This report describes and explains the oil storage market and covers 2017-2022, termed the historic period, and 2022-2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The global oil storage market reached a value of nearly $9,411.5 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.8% since 2017. The market is expected to grow from $9,411.5 million in 2022 to $11,936.9 million in 2027 at a rate of 4.9%. The market is then expected to grow at a CAGR of 5.9% from 2027 and reach $15,878.0 million in 2032.
Growth in the historic period resulted from emerging markets growth, rise in investment for oil and gas exploration in developing countries, surge in oil and gas exports. Factors that negatively affected growth in the historic period were COVID-19 impact, and restrictions on free trade.
Going forward, government support, rising urbanization, growing petrochemical industry, increasing consumption of crude oil products will drive the growth. Factor that could hinder the growth of the oil storage market in the future include geopolitical tensions and the Russia-Ukraine war impact.
The oil storage market is segmented by product design into open top tank, fixed roof tank, floating roof tank and other designs. The fixed roof tank market was the largest segment of the oil storage market segmented by product design, accounting for 49.2% of the total in 2022. Going forward, the floating roof tank segment is expected to be the fastest growing segment in the oil storage market segmented by product design, at a CAGR of 5.0% during 2022-2027.
The oil storage market is segmented by type into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, liquefied petroleum gas. The crude oil market was the largest segment of the oil storage market segmented by type, accounting for 51.4% of the total in 2022. Going forward, the gasoline segment is expected to be the fastest growing segment in the oil storage market segmented by type, at a CAGR of 5.1% during 2022-2027.
The oil storage market is segmented by materials into steel, carbon steel, fiberglass reinforced plastic and other materials. The carbon steel market was the largest segment of the oil storage market segmented by materials, accounting for 82.5% of the total in 2022. Going forward, the steel segment is expected to be the fastest growing segment in the oil storage market segmented by materials, at a CAGR of 5.0% during 2022-2027.
North America was the largest region in the oil storage market, accounting for 32.0% of the total in 2022. It was followed by the Middle East, and then the other regions. Going forward, the fastest-growing regions in the oil storage market will be the Middle East and North America where growth will be at CAGRs of 5.6% and 5.4% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 4.8% and 4.0% respectively.
The global oil storage market is highly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 3.51% of the total market in 2022. This can be due to the existence of number of local players in the market serving customers in particular geographies. NOV Inc. was the largest competitor with 0.92% of the market, followed by Chemie Tech with 0.58%, Shawcor Ltd with 0.56%, CST Industries with 0.39%, PermianLide (Permian Tank) with 0.38%, McDermott International, Ltd with 0.27%, Snyder Industries with 0.13%, Toyo Kanetsu KK with 0.13%, Superior Tank Co., Inc. with 0.08% and Ishii Iron Works Co Ltd with 0.08%.
The top opportunities in the oil storage market segmented by product design will arise in the fixed roof tank segment, which will gain $1,254.0 million of global annual sales by 2027. The top growth potential in the oil storage market segmented by type will arise in the crude oil segment, which will gain $1,340.6 million of global annual sales by 2027. The top opportunities in the oil storage market segmented by materials will arise in the carbon steel segment, which will gain $2,088.5 million of global annual sales by 2027. The oil storage market size will gain the most in the USA at $779.2 million.
Market-trend-based strategies for the oil storage market include focusing on using the Internet of Things (IoT), increasing investments, and product innovations.
Player-adopted strategies in the oil storage market include focus on strengthening operational capabilities through business expansions, focus on enhancing operational capabilities through production capacity expansions, and focus on strengthening business capabilities through geographic expansion.
To take advantage of the opportunities, the publisher recommends the oil storage companies to focus on new product launches, focus on increasing investments in production capacities, focus on the Internet of Things (IoT), expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and target petrochemicals companies.
The global oil storage market reached a value of nearly $9,411.5 million in 2022, having grown at a compound annual growth rate (CAGR) of 3.8% since 2017. The market is expected to grow from $9,411.5 million in 2022 to $11,936.9 million in 2027 at a rate of 4.9%. The market is then expected to grow at a CAGR of 5.9% from 2027 and reach $15,878.0 million in 2032.
Growth in the historic period resulted from emerging markets growth, rise in investment for oil and gas exploration in developing countries, surge in oil and gas exports. Factors that negatively affected growth in the historic period were COVID-19 impact, and restrictions on free trade.
Going forward, government support, rising urbanization, growing petrochemical industry, increasing consumption of crude oil products will drive the growth. Factor that could hinder the growth of the oil storage market in the future include geopolitical tensions and the Russia-Ukraine war impact.
The oil storage market is segmented by product design into open top tank, fixed roof tank, floating roof tank and other designs. The fixed roof tank market was the largest segment of the oil storage market segmented by product design, accounting for 49.2% of the total in 2022. Going forward, the floating roof tank segment is expected to be the fastest growing segment in the oil storage market segmented by product design, at a CAGR of 5.0% during 2022-2027.
The oil storage market is segmented by type into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, liquefied petroleum gas. The crude oil market was the largest segment of the oil storage market segmented by type, accounting for 51.4% of the total in 2022. Going forward, the gasoline segment is expected to be the fastest growing segment in the oil storage market segmented by type, at a CAGR of 5.1% during 2022-2027.
