Overview and Scope
Oil storage refers to reservoirs or containers used to store oils. The oil storage tank is used to hold oil products temporarily before they are transported to end-users. Oil storage is used by companies to get more profits by using the cheapest storage method called underground spaces like the depleted reservoir.
Sizing and Forecast
The oil storage market size has grown strongly in recent years. It will grow from $9.98 billion in 2023 to $10.5 billion in 2024 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to emerging markets growth, rise in investment for oil and gas exploration in developing countries, surge in oil and gas exports.
The oil storage market size is expected to see strong growth in the next few years. It will grow to $13.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to government support, rising urbanization, growing petrochemical industry, increasing consumption of crude oil products. Major trends in the forecast period include focusing on using the internet of things (iot), increasing investments, and product innovations.
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Segmentation & Regional Insights
The oil storage market covered in this report is segmented –
1) By Product Design: Open Top Tank, Fixed Roof Tank, Floating Roof Tank, Other Designs
2) By Type: Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, Liquefied Petroleum Gas (LPG)
3) By Materials: Steel, Carbon Steel, Fiberglass Reinforced Plastic (FRP), Other Materials
North America was the largest region in the oil storage market in 2023. The regions covered in the oil storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in the demand for crude oil supply is expected to propel the growth of the oil storage market. Oil storage is used for storing crude oil, petroleum, and other oil products that are further supplied to end-users. The increase in demand for crude oil supply is due to an increase in consumption of crude oil products like petroleum, oil, and gas. As the oil consumption grows, it will increase the demand of crude oil supply and there will be a significant need for oil storage. For instance, according to the International Energy Agency (IEA), consumption of natural gas in India is expected to reach 25 billion cubic meters with an annual growth of 9% by 2024, and also, according to the Indian Brand Equity Foundation (IBEF), oil demand in India is expected to grow by 50% by 2030 compared to 7% growth for global demand. Therefore, the increase in the energy of crude oil supply is expected to drive the oil storage market.
Key Industry Players
Major companies operating in the oil storage market report are NOV Inc., Chemie Tech, Shawcor Ltd., CST Industries, PermianLide (Permian Tank), McDermott International Ltd., Snyder Industries, Toyo Kanetsu KK, Superior Tank Co. Inc., Ishii Iron Works Co Ltd., Oil India Ltd., Reliance Industries Ltd., China National Petroleum Corporation, China National Offshore Oil Corporation, Shaanxi Yanchang Petroleum, Sinochem Group, JAPAN OIL Development Co. Ltd. Minato-Ku, Japan Petroleum Exploration Co. Ltd., Sakhalin Oil and Gas Development Co. Ltd., Japan Organization for Metals and Energy Security, Air Liquide Japan G.K., BPA British Pipelines Agency, CLH CompañÃa LogÃstica de Hidrocarburos, GPSS Government Pipelines and Storage System, LCC Lissan Coal Company, OPA Oil and Pipelines Agency, PSD Petroleum Storage Depo, Rosneft, Surgutneftegas, Gazprom, LukOil, Transneft, Climbex S.A., VIG Sp. z o.o, ETG Risorse e Tecnologia S.r.l, Balcke-Durr GmbH, Suncor, Canadian Natural, Husky Energy, PDC Energy Inc., Kinetik Holdings Inc., Nustar Energy L.P., Delek US Holdings Inc., Exxon Mobil Corporation, Chevron Argentina SRL, YPF SA, Brooge Energy, Gulf Energy Maritime (GEM), Hansa Tankers, Odfjell Tankers, Petrochem Middle East (PME), Ace Tankers, Engen Petroleum, Vivo Energy, MOL Group, Stolt-Nielsen Limited
The oil storage market report table of contents includes:
1. Executive Summary
2. Oil Storage Market Characteristics
3. Oil Storage Market Trends And Strategies
4. Oil Storage Market – Macro Economic Scenario
5. Global Oil Storage Market Size and Growth
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31. Oil Storage Market Other Major And Innovative Companies
32. Global Oil Storage Market Competitive Benchmarking
33. Global Oil Storage Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Oil Storage Market
35. Oil Storage Market Future Outlook and Potential Analysis
36.Appendix
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