Global Oil Storage Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at CAGR of 4% during forecast period of 2019 to 2026.
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Global Oil Storage Market Drivers and Restrains:
Continuous increase in the energy perspective together with growing concern towards the fulfillment of emergency crude oil supply, which is driving the global oil storage industry in the upcoming period. Growing apprehension towards the protection from short term supply fluctuation of crude oil and its derivatives will further drive the industry demand. Several nations containing the U.S., India, and China have adopted storing initiatives to reduce the price instability and confirm reliable supply to the end-use sectors. Initiatives such as the strategic petroleum reserve for storing large volumes of oil allow the government to protect the supply from price spikes and stock out incidents. Also, an increase in oil production has encouraged providers to advance their infrastructure and inventories to store large quantity of oil. Furthermore, constant surge in production from Iran, Russia, U.S., and Saudi Arabia will further drive the industry perspective. e.g., according to the Energy Information Administration (EIA), the weekly U.S. field production of crude oil was 12,900 thousand barrels per day in December 2019 when compared to June count was 12,300 thousand barrels per day.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The global oil storage market is driven by low crude oil prices, increasing energy production rate, Requirement of additional oil storage capacity, increasing oil product trade movement, ongoing spending toward OG projects. However, the decrease in production investment and a decline in production exploration activities are hampering the market growth at the global level. Technological advancement, investment in the development of storage facilities and new pipelines for improving storage capacity of tanks, and an increase in oil demand are likely to create lucrative opportunities for key players operating in the global oil storage market. This is evidence, as the revenue from the increasing oil demand estimated to reach approximately US$ XX million by 2026. Involvement of high capex in EP is the key challenge for the global oil storage market during the forecast period.
Global Oil Storage Market Segmentation Analysis:
Based on the product design, the Fixed Roof Tank segment was accounted for the dominant market share of XX% in 2018 and is projected to continue its dominance during the forecast period. Floating Roof Tank segment is expected to grow at the highest XX% CAGR during the forecast period. Growing demand to stock the liquefied products having low flash point will boost the global oil storage facility penetration. Additionally, strict government regulation to control environmental pollution will increase the demand for LNG, which is impelling the industry growth. e.g., according to the U.S. Energy Information Administration, the country exported XX Billion cubic feet per day of LNG in May 2019 to fulfill the of Asia and Europe request.
Global Oil Storage Market Regional Analysis:
Geographically, the oil storage market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East Africa. North America was accounted for US$ XX Mn in 2018 for the oil storage market and is estimated to reach US$ Mn end of 2026, with a CAGR of XX%. Oil storage demand in the U.S. was XX million cubic meters in 2019. The United States is the prominent oil-producing nation in the world, with an average of 14.86 million barrels per day, which accounts for XX% of the world's production.
Asia Pacific is projected to be the fastest-growing region in the near future. The region is expected to hold the XX% of market share in the upcoming period due to increasing investments in onshore and offshore operations and rising construction of commercial tanks especially in India, China, and Singapore in the region.
The market in Middle East Africa dominates the oil storage market in terms of revenue over the forecast period, owing to Surging oil production coupled with increasing refinery in different countries in the region. Countries such as Kuwait, Saudi Arabia, and the UAE were the main countries leading the market in 2019. Crude oil storage demand in Saudi Arabia is estimated to reach XX million cubic meters during the forecast period.
The objective of the report is to present a comprehensive analysis of global Oil Storage market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market are presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The report also helps in understanding global Oil Storage market dynamics, structure by analyzing the market segments and project the global Oil Storage market size. Clear representation of competitive analysis of key players By Type, Price, Financial position, Product portfolio, Growth strategies, and regional presence in the global Oil Storage market make the report investor’s guide.
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Global Oil Storage Market, by Type:
• Crude Oil
• Aviation Fuel
• Liquefied Petroleum Gas (LPG)
Global Oil Storage Market, by Material:
• Carbon Steel
• Fiberglass Reinforced Plastic (FRP)
Global Oil Storage Market, by Product Design:
• Open Top Tank
• Fixed Roof Tank
• Floating Roof Tank
Global Oil Storage Market, by Region:
• Asia Pacific
• North America
• Latin America
• Middle East Africa
Global Oil Storage Market, Major Players:
• CST Industries
• ZCL Composites, Inc.
• Synder Industries
• Denali Incorporated
• Synalloy Corporation
• LF Manufacturing
• Superior Product Company, Inc.
• Tianjin Anson International Co., Ltd.
• Roth Industries Company
• Waterford Product Fabrication
• Sri Ranga Industries
• Hydrotherm Engineering Services
• Belco Manufacturing Company
• Containment Solutions
• Sunoco Logistics
• Oiltanking GmbH
• Columbian Steel Tank
• Poly Processing
• Ziemann Holvrieka GmbH
• Red Ewald, Inc
• Oil Rock Mining
• Plains All American
• Shandong Changjiang GrainOil Storage Machine Co., Ltd
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