Oil Storage Market 2019: Global Key Players, Segmentation, Opportunities, Forecast To 2024| CST Industries, ZCL Composites, Inc., Synder Industries, Denali Incorporated

The global oil storage market is driven by surging demand for petrochemical products worldwide as well as increasing investments made towards the development of new refinery facilities. Citing recent instance, in 2019, global oil & gas giant, Shell PLC announced plans to increase the storage capacity of its Bukom refinery by constructing two new crude oil tanks that can hold a capacity of worth 1.3 million barrels.

Increasing investments made for upgrading and enhancing storage capacity at existing refineries to fulfil increased industry demand for refined petrochemical products will also drive oil storage market size. In 2017, Klaipeda terminal revealed plans to build six refined storage facilities with a holding capacity of 20,000 cubic meters backed by an investment of USD 42.9 million. Moreover, reports from Global Market Insights, Inc. suggests that oil storage market is anticipated set to surpass 1.2 bcm by 2024.

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Rising private investments made across regional downstream and mid-stream industries is expected to propel market growth over the upcoming years. Intensifying focus toward the development of technologically advanced refinery units will stimulate industry outlook. In addition, fluctuating crude oil price due to continuous increase in production from various OPEC nations will foster oil storage unit deployment. According to the Organization of the Petroleum Exporting Countries, the total crude oil demand is expected to expand over 92.3 million barrel of oil equivalent per day by 2020.

Ongoing focus towards enhancing energy security across various leading oil producing nations including Venezuela and Iraq will support industry expansion. Moreover, underperforming crude processing capacity and growing hydrocarbon production from countries like Iran, Nigeria, and Libya will complement business growth. According to Energy Information Administration (EIA), in 2018, crude oil production increased by 42.3% from 2017 level. The demand and supply gap leading to a global increase in crude oil production will further bolster oil storage industry landscape.

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Rising demand for aviation fuel to drive oil storage market outlook

Based on end-use, the oil storage market is segmented into gasoline, aviation fuel, crude oil, middle distillates, LNG, and LPG applications. The aviation fuel storage segment is anticipated to witness significant growth over the forecast period. Reportedly, in 2017, aviation fuel accounted for more than 10% of the global oil storage market. Escalating investments made across the aviation industry as well as significant government initiatives made to boost the global tourism industry will complement segment growth.

According to the International Energy Agency (IEA), in 2018, the total number of air passenger reached at 4.3 billion, with passenger activity raised by 6.1% to 8.2 trillion revenue passenger kilometers (RPK). Rapid growth in the air transit sector along with several regional connectivity schemes like UDAN are expected to augment the market outlook. Moreover, growing air passenger numbers each year are likely to fuel the demand for aviation oil, thereby supplementing demand for enhanced oil storage capacity worldwide. For instance, in 2017, over 3 billion passengers/year were reported to travel by commercial planes across the globe.

In terms of product type, the oil storage industry is divided into floating roof tank, fixed roof tank, spherical tank and more. The demand for fixed roof storage tank is increasing significantly on account of growing demand for storing liquids pertaining high flash point such as kerosene, diesel, and others. The escalating need for fixed roof tanks can also be attributed to factors like minimum risk associated with fire outbreak, low installation cost, and easy design. Aspects that are likely to raise product penetration compared to others product types. Additionally, the ability to offer high storage pressure with less emission will complement fixed roof tank industry scenario.

The floating roof tank market is expected to gain over 3% by 2024. These types of tanks are mostly used to store low and medium flash point liquids like aviation fuel, crude, and other middle distillates. The tank’s ability to provide reduce petroleum product losses and lower particulate matter emissions will enhance product penetration. Moreover, growing investment made to expand storage capacity across petrochemical refineries is expected to bolster segment size over the forecast period.

A brief on the regional landscape of oil storage industry

Unveiling U.S. oil storage market trends

According to regional analysis, the U.S. oil storage market is projected to witness commendable growth on account of ongoing advancements of unconventional hydrocarbon resources as well as abundant presence of O&G reserves across the region. According to EIA, oil production from unconventional reserves accounted for more than 50% of the U.S. crude production in 2017.

Apparently, several oil and gas giants are investing heavily to boost their business landscape lately. Industry players in the U.S. oil storage market are also engaging in numerous revenue and growth generation activities in a bid to gain a competitive led over rivals. Factors that are likely to offer growth impetus to the U.S. oil storage market trends.

Unveiling APAC oil storage market trends

Asia-Pacific oil storage industry is anticipated to accrue growth of over 4.7% by 2024. Government initiatives made to exploit the region’s untapped hydrocarbon potentials as well as soaring private investments made to cater the exponentially increasing energy demand from the residential and industrial sector will fuel market growth. According to the BP stats 2018, the total proved reserves of crude oil in China was accounted for around 25.7 thousand million barrels in 2016 when compared to 20.8 thousand million barrels in 2007.

Growing concerns and efforts to cater the APAC’s energy crisis, especially during the current global and regional economic slowdown is anticipated to accelerate strategic oil reserve development over the forecast period. Rising demand for sustainable energy across APAC due to its rapidly proliferating industrial sector will further fuel technology adoption.

Indonesia oil storage market is forecast to witness a noteworthy growth due to abundant availability of oil and natural gas reserves. According to reports, Indonesia holds proven reserves of about 7 billion of oil and over 150 trillion cubic feet of natural gas. Introduction of several initiatives to promote the development of undeveloped O&G field will strengthen business landscape. Moreover, numerous tax schemes and production sharing contracts introduced by the government to support development of O&G field will foster oil storage market size across Indonesia.

Unveiling South Africa oil storage market trends

South Africa oil storage market is also estimated to amass substantial growth over the coming years. Growing investment made by the region’s industries to develop and construction modern storage facilities, mainly to improve energy security, will boost industry size. Increasing emphasis towards catering the growing industrial and residential sector will also fuel market growth.

Moreover, supportive government initiatives and investments made by international player in a bid to expand their business reach across the region would drive South Africa oil storage market size over the estimated timeframe.

Unveiling Europe oil storage market trends

Europe oil storage market is projected to exceed by 2% over the forecast timeline. Increasing inorganic growth activities among regional market players along with surging trade activities pertaining to crude oil and petroleum products is expected to augment business outlook. Citing an instance, in 2017, Credit Agricole Assurances announced acquisition of over 40% share of MSSFH in a bid to gain a market share in France.

Renowned industry participants operating in the global oil storage market include Synalloy (Palmer), Superior Tank, Waterford Tank & Fabrication, CST Industries, Ergil, Ergil, Elixir, ZCL Composites, Sri Ranga Industries, Denali, Superior Tank, L.F. Manufacturing, Hydrotherm Engineering Services, Vopak, and Tianjin Anson International Company. Companies are collaborating with other market players to enhance their business reach in a bid to satisfy evolving customer requirements and demands. They are also engaging in numerous business and revenue expansion activities.

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