According to IMARC Group’s latest report, titled “Oil Storage Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”,the global oil storage market size reached US$ 9.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 11.5 Billion by 2027, exhibiting a growth rate (CAGR) of 4.07% during 2022-2027.
Oil storage refers to above or below-the-ground terminals or tanks that are used to store processed or produced oil. It is selected based on various materials and structures after considering different parameters and requirements, including product operating conditions, storage capacities, and specific design issues. Oil storage offers optimal product security, mitigates potential contamination from outdoor container tanks, and allows flexible fluid movement. Consequently, it finds extensive applications in downstream operations to assemble oil and the production, refining, and distribution processes of petroleum products. Currently, oil storage is available in different dimensions and shapes, including rectangular, horizontal, or vertical cylinders and spherical.
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Oil Storage Market Trends:
The steadfast expansion of the oil & gas industry and the growing demand for crude oil and petroleum-based products across several sectors are majorly driving the global oil storage market. In line with this, the rising energy consumption and the growing demand for large storage systems in maritime transport, particularly at export-import terminals, are propelling the market growth. Additionally, investments in strategic petroleum reserves (SPRs) and the growing focus on inventories and infrastructure development are favoring the market growth. Moreover, the extensive uptake of small, bolted tanks in production fields and the usage of large welded storage tanks in distribution terminals and refineries are impelling the market growth. Besides this, expanding international oil trade agreements among different countries, increasing the requirement for mega refining hubs, and the rising off-shore and on-shore exploratory activities are positively influencing the market growth.
Competitive Landscape with Key Players:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Buckeye Partners L.P.
- CST Industries Inc.
- Denali Incorporated (NOV Inc.)
- Energy Transfer LP
- LF Manufacturing
- Oiltanking GmbH (Marquard & Bahls)
- Royal Vopak N.V.
- Shawcor Ltd.
- Synalloy Corporation
- Snyder Industries LLC
- VTTI B.V.
- Ziemann Holvrieka GmbH.
Key Market Segmentation:
The report has categorized the market based on material, product and application.
Breakup by Material:
- Steel
- Carbon Steel
- Fiberglass Reinforced Plastic (FRP)
- Others
Breakup by Product:
- Open Top
- Fixed Roof
- Floating Roof
- Others
Breakup by Application:
- Crude Oil
- Middle Distillates
- Gasoline
- Aviation Fuel
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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