Allied Market Research published a new report, titled, Oil Storage Market was estimated at $12.2 billion in 2020, and is expected to reach $18.4 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Oil storage refers to terminals or tanks used to store processed or produced oil from refineries. Tanks endure the reservoir at several stages of processing and transportation. Wooden storage tanks were utilized during 1980s, which are now substituted by stainless steel, plastic, carbon steel, or reinforced concrete. Downstream operations use huge storage tanks to assemble oil for further processing and marketing. The global oil storage market is driven primarily by continued rise in energy outlook largely coupled with growing concerns about responding to the emergency supply of crude oil. Increase in import and export activities within the oil industry is driving market growth. Logistics and transportation are basic functions in the oil & gas industry. Current players in India, China, Canada, and the Middle East are expanding their ability to process heavy crude oil with more capacity, which is expected to drive growth over the forecast period.
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Increasing use of oil storage tanks in the production, refining, and distribution of petroleum products, surge in oil & gas production activities, and growing demand for crude oil in various end-use sectors are expected to drive the growth of the global oil storage market. On the other hand, alteration in product, physical, and chemical properties is expected to hinder the growth of the market to some extent. However, rising trend for strategic petroleum reserves across various countries across the globe is expected to create lucrative opportunities in the industry.
The research offers a detailed segmentation of the global Oil Storage market. Key segments analyzed in the research include Type, Material, Product Design and Region. Extensive analysis of sales, revenue, growth rate, and market share of each segment, and geography for the historic period and the forecast period is offered with the help of tables.
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Region-wise, the global Oil Storages market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific accounted for a major Oil Storages market share in 2020, owing to increased power consumption, government initiatives to increase power generation capacity using renewable energy sources, and replacement of aging power plants are expected to drive the market in the region. The Asia-Pacific dominated the global market with more than two-fifths of the total market share in 2020.
The market player positioning segment provides an understanding of the current position of the market players active in the Oil Storage industry.
The research offers an extensive analysis of key players active in the global Oil Storage industry. Detailed analysis on operating business segments, product portfolio, business performance, and key strategic developments is offered in the research. Leading market players analyzed in the report include Belco manufacturing co., Inc., Brooge Energy, Containment Solutions, Inc., LBC Tank Terminals, L. F. Manufacturing, Inc., Oiltanking GmbH, Odfjell SE, Puma Energy, Royal Vopak, and Vitol. These players have adopted various strategies including expansions, mergers & acquisitions, joint ventures, new product launches, and collaborations to gain a strong position in the industry.
Get detailed COVID-19 impact analysis on the Oil Storage Market Request Here
COVID-19 Scenario
- The outbreak of COVID-19 has had a devastating impact on world, leading to stringent lockdowns in various countries across the globe. Thus, largescale shutdown of manufacturing units of numerous industries plummeted the demand for fossil fuels in transport and aviation sector, which impacted the global oil storage market negatively.
- Discontinuation of oil storage tank terminal construction and upgradation projects during the pandemic further aggravated the growth of the global oil storage market.
Key offerings of the report:
- Key drivers & Opportunities: Detailed analysis on driving factors and opportunities in different segments for strategizing.
- Current trends & forecasts: Comprehensive analysis on latest trends, development, and forecasts for next few years to take next steps.
- Segmental analysis: Each segment analysis and driving factors along with revenue forecasts and growth rate analysis.
- Regional Analysis: Thorough analysis of each region help market players devise expansion strategies and take a leap.
- Competitive Landscape: Extensive insights on each of the leading market players for outlining competitive scenario and take steps accordingly.
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