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The global supply of crude oil has surpassed its demand and this has resulted in the need for Oil Storage Market 2024
Global Oil Storage Market
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Looking to strengthen their foothold in the global oil storage market, an increasing number of companies have been resorting to strategic alliances, partnerships, mergers, acquisitions, and joint ventures. “These strategies have enabled companies to raise funds for the development of new pipelines and storage facilities, the expansion of terminal networks, and the expansion of crude oil storage infrastructure,” the author of the TMR study states.
Kinder Morgan is an excellent example. Currently focused on enhancing terminal and storage infrastructure across North America, the industry giant acquired Hiland Partners in February 2015 for US$3 bn.
Ongoing Expansion of Oil Storage Capacities Driving Growth
“The global supply of crude oil has surpassed its demand and this has resulted in the need for oil storage facilities,” a TMR analyst states. This changing trend in the oil industry has given rise to oil inventories over the years. Companies have been striving to expand storage capacity, especially refineries in Asia Pacific and Europe. In addition to this, the swift rise in road travel has spurred the demand for finished petroleum products, which, in turn, has fueled the need for future storage capacity expansions. This has given the global oil storage market a significant boost. For instance, in 2015, CLH Group invested over US$200 mn to build integrated storage and transportation networks, including thousands of kilometers of storage facilities.
In contrast, TMR has observed that high initial investments and lengthy approval processes required for setting up and expansion oil storage facilities have restricted the growth of the global market.
“However, higher return on investment in the long term is likely to give players in the oil storage market the push they need,” the author of the study predicts.
Opportunities Galore in APAC Oil Storage Market
The global oil storage market is poised to expand at a 4.73% CAGR by volume from 2016 to 2024, reporting a rise from 1,337 mn cubic meters in 2014 to 2,027 mn cubic meters by the end of the forecast period. The Middle East and Africa region is the leading contributor in the global oil storage market with a 30% share in 2014, followed by North America and Europe. “Although Asia Pacific comes in fourth in terms of market share, the region is anticipated to trail the MEA oil storage market in terms of percentage growth from 2016 to 2024,” the analyst predicts.
By type of reserve, strategic petroleum reserves were the key contributor in 2014, followed by commercial petroleum reserves. By type of product, crude oil led the overall oil storage market in 2014 and will continue this trend through 2024.
This review is based on the findings of a TMR report titled “Oil Storage Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024.”
Oil Storage Market – Type of Storage Segment Analysis
-Open Top Tanks
-Fixed Roof Tanks
-Floating Roof Tanks
-Other Storage Facilities
Oil Storage Market – Product Type Segment Analysis
-Crude Oil
-Gasoline
-Aviation Fuel
-Middle Distillates
Oil Storage Market – Reserve Type Segment Analysis
-Strategic Petroleum Reserve
-Commercial Petroleum Reserve
Oil Storage Market – Regional Analysis
-North America
-U.S.
-Canada
-Europe
-Germany
-Netherlands
-Spain
-Belgium
-Asia Pacific
-China
-Japan
-South Korea
-Singapore
-Middle East & Africa
-Saudi Arabia
-UAE
-Iran
-South and Central America
-Brazil
-Argentina
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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