Press release
Oil Storage Market to reach USD 5.86 Bn by 2029, emerging at a CAGR of 4.81 percent and forecast 2023-2029
Oil Storage Market
The global oil storage market encompasses a wide array of tanks and terminals vital to the oil and gas supply chain, facilitating the storage of refined oil products. This comprehensive market landscape analysis explores the dynamics that shape this industry. Factors such as the type of oil, its properties, and the resulting tank materials and structures are integral in influencing the market's direction. The report delves into the realms of stainless steel, plastic, carbon steel, and reinforced concrete tanks, all designed to store diverse derivatives including gasoline, aviation fuel, crude oil, and more. With downstream processes requiring substantial storage for subsequent processing and commercialization, the operation of oil storage is a transient yet critical facet of the industry.
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Oil Storage Market Research Methodology
The newly released report delves into the world of oil storage, encompassing tanks and terminals utilized in the oil and gas supply chain. These infrastructures are integral for the storage of processed oil in above-ground or below-ground facilities. The report provides an extensive scope, analyzing market dynamics, drivers, restraints, and regional influences. Rigorous research methodology ensures accurate and relevant data for decision-makers.
What are Oil Storage Market Dynamics:
The market's dynamics reflect a steady upward trajectory, primarily driven by the oil and gas sector's robust growth on a global scale. Notably, the demand for mega refining centers, infrastructure for import and distribution, particularly in emerging economies such as Venezuela, Saudi Arabia, Iran, and Iraq, has surged, thereby spurring the need for efficient oil storage facilities. Governments' utilization of strategic petroleum reserves (SPRs) to ensure a stable energy supply further fuels market expansion. The ongoing surge in on-shore and off-shore exploration activities on a global scale translates into an increased demand for oil storage facilities, further contributing to the sector's growth during the forecast period.
Oil Storage Market Regional Insights:
North America: Dominating the market with a 32.4% share, valued at US $1.034 billion in 2022, North America's growth stems from rising energy and petroleum product demand. This fuels the need for storage terminals, supported by increased oil product production and exports.
Middle East and Africa: Accounting for over 25.1% market share, valued at US $0.807 billion in 2022, the Middle East and Africa region is driven by efficient refineries and growing oil output, particularly in countries like UAE, Saudi Arabia, and Kuwait.
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What is Oil Storage Market Segmentation:
by Material
Steel
Carbon Steel
Fiberglass Reinforced Plastic (FRP)
Others
by Product
Open Top
Fixed Roof
Floating Roof
Others
The market is divided into Open Top, Fixed Roof, Floating Roof, and Others based on the product. In 2022, the Fixed Roof market category accounted for 42% of the overall market. The high level of containment provided by Fixed Roof, which lowers the likelihood of a fire, is principally responsible for the segment's expanding penetration. Lower installation costs for permanent roof designs contribute to the segment's expansion. During the projection period, the floating roof segment is anticipated to expand significantly at a CAGR of 5.1%. The efficient design of the floating roof, which lessens corrosion and evaporative losses, is what is primarily driving demand in this market. The anticipated driving force behind the continued increase in demand for medium and low flash point hydrocarbon storage is
by Application
Crude Oil
Middle Distillates
Gasoline
Aviation Fuel
Others
The Oil Storage Market is divided into Crude Oil, Middle Distillates, Petrol, Aviation Fuel, and Others based on Application. In 2022, the category for crude oil accounted for 52.7% of the market. Increasing crude oil storage is anticipated during the projected period as a result of rising crude oil output and declining downstream and midstream consumption. Commercial crude oil inventories in the United States consumed 62% of the total storage capacity in June 2021, according to the US Energy Information Administration. During the projection period, the market for petrol oil is anticipated to rise at a CAGR of 6.2%. Growing applications of petrol oil as car fuel are anticipated to drive the segment because of its high combustion energy.
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Who are Oil Storage Market Key Players:
1. CST Industries
2. ZCL Composites, Inc.
3. Synder Industries
4. Denali Incorporated
5. Synalloy Corporation
6. LF Manufacturing
7. Superior Product Company, Inc.
8. Tianjin Anson International Co., Ltd.
9. Roth Industries Company
10. Ergil
11. Vopak
12. Waterford Product & Fabrication
13. Sri Ranga Industries
14. Hydrotherm Engineering Services
15. Belco Manufacturing Company
16. Containment Solutions
17. Sunoco Logistics
18. Oiltanking GmbH
19. Columbian Steel Tank
20. Poly Processing
21. Ziemann Holvrieka GmbH
22. Red Ewald, Inc
23. Oil Rock Mining
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The table of content for the Oil Storage Market includes:
1. Global Oil Storage Market: Research Methodology
2.
Global Oil Storage Market: Executive Summary
• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry
1. Global Oil Storage Market: Competitive Analysis
• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• MandA by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact
4. Company Profile: Key players
• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments
Key Offerings:
• Past Market Size and Competitive Landscape (2022 to 2029)
• Past Pricing and price curve by region (2022 to 2029)
• Market Size, Share, Size, and Forecast by different segment | 2022-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by Region
• Market Segmentation - A detailed analysis by growth and trend
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• Competitive landscape - Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations
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