Oil Storage Market Size, Supply, Demand, Cost Structure and Forecast 2023

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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Initiatives such as strategic petroleum reserve for stockpiling large volumes of oil have enabled the government of the developed and the developing countries to protect the supply from price hike and stock out incident. However, decline in exploration & production activities and decrease in production investment are expected to hamper the market growth.

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.

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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.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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