Global Oil Storage Market by Application (Gasoline, Crude Oil, Aviation Fuel, Middle Distillates), by Product (Open Top, Floating Roof, Fixed Roof) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global oil storage market was worth 1682 million cubic metres in 2019. It is projected to grow at a compound annual rate (CAGR of 5.3%) between 2020 and 2027. The market will be driven by increasing oil & gaz production and growing crude oil demand in many end-use industries over the forecast period. Due to the rising crude oil demand, suppliers are now focusing on infrastructure and inventories to store large amounts of crude oil. Oil-importing countries have been able to increase their oil storage capacity in response to fluctuating crude oil prices. The industry landscape will be positively influenced by the increasing demand for strategic petroleum reserves in several countries.

Due to the continued exploration of unconventional oil and gas resources, the U.S. market will experience a significant growth. The U.S. Energy Information Administration reported that net crude oil inventories were 64% of the country's storage capacity utilization in June 2020. Because the Gulf Coast is a major exporting region for crude oil, and also houses major refining plants, most storage facilities are located in this region.

Due to the COVID-19 pandemic, crude oil supply outpaced crude petroleum demand. This led to an increase in oil storage capacity across many countries, which boosted the market demand for the forecast period. The industry's growth will be impeded by the strict regulations that govern oil storage in both below- and aboveground tanks.

The Water Environment Regulations 2006 (Scotland), and Control of Pollution Regulations 2001(England), are two of the most important legislations that must be adhered to by market participants in Europe. To prevent oil leakages during storage, storage equipment vendors have invested in the latest technologies for manufacturing Steel tanks.

Application Insights

In 2019, the crude oil segment held 51% of the market. Over the forecast period, crude oil storage will increase due to rising production and declining demand from the downstream and midstream sectors. The U.S. Energy Information Administration reports that 62% of total U.S. storage capacity was used by commercial crude oil inventories as of June 2020.

In 2019, middle distillates held the second largest market share. This growth can be attributed both to the expansion of modern refining facilities and the growing demand for low-sulfur distillates. The Asia Pacific region is expected to see an increase in refining investment, which will result in the construction of new units that will improve the productivity of middle distillates and boost its storage market growth.

Because of its high combustion energy, gasoline application will be the fastest-growing segment in the future. It is also used in construction, forestry and landscaping. The segment's growth is likely to be impeded by the growing demand for EVs.

Product Insights

The fastest CAGR for floating roof oil storage will be 6.5% during the forecast period. The floating roof's efficient design helps to minimize evaporative losses as well as corrosion. The segment will see a rise in demand for medium and low flashpoint hydrocarbons storage over the forecast period.

Fixed roof oil storage held the largest market share in 2019, and will continue to hold that position through the forecast period. These products are highly fire-resistant and have a high penetration rate. This is why the segment is growing in popularity. Fixed roof designs with lower installation costs are expected to increase the segment's growth. Open tank storage is susceptible to product contamination and fire, so it's used for liquid storage with low evaporative losses.

Regional Insights

The largest market share, 34%, was held by Middle East & Africa in 2019. It will continue to hold the top spot for the next few years. Countries such as Kuwait, Saudi Arabia, and UAE are expected to be driven by their efficient refinery throughputs and growing oil production. The regional market will continue to be driven by the demand for petroleum products and distillates in both the industrial and commercial sectors.

Asia Pacific will see the fastest growth rate in the future, with China holding the largest share of the market. The APAC market will be driven by rising oil and gas demand from major countries like China and India, as well as increasing offshore and onshore investments.

Due to high oil stockpiling in the United States, North America also held a significant market share. The oil storage market demand is directly affected by the increasing exploration and production activities related to shale gas resources. Regional growth will be further supported by the presence of significant U.S. strategic petroleum reserves.

Oil Storage Market Share Insights

Multinational companies have consolidated the oil storage market. To gain an advantage over other companies, industry participants invest in research and development to produce technologically advanced storage tanks. The following are some of the most prominent players in the oil storage industry:

• Vitol Tank Terminals International BV - (VTTI).

• Koninklijke Vopak NV

• Oiltanking GmbH

• Shawcor Ltd.

• Buckeye Partners L.P.

Up Market Research published a new report titled “Oil Storage Market research report which is segmented by Application (Gasoline, Crude Oil, Aviation Fuel, Middle Distillates), by Product (Open Top, Floating Roof, Fixed Roof), By Players/Companies Vitol Tank Terminals International BV (VTTI), Koninklijke Vopak NV, Oiltanking GmbH, Buckeye Partners LP , Shawcor Ltd”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Oil Storage Market Report Segments:

The market is segmented by Application (Gasoline, Crude Oil, Aviation Fuel, Middle Distillates), by Product (Open Top, Floating Roof, Fixed Roof).

Oil Storage Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Oil Storage Market

Overview of the regional outlook of the Oil Storage Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Oil Storage Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Oil Storage Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Gasoline

                2. Crude Oil

                3. Aviation Fuel

                4. Middle Distillates

                1. Open Top

                2. Floating Roof

                3. Fixed Roof

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Oil Storage Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
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Reasons to Purchase the Oil Storage Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.