Oil Storage Fee Rental Market Research Report By Storage Capacity (Small Capacity (100,000 barrels), Medium Capacity (100,000-500,000 barrels), Large Capacity (>500,000 barrels)), By Oil Type (Crude Oil, Refined Products (gasoline, diesel, jet fuel)), By Rental Duration (Short-Term (1 year), Medium-Term (1-5 years), Long-Term (>5 years)), By Storage Location (Onshore Storage, Offshore Storage) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Global Oil Storage Fee Rental Market Overview

As per MRFR analysis, the Oil Storage Fee Rental Market Size was estimated at 3.45 (USD Billion) in 2022. The Oil Storage Fee Rental Market Industry is expected to grow from 3.57(USD Billion) in 2023 to 4.9 (USD Billion) by 2032. The Oil Storage Fee Rental Market CAGR (growth rate) is expected to be around 3.58% during the forecast period (2024 - 2032).

Key Oil Storage Fee Rental Market Trends Highlighted

The Oil Storage Fee Rental Market is anticipated to witness significant growth in the coming years, driven by rising demand for oil storage services, increasing crude oil production, and growing investments in oil and gas exploration and production. The proliferation of refineries and petrochemical plants is further fueling the need for efficient storage and transportation of crude oil and refined products. Technological advancements, such as automated tank gauging systems and remote monitoring technologies, are streamlining operations and enhancing the efficiency of oil storage facilities. The increasing adoption of clean energy sources, including renewables and electric vehicles, is creating opportunities for repurposing oil storage facilities for alternative uses, adding further momentum to the market growth.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Oil Storage Fee Rental Market Drivers

Rising Demand for Oil Storage Capacity

The increasing demand for oil storage capacity is a major driver of the Oil Storage Fee Rental Market Industry. The global demand for oil is expected to rise by 1.4 million barrels per day in 2023, and this growth is expected to continue in the coming years. This growth in demand is being driven by a number of factors, including the increasing population, the rising middle class in developing countries, and the increasing use of oil in transportation.As a result of this growing demand, oil companies are looking to increase their storage capacity in order to meet the needs of their customers. This is leading to an increase in the demand for oil storage fee rental services.

Increasing Stringency of Environmental Regulations

The increasing stringency of environmental regulations is another major driver of the Oil Storage Fee Rental Market Industry. In recent years, governments around the world have implemented a number of regulations to reduce the environmental impact of oil storage. These regulations include requirements for double-hulled tankers, secondary containment systems, and vapor recovery systems. As a result of these regulations, oil companies are looking to upgrade their storage facilities in order to meet the new requirements.This is leading to an increase in the demand for oil storage fee rental services.

Technological Advancements

Technological advancements are also driving the growth of the Oil Storage Fee Rental Market Industry. In recent years, there have been a number of technological advancements that have made oil storage more efficient and cost-effective. These advancements include the development of new storage technologies, such as floating storage units and underground storage caverns. As a result of these advancements, oil companies are looking to upgrade their storage facilities in order to take advantage of the latest technologies. This is leading to an increase in the demand for oil storage fee rental services.

Oil Storage Fee Rental Market Segment Insights

Oil Storage Fee Rental Market Storage Capacity Insights  

The Oil Storage Fee Rental Market is segmented by storage capacity into small capacity (100,000 barrels), medium capacity (100,000-500,000 barrels), and large capacity (>500,000 barrels). The small capacity segment accounted for the largest share of the Oil Storage Fee Rental Market revenue in 2023 and is expected to continue to dominate the market through 2032. This is due to the increasing demand for small-scale oil storage facilities from industries such as manufacturing, transportation, and power generation. The medium capacity segment is expected to grow at a steady pace over the forecast period.This growth is being driven by the increasing demand for oil storage facilities from mid-sized businesses and oil traders. The large capacity segment is expected to witness the highest growth rate over the forecast period. This growth is being driven by the increasing demand for oil storage facilities from various industries and the growing need for strategic oil reserves.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Oil Storage Fee Rental Market Oil Type Insights  

The Oil Type segment plays a crucial role in dividing the Oil Storage Fee Rental Market. Two prominent sub-segments within this segment are Crude Oil and Refined Products (gasoline, diesel, jet fuel). Crude Oil, being the raw material for various refined products, accounts for a significant share of the market and is expected to continue its dominance in the coming years. On the other hand, Refined Products, particularly gasoline and diesel, witness high demand due to their extensive use in the transportation and industrial sectors. The Oil Storage Fee Rental Market revenue for Crude Oil is estimated to reach 1.56 Billion USD by 2026, while Refined Products are projected to generate a revenue of 1 Billion USD by the same year.This segmentation provides insights into the diverse storage requirements and fee structures associated with different oil types, enabling market participants to tailor their strategies accordingly.

Oil Storage Fee Rental Market Rental Duration Insights  

The Oil Storage Fee Rental Market is segmented by rental duration into short-term (1 year), medium-term (1-5 years), and long-term (>5 years). The short-term segment is expected to account for the largest share of the market by 2024 due to the flexibility and cost-effectiveness it offers. The medium-term segment is also expected to witness significant growth as businesses increasingly opt for longer-term contracts to secure stable storage capacity. The long-term segment is expected to grow at a slower pace but still contribute significantly to the overall market revenue.Overall, the Oil Storage Fee Rental Market is expected to witness steady growth in the coming years, driven by the increasing demand for oil storage capacity and the need for flexible and cost-effective storage solutions.