The oil storage market is segmented by materials into steel, carbon steel, fiberglass reinforced plastic and other materials. The carbon steel market was the largest segment of the oil storage market segmented by materials, accounting for 82.5% of the total in 2022. Going forward, the steel segment is expected to be the fastest growing segment in the oil storage market segmented by materials, at a CAGR of 5.0% during 2022-2027.
North America was the largest region in the oil storage market, accounting for 32.0% of the total in 2022. It was followed by the Middle East, and then the other regions. Going forward, the fastest-growing regions in the oil storage market will be the Middle East and North America where growth will be at CAGRs of 5.6% and 5.4% respectively. These will be followed by Western Europe and South America where the markets are expected to grow at CAGRs of 4.8% and 4.0% respectively.
The global oil storage market is highly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 3.51% of the total market in 2022. This can be due to the existence of number of local players in the market serving customers in particular geographies. NOV Inc. was the largest competitor with 0.92% of the market, followed by Chemie Tech with 0.58%, Shawcor Ltd with 0.56%, CST Industries with 0.39%, PermianLide (Permian Tank) with 0.38%, McDermott International, Ltd with 0.27%, Snyder Industries with 0.13%, Toyo Kanetsu KK with 0.13%, Superior Tank Co., Inc. with 0.08% and Ishii Iron Works Co Ltd with 0.08%.
The top opportunities in the oil storage market segmented by product design will arise in the fixed roof tank segment, which will gain $1,254.0 million of global annual sales by 2027. The top growth potential in the oil storage market segmented by type will arise in the crude oil segment, which will gain $1,340.6 million of global annual sales by 2027. The top opportunities in the oil storage market segmented by materials will arise in the carbon steel segment, which will gain $2,088.5 million of global annual sales by 2027. The oil storage market size will gain the most in the USA at $779.2 million.
Market-trend-based strategies for the oil storage market include focusing on using the Internet of Things (IoT), increasing investments, and product innovations.
Player-adopted strategies in the oil storage market include focus on strengthening operational capabilities through business expansions, focus on enhancing operational capabilities through production capacity expansions, and focus on strengthening business capabilities through geographic expansion.
To take advantage of the opportunities, the publisher recommends the oil storage companies to focus on new product launches, focus on increasing investments in production capacities, focus on the Internet of Things (IoT), expand in emerging markets, continue to focus on developed markets, focus on mergers and acquisitions, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions, and target petrochemicals companies.
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure
6. Introduction And Market Characteristics
7. Major Market Trends
8. Global Market Size and Growth
9. Global Oil Storage Market Segmentation
10. Oil Storage Market, Regional and Country Analysis
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
17. Africa Market
18. Competitive Landscape And Company Profiles
19. Key Mergers and Acquisitions
20. Opportunities And Strategies
21. Oil Storage Market, Conclusions And Recommendations
22. Appendix
Executive Summary
Oil Storage Global Market Opportunities and Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global oil storage market as it emerges from the COVID-19 shut down.Reasons to Purchase
- Gain a truly global perspective with the most comprehensive report available on this market covering 12 geographies.
- Understand how the market is being affected by the coronavirus and how it is likely to emerge and grow as the impact of the virus abates.
- Create regional and country strategies on the basis of local data and analysis.
- Identify growth segments for investment.
- Outperform competitors using forecast data and the drivers and trends shaping the market.
- Understand customers based on the latest market research findings.
- Benchmark performance against key competitors.
- Utilize the relationships between key data sets for superior strategizing.
- Suitable for supporting your internal and external presentations with reliable high-quality data and analysis
Description:
Where is the largest and fastest growing market for oil storage? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The oil storage market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's historic and forecast market growth by geography. It places the market within the context of the wider oil storage market; and compares it with other markets.
The report covers the following chapters:
- Introduction and Market Characteristics - Brief introduction to the segmentations covered in the market, definitions and explanations about the oil storage market.
- Key Trends - Highlights the major trends shaping the global oil storage market. This section also highlights likely future developments in the market.
- Global Market Size and Growth - Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional Analysis - Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
- Market Segmentation
- Regional Market Size and Growth - Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape - Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Key Mergers and Acquisitions - Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities and Strategies - Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions and Recommendations - This section includes recommendations for oil storage providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix - This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope:
Markets Covered:
1) By Product Design: Open Top Tank; Fixed Roof Tank; Floating Roof Tank; Other Designs2) By Type: Crude Oil; Gasoline; Aviation Fuel; Naphtha; Diesel; Kerosene; Liquefied Petroleum Gas
3) By Materials: Steel; Carbon Steel; Fiberglass Reinforced Plastic; Other Materials
Companies Mentioned: NOV Inc; Chemie Tech; Shawcor Ltd; CST Industries; PermianLide (Permian Tank)
Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; oil storage indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- NOV Inc
- Chemie Tech
- Shawcor Ltd
- CST Industries
- PermianLide (Permian Tank)
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 285 |
Published | August 2023 |
Forecast Period | 2021 - 2031 |
Estimated Market Value ( USD | $ 9411.5 Million |
Forecasted Market Value ( USD | $ 15878 Million |
Compound Annual Growth Rate | 5.4% |
Regions Covered | Global |