Oil Storage Industry Outlook, Comprehensive Insights, and Growth Forecast - 2030

The global oil storage market is projected to reach $18.4 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030. Oil storage refers to terminals or tanks used to store processed or produced oil from refineries. Tanks endure the reservoir at several stages of processing and transportation. Wooden storage tanks were utilized during 1980s, which are now substituted by stainless steel, plastic, carbon steel, or reinforced concrete. Downstream operations use huge storage tanks to assemble oil for further processing and marketing.

The global oil storage market is driven primarily by continued rise in energy outlook largely coupled with growing concerns about responding to the emergency supply of crude oil. Increase in import and export activities within the oil industry is driving market growth. Logistics and transportation are basic functions in the oil & gas industry. Current players in India, China, Canada, and the Middle East are expanding their ability to process heavy crude oil with more capacity, which is expected to drive growth over the forecast period.

The outbreak of COVID19 is expected to have a reasonable impact on the global oil storage market. With land tanks and storage options nearly full in some major countries, including the U.S. and India, market participants are often looking for opportunities to contribute to the demand for new oil storage alternatives in these areas. Nonetheless, technological advances, investments in storage facility development, and new pipelines to increase tank storage capacity are expected to create potential revenue opportunities for players operating in this market.

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The global oil storage market is analyzed across type, material, product design and region.

Based on type, the crude oil segment accounted for the majority share in 2020, holding nearly three-fifths of the global market. The naphtha segment, however, would exhibit the fastest CAGR of 6.22% during the forecast period.

Based on material, the carbon steel segment held the lion's share in 2020, garnering more than three-fifths of the global market. The fiber reinforced plastic segment, however, would cite the fastest CAGR of 5.84% during the forecast period.

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Based on region, market across LAMEA generated the highest share in 2020, garnering around half of the global market. The Asia-Pacific region, however, would exhibit the fastest CAGR of 5.24% during the forecast period.

The key market players analyzed in the global oil storage market include Odfjell SE, Puma Energy, Royal Vopak, Belco manufacturing co., Inc., Brooge Energy, Containment Solutions, Inc., Vitol, LBC Tank Terminals, L. F. Manufacturing, Inc., and Oiltanking GmbH. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.

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Impact Of Covid-19 On The Global Oil Storage Market
• The outbreak of COVID-19 has had a devastating impact on world, leading to stringent lockdowns in various countries across the globe. Thus, largescale shutdown of manufacturing units of numerous industries plummeted the demand for fossil fuels in transport and aviation sector, which impacted the global oil storage market negatively.
• Discontinuation of oil storage tank terminal construction and upgradation projects during the pandemic further aggravated the growth of the global oil storage market.

Key findings of the study
• Region wise, LAMEA accounted for the largest oil storage market share in 2020.
• On the basis of type, the crude oil segment holds the largest market share in 2020.
• Depending on material, the carbon steel segment garnered the major market share in 2020.
• By product design, the floating roof tank segment accounted for the largest market share in 2020.

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