Rapidly growing demand for oil in the transportation sector and the improved transportation infrastructure across the developing and developed countries are the major factors fueling the growth of the oil storage market. In addition, increase in the investment towards the import of the crude oil in the emerging economic countries such as India and China has positive impact on the demand for the oil storage. Moreover, increase in import and export activities related to petroleum industry across the globe led to the demand for oil storage terminals. Oil storage terminals will have huge opportunities during the forecast period, due to the importance of the crude oil to the national energy security and increase in investment among developed and developing countries toward stockpiling the crude oil. The abovementioned factors will provide huge opportunities for the development of the market across the globe. The global oil storage market size was valued at $12.2 billion in 2020, and is projected to reach $18.4 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
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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.
The outbreak of COVID19 is expected to have a reasonable impact on the global oil storage market. With land tanks and storage options nearly full in some major countries, including the U.S. and India, market participants are often looking for opportunities to contribute to the demand for new oil storage alternatives in these areas. Nonetheless, technological advances, investments in storage facility development, and new pipelines to increase tank storage capacity are expected to create potential revenue opportunities for players operating in this market.
Population growth, rise in income levels, and rapid urbanization have created global oil demand, but resource depletion means that most countries in the world are primarily dependent on oil supply imports increase. The world’s population is projected to reach approximately 9.8 billion in 2050 and 11.2 billion in 2100, and countries to build these terminals to meet oil demand and income from commercial exploitation will drive the growth of the market. Various products derived from crude oil such as diesel, gasoline, aviation fuel, and kerosene have found huge applications in various sectors. In recent years, the automobile industry has grown rapidly. Navy operations have increased. The aviation industry is keeping pace with the growth of air travel, and the chemical industry is with the introduction of new products. Due to these factors, the demand for diesel, gasoline, and lubricating oil is increasing, which has positive impact on the demand for crude oil, which, in turn, propels the demand for oil storage terminals.
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The global oil storage market is segmented into type, material, product design, and region.
Depending on type, the global oil storage market is categorized into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and liquefied petroleum gas. In terms of value, the crude oil segment accounted for the largest share in 2020. By material, the market is bifurcated into steel, carbon steel, and fiberglass reinforced plastic. In terms of value, carbon steel segment accounted for the largest share in 2020. On the basis of product design, the market is bifurcated into open top tank, fixed roof tank, floating roof tank, and others. In terms of value, floating roof tank segment accounted for the largest share in 2020.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. LAMEA accounted for the largest share of the market in 2020, with Asia-Pacific being the fastest growing region. The major companies profiled in oil storage industry 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.
In addition to the abovementioned companies, there are Energy Transfer Partners, LP. (Sunoco Logistics Partners), Synalloy Corporation, Columbian TecTank, Inc., Poly Processing Company, Inc., Red Ewald Inc., and ZCL Composites Inc. are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the Oil storage in the forecast period.
Impact Of Covid-19 On The Global Oil Storage Market
- Emergence of COVID-19 had a less impact on the growth of the global Oil storage market during this period.
- This impact is mostly attributed to the significant disruptions in the raw material transportation, presence of low-labor, led to shutdown of many manufacturing industries led to decline of demand for Oil storage during this period.
- The decrease in demand for many non-essential products and shut down of construction has created a negative impact on the development of global oil storage market.
- Thus, the abovementioned factors are expected to have negative impact the global Oil storage market growth during the pandemic period.
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Key findings of the study
- Region wise, LAMEA accounted for the largest oil storage market share in 2020.
- On the basis of type, the crude oil segment holds the largest market share in 2020.
- Depending on material, the carbon steel segment garnered the major market share in 2020.
- By product design, the floating roof tank segment accounted for the largest market share in 2020.
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