Oil Storage Market Size By Product (Fixed Roof, Floating Roof, Spherical), By End Use (Crude Oil, Gasoline, Aviation Fuel, Middle Distillates, LNG, LPG), COVID-19 Impact Analysis, Regional Outlook, Price Trends, Growth Potential, Competitive Market Outloo

Oil Storage Market Size By Product (Fixed Roof, Floating Roof, Spherical), By End Use (Crude Oil, Gasoline, Aviation Fuel, Middle Distillates, LNG, LPG), COVID-19 Impact Analysis, Regional Outlook, Price Trends, Growth Potential, Competitive Market Outlook & Forecast, 2022 - 2030

The global oil storage market size is projected to witness a commendable growth trajectory over 2022-2030, given the introduction of spending programs by energy companies to spur economic growth.

For example, oil refining and fuel marketing firms, ONGC and IOC, announced plans to make major investments in the fiscal year 2022-2023, as part of the Indian government’s efforts to boost supply-side economics.

Developed nations also have emerged as prominent traders of petroleum in recent years. According to the U.S. EIA’s statistics, for instance, the U.S. exported over 8.63 million b/d and imported over 8.47 million b/d of petroleum in 2021. This increased trading is likely to assert a positive influence on the development of oil storage containers across the country.

The oil storage industry is bifurcated in terms of product, end-use, and regional landscape.

Based on the product, the industry value from the spherical segment is slated to grow substantially over the next 8 years. In the United States, the level of natural gas supply has increased. This reliable energy supply is set to amplify spherical oil storage tank construction to store liquified natural gas. Spherical vessels are also utilized across the industry, owing to their capability to withstand high internal pressure and lesser size limitations, among other key attributes.

As per the end-use, the aviation fuel segment is projected to account for a major share of the oil storage market by 2030, due to the rapid globalization and rising air traffic. For example, ICAO’s recent analysis of global air traffic indicates signs of recovery from the COVID-19 crisis.

From January to April 2022, the number of air passengers surged by 65% as compared to the previous year, while flight departures rose by 30%. This gradual recovery in the aviation sector is likely to proliferate the adoption of aviation fuel storage tanks.

The market share from the LNG end-use segment is also anticipated to depict a high growth rate over 2022-2030. The paradigm shift from the consumption of fossil fuels including coal to natural gas in power plants for electricity generation is one of the major factors driving the demand for oil storage equipment. Additionally, the escalating reliance on low-carbon and clean energy sources to limit greenhouse gas emissions is expected to stimulate the development of LNG and other essential oil storage tanks.

From a regional frame of reference, the Latin American oil storage industry is set to exhibit a 5% growth rate through 2030. Soyabean oil prices have become increasingly volatile, with cash values in Brazil and Argentina achieving unprecedented levels. These issues will encourage refineries to expand their emergency oil stocks and in consequence, bolster the need for oil storage systems.

The oil storage industry in Middle East and Africa will also account for a considerable share of the global market by 2030, given the mounting production and export of crude oil. In addition, the stockpiling of oil and gas has witnessed an increase, further contributing to oil storage tank development across the region.