Oil Storage Fee Rental Market Storage Location Insights  

The Oil Storage Fee Rental Market is segmented by Storage Location into Onshore Storage and Offshore Storage. Onshore Storage accounted for the majority of the market revenue in 2023 and is projected to maintain its dominance throughout the forecast period. The growth of the Onshore Storage segment can be attributed to the increasing demand for oil storage facilities due to rising oil production and consumption. Offshore Storage is expected to witness a significant growth rate during the forecast period due to the increasing demand for offshore oil exploration and production activities.

Oil Storage Fee Rental Market Regional Insights  

Regionally, North America held the largest market share in 2023 and is projected to maintain its dominance throughout the forecast period. The growth in this region can be attributed to the increasing demand for oil storage facilities due to rising oil production and consumption. Europe is the second-largest market for oil storage fee rental and is expected to witness steady growth in the coming years. The presence of major oil and gas companies in the region is driving the demand for oil storage capacity. APAC is expected to witness the fastest growth in the oil storage fee rental market over the forecast period.The growth in this region can be attributed to the increasing demand for oil storage facilities due to growing oil consumption and industrialization. South America and MEA are also expected to contribute to the growth of the oil storage fee rental market. The growing oil and gas industry in these regions is driving the demand for oil storage facilities.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Oil Storage Fee Rental Market Key Players And Competitive Insights

Major players in the Oil Storage Fee Rental Market industry are adopting various strategies to enhance their market presence. These strategies include expanding their geographical reach, investing in research and development, and forming strategic partnerships. Leading Oil Storage Fee Rental Market players are also focusing on developing new and innovative products to meet the changing needs of customers. The Oil Storage Fee Rental Market is expected to witness significant growth in the coming years, owing to the increasing demand for oil and gas. The growing population and urbanization are also driving the demand for oil and gas, which is leading to the need for more storage facilities.Vopak is a leading provider of oil storage fee rental services. The company has a global network of terminals and a strong track record of providing reliable and efficient services. Vopak is investing in new technologies to improve its operational efficiency and reduce its environmental impact. The company is also expanding its geographical reach to meet the growing demand for its services.Another leading player in the Oil Storage Fee Rental Market is Oiltanking. The company has a global network of terminals and a strong focus on providing safe and reliable services. Oiltanking is investing in new technologies to improve its operational efficiency and reduce its environmental impact. The company is also expanding its geographical reach to meet the growing demand for its services.

Key Companies in the Oil Storage Fee Rental Market Include

• CNOOC


• Trafigura


• Glencore


• Shell


• TotalEnergies


• Mercuria Energy Group


• Koch Industries


• China National Petroleum Corporation (CNPC)


• Gunvor Group


• Royal Vopak


• Kinder Morgan


• Sinopec


• Vitol


• TransCanada


• BP

Oil Storage Fee Rental Market Industry Developments

The Oil Storage Fee Rental Market is projected to grow from USD 3.57 billion in 2023 to USD 4.9 billion by 2032, at a CAGR of 3.58%. The growth of the market is attributed to the increasing demand for oil storage facilities due to the rising production and consumption of oil and gas. The market is also driven by the growing need for strategic petroleum reserves and the increasing use of oil storage tanks for storing biofuels.Recent news developments and current affairs in the Oil Storage Fee Rental MarketIn January 2023, Saudi Aramco announced plans to invest USD 1 billion in the construction of a new oil storage terminal in Yanbu, Saudi Arabia. The terminal will have a capacity of 20 million barrels and is expected to be completed by 2025.In February 2023, Royal Dutch Shell announced plans to sell its oil storage terminal in Singapore to China's Hengli Petrochemical for USD 500 million. The terminal has a capacity of 1.3 million cubic meters and is one of the largest oil storage terminals in Singapore.In March 2023, China's Sinopec announced plans to build a new oil storage terminal in Zhoushan, China. The terminal will have a capacity of 10 million barrels and is expected to be completed by 2026.

Oil Storage Fee Rental Market Segmentation Insights

• Oil Storage Fee Rental Market Storage Capacity Outlook
  
  
  
  • Small Capacity (100,000 barrels)
  
  
  • Medium Capacity (100,000-500,000 barrels)
  
  
  • Large Capacity (>500,000 barrels)
  
  
  
  

• Oil Storage Fee Rental Market Oil Type Outlook
  
  
  
  • Crude Oil
  
  
  • Refined Products (gasoline, diesel, jet fuel)
  
  
  
  

• Oil Storage Fee Rental Market Rental Duration Outlook
  
  
  
  • Short-Term (1 year)
  
  
  • Medium-Term (1-5 years)
  
  
  • Long-Term (>5 years)
  
  
  
  

• Oil Storage Fee Rental Market Storage Location Outlook
  
  
  
  • Onshore Storage
  
  
  • Offshore Storage
  
  
  
  

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  Oil Storage Fee Rental Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia-Pacific
  
  
  • Middle East and Africa