grow at a CAGR of 4.8%, reflecting significant investments in infrastructural development and the growth of its chemical industry.

Key Questions Answered in This Report:

• How has the global oil storage fee rental market performed historically, and what are the growth expectations for the future?

• What are the primary factors influencing demand and growth in the global oil storage fee rental market?

• What are the key segments within the global oil storage fee rental market, and how are they expected to evolve over the forecast period?

• What are the major challenges and opportunities facing stakeholders in the global oil storage fee rental market?

• Who are the key players in the global oil storage fee rental market, and what strategies are they employing to maintain a competitive edge?

• What are the regulatory and policy factors influencing the oil storage fee rental market globally or regionally?

• How competitive is the global oil storage fee rental market according to Porter's five forces analysis, including factors like the bargaining power of buyers and suppliers?

• What are the current trends shaping the global oil storage fee rental market landscape, and how are they expected to evolve in the future?

• How are technological advancements impacting the global oil storage fee rental market, and what role do innovation and R&D play in driving growth?

• What are the consumer preferences and buying behavior trends influencing the global oil storage fee rental market?

• How sustainable are current growth rates in the global oil storage fee rental market, and what factors could potentially disrupt these trends?

• What are the regional dynamics within the global oil storage fee rental market, and how do they contribute to overall market growth?

• What are the economic factors influencing the global oil storage fee rental market, such as GDP growth, inflation rates, and currency fluctuations?

• How are demographic shifts, such as aging populations or urbanization trends, affecting demand in the global oil storage fee rental market?

• What are the key strategic partnerships, mergers, and acquisitions shaping the competitive landscape of the global oil storage fee rental market?

• What are the regulatory and legal frameworks impacting the global oil storage fee rental market globally or in key regions?

• How are changing consumer lifestyles and preferences influencing product or service demand within the global oil storage fee rental market?

• What are the emerging market trends and niche opportunities within the global oil storage fee rental market that stakeholders should be aware of?

• How resilient is the global oil storage fee rental market to external shocks or disruptions, such as geopolitical tensions or natural disasters?

• What are the potential barriers to market entry and growth for new players in the global oil storage fee rental market?

Key Benefits for Stakeholders:

Expert Market Research's industry report provides a comprehensive quantitative analysis of various market segments, and historical and current market trends, and forecasts the dynamics of the Global oil storage fee rental market spanning from 2018 to 2032.

The research report delivers up-to-date insights into the market drivers, challenges, and opportunities shaping the global oil storage fee rental industry.

Stakeholders can leverage Porter's five forces analysis to assess the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. This analysis aids in evaluating the competitiveness and attractiveness of the global oil storage fee rental market.

The competitive landscape section enables stakeholders to gain a deep understanding of their competitive environment. It offers insights into the current market positions of key players, their strategies, and their market shares.

Additionally, the report highlights emerging trends, regulatory influences, and technological advancements that are pivotal for stakeholders navigating the global oil storage fee rental market landscape.

Key Highlights of the Report

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.