Oil storage includes large tanks, sea tankers, and underground & above-ground storage facilities to safely store various petroleum products. These products are majorly oil-based products, which are produced by distillation, and are used by industries other than the refining industry. An increase in oil production across the globe has encouraged suppliers to develop storage infrastructure and inventories for oil storage. Furthermore, an increase in oil production has encouraged suppliers to improve their inventories and infrastructure to store large quantities of crude oil.
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The major factors that drive the growth of the North American oil storage market include a decrease in crude oil prices across North America, a rise in the need for mega refining hubs, a high degree of product containment, and an increase in import or distribution facilities. However, the decline in production & exploration activities and the rise in inventory cost hamper the market growth. On the contrary, the development of strategic petroleum reserves and the increase in oil demand are expected to provide potential growth opportunities for market expansion.
The crude oil segment accounted for the largest share in 2016, owing to high usage, applicability, and a large amount of production. Furthermore, the naphtha segment is expected to grow at the highest CAGR from 2017 to 2023 and is anticipated to continue its dominance during the forecast period.
The utilization rate of carbon steel-based storage tanks was high in 2016. However, the fiber-reinforced plastic (FRP) segment is expected to grow at the highest CAGR during the forecast period, owing to the fact that FRP-based storage tanks are corrosion-resistant, lightweight, easy to handle, leakproof, and require low maintenance.
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On the basis of product, the fixed roof tanks segment occupied the largest share of about more than two-fifths share in 2016, in terms of revenue. The floating roof tanks segment is expected to grow at the highest CAGR during the forecast period.
Key Findings of the North America Oil Storage Market:
- The diesel segment accounted for around one-sixth share by volume of the North American oil storage market in 2016.
- The kerosene segment is expected to grow at a CAGR of 6.6% by revenue from 2017 to 2023.
- The steel segment accounted for around one-third share by the volume of the North American oil storage market in 2016.
- Canada accounted for around one-fourth share by volume of the North American oil storage market in 2016.
- Mexico is expected to grow at the highest CAGR by revenue from 2017 to 2023.
U.S. was the leading revenue contributor to the North American oil storage market in 2016, registering a CAGR of 4.4% during the forecast period. This is attributed to the presence of a large number of key players and an upsurge in demand for oil products across the country. However, Mexico is expected to grow at the highest CAGR during the study period, due to an increase in the use of oil products and a rise in import-export facilities.
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