Global Oil Storage Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

MarketResearch.biz delivers in-depth insights on the global oil storage market in its upcoming report titled, “Global Oil Storage Market Trends, Applications, Analysis, Growth, and Forecast: 2018 to 2027”. The global oil storage market is estimated to register a CAGR of X.X% in terms of value during forecast period 2018–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global oil storage market report has been segmented on the basis of product, application, material, and region.

Oil storage is one of the important part of midstream sector of oil industry. Oil storage is a process of collecting products before it delivers to refineries and retailers. Downstream operations use large storage tanks to collect oil for further processing and marketing. Oil storage is a short span process, as oil is transported for further refinement process. Oil storage also offers protection from short time supply fluctuations of crude oil and its derivative. The growth rate of oil production is significantly high as compared to demand from end-use industries.

Increasing demand for high storage capacities, rising oil production, decreasing crude oil prices, increasing need for mega refining hub, and availability of import or distribution facilities globally are major factors expected to drive growth of the global market over the forecast period. In addition, increasing concern towards energy security, exploration of alternative resources, and fluctuating rate of natural gases and crude oil are other factors expected to store high-quality fuel, which is expected to support growth of the target market. Furthermore, increasing government initiatives towards emission of greenhouse gases and for storage of oil to protecting national economy during energy crises are some factors expected to fuel growth of this market in the near future.

However, high investment and maintenance cost is a key factor expected to restrain growth of the global market over the forecast period.

Ongoing trend observed in the global market is rising adoption of alternative fuels for cleaner and greener shipping, owing to rising liquefied natural gas (LNG) projects globally. LNG is used as alternative to petroleum fuels which helps marine carriers according to emission norms set by the International Maritime Organization (IMO)'s Marine Pollution (MARPOL).

Technological development, investment in development of storage facilities and new pipelines for improving storage capacity of tanks are expected to create potential revenue opportunities for players operating in the target market.

The market in Middle East dominates the target market in terms of revenue over the forecast period, owing to increasing demand for petroleum products in various industrial and commercial segments in various countries in the region. The market in North America is expected to register significant growth in terms of revenue over the forecast period. The market in Asia Pacific is expected to account for highest CAGR over the forecast period, owing to increasing investments in onshore and offshore operations and rising construction of commercial tanks especially in India, China, and Singapore in the region.

Global oil storage market segmentation:

Segmentation by product:

• Open Top Tank
• Fixed Roof Tank
• Floating Roof Tank
• Others Storage Facilities

Segmentation by application:

• Crude Oil
• Middle Distillates
• Gasoline
• Aviation Fuel
• Others (Diesel, Kerosene, LPG)

Segmentation by material:

• Steel
• Carbon steel
• Fiberglass Reinforced Plastic (FRP)

Segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

• Amec Foster Wheeler plc
• Magellan Midstream Partners, L.P.
• Koninklijke Vopak NV
• TechnipFMC plc
• Vitol Inc.
• WorleyParsons Limited
• Blueknight Energy Partners, L.P.
• Buckeye Partners, L.P.
• Centrica plc
• Chiyoda Corporation