Oil Storage Fee Rental Market Dynamics Amid Increasing Crude Oil Demand

According to a new report published by Allied Market Research, titled, "Global Oil Storage Fee Rental Market," The global oil storage fee rental market was valued at $9.3 billion in 2022, and is estimated to reach $13.7 billion by 2032, growing at a CAGR of 4.1% from 2023 to 2032.

The Oil Storage Fee Rental Market involves the leasing of storage facilities where crude oil and refined petroleum products are stored temporarily before being transported or processed. These storage facilities are essential components of the oil supply chain, providing critical capacity to manage supply-demand imbalances, ensure smooth distribution, and support strategic reserves. The market covers various types of storage infrastructure, including onshore tanks, underground caverns, and floating storage units, rented by oil producers, traders, and distributors to optimize inventory management and reduce operational costs. As global oil consumption and production fluctuate, the demand for flexible and reliable storage solutions continues to grow, making the oil storage fee rental market a vital part of the energy sector.

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The oil storage fee rental market is experiencing significant growth, driven by several key factors. The global demand for oil is expected to rise by 1.4 million barrels per day in 2023, leading to an increased need for storage capacity. This surge is influenced by factors such as population growth, the expansion of the middle class in developing countries, and the increasing use of oil in transportation. Consequently, oil companies are seeking to expand their storage capacities to meet these demands, thereby boosting the oil storage fee rental market.

Technological advancements are also playing a crucial role in the market's expansion. Innovations such as automated tank gauging systems and remote monitoring technologies are enhancing the efficiency and safety of oil storage facilities. These developments enable better inventory management, predictive maintenance, and compliance with stringent environmental regulations, making oil storage operations more cost-effective and attractive to investors.
Furthermore, the increasing stringency of environmental regulations is prompting oil companies to upgrade their storage facilities. Governments worldwide are implementing stricter regulations to reduce the environmental impact of oil storage, including requirements for double-hulled tankers, secondary containment systems, and vapor recovery systems. To comply with these regulations, oil companies are investing in modernizing their storage infrastructure, thereby driving the demand for oil storage fee rental services.

In the SIJORI region (Singapore, Johor, and Riau), the oil storage fee rental market is poised for growth, driven by the booming crude oil trade and rising investments in oil terminals. The region's strategic location as a global oil trading hub and the increasing demand for oil storage facilities are contributing to the market's expansion. Key players in the region, such as PSA International, Royal Vopak, and Singapore Petroleum Company Limited, are investing in infrastructure development to meet the growing demand.

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The oil storage fee rental market is segmented on the basis of rental rates, capacity, tank location, fuel type and region. On the basis of rental rates, the market is categorized into daily, weekly, monthly. On the basis of capacity, it is divided into 300Gal. To 2,999-Gal., 3,000-Gal. To 5,999-Gal., 6,000-Gal. To 8,999-Gal., and Above 9,000-Gal. On the basis of tank location, it is classified into above ground indoor storage tanks, above ground outdoor storage tank and underground storage tanks. On the basis of fuel type, it is classified into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and liquefied petroleum gas. On the basis of region, it is analysed across North America, Europe, Asia-Pacific and LAMEA.

On the basis of region, the North America region held major share in terms of revenue and is anticipated to grow at a CAGR of 4.5% from 2022 to 2031. Several countries in the North America region are investing in the large and small oil storage terminals. U.S. has the largest number of oil storage tank facilities which makes North America a dominant in the global oil storage fee rental market. The North America oil storage fee rental market share has expanded with the highest CAGR as the region's import and export of fuel goods has increased.

Moreover, international import and export, such as oil products and crude oil, also encourage the involvement of oil producing companies in oil storage services, in turn, driving the global oil storage fee rental market growth. Key players operating in the global oil storage fee rental market include, PSA International, Royal Vopak, Singapore Petroleum Company Limited., HORIZON TERMINALS, Jurong Port Universal Terminal Pte. Ltd., Feoso Group, VTTI., Oiltanking GmbH, Sinopec Kantons Holdings Limited, PT Pertamina (Persero) and Dialog Group Berhad.

Key findings of the study
• On the basis of rental rates, the monthly segment emerged as the leader in 2022 and is anticipated to be the largest markets during the forecast period.
• On the basis of capacity, the above 9000-GAL segment emerged as the leader in 2022 and is anticipated to be the largest markets during the forecast period.
• On the basis of tank location, the above ground outdoor storage tanks segment registered the highest market share and is projected to maintain the same during the forecast period.
• On the basis of fuel type, the crude oil segment registered the highest market share and is projected to maintain the same during the forecast period.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. 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.

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