The Global Oil Storage Market was sized near USD X.X billion in 2016. The global oil storage market is projected to grow with a CAGR of 4.2% during 2017-2023 in terms of value.Production, refining, and distribution of petroleum products require many different types and sizes of storage tanks.Oil storage is a container where oil is stored.Oil storage is a process of collecting products before being distributed to refineries and retailers.Oil storage tanks vary in capacity and design.Early storage tanks were built of wood and metal bands that basically formed large barrels. As technology advanced, storage tanks increased in size and capacity are available for storing oil safely.There are different ways of storing oil such as on the surface,underground or they are made up of metal and concrete. Sub-underground storage of oil constructed in rock salt deposits are of great importance as they provide inter-seasonal storage of petroleum products such as gasoline, diesel fuel, and kerosene.
