Oil Storage Market: Introduction
Transparency Market Research delivers key insights on the global oil storage market. In terms of revenue, the global oil storage market is estimated to expand at a CAGR of 4% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global oil storage market.
The global oil storage market is broadly affected by several factors, including increase in usage of refined petroleum products in various end-use industries and rise in globalization and industrialization.
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.
Based on storage type, the floating roof tanks segment dominated the global oil storage market in 2019. 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 2019. The demand for crude oil is rising across the globe, owing to high consumption of petroleum products in various end-use industries.
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Oil Storage Market: Prominent Regions
Asia Pacific dominated the global oil storage market in 2019. 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 2024 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 2019. 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.
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Oil Storage Market: Prominent Players
- 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.
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