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From 2023 to 2030, the worldwide oil storage market is anticipated to expand from its current volume of 1,649.8 MCM, at a CAGR (compound annual growth rate) of 5.98%. The growth of oil and gas production operations, as well as the rising demand for crude oil from a variety of end-use industries, are anticipated to propel the market forward over the forecast period.As the need to store crude oil in big amounts rises, suppliers are increasing their infrastructure and stockpiles to meet it. As crude oil prices have been volatile, countries that import oil have increased their oil storage capacity to protect their energy supply.
An AST can be either an open top tank (OTT), a fixed roof tank (FRT), an external floating roof tank (EFRT), or an interior floating roof tank (IFRT). Even a closed floating-roof tank (CFRT) could be chosen if it's the best option for the product. Over the forecast period, the market is expected to be driven by the increase in oil & gas production activities and the surge in demand for crude oil in many end-use industries. In response to expanding crude oil demand and the need to store huge volumes of crude oil, suppliers are placing increased emphasis on inventory and infrastructure development. As crude oil prices have been volatile, countries that import oil have increased their oil storage capacity to protect their energy supply. In addition, the trend towards building up strategic petroleum reserves across a number of countries is likely to have a beneficial impact on the development of the industry. The market for oil storage is divided on the basis of product type, material, product design, and geography.
Due to global supply bottlenecks, oil prices have shown continued high volatility and are projected to see rapid rises and sudden drops. Oil prices and crude oil supplies have been volatile, drawing more focus to the need for crucial oil storage facilities. Refiners in the United States have been carrying out various major projects to expand their capability to refine domestic crude oil by the end of 2023. Crude oil storage tank production in the region and worldwide will be driven by initiatives like these to make up for facility closures and reduce supply threats.
However, there are substantial setup and maintenance costs connected with building oil storage tanks. Investments in renewable fuels could slow the growth of the business as a whole. In addition, the cost of renewable energy sources like solar and wind is fast declining, making them more cost-effective than oil and other fossil fuels. Such obstacles may impede the oil industry's progress and prevent additional capacity from being added.
Oil and gas production have grown rapidly over the past few decades because of rising demand from numerous end markets. Oil storage has become a need due to the soaring demand for all forms of petroleum. This includes refined products like petrol and jet fuel as well as raw materials like middle distillates and crude oil. Oil storage companies are spending more on research and development, product development, and other aspects of the industry to strengthen their position in the competitive landscape.
Long-distance shipping is the norm for oil and gas, making oil storage an integral part of the oil supply chain that is expected to spur innovation and new development in the oil storage market over the forecast period. Since large storage systems are essential for maritime transport, especially at export-import terminals, the focus on oil storage has remained relatively strong; this is expected to contribute to the expansion of the global oil storage market over the forecasted time frame. The need for oil storage to safeguard a steady supply of oil in times of crisis has steadily increased over the past few decades.
Report Coverage
Global Oil Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil Storage market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
CST Industries, NOV Inc., Ascent Industries Co., Snyder Industries, LF Manufacturing, Fisher Tank Company, Superior Tank Co., Inc., Royal Vopak, ElixirPro Engineering Solutions Pvt. Ltd., SHAWCOR, Waterford Tank & Fabrication, ERGIL, and T BAILEY, Inc.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oil Storage market based on the below-mentioned segments:
Global Oil Storage Market, By Type
Crude oil
Gasoline
Aviation fuel
Naphtha
Diesel
Kerosene
Liquefied Petroleum Gas (LPG)
Global Oil Storage market, By Material
Open Top Tank
Fixed Roof Tank
Floating Roof Tank
Others
Global Oil Storage market, Regional Analysis
An AST can be either an open top tank (OTT), a fixed roof tank (FRT), an external floating roof tank (EFRT), or an interior floating roof tank (IFRT). Even a closed floating-roof tank (CFRT) could be chosen if it's the best option for the product. Over the forecast period, the market is expected to be driven by the increase in oil & gas production activities and the surge in demand for crude oil in many end-use industries. In response to expanding crude oil demand and the need to store huge volumes of crude oil, suppliers are placing increased emphasis on inventory and infrastructure development. As crude oil prices have been volatile, countries that import oil have increased their oil storage capacity to protect their energy supply. In addition, the trend towards building up strategic petroleum reserves across a number of countries is likely to have a beneficial impact on the development of the industry. The market for oil storage is divided on the basis of product type, material, product design, and geography.
Due to global supply bottlenecks, oil prices have shown continued high volatility and are projected to see rapid rises and sudden drops. Oil prices and crude oil supplies have been volatile, drawing more focus to the need for crucial oil storage facilities. Refiners in the United States have been carrying out various major projects to expand their capability to refine domestic crude oil by the end of 2023. Crude oil storage tank production in the region and worldwide will be driven by initiatives like these to make up for facility closures and reduce supply threats.
However, there are substantial setup and maintenance costs connected with building oil storage tanks. Investments in renewable fuels could slow the growth of the business as a whole. In addition, the cost of renewable energy sources like solar and wind is fast declining, making them more cost-effective than oil and other fossil fuels. Such obstacles may impede the oil industry's progress and prevent additional capacity from being added.
Oil and gas production have grown rapidly over the past few decades because of rising demand from numerous end markets. Oil storage has become a need due to the soaring demand for all forms of petroleum. This includes refined products like petrol and jet fuel as well as raw materials like middle distillates and crude oil. Oil storage companies are spending more on research and development, product development, and other aspects of the industry to strengthen their position in the competitive landscape.
Long-distance shipping is the norm for oil and gas, making oil storage an integral part of the oil supply chain that is expected to spur innovation and new development in the oil storage market over the forecast period. Since large storage systems are essential for maritime transport, especially at export-import terminals, the focus on oil storage has remained relatively strong; this is expected to contribute to the expansion of the global oil storage market over the forecasted time frame. The need for oil storage to safeguard a steady supply of oil in times of crisis has steadily increased over the past few decades.
Report Coverage
Global Oil Storage research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Oil Storage report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Oil Storage competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Oil Storage market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | @@@ |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Oil Storage Market from 2021 to 2030.
- Market Forecast for Oil Storage Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Oil Storage competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Oil Storage
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Oil Storage market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Oil Storage market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
CST Industries, NOV Inc., Ascent Industries Co., Snyder Industries, LF Manufacturing, Fisher Tank Company, Superior Tank Co., Inc., Royal Vopak, ElixirPro Engineering Solutions Pvt. Ltd., SHAWCOR, Waterford Tank & Fabrication, ERGIL, and T BAILEY, Inc.
Primary Target Market
- Market Players of Oil Storage
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Oil Storage market based on the below-mentioned segments:
Global Oil Storage Market, By Type
Crude oil
Gasoline
Aviation fuel
Naphtha
Diesel
Kerosene
Liquefied Petroleum Gas (LPG)
Global Oil Storage market, By Material
Open Top Tank
Fixed Roof Tank
Floating Roof Tank
Others
Global Oil Storage market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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