Oil Storage Market Overview:
Global Oil Storage Market was valued at $12,865 million in 2016, and is anticipated to reach at $17,217 million, growing at a CAGR of 4.2% from 2017 to 2023. Oil storage is a type of trade where vertically integrated companies purchase oil for immediate delivery and store until the price of oil increases. Moreover, this storage can be for a short span of time as the oil could be transported for refinement process. In addition, oil storage offers protection from short time supply fluctuations of crude oil and its derivative. Furthermore, increase in oil production has encouraged suppliers to improve their inventories and infrastructure to store large quantities of oil.
The market is driven by the growth in need for mega refining hub, import or distribution type facilities, and high degree of product containment. Initiatives, such as strategic petroleum reserve for stockpiling large volumes of oil have enabled the government of the developed and the developing countries to protect the supply from price hike and stock out incident. However, decline in exploration & production activities and decrease in production investment are expected to impede the market growth.
The global oil storage market is segmented into type, material, product design, and geography. On the basis of type, it is categorized into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and LPG. On the basis of material, it is classified into steel, carbon steel, and fiberglass reinforced plastic (FRP). Based on product design, it is divided into open top, fixed roof, floating roof, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In addition, the report highlights various factors that impact the growth of the global market, such as key drivers, restraints, growth opportunities, and the role of different key players. It presents the quantitative data, in terms of both value and volume, which are obtained from secondary source, such as company publications, Factiva, Hoovers, OneSource, and others.
Global Oil Storage Market Segmentation
In 2016, LAMEA dominated the global oil storage market, whereas Asia-Pacific is expected to witness the highest growth rate from 2017 to 2023, owing to the growth in economy and development of new refineries.
Global Oil Storage Market Share,by Geography, 2016 (%)
Top Investment Pockets
The aviation fuel segment is the most lucrative in the market, followed by the gasoline segment. The use of aviation fuel has increased due to the rise in demand for use in aviation piston engines and power aircraft. Furthermore, gasoline is a light hydrocarbon oil specifically used in aviation turbine power units and land-based spark ignition engines.
Top Investment Pocket
LAMEA Oil Storage Market Size
In 2016, LAMEA led the market, in terms of both value and volume, owing to the presence of large oil reserves and major export destinations such as Nigeria, Saudi Arabia, Iran, and UAE. In addition, introduction to newer refineries enabled the rapid growth in demand for oil product storage in this region.
Brazil Oil Storage Market Growth, 2016-2023 ($Million)
The key players profiled in the report are ZCL Composites, Belco Manufacturing Company, Containment Solutions, Sunoco Logistics, Oiltanking GmbH, Columbian Steel Tank, Poly Processing, Synalloy Corporation, L.F. Manufacturing, and Red Ewald, Inc.
The other major players (not profiled in report) in the market include Ziemann Holvrieka GmbH, Snyder Industries, Tuffa Tank, Marquard & Bahls, and Royal Vopak N.V.
- This report provides an extensive analysis of the current & emerging market trends and dynamics of the global oil storage market.
- The market trend analysis for all the regions is provided by constructing estimations for key segments from 2017 to 2023 to identify the prevailing opportunities.
- The report assists to understand the strategies adopted by the leading companies in the industry.
- Evaluation of competitive landscape of the industry is provided to understand the market scenario globally.
- Extensive analysis is conducted by key player positioning and monitoring the top competitors within the global market.
Oil Storage Market Key Segments:
- Crude Oil
- Aviation Fuel
- Carbon Steel
- Fiberglass Reinforced Plastic (FRP)
By Product Design
- Open Top
- Fixed Roof
- Floating Roof
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Rest of LAMEA