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US Oil and Gas Storage Market

ID: MRFR/EnP/17931-HCR
100 Pages
Garvit Vyas
October 2025

US Oil and Gas Storage Market Research Report By Storage Type (Above Ground Tanks, Below Ground Tanks, Floating Storage Units, Underground Caverns), By Material Type (Steel, Plastic, Fiber Reinforced Plastic, Concrete) and By End Use (Crude Oil, Natural Gas, Refined Products, Liquefied Natural Gas) - Forecast to 2035

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US Oil and Gas Storage Market Infographic
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US Oil and Gas Storage Market Summary

As per MRFR analysis, the US oil and gas storage market size was estimated at 56.44 USD Billion in 2024. The US oil and-gas-storage market is projected to grow from 58.6 USD Billion in 2025 to 85.33 USD Billion by 2035, exhibiting a compound annual growth rate (CAGR) of 3.83% during the forecast period 2025 - 2035.

Key Market Trends & Highlights

The US oil and gas storage market is currently experiencing a shift towards technological advancements and sustainability initiatives.

  • Technological advancements are enhancing storage efficiency and safety across the sector.
  • Sustainability initiatives are increasingly influencing investment decisions in oil and gas storage solutions.
  • The largest segment in the market is crude oil storage, while the fastest-growing segment is natural gas storage.
  • Key market drivers include rising crude oil prices and increasing demand for energy security.

Market Size & Forecast

2024 Market Size 56.44 (USD Billion)
2035 Market Size 85.33 (USD Billion)

Major Players

Royal Dutch Shell (NL), ExxonMobil (US), BP (GB), TotalEnergies (FR), Chevron (US), Eni (IT), ConocoPhillips (US), Equinor (NO), Repsol (ES)

US Oil and Gas Storage Market Trends

The oil and-gas-storage market is currently experiencing a dynamic phase characterized by evolving demand patterns and regulatory frameworks. As energy consumption continues to rise, the need for efficient storage solutions becomes increasingly critical. This market is influenced by various factors, including technological advancements, environmental considerations, and shifts in energy policies. The integration of innovative technologies is likely to enhance operational efficiency and reduce costs, thereby attracting investments. Furthermore, the emphasis on sustainability may drive the development of greener storage options, aligning with broader energy transition goals. In November 2025, the landscape of the oil and-gas-storage market appears to be shaped by a combination of traditional practices and modern innovations. Stakeholders are adapting to changing market conditions, which may include fluctuations in supply and demand dynamics. The ongoing focus on safety and environmental impact suggests that companies are prioritizing compliance with stringent regulations. As the market evolves, it is essential for industry players to remain agile and responsive to emerging trends, ensuring they can capitalize on new opportunities while mitigating potential risks.

Technological Advancements

The oil and-gas-storage market is witnessing a surge in technological innovations aimed at enhancing storage efficiency and safety. Advanced monitoring systems and automation are being integrated to optimize operations, reduce human error, and improve overall performance. These developments may lead to cost savings and increased reliability in storage facilities.

Sustainability Initiatives

There is a growing emphasis on sustainability within the oil and-gas-storage market, driven by regulatory pressures and public demand for environmentally friendly practices. Companies are exploring alternative storage solutions that minimize environmental impact, such as utilizing renewable energy sources and implementing carbon capture technologies.

Regulatory Changes

The regulatory landscape surrounding the oil and-gas-storage market is evolving, with new policies being introduced to enhance safety and environmental protection. Compliance with these regulations is becoming increasingly important for operators, as failure to adhere could result in significant penalties and operational disruptions.

US Oil and Gas Storage Market Drivers

Rising Crude Oil Prices

The oil and-gas-storage market is significantly influenced by fluctuations in crude oil prices. As of November 2025, crude oil prices have shown an upward trend, hovering around $80 per barrel. This increase in prices often leads to higher profit margins for storage operators, encouraging them to expand their facilities and services. The oil and-gas-storage market is likely to see a surge in demand for storage capacity as companies aim to capitalize on favorable pricing conditions. Additionally, the volatility in oil prices may prompt companies to stockpile reserves, further driving the need for efficient storage solutions. This dynamic creates a favorable environment for investment in the oil and-gas-storage market, as stakeholders seek to optimize their supply chains.

