Oil Storage Market by Type (Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, and Liquefied Petroleum Gas), Material (Steel, Carbon Steel, and Fiberglass-reinforced Plastic), and Product Design (Open Top Tank, Fixed Roof Tank, Floating Roof Tank, and Others): Global Opportunity Analysis and Industry Forecast, 2021–2030
The global oil storage market was valued at $12.2 billion in 2020, and is projected to reach $18.4 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.
Oil storage is a type of transaction in which a vertically integrated company buys oil for immediate delivery and stores it until the price of oil rises. In addition, petroleum can be transported for refining processes, so this storage can only be short-lived. In addition, oil storage provides protection against short-term fluctuations in the supply of crude oil and its derivatives. In addition, increased oil production has led suppliers to upgrade their inventories and infrastructure to store large amounts of oil.
Oil storage tank terminals are the most important part of the oil and gas supply chain around the world. These terminals are the center of oil and gas trade between countries. Countries that rely primarily on oil imports and overproduce oil all have these terminals. Crude oil and its products are stored for strategic stockpiling or commercial purposes.
Crude oil is used as a raw material for many products manufactured and used all over the world. In recent years, the automotive industry has grown exponentially, with new products such as liquefied natural gas being used more and more in this area. LPG adoption has been a very small percentage over the last decade. Nevertheless, their use is increasing at a healthy pace in developing countries. Therefore, the demand for storage terminals under high pressure is increasing.
The growing penetration of the market can be credited to high degree of containment of these products, which minimizes the risks of a fire incident. Moreover, declining installation costs of fixed roof designs are expected to boost the growth of the fixed roof tank segment in the market growth. The open tank storage is prone to fire incidents and product contamination, thus it is used to store liquids with negligible evaporative losses. Middle East and Africa have huge natural resources, hence there is a huge production value of crude oil. Efficient refinery throughput and proliferating oil production are expected to drive the market in countries such as UAE, Saudi Arabia, and Kuwait. Demand for petroleum and distillate in the commercial and industrial sectors is expected to further drive the growth of the market in LAMEA.
The global oil storage market is segmented into type, material, product design, and region.
Depending on type, the global oil storage market is categorized into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and liquefied petroleum gas. In terms of value, the crude oil segment accounted for the largest share in 2020. By material, the market is bifurcated into steel, carbon steel, and fiberglass-reinforced plastic. In terms of value, carbon steel segment accounted for the largest share in 2020. On the basis of product design, the market is bifurcated into open top tank, fixed roof tank, floating roof tank, and others. In terms of value, floating roof tank segment accounted for the largest share in 2020.
Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. LAMEA accounted for the largest share of the market in 2020, with Asia-Pacific being the fastest growing region. The major companies profiled in this report include Belco manufacturing co., Inc., Brooge Energy, Containment Solutions, Inc., LBC Tank Terminals, L. F. Manufacturing, Inc., Oiltanking GmbH, Odfjell SE, Puma Energy, Royal Vopak, and Vitol.
In addition to the abovementioned companies, Energy Transfer Partners, LP (Sunoco Logistics Partners), Synalloy Corporation, Columbian TecTank, Inc., Poly Processing Company, Inc., Red Ewald Inc., and ZCL Composites Inc. are competing for the share of the market through product launch, joint venture, partnership, and expanding the production capabilities to meet the future demand for the oil storage.
KEY MARKET SEGMENTS
By Type
Crude oil
Gasoline
Aviation fuel
Naphtha
Diesel
Kerosene
Liquefied Petroleum Gas (LPG)
By Materials
Steel
Carbon Steel
Fiberglass-reinforced Plastic (FRP)
By Materials
Open Top Tank
Fixed Roof Tank
Floating Roof Tank
Others
North America
U.S.
Canada
Mexico
Europe
Russia
U.K.
Denmark
Italy
Norway
Rest of Europe
Asia-Pacific
China
India
Australia
Malaysia
Indonesia
Rest Of Asia Pacific
LAMEA
Brazil
Nigeria
KSA
Rest of LAMEA
Key players in the global Oil storage market are:
1. BELCO MANUFACTURING CO. INC.
2. Brooge Energy
3. Containment Solutions, Inc.
4. LBC Tank Terminals
5. L. F. Manufacturing, Inc.
6. Oiltanking GmbH
7. Odfjell SE
8. Puma Energy
9. Royal Vopak
10. Vitol
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