Thursday, 22 September 2022 08:03 AM
Company Update
WILMINGTON, DE / ACCESSWIRE / September 22, 2022 / Transparency Market Research Inc. - The global oil storage market is prognosticated to reach a value of US$ 24 Bn by the end of 2030, states a review report by Transparency Market Research (TMR). Furthermore, the global market study on oil storage notes that the market is estimated to develop at a CAGR of 4% during the forecast period of 2020 to 2030.
With the revolution in shale oil production in many developed nations such as the U.S., there has been a rise in the production of crude oil in the recent years. This factor is boosting the demand opportunities in the global oil storage market. Furthermore, players in the oil storage market are focusing on the expansion of oil storage facilities in order to cater to rising market demands.
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Due to rise in the global population as well as industrialization across many developing and developed nations, the demand for oil & gas products is being increasing globally. This factor is anticipated to help in the expansion of the oil storage market size during the forecast period, state analysts at TMR.
Companies in the oil storage market are focusing on the expansion of their businesses in North America by constructing new oil storage tanks in the region. This factor is likely to impact positively on the growth of the North America market during the forecast period.
Oil Storage Market: Key Findings
- Oil is one of the key components for any nation as it is being utilized for a wide range of purposes and it is difficult to gain other substitute for the same. During the COVID-19 pandemic, there have been notable disruptions in the supply chain of oil globally. This factor has resulted into remarkable rise in the demand for oil storage market, state researchers at TMR.
- The government authorities of several nations including Saudi Arabia are investing heavily in projects focused on the production and exploration of oil reserves. Hence, the oversupply of crude oil been observed in the recent years, which in turn, is leading to a gap between supply and demand ratio. Thus, there has been increasing focus on the construction of storage facilities in order to store the excess oil. Such factors are propelling the global oil storage market, note analysts of a TMR report.
- Crude oil is being utilized as a raw material during the manufacturing of different refined products. Hence, the demand for crude oil is directly associated with the demand for petroleum products. Decrease in the use of refined products in the recent years is being impacting negatively on the demand for crude oil. As per the IEA, the worldwide utilization of oil dropped by approximately 16.4 mb/d year-on-year in Q2 2020 during the COVID-19 outbreak. Hence, a surge in the volume of oil storage has resulted into increasing demand for storage facilities intended for crude oil. Such factors are expected to drive the business opportunities in the global oil storage market in the near future.
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Oil Storage Market: Growth Boosters
- Rising gap between demand and supply of refined products is expected to boost the demand of oil storage market
- Increase in the need for storage of oil globally is creating profitable prospects for oil storage market manufacturers
Oil Storage Market: Key Players
Some of the key players profiled in the report are:
- Vitol
- Royal Vopak N.V.
- Ghazanfar Group
- Oiltanking GmbH
- Magellan Midstream Partners L.P.
- NuStar Energy L.P.
- Horizon Terminals Ltd
- International-matex Tank Terminals Inc
- CIM-CCMP Group
- CLH Group
- Buckeye Partners L.P.
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Oil Storage Market Segmentation
Storage Type
- Open Top Tanks
- Fixed Roof Tanks
- Floating Roof Tanks
- Other Storage Facilities
Product Type
- Crude Oil
- Gasoline
- Aviation Fuel
- Middle Distillates
Reserve Type
- Strategic Petroleum Reserve
- Commercial Petroleum Reserve
Region
- North America
- Europe
- Asia Pacific
- Middle East and Africa
- South & Central America
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