Growth of Renewable Energy Sources

The transition towards renewable energy sources is impacting the oil and-gas-storage market in various ways. As the U.S. government promotes the adoption of renewables, there is a growing need for storage solutions that can accommodate both traditional fossil fuels and emerging energy sources. The oil and-gas-storage market is likely to evolve as companies explore hybrid storage systems that integrate renewable energy technologies. In 2025, it is projected that renewable energy sources will account for approximately 30% of the U.S. energy mix, necessitating adaptable storage solutions. This trend may lead to increased investments in the oil and-gas-storage market, as stakeholders seek to diversify their portfolios and enhance their operational flexibility in response to changing energy landscapes.

Increasing Demand for Energy Security

The oil and-gas-storage market is experiencing heightened demand driven by the need for energy security in the United States. As geopolitical tensions and supply chain disruptions become more prevalent, stakeholders are increasingly investing in storage solutions to ensure a reliable energy supply. In 2025, the U.S. energy consumption is projected to reach approximately 100 quadrillion BTUs, necessitating robust storage capabilities. This demand for energy security is likely to propel investments in storage infrastructure, as companies seek to mitigate risks associated with supply volatility. Furthermore, the oil and-gas-storage market is expected to benefit from government incentives aimed at enhancing energy independence, which could further stimulate growth in this sector.

Environmental Regulations and Compliance

The oil and-gas-storage market is increasingly influenced by stringent environmental regulations aimed at reducing carbon emissions and promoting sustainability. In the United States, regulatory bodies are implementing measures that require storage facilities to adhere to stricter environmental standards. Compliance with these regulations often necessitates significant investments in infrastructure upgrades and technology enhancements. As of November 2025, it is anticipated that the oil and-gas-storage market will see a rise in demand for eco-friendly storage solutions, as companies strive to meet regulatory requirements. This shift towards compliance may also drive innovation within the industry, as firms seek to develop more sustainable practices and technologies that align with environmental goals.

Technological Innovations in Storage Solutions

Technological advancements are playing a crucial role in shaping the oil and-gas-storage market. Innovations such as advanced monitoring systems, automated inventory management, and enhanced safety protocols are being integrated into storage facilities. These technologies not only improve operational efficiency but also reduce costs associated with storage management. In 2025, it is estimated that the adoption of smart storage technologies could lead to a reduction in operational costs by up to 15% for storage operators. The oil and-gas-storage market is likely to benefit from these innovations, as they enable companies to optimize their storage capacities and respond more effectively to market demands. Furthermore, the integration of digital solutions may enhance the overall safety and reliability of storage operations.

Market Segment Insights

By Storage Type: Above Ground Tanks (Largest) vs. Below Ground Tanks (Fastest-Growing)

In the US oil and-gas-storage market, Above Ground Tanks represent the largest segment by market share, driven by their ease of access and maintenance. In contrast, Below Ground Tanks are gaining traction, reflecting a notable shift towards safer storage solutions that minimize surface environmental risks. The market shows diverse preferences as companies weigh the operational benefits of each type. Growth trends indicate a strong demand for Below Ground Tanks, attributed to their ability to enhance safety measures and comply with stricter regulations. Additionally, technological advancements are contributing to their appeal, with innovations that improve monitoring and reduce leakage risks. As the market evolves, both Above Ground and Below Ground Tanks are poised for significant roles, catering to varied operational needs.

Above Ground Tanks (Dominant) vs. Below Ground Tanks (Emerging)

Above Ground Tanks are the dominant storage solution in the US oil and-gas-storage market, preferred for their accessibility and rapid installation capabilities. They are particularly advantageous for operations requiring frequent monitoring and maintenance. Conversely, Below Ground Tanks are emerging as a favored choice for companies prioritizing safety and regulatory compliance. These tanks are designed to reduce environmental risks, with features that include advanced leak detection and monitoring systems. The contrasting attributes of these two storage types highlight the industry's evolving landscape, where companies are increasingly focused on balancing operational efficiency with safety and environmental responsibilities.

By Material Type: Steel (Largest) vs. Plastic (Fastest-Growing)

In the current landscape of the US oil-and-gas-storage market, Steel emerges as the dominant material type, accounting for a substantial portion of the total market share. It is known for its durability and robust performance, making it the preferred choice for numerous storage solutions. Plastic, on the other hand, while a smaller component of the market, has been gaining traction due to its lightweight nature and corrosion resistance, thereby appealing to a broader range of applications. Looking ahead, Fiber Reinforced Plastic is showing considerable promise as an emerging contender, fueled by its unique strength-to-weight ratio and versatility. Concrete remains a steady option, particularly for large-scale storage solutions, but the innovation in materials like Plastic and Fiber Reinforced Plastic is driving a shift in market demands, positioning them for accelerated growth in the near future.

