“Global Oil Storage Market, By Product Type (Fixed Roof Tank, Floating Roof Tank, Open Top Tanks, Other Types), By Reserve (Strategic Reserve, Commercial Reserve), By end-Use (Crude Oil, Gasoline, Diesel, Ethanol, Other End Uses), By Material Type (Steel, Fiberglass Reinforced Plastic, Other Materials), as well as by Region – Global Forecast 2021 to 2029.”, which offers a comprehensive view of the Global Oil Storage Market through systematic segmentation, covering every aspect of this target market. The 5-year (2020–2025) cumulative revenue of this market is projected to be over $4,677.7 Mn, and is estimated to increase substantially over the latter part of the forecast period.
The oil-storage trade, also referred to as contango, is a market strategy in which large, often vertically-integrated oil companies purchase oil for immediate delivery and storage – when the price of oil is low – and hold it in storage until the price of oil increases. The tanks used to store these fuels are often very large, sometimes interconnected, industrial tanks.
On account of the exponential increase in the demand for oil across numerous end-use industries, spread over various countries, there has been a subsequent spike in the production and transportation levels of this substance. Accordingly, suppliers must manage their existing inventories through effective storage and distribution best practices. This is a factor that is expected to increase the demand for storage containers in the coming years, thereby boosting projected revenues for the Global Oil Storage Market in the process. Although the high costs associated with the maintenance and production of these receptacles may be a factor that could restrain opportunities for revenue growth, several key industry players are now focusing on developing innovative and advanced storage processes to take advantage of the relatively lower oil prices being observed at this given time. These are some of the most crucial factors anticipated to play a critical role in catapulting projected revenues for the Global Oil Storage Market to $5,371.6 Mn by 2029, at a CAGR of 3.6%.
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