Oil Storage Market in North America - Huge Growth Opportunities & Expansion till 2023

Allied Market Research published a new report, titled, "North America Oil Storage Market". The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Oil storage market in North America is projected to reach $931 million in 2023, registering a CAGR of 4.8% from 2017 to 2023. Oil storage includes large tanks, sea tankers, and underground & above ground storage facilities to safely store various petroleum products. These products are majorly oil-based products, which are produced by distillation, and are used by industries other than the refining industry. Increase in oil production across the globe has encouraged suppliers to develop storage infrastructure and inventories for oil storage.

Oil storage refers to the mechanism used for safely storing various petroleum products. These products are majorly oil-based products, which are produced by distillation and are used outside the refining industry. Growth in global oil production encouraged the suppliers to develop storage infrastructure and inventory for oil storage. Oil storage includes large tanks, sea tankers, and underground & above ground storage facilities. Petroleum products are valuable commodities, which are used for various applications. These can be stored in salt mines, oil tankers, and tanks.

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Furthermore, increase in oil production has encouraged suppliers to improve their inventories and infrastructure to store large quantity of crude oil. In terms of volume, the market accounted for 54,154 thousand CBM in 2016, and is projected to reach 73,633 thousand CBM in 2023, registering a CAGR of 4.4% from 2017 to 2023.

The major factors that drive the growth of the North America oil storage market include decrease in crude oil prices across North America, rise in need for mega refining hub, high degree of product containment, and increase in import or distribution facilities. However, decline in production & exploration activities and rise in inventory cost hamper the market growth. On the contrary, the development of strategic petroleum reserves and increase in oil demand are expected to provide potential growth opportunities for the market expansion.

The crude oil segment dominated the market in 2017. 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. Furthermore, the naphtha segment is expected to grow at the highest CAGR from 2017 to 2023, and is anticipated to continue its dominance during the forecast period.

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The utilization rate of carbon steel-based storage tanks was high in 2016. However, fiber-reinforced plastic (FRP) segment is expected to grow at a highest CAGR during the forecast period, owing to the fact that FRP-based storage tanks are corrosion resistant, lightweight, easy to handle, leak proof, and require low maintenance.

On the basis of product, the fixed roof tanks segment occupied the largest share of about more than two-fifths share in 2016, in terms of revenue. The floating roof tanks segment is expected to grow at a highest CAGR of during the forecast period.

The key players of this market include Royal Vopak N.V., Kinder Morgan, Inc., Oiltanking GmbH (Marquard & Bahls), Buckeye Partners L.P., NuStar Energy L.P., International-Matex Tank Terminals, Inc., Magellan Midstream Partners, L.P., Energy Transfer Partners, LP., and Odfjell SE.

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Key offerings of the report:

1. Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
2. Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
3. Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
4. Regional Analysis: Thorough analysis of each region helps market players devise expansion strategies and take a leap.
5. Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.

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