Oil Storage Market: Introduction
Transparency Market Research delivers key insights on the global oil storage market. In terms of
revenue, the global oil storage market is estimated to expand at a CAGR
of 4% during the forecast period, owing to numerous factors,
regarding which TMR offers thorough insights and forecasts in its report on the
global oil storage market.
The global oil storage market is broadly affected by several factors,
including increase in usage of refined petroleum products in various end-use
industries and rise in globalization and industrialization.
The demand for refined products is expected to rise in developing
countries, such as China and India, in the near future, owing to rapid industrial
economic development and increase in total household income of the people in
these countries. For instance, as per BP Stats, the global consumption of
petroleum products increased from 94.40 million barrels per
day in 2014 to 98.27 million barrels per day in 2019. The
increase in global demand for oil & gas products has boosted the investment
by refiners in the expansion and construction of refinery facilities to cater
to the rise in demand for petroleum products. This, in turn, is anticipated to
propel the demand for storage facilities as these facilities are used to store
refined products.
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Based on storage type, the floating roof tanks segment dominated the
global oil storage market in 2019. Floating roof tanks are widely preferred for
oil storage across the globe. These tanks can be customized according to
requirements. The segment is also anticipated to be highly attractive during
the forecast period. In terms of product type, the crude oil segment dominated
the global oil storage market in 2019. The demand for crude oil is rising
across the globe, owing to high consumption of petroleum products in various
end-use industries.
Oil Storage Market: Prominent Regions
Asia Pacific dominated the global oil storage market in 2019. It is
likely to be a highly attractive region of the global oil storage market during
the forecast period. The oil storage market in the region is estimated to
expand at a significant pace between 2020 and 2030, due to the rise in
urbanization and globalization. In Asia Pacific, China has the largest
commercial and strategic oil storage facilities. It is followed by Japan. Japan
provides oil storages facilities on lease to various petroleum companies.
India, Malaysia, and South Korea are expanding their existing oil storage facilities.
The price of crude oil has reduced marginally due to sudden drop in global
consumption. This, in turn, has led to an increase in demand for storage
facilities across the globe.
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The U.S. held major share of the oil storage market in North America in
2019. The country is anticipated to continue its dominance of the oil storage
market in the region in the near future, primarily due to the presence of key
oil & gas players. Furthermore, investments in oil & gas exploration
activities is high in the U.S. The country is also one of the largest exporters
of crude oil in the world. This is propelling the oil storage market in the
country.
Oil Storage Market: Prominent Players
·
Key
players operating in the global oil storage market are Royal Vopak N.V., Vitol,
Oiltanking GmbH, Ghazanfar Group, NuStar Energy L.P., Magellan Midstream
Partners L.P., International-matex Tank Terminals Inc, Horizon Terminals Ltd,
CLH Group, CIM-CCMP Group, and Buckeye Partners L.P.
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