Oil storage market is expected to grow at a CAGR of 4.5% by 2031. Oil storage business is gaining momentum with supply exceeding the global demand for crude oil. Discovery of shale gas and declining crude oil prices in the past two years has resulted in supply demand inequity which in turn influenced the oil producers to upgrade their storage capacity or to seek alternative storage for oil storage.
Global oil storage business is projected to expand at a significant growth rate over the forecast period. Increasing production of crude oil, declining oil prices, and increasing non-conventional shale gas production in North America and other regions of the globe are expected to drive the demand for oil storage facilities all over the world. Besides this, growing energy consumption due to rapid growth in population has fueled the demand for finished petroleum products which is ultimately fostering the need for oil storage.
Middle East and Africa region is projected to account for maximum volume share in the global oil storage market over the forecast period. Countries such as UAE, Saudi Arabia, Iran, Oman, Qatar, and Nigeria ,owing to declining oil prices and increasing oil production are anticipated to contribute significantly in the overall growth of this market in the region. Followed by it, North America is expected to be the second largest market for oil storage by 2023 due to increasing shale production in the region. Apart from this, rising investment in petroleum reserves is anticipated to fuel the growth of oil storage market in Asia Pacific region over the period 2016-2023. Countries such as China, Japan, South Korea and Singapore are expected to be the major contributor in the Asia Pacific region in future.
The leading players identified across the value chain of oil storage market are highly focusing on expanding their storage capacity in order to gain the competitive edge in the global oil storage market in future.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
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Global oil storage business is projected to expand at a significant growth rate over the forecast period. Increasing production of crude oil, declining oil prices, and increasing non-conventional shale gas production in North America and other regions of the globe are expected to drive the demand for oil storage facilities all over the world. Besides this, growing energy consumption due to rapid growth in population has fueled the demand for finished petroleum products which is ultimately fostering the need for oil storage.
Middle East and Africa region is projected to account for maximum volume share in the global oil storage market over the forecast period. Countries such as UAE, Saudi Arabia, Iran, Oman, Qatar, and Nigeria ,owing to declining oil prices and increasing oil production are anticipated to contribute significantly in the overall growth of this market in the region. Followed by it, North America is expected to be the second largest market for oil storage by 2023 due to increasing shale production in the region. Apart from this, rising investment in petroleum reserves is anticipated to fuel the growth of oil storage market in Asia Pacific region over the period 2016-2023. Countries such as China, Japan, South Korea and Singapore are expected to be the major contributor in the Asia Pacific region in future.
The leading players identified across the value chain of oil storage market are highly focusing on expanding their storage capacity in order to gain the competitive edge in the global oil storage market in future.
Key Players Identified Across the Value Chain in the Oil Storage Market include but are not limited to:
- VTTI
- Royal Vopak
- Oiltanking GmbH
- Buckeye Partners, LP
- Containment Solutions, Inc.
- Shawcor
- Belco
- CST Industries
- Superior Tank Co., Inc.
- DELTA OIL TANKING BV
Historical & Forecast Period
This study report represents analysis of each segment from 2021 to 2031 considering 2022 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2031.The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Oil Storage market are as follows:- Research and development budgets of manufacturers and government spending
- Revenues of key companies in the market segment
- Number of end users and consumption volume, price and value.
- Geographical revenues generate by countries considered in the report
- Micro and macro environment factors that are currently influencing the Oil Storage market and their expected impact during the forecast period.
Market Segmentation
Application
- Crude Oil
- Middle Distillates
- Gasoline
- Aviation Fuel
- Others
Product
- Open Top
- Fixed Roof
- Floating Roof
- Others
Key questions answered in this report
- What are the key micro and macro environmental factors that are impacting the growth of Oil Storage market?
- What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
- Estimated forecast and market projections up to 2031.
- Which segment accounts for the fastest CAGR during the forecast period?
- Which market segment holds a larger market share and why?
- Are low and middle-income economies investing in the Oil Storage market?
- Which is the largest regional market for Oil Storage market?
- What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
- Which are the key trends driving Oil Storage market growth?
- Who are the key competitors and what are their key strategies to enhance their market presence in the Oil Storage market worldwide?
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Table of Contents
1. Preface
2. Executive Summary
3. Oil Storage Market: Competitive Analysis
4. Oil Storage Market: Macro Analysis & Market Dynamics
5. Oil Storage Market: By Application, 2021-2031, USD (Million)
6. Oil Storage Market: By Product, 2021-2031, USD (Million)
7. North America Oil Storage Market, 2021-2031, USD (Million)
8. UK and European Union Oil Storage Market, 2021-2031, USD (Million)
9. Asia Pacific Oil Storage Market, 2021-2031, USD (Million)
10. Latin America Oil Storage Market, 2021-2031, USD (Million)
11. Middle East and Africa Oil Storage Market, 2021-2031, USD (Million)
12. Company Profile
List of Figures
List of Tables
Companies Mentioned
- VTTI
- Royal Vopak
- Oiltanking GmbH
- Buckeye Partners LP
- Containment SolutionsInc.
- Shawcor
- Belco
- CST Industries
- Superior Tank Co.Inc.
- DELTA OIL TANKING BV
