Future Outlook of Global Oil Storage Market Size 2023

Collecting products before distributing to refineries and retailers they are stored in a containers called oil storage. Production, distribution, and refining of petroleum products require different types and sizes of storage containers. Small bolted or welded tanks might be perfect for production fields while larger, welded storage containers are used in distribution depots and refineries all over the world.

Oil production has significant growth rate due to the demand from end-use industries. This has advised the suppliers to increase their inventories and infrastructure to store large quantities of crude oil. Petroleum products are produced through severe operations such as identification of oil reserve, examination, production, refining or processing operations, storage and logistics of supplying petroleum products to end-users. Oil production has steady growth worldwide. The supply of oil in the market has exceeded the consumption and demand of oil. This has created a promising market for oil storage which can be consumed in future. Crude oil, gasoline, aviation fuel, and middle distillates such as naphtha, kerosene, diesel, fuel oil, petrol, marine bunker fuels, and gas oil product need oil storage. Middle East and Africa dominates the global market for oil storage.

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The market is driven by the growth in need for large refining center, high degree of product containment and import or distribution type facilities. Initiatives, such as strategic petroleum reserve for storing large volumes of oil have enabled the government of the developed and the developing countries to protect the supply from price hike and stock out incident. However, decline in examination& production activities and reduction in production investment are expected to hamper the market growth.

The report on global oil storage market is an in depth analysis of the segments and sub-segments in the oil storage market. The report provides analysis for the global as well as regional markets over the period of 2015 to 2023. According to report the global oil storage market is expected to grow at a CAGR of 4.2% over the forecast period of 2017 - 2023.

Segments Covered

The report on global oil storage market covers segments such as material, type, and product design. The material segments include steel, carbon steel, and fibreglass reinforced plastic (FRP). On the basis of type the global oil storage market is categorized into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and LPG. Furthermore, on the basis of product design the oil storage market is segmented as open top, fixed roof, floating roof, and others.

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Geographic Coverage

The report provides regional analysis covering geographies such as North America, Europe, Asia-Pacific, and Rest of the World. In this section the key trends and market size for each geography is provided over the period of 2015 – 2023.

The countries covered in the North America region include the U.S., Canada, and Mexico; while Asia-Pacific includes China, Japan, India, South Korea, Malaysia and among others. Moreover, European region covers countries such as Germany, UK, France, Spain, and rest of Europe. The U.S. drives the growth in the North America region as it is the largest market in the region. The Asia-pacific region offers a substantial potential for the market growth owing to rapid growth in markets such as India and China.

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Companies Profiled:

The report provides profiles of the companies in the global oil storage market such as, Sunoco Logistics, Containment Solutions, Belco Manufacturing Company, L.F. Manufacturing, Columbian Steel Tank, Zcl Composites, Poly Processing, Oiltanking Gmbh, Red Ewald, Inc., and Synalloy Corporation.

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