Steel (Dominant) vs. Fiber Reinforced Plastic (Emerging)

Steel is widely recognized as the dominant material in storage solutions for the oil-and-gas industry, recognized for its strength and long-term durability, ensuring reliability even in harsh conditions. This makes it the preferred choice for large tanks and storage containers, where safety and structural integrity are paramount. In contrast, Fiber Reinforced Plastic is emerging as a strong alternative due to its light weight and high resistance to corrosive substances, which offers substantial benefits in terms of maintenance and lifecycle costs. As environmental considerations become more pronounced, Fiber Reinforced Plastic could see increased adoption due to its sustainability profile, leading to a competitive shift in the market landscape.

By End Use: Crude Oil (Largest) vs. Natural Gas (Fastest-Growing)

In the US oil and-gas-storage market, the end-use segment is prominently led by crude oil, holding the largest market share. This segment reflects the long-standing demand for storage solutions geared towards crude oil, driven by its critical role in the energy sector. Natural gas follows as a substantial segment, showcasing its increased adoption in energy consumption due to its environmentally friendly profile and growing infrastructure. Recent growth trends indicate that while crude oil remains dominant, natural gas storage is emerging as the fastest-growing segment, fueled by a shift towards cleaner energy sources and technological advancements in extraction and storage techniques. Additionally, refined products and liquefied natural gas are gaining traction, yet they remain overshadowed by the robust expansion of the natural gas segment in response to both policy changes and consumer preferences.

Refined Products (Dominant) vs. Liquefied Natural Gas (Emerging)

Refined products constitute a dominant segment in the US oil and-gas-storage market, characterized by their extensive use across various industries, including automotive, aviation, and heating. This segment benefits from established infrastructure and a consistent demand, ensuring stable growth. In contrast, liquefied natural gas represents an emerging market segment, experiencing rapid expansion due to international trading, favorable regulatory frameworks, and enhanced transportation capabilities. The shift towards liquefied natural gas is largely driven by its cost-effectiveness and lower emissions compared to traditional fossil fuels, positioning it as a key player in the evolving landscape of energy storage.

Get more detailed insights about US Oil and Gas Storage Market

Key Players and Competitive Insights

The oil and gas storage market is currently characterized by a competitive landscape that is both dynamic and multifaceted. Key growth drivers include the increasing demand for energy security, the transition towards renewable energy sources, and the need for efficient storage solutions. Major players such as ExxonMobil (US), Chevron (US), and TotalEnergies (FR) are strategically positioning themselves through innovation and regional expansion. ExxonMobil (US) focuses on enhancing its storage capabilities to accommodate fluctuating demand, while Chevron (US) emphasizes partnerships with technology firms to optimize its operations. TotalEnergies (FR) is actively investing in sustainable storage solutions, which collectively shapes a competitive environment that is increasingly focused on adaptability and technological advancement.

In terms of business tactics, companies are localizing manufacturing and optimizing supply chains to enhance efficiency and reduce costs. The market structure appears moderately fragmented, with several key players exerting considerable influence. This fragmentation allows for a variety of strategies to coexist, fostering competition that drives innovation and operational excellence among the leading firms.

In October 2025, Chevron (US) announced a strategic partnership with a leading technology firm to develop advanced storage solutions that leverage AI for predictive maintenance. This move is significant as it not only enhances Chevron's operational efficiency but also positions the company as a leader in integrating cutting-edge technology into traditional storage practices. Such initiatives are likely to set new benchmarks in the industry, emphasizing the importance of technological integration.

In September 2025, ExxonMobil (US) unveiled plans to expand its storage facilities along the Gulf Coast, aiming to increase capacity by 15%. This expansion is crucial as it aligns with the growing demand for energy storage in the region, particularly in light of fluctuating market conditions. By enhancing its infrastructure, ExxonMobil (US) is poised to capture a larger market share and respond more effectively to regional energy needs.

In August 2025, TotalEnergies (FR) launched a new initiative focused on sustainable storage solutions, which includes the development of biofuel storage facilities. This initiative reflects a broader trend towards sustainability within the industry, as companies seek to reduce their carbon footprint and meet regulatory requirements. TotalEnergies (FR) is likely to benefit from this strategic focus, appealing to environmentally conscious consumers and investors alike.

As of November 2025, current competitive trends indicate a strong shift towards digitalization, sustainability, and AI integration within the oil and gas storage market. Strategic alliances are increasingly shaping the landscape, allowing companies to pool resources and expertise to tackle complex challenges. Looking ahead, competitive differentiation is expected to evolve, with a notable shift from price-based competition to a focus on innovation, technology, and supply chain reliability. This transition underscores the necessity for companies to adapt and innovate in order to maintain a competitive edge in a rapidly changing market.

