Oil storage is a type of trade wherein vertically integrated companies purchase oil for immediate delivery and store until the price of oil increases. This storage can be for a short span of time, as the oil could be transported for refinement process. In addition, oil storage offers protection from short-time supply fluctuations of crude oil and its derivatives. Furthermore, increase in oil production has encouraged suppliers to improve their inventories and infrastructure to store massive quantity of oil.
The North America oil storage market was valued at $667 million in 2016, and is projected to reach $931 million by 2023, growing at a CAGR of 4.8% from 2017 to 2023. The major factors that contribute towards the growth of the North America oil storage market include decline in crude oil prices, increase in need for mega refining hub, high degree of product containment, and rise in import facilities. However, decline in production & exploration activities and rise in inventory cost hamper the market growth. Conversely, the development of the strategic petroleum reserves segment and increase in oil demand are expected to provide lucrative growth opportunities for the market.
The North America oil storage market is segmented on the basis of type, material, product design, and country. Based on product, the market is categorized into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and liquefied petroleum gas (LPG). By material, it is classified into steel, carbon steel, and fiber-reinforced plastic (FRP). Depending on product design, it is fragmented into open top tanks, fixed roof tanks, floating roof tank, and other storage tanks.
Country wise, the market is analyzed across the U.S., Canada, and Mexico. The U.S. market is further divided into five PADD regions, namely, PADD I, PADD II, PADD III, PADD IV, and PADD V. Canada further fragmented into Atlantic region, Central Canada, the West Coast, and the North, where the West Coast is subsegmented into the Prairie Provinces and other western regions.
KEY BENEFITS
Key market segments
By Type
By Material
By Product Design
By Country
LIST OF KEY PLAYERS PROFILED IN THE REPORT
The North America oil storage market is segmented on the basis of type, material, product design, and country. Based on product, the market is categorized into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and liquefied petroleum gas (LPG). By material, it is classified into steel, carbon steel, and fiber-reinforced plastic (FRP). Depending on product design, it is fragmented into open top tanks, fixed roof tanks, floating roof tank, and other storage tanks.
Country wise, the market is analyzed across the U.S., Canada, and Mexico. The U.S. market is further divided into five PADD regions, namely, PADD I, PADD II, PADD III, PADD IV, and PADD V. Canada further fragmented into Atlantic region, Central Canada, the West Coast, and the North, where the West Coast is subsegmented into the Prairie Provinces and other western regions.
KEY BENEFITS
- The study provides an in-depth analysis of the North America oil storage market with current trends and future estimations from 2016 to 2023 to elucidate the imminent investment pockets.
- Comprehensive analysis of factors that drive and restrict the market growth is provided.
- Identification of factors instrumental in changing the market scenario, rise in opportunities, and identification of key companies that can influence this market on a regional scale are provided.
- Key players are profiled and their strategies are analyzed thoroughly to understand the competitive outlook of the market.
Key market segments
By Type
- Crude Oil
- Gasoline
- Aviation Fuel
- Naphtha
- Diesel
- Kerosene
- Liquefied Petroleum Gas (LPG)
By Material
- Steel
- Carbon Steel
- Fiber-reinforced Plastic (FRP)
By Product Design
- Open Top Tanks
- Fixed Roof Tanks
- Floating Roof Tanks
- Other Storage Tanks
By Country
- U.S.
- PADD I (East Coast)
- PADD II (Midwest)
- PADD III (Gulf Coast)
- PADD IV (Rocky Mountain)
- PADD V (West Coast)
- Canada
- The Atlantic Region
- Central Canada
- The West Coast
- The Prairie Provinces
- Other Western Regions
- The North
- Mexico
LIST OF KEY PLAYERS PROFILED IN THE REPORT
- Royal Vopak N.V.
- Kinder Morgan, Inc.
- Oiltanking GmbH (Marquard & Bahls)
- Buckeye Partners L.P.
- NuStar Energy L.P.
- International-Matex Tank Terminals, Inc.
- Magellan Midstream Partners, L.P.
- Energy Transfer Partners, LP.
- Odfjell SE
Frequently Asked Questions about the North American Oil Storage Market
What is the estimated value of the North American Oil Storage Market?
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| Report Attribute | Details |
|---|---|
| No. of Pages | 220 |
| Published | April 2018 |
| Forecast Period | 2016 - 2023 |
| Estimated Market Value ( USD | $ 667 million |
| Forecasted Market Value ( USD | $ 931 million |
| Compound Annual Growth Rate | 4.9% |
| Regions Covered | North America |
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: NORTH AMERICA OIL STORAGE MARKET, BY TYPE
CHAPTER 5: NORTH AMERICA OIL STORAGE MARKET, BY MATERIAL
CHAPTER 6: NORTH AMERICA OIL STORAGE MARKET, BY PRODUCT DESIGN
CHAPTER 7: OIL STORAGE MARKET, BY GEOGRAPHY
CHAPTER 8: COMPANY PROFILES
Executive Summary
According to a new report titled, North America Oil Storage Market, by Type, Material, and Product Design: Opportunity Analysis and Industry Forecast, 2017-2023" the North America oil storage market was valued at $667 million in 2016, and is projected to reach $931 million in 2023, registering a CAGR of 4.8% from 2017 to 2023.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. Increase in oil production across the globe has encouraged suppliers to develop storage infrastructure and inventories for oil storage. Furthermore, increase in oil production has encouraged suppliers to improve their inventories and infrastructure to store large quantity of crude oil. In terms of volume, the market accounted for 54,154 thousand CBM in 2016, and is projected to reach 73,633 thousand CBM in 2023, registering a CAGR of 4.4% from 2017 to 2023.
The major factors that drive the growth of the North America oil storage market include decrease in crude oil prices across North America, rise in need for mega refining hub, high degree of product containment, and increase in import or distribution facilities. However, decline in production & exploration activities and rise in inventory cost hamper the market growth. On the contrary, the development of strategic petroleum reserves and increase in oil demand are expected to provide potential growth opportunities for the market expansion.
The crude oil segment accounted for the largest share in 2016, owing to high usage, applicability, and 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, fiber-reinforced plastic (FRP) segment is expected to grow at a highest CAGR during the forecast period, owing to the fact that FRP-based storage tanks are corrosion resistant, lightweight, easy to handle, leak proof, and require low maintenance.
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 a highest CAGR of 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 America 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 volume of the North America oil storage market in 2016.
Canada accounted for around one-fourth share by volume of the North America 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 America oil storage market in 2016, registering a CAGR of 4.4% during the forecast period. This is attributed to the presence of large number of key players and 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 increase in use of oil products and rise in importexport facilities.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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