Oil Storage Market 2020 - Competitive Market analysis, Scope, Trend, Stake, Progress, and Forecast
According to a new report published by Allied Market Research, titled, Oil Storage Market by Type, Material, and Product Design: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global oil storage market was valued at $3,180 million in 2016, and is estimated to reach at $4,307 million by 2023, registering a CAGR of 4.4% from 2017 to 2023. In terms of volume, the market accounted for 257,307 thousand CBM in 2016, and is projected to reach 341,527 thousand CBM in 2023, registering a CAGR of 4.1% from 2017 to 2023.
The crude oil segment dominated the market in 2016, and is expected to continue this trend during the forecast period. Crude oil is naturally occurring liquid form of petroleum, which is refined into other oil products such as petrol, paraffin, and diesel oil. It is stored in different type of storage tanks such as atmospheric storage tanks, open top tanks, and fixed roof storage tanks.
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In 2016, carbon steel was the prominent material segment, which is a type of steel containing low concentration of carbon. It is used in designing oil storage tanks owing to its cost-effectiveness as compared to stainless steel. The floating roof segment dominated the global market in 2016, in terms of both value and volume. These types of tanks are ideal for storing petroleum products, particularly crude oil.
Key Findings of the Oil Storage Market:
o In 2016, LAMEA dominated the global market with half share in the overall market.
o The naphtha segment is estimated to grow at the highest CAGR from 2017 to 2023.
o The fiber reinforced polymer (FRP) segment is estimated to grow at the highest CAGR during the forecast period.
o The crude oil segment led in in 2016, and accounted for more than half share in total market.
o Asia-Pacific is expected to grow at the highest CAGR during the forecast period.
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