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 the 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 the continued rise in energy outlook largely coupled with growing concerns about responding to the emergency supply of crude oil. An increase in import and export activities within the oil industry is driving the 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.
Get a PDF brochure for Industrial Insights and Business Intelligence @ https://www.alliedmarketresearch.com/request-sample/2217
The outbreak of COVID-19 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 a positive impact on the demand for crude oil, which, in turn, propels the demand for oil storage terminals.
The global oil storage market is segmented into type, material, product design, and region.
Depending on the 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, the carbon steel segment accounted for the largest share in 2020. On the basis of product design, the market is bifurcated into open-top tanks, fixed roof tanks, floating roof tanks, and others. In terms of value, the floating roof tank segment accounted for the largest share in 2020.
Enquiry Before Buying: https://www.alliedmarketresearch.com/purchase-enquiry/2217
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 the 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 launches, joint ventures, partnerships, 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
- The emergence of COVID-19 had less impact on the growth of the global Oil storage market during this period.
- This impact is mostly attributed to the significant disruptions in raw material transportation, the presence of low labor, led to the shutdown of many manufacturing industries led to the decline in 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 the global oil storage market.
- Thus, the abovementioned factors are expected to have a negative impact on the global Oil storage market growth during the pandemic period.
Procure Complete Report @ https://www.alliedmarketresearch.com/checkout-final/7dba09fb2ec44940fc155e157679ecc8?utm_source=AMR&utm_medium=research&utm_campaign=P21776
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 the 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.
About Us
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms the utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of the domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
Contact:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll-Free):
+1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Allied Market Research Blog: https://blog.alliedmarketresearch.com