Oil Storage Terminal Market Size, Share, Growth Analysis, By Product(Open Top, Fixed Roof, Floating Roof, Others), By Application(Crude Oil, Middle Distillates, Gasoline, Aviation Fuel), By Region - Industry Forecast 2024-2031

Asia-Pacific holds the largest share of the oil terminal market. The market is valued at USD 10.22 billion in 2021. The demand for energy and oil based commodities has increased in countries like India, China and Japan. South Korea and Singapore are central points for oil storage in the region. Singapore is projected to witness a growth of 6%.

North America is growing at a constant pace. It accounts for the second largest volume share of crude oil in 2021. With the revolution in shale oil production in many developed nations such as the U.S. There has been a rise in the production of crude oil in recent years. Due to the presence of major US strategic petroleum reserves the market will grow further.

Europe is expected to witness a healthy growth due to increasing usage. Most of the people rely on oil imports for energy. The increasing need for natural gas in Eastern Europe will help the market to grow healthily. Due to high usage the storage limit expansion is expected to be done.

The Middle-East is also expected to grow at a higher rate due to increase in production capacity to fulfill the global demand of crude oil. New and advanced technology comes with high production capacity. During the pandemic oil extracting companies used to pay heavy amounts to storage companies to store crude oil during low demand.