Press release
Oil Storage Market Report 2024: Size, Share, Growth, Trends, Forecast 2033
Oil Storage Market Report
As per the report, the oil storage market size has grown strongly in recent years. It will grow from $9.98 billion in 2023 to $10.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The oil storage market size is expected to see strong growth in the next few years. It will grow to $13.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%.
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Rising Crude Oil Demand Fuels Growth In The Oil Storage Market
The increase in the demand for crude oil supply is expected to propel the growth of the oil storage market. Oil storage is used for storing crude oil, petroleum, and other oil products that are further supplied to end-users. The increase in demand for crude oil supply is due to an increase in consumption of crude oil products like petroleum, oil, and gas. As the oil consumption grows, it will increase the demand of crude oil supply and there will be a significant need for oil storage. For instance, according to the International Energy Agency (IEA), consumption of natural gas in India is expected to reach 25 billion cubic meters with an annual growth of 9% by 2024, and also, according to the Indian Brand Equity Foundation (IBEF), oil demand in India is expected to grow by 50% by 2030 compared to 7% growth for global demand. Therefore, the increase in the energy of crude oil supply is expected to drive the oil storage market.
Axiom Equipment Group Introduces Innovative Mega Tank Fuel Storage Solutions For Operational Efficiency
Companies in the oil storage market are focusing on product innovations and developing new product solutions to strengthen their position in the market. For example, in September 2022, Axiom Equipment Group, a Canada-based Industrial equipment supplier, launched the Mega tank fuel storage tank with 1000L, 2000L, and 3000L capacity options. Built double-walled with bi-directional forklift pockets and lifting brackets, a removable inner tank, an extra-large compartment area, and the ability to dispense fuel to three pieces of equipment simultaneously, the Mega tank will help reduce the risks of downtime while becoming more cost-efficient operationally.
The oil storage market covered in this report is segmented -
1) By Product Design: Open Top Tank, Fixed Roof Tank, Floating Roof Tank, Other Designs
2) By Type: Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, Liquefied Petroleum Gas (LPG)
3) By Materials: Steel, Carbon Steel, Fiberglass Reinforced Plastic (FRP), Other Materials
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Major companies operating in the oil storage market report are NOV Inc., Chemie Tech, Shawcor Ltd, CST Industries, PermianLide (Permian Tank), McDermott International Ltd, Snyder Industries, Toyo Kanetsu KK, Superior Tank Co. Inc., Ishii Iron Works Co Ltd., Oil India Ltd, Reliance Industries Ltd, China National Petroleum Corporation, China National Offshore Oil Corporation, Shaanxi Yanchang Petroleum, Sinochem Group, JAPAN OIL Development Co. Ltd. Minato-Ku, Japan Petroleum Exploration Co. Ltd, Sakhalin Oil and Gas Development Co. Ltd, Japan Organization for Metals and Energy Security, Air Liquide Japan G.K., BPA British Pipelines Agency, CLH Compañía Logística de Hidrocarburos, GPSS Government Pipelines and Storage System, LCC Lissan Coal Company, OPA Oil and Pipelines Agency, PSD Petroleum Storage Depo, Rosneft, Surgutneftegas, Gazprom, LukOil, Transneft, Climbex S.A., VIG Sp. z o.o, ETG Risorse e Tecnologia S.r.l, Balcke-Durr GmbH, Suncor, Canadian Natural, Husky Energy, PDC Energy Inc., Kinetik Holdings Inc., Nustar Energy L.P., Delek US Holdings Inc., Exxon Mobil Corporation, Chevron Argentina SRL, YPF SA, Brooge Energy, Gulf Energy Maritime (GEM), Hansa Tankers, Odfjell Tankers, Petrochem Middle East (PME), Ace Tankers, Engen Petroleum, Vivo Energy, MOL Group, Stolt-Nielsen Limited
Contents of the report:
1. Executive Summary
2. Oil Storage Market Report Structure
3. Oil Storage Market Trends And Strategies
4. Oil Storage Market - Macro Economic Scenario
5. Oil Storage Market Size And Growth
…..
27. Oil Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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