Key Companies in the US Oil and Gas Storage Market market include

Industry Developments

Recent developments in the US Oil and Gas Storage Market indicate a notable focus on infrastructure improvements and strategic expansions. Buckeye Partners is advancing its storage capacity with new infrastructure projects designed to enhance operational efficiency. Williams Companies has been actively involved in expanding its natural gas storage facilities to meet increasing demand, while Kinder Morgan continues to invest in its storage terminals to optimize supply chains.

In the current market, companies like Cheniere Energy and Plains All American Pipeline are witnessing growth due to surging demand for liquid natural gas storage amid fluctuating oil prices. This aligns with overall favorable market conditions fueled by a recovering economy and increasing energy needs. In terms of mergers and acquisitions, notable activity was reported in October 2022 when Energy Transfer announced its acquisition of a subsidiary of a key competitor, reinforcing its position in the market.

Over the past few years, the US Oil and Gas Storage Market has experienced shifts driven by regulatory changes and investments, particularly from notable companies such as Enterprise Products Partners and Targa Resources, impacting overall market valuation and competitive dynamics.

Future Outlook

US Oil and Gas Storage Market Future Outlook

The oil and gas storage market is projected to grow at a 3.83% CAGR from 2024 to 2035, driven by increasing energy demand and technological advancements.

New opportunities lie in:

  • Expansion of underground storage facilities for strategic reserves.
  • Investment in automated inventory management systems for efficiency.
  • Development of renewable energy storage solutions integrated with oil and gas operations.

By 2035, the market is expected to achieve robust growth, reflecting evolving energy dynamics.

Market Segmentation

US Oil and Gas Storage Market End Use Outlook

  • Crude Oil
  • Natural Gas
  • Refined Products
  • Liquefied Natural Gas

US Oil and Gas Storage Market Storage Type Outlook

  • Above Ground Tanks
  • Below Ground Tanks
  • Floating Storage Units
  • Underground Caverns

US Oil and Gas Storage Market Material Type Outlook

  • Steel
  • Plastic
  • Fiber Reinforced Plastic
  • Concrete

Report Scope

MARKET SIZE 2024 56.44(USD Billion)
MARKET SIZE 2025 58.6(USD Billion)
MARKET SIZE 2035 85.33(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR) 3.83% (2024 - 2035)
REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR 2024
Market Forecast Period 2025 - 2035
Historical Data 2019 - 2024
Market Forecast Units USD Billion
Key Companies Profiled Royal Dutch Shell (NL), ExxonMobil (US), BP (GB), TotalEnergies (FR), Chevron (US), Eni (IT), ConocoPhillips (US), Equinor (NO), Repsol (ES)
Segments Covered Storage Type, Material Type, End Use
Key Market Opportunities Adoption of advanced storage technologies enhances efficiency and safety in the oil and-gas-storage market.
Key Market Dynamics Regulatory changes and technological advancements drive innovation and efficiency in the oil and gas storage market.
Countries Covered US

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FAQs

What is the projected market size of the US Oil and Gas Storage Market in 2024?

The projected market size of the US Oil and Gas Storage Market in 2024 is valued at 47.47 USD Billion.

What will the market value of the US Oil and Gas Storage Market be in 2035?

The market value of the US Oil and Gas Storage Market is expected to reach 70.0 USD Billion by 2035.

What is the expected CAGR for the US Oil and Gas Storage Market from 2025 to 2035?

The expected CAGR for the US Oil and Gas Storage Market from 2025 to 2035 is 3.595%.

Which storage type has the highest market value in 2024?

In 2024, the storage type with the highest market value is Above Ground Tanks, valued at 15.0 USD Billion.

Which major players have significant presence in the US Oil and Gas Storage Market?

Significant players in the market include Buckeye Partners, Williams Companies, and Kinder Morgan, among others.

What is the market value of Below Ground Tanks in 2035?

The market value of Below Ground Tanks is projected to be 18.0 USD Billion in 2035.

How much is the market for Floating Storage Units expected to grow by 2035?

The market for Floating Storage Units is expected to grow to 14.0 USD Billion by 2035.

What are the anticipated market trends for the oil and gas storage sector in the coming years?

Anticipated trends include increased investment in infrastructure and advancements in storage technologies.

What is the projected market value for Underground Caverns in 2024?

The projected market value for Underground Caverns in 2024 is 10.47 USD Billion.

How will global conflicts potentially affect the US Oil and Gas Storage Market?

Global conflicts may lead to supply chain disruptions, impacting storage demand and pricing strategies.

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