PUBLISHER: The Business Research Company | PRODUCT CODE: 1246096
PUBLISHER: The Business Research Company | PRODUCT CODE: 1246096
“Oil Storage Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on oil storage market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for oil storage? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The oil storage market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the oil storage market are: Belco Manufacturing Co Inc., Brooge Energy, Containment Solutions Inc., LBC Tank Terminals, L F Manufacturing Inc., Oiltanking GmbH, ZCL Composites, Oman Tank Terminal Company, Columbian Steel Tank, Vitol Tank Terminals International BV, Ghazanfar Group, Horizon Terminals Ltd and Waterford Tank & Fabrication.
The global oil storage market grew from $9.41 billion in 2022 to $9.86 billion in 2023 at a compound annual growth rate (CAGR) of 4.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services, causing inflation across goods and services and affecting many markets across the globe. The oil storage market is expected to grow to $11.94 billion in 2027 at a CAGR of 4.9%.
The oil storage market consists of sales of atmospheric storage tanks (AST), open top tanks (OTT), external floating-roof tanks (EFRT), and internal floating-roof tanks (IFRT). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Oil storage refers to reservoirs or containers used to store oils. The oil storage tank is used to hold oil products temporarily before they are transported to end-users. Oil storage is used by companies to get more profits by using the cheapest storage method called underground spaces like the depleted reservoir.
North America was the largest region in the oil storage market in 2022. The regions covered in the oil storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of oil storage include pen top tanks, fixed roof tanks, floating roof tanks and others. The open-top tank refers to process-oriented tanks and is typically used for blending or containment such as chroming tanks, dipping tanks, and batch tanks. These are used in industries as secondary containers for liquid storage. These tanks are used for the storage of crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene and liquefied petroleum gas (LPG). The different materials used in oil storage include steel, carbon steel, fibreglass reinforced plastic (FRP) and others.
The increase in the demand of crude oil supply is expected to propel the growth of the oil storage market. Oil storage is used for storing crude oil, petroleum, and other oil products that are further supplied to end-users. The increase in demand of crude oil supply is due to an increase in consumption of crude oil products like petroleum, oil, and gas. As the oil consumption grows, it will increase the demand of crude oil supply and there will be a significant need for oil storage. For instance, according to the International Energy Agency (IEA), consumption of natural gas in India is expected to reach 25 billion cubic meters with an annual growth of 9% by 2024, and also, according to the Indian Brand Equity Foundation (IBEF), oil demand in India is expected to grow by 50% by 2030 compared to 7% growth for global demand. Therefore, the increase in the energy of crude oil supply is expected to drive the oil storage market.
Product innovation is a key trend gaining popularity in the oil storage market. Many companies operating in the oil storage market are focusing on developing new products to increase their portfolio and capture additional revenue. For instance, in April 2020, Sasol, a South Africa-based integrated energy and chemical company launched TERRAVIS PI. It is used for high production efficiency with low cost. The TERRAVIS PI is a unique product as it improves the flowability of crude oil, particularly in colder environments by reducing insulation, solvent, utility, and mechanical removal costs.
In June 2021, Energi Asia, a UAE-based oil and gas infrastructure investment company acquired the assets of Bulk Terminal Storage from Oiltanking. The acquisition demonstrates Energi's continued commitment to strengthening its infrastructure in the African region and supporting customers with both conventional and alternative fuel storage needs. Oiltanking is a Germany-based logistics service provider of tank terminals for petroleum products, chemicals, and gases.
The countries covered in the oil storage market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The oil storage market research report is one of a series of new reports from The Business Research Company that provides oil storage market statistics, including oil storage industry global market size, regional shares, competitors with an oil storage market share, detailed oil storage market segments, market trends and opportunities, and any further data you may need to thrive in the oil storage industry. This oil storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.