Oil Storage Market Trends Analysis, Growth and Forecast Till 2027
IMARC Group, a leading market research company, has recently releases report titled “Oil Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” The study provides a detailed analysis of the industry, including the global oil storage market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Oil Storage Market?
|Market Size in 2021||US$ 9.0 Billion|
|Market Forecast in 2027||US$ 11.5 Billion|
|Growth rate (2022 to 2027)||CAGR of 4.07%|
|Base Year of the Analysis||2022|
What is Oil Storage?
Oil storage represents tanks and terminals utilized in oil and gas supply chains to store processed oil in above or underground facilities. They are of various types, including floating roofs, fixed roofs, open-top, single-skin, double-skin, and bundled tanks. These oil storage tanks are mostly manufactured using stainless steel, carbon steel, plastic, and reinforced concrete materials and act as an effective reservoir for safely storing gasoline, crude oil, petrol, aviation fuel, diesel, naphtha, liquified petroleum gas (LPG), and other derivatives. Consequently, they find extensive applications across several sectors, such as automotive, oil and gas, transportation, etc.
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What Are the Growth Prospects and Trends in the Oil Storage Market?
The growing oil and gas segment across countries, the rising off-shore and on-shore exploratory activities, and the increasing requirement for mega refining hubs and import and distribution-related facilities, especially in developing countries, are among the key factors driving the oil storage market. In line with this, the inflating demand for LPG, specifically in the automobile segment, is further stimulating the market growth. In addition to this, the escalating usage of strategic petroleum reserves (SPRs) by government bodies to maintain oil reserves in large volumes and ensure constant energy supply are acting as significant growth-inducing factors. Apart from this, the elevating employment of advanced technologies to fabricate more durable steel tanks to minimize and prevent oil leakages during storage is also positively influencing the global market. Moreover, the launch of numerous favorable policies and initiatives by government bodies across the globe aimed at promoting cross-border oil trade activities is anticipated to propel the oil storage market over the forecasted period.
Who Are the Key Players Operating in the Oil Storage Market?
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Buckeye Partners L.P.
- CST Industries Inc.
- Denali Incorporated (NOV Inc.)
- Energy Transfer LP
- LF Manufacturing
- Oiltanking GmbH (Marquard & Bahls)
- Royal Vopak N.V.
- Shawcor Ltd.
- Synalloy Corporation
- Snyder Industries LLC
- VTTI B.V.
- Ziemann Holvrieka GmbH.
What is Included in Market Segmentation?
The report has categorized the market based on material, product and application.
Breakup by Material:
- Carbon Steel
- Fiberglass Reinforced Plastic (FRP)
Breakup by Product:
- Open Top
- Fixed Roof
- Floating Roof
Breakup by Application:
- Crude Oil
- Middle Distillates
- Aviation Fuel
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
Key Highlights of the Report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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