The oil and gas industry has always been a key part of a country’s economy, even defining its global economic position. The oil industry has witnessed many ups and downs throughout the course of its long history.
Over the years, many investors and traders have made fortunes by betting on the oil industry with oil hoarding an essential part of this which necessitates oil storage. However, storage capacity has been decreasing over the last few years, which has the effect of boosting the overall cost of storage. With the fluctuation of storage costs impacting on the oil price this has made oil storage a commodity in itself.
According to Allied Market Research, the global oil storage market is projected to reach $18.4 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030. Rise in demand for mega-refining hubs, the need for import and export terminals, and the stockpiling of large volumes of oil all drive the growth of the global oil storage market.
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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.
The availability of storage is dependent on several factors, but is mainly reliant on one natural resource that cannot be increased at will: ground. Producers and market players have adapted to take advantage of the fact that an oil storage facility is a way to wait until the oil price goes up or to offer protection from short-time supply fluctuations of crude oil.
Recently, China increased the flow of crude oil into its storage tanks as the domestic output and imports exceeded the volume. It is further reported that around 1.63 million barrels per day (bdp) of crude oil was directed into strategic and commercial storage facilities in March 2021 with more in the months that followed. Prior to this, China never disclosed the volumes of crude flowing into the storage facility and these figures are based on the output of refineries.
While the oil industry has been hit by the impacts of multiple waves of the Covid-19 pandemic, experts believe that the industry will be unlikely to return to its ‘previous normal’. The oil demand has decreased drastically due to the outbreak and as economies reopen and mobility increases, the oil demand recovery is expected to be slow and unpredictable.
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The global oil storage market is analyzed across type, material, product design and region.
Based on type, the crude oil segment accounted for the majority share in 2020, holding nearly three-fifths of the global market. The naphtha segment, however, would exhibit the fastest CAGR of 6.22% during the forecast period.
Based on material, the carbon steel segment held the lion’s share in 2020, garnering more than three-fifths of the global market. The fiber reinforced plastic segment, however, would cite the fastest CAGR of 5.84% during the forecast period.
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.
The key market players analyzed in the global oil storage industry include Odfjell SE, Puma Energy, Royal Vopak, Belco manufacturing co., Inc., Brooge Energy, Containment Solutions, Inc., Vitol, LBC Tank Terminals, L. F. Manufacturing, Inc., and Oiltanking GmbH. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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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