The global oil storage market size is predicted to reach US$ 23 billion by 2030 and anticipated to grow at a CAGR of 4.1% over the forecast period 2021 to 2030.
The demand for oil storage facilities is rising across the globe to ensure supply of oil in case of emergencies. Growth in demand for refined petroleum products in various end-use industries is estimated to boost the global oil storage market over the next few years.
The demand for refined products is expected to rise in developing countries, such as China and India, in the near future, owing to rapid industrial economic development and increase in total household income of the people in these countries. For instance, as per BP Stats, the global consumption of petroleum products increased from 94.40 million barrels per day in 2014 to 98.27 million barrels per day in 2019. The increase in global demand for oil & gas products has boosted the investment by refiners in the expansion and construction of refinery facilities to cater to the rise in demand for petroleum products. This, in turn, is anticipated to propel the demand for storage facilities as these facilities are used to store refined products.
Increase in Demand for Oil Storage in Oil & Gas Sector
Based on storage type, the floating roof tanks segment dominated the global oil storage market in 2020. Floating roof tanks are widely preferred for oil storage across the globe. These tanks can be customized according to requirements. The segment is also anticipated to be highly attractive during the forecast period.
In terms of product type, the crude oil segment dominated the global oil storage market in 2020. The demand for crude oil is rising across the globe, owing to high consumption of petroleum products in various end-use industries.
Asia Pacific dominated the global oil storage market in 2020. It is likely to be a highly attractive region of the global oil storage market during the forecast period. The oil storage market in the region is estimated to expand at a significant pace between 2020 and 2030, due to the rise in urbanization and globalization. In Asia Pacific, China has the largest commercial and strategic oil storage facilities. It is followed by Japan. Japan provides oil storages facilities on lease to various petroleum companies. India, Malaysia, and South Korea are expanding their existing oil storage facilities. The price of crude oil has reduced marginally due to sudden drop in global consumption. This, in turn, has led to an increase in demand for storage facilities across the globe.
The U.S. held major share of the oil storage market in North America in 2020. The country is anticipated to continue its dominance of the oil storage market in the region in the near future, primarily due to the presence of key oil & gas players. Furthermore, investments in oil & gas exploration activities is high in the U.S. The country is also one of the largest exporters of crude oil in the world. This is propelling the oil storage market in the country.
Key players operating in the global oil storage market are Royal Vopak N.V., Vitol, Oiltanking GmbH, Ghazanfar Group, NuStar Energy L.P., Magellan Midstream Partners L.P., International-matex Tank Terminals Inc, Horizon Terminals Ltd, CLH Group, CIM-CCMP Group, and Buckeye Partners L.P.
|Market Size||US$ 23 billion by 2030|
|Growth Rate||CAGR of 4.1% From 2021 to 2030|
|Historic Data||2017 to 2020|
|Forecast Period||2021 to 2030|
|Segments Covered||Storage Type, Product Type, Reserve Type|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)|
|Companies Mentioned||Royal Vopak N.V., Vitol, Oiltanking GmbH, Ghazanfar Group, NuStar Energy L.P., Magellan Midstream Partners L.P., International-matex Tank Terminals Inc, Horizon Terminals Ltd, CLH Group, CIM-CCMP Group, and Buckeye Partners L.P.|
Market By Storage Type
Market By Product Type
Market By Reserve Type
Market By Region
This report focuses on Oil Storage market includes crucial information on market share, market size, and growth rate for the forecast period 2021 to 2030 at the global level, regional level and company level. From a global perspective, this report represents overall Oil Storage market size by analyzing historical data and future prospect. The study highlights deep analysis on the major drivers of the market, restraints, and challenges to help the business owners, suppliers, and marketing personnel in planning effective strategies for the forecast period. This will help the business and manufacturers to lead the market and gain prominent position in future. The report also presents vital information through graphical representation on factors like table, charts, and statistics. The study includes drivers and restraints of the global Oil Storage market.
The research not only conducts forecasts in terms of value, but also evaluates the market on the basis of essential parameters, such as Year-on-Year (Y-o-Y) growth. This helps providers to recognize the future opportunities as well predictability of the market.
In order to understand and assess opportunities in this market, the report is categorically divided into five key sections on the basis of segments. The report analyzes the global market in terms of value (US$ dollers) and volume (Million Units).
The research report includes specific segments by region (country), by company, by all segments. This study provides information about the growth and revenue during the historic and forecasted period of 2017 to 2030. Every segment is further sub-segmented into several sub-segmented that are deeply analyzed by experts to offer valuable information to the buyers and market players. Understanding the segments helps in identifying the importance of different factors that aid the market growth.
Major Key Points Covered in Report:
Executive Summary: It includes key trends of the Oil Storage market related to products, applications, and other crucial factors. It also provides analysis of the competitive landscape and CAGR and market size of the Oil Storage market based on production and revenue.
Production and Consumption by Region: It covers all regional markets to which the research study relates. Prices and key players in addition to production and consumption in each regional market are discussed.
Key Players: Here, the report throws light on financial ratios, pricing structure, production cost, gross profit, sales volume, revenue, and gross margin of leading and prominent companies competing in the Oil Storage market.
Market Segments: This part of the report discusses about product, application and other segments of the Oil Storage market based on market share, CAGR, market size, and various other factors.
Research Methodology: This section discusses about the research methodology and approach used to prepare the report. It covers data triangulation, market breakdown, market size estimation, and research design and/or programs.
The research report includes a detailed study of regions of North America, Europe, China, Japan and Rest of the World. The report has been curated after observing and studying various factors that determine regional growth such as economic, environmental, social, technological, and political status of the particular region. Analysts have studied the data of revenue and manufacturers of each region. This section analyses region-wise revenue and volume for the forecast period of 2017 to 2030. These analyses will help the reader to understand the potential worth of investment in a particular region.
The report provides in-depth segment analysis of the global Oil Storage market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the Oil Storage market.
The report includes country-wise and region-wise market size for the period 2017-2030. It also includes market size and forecast by segments in terms of production capacity, price and revenue for the period 2017-2030.
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, the global price of manufacturers, and sales by manufacturers during the forecast period of 2017 to 2019.
The analysts have provided a comprehensive analysis of the competitive landscape of the global Oil Storage market with the company market structure and market share analysis of the top players. The innovative trends and developments, mergers and acquisitions, product portfolio, and new product innovation expected to provide a dashboard view of the market, ultimately providing the readers accurate measure of the current market developments, business strategies, and key financials.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users) and other segments.
The research methodology adopted by analysts for compiling the global Oil Storage market report is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information that is obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts for the global market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine resources, analysts have emphasized the changing scenario of the global market.
For secondary research, analysts scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global Oil Storage market.
The study objectives of this report are:
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