Global Oil Storage Market By Product Type (Fixed Roof Tank, Floating Roof Tank, Open Top Tanks), By Material Type (Steel, Fiberglass Reinforced Plastic), By Reserve (Strategic Reserve, Commercial Reserve), By End-Use and By Region - Global Forecast 2030

“Global Oil Storage Market” is the title of a recently published market report compiled by MarketResearch.Biz. The report contains information and data, and inputs from both primary and secondary data sources, that have been verified and validated by experts in the target market. The report presents a thorough study of revenues, historical data, and information, key developments, and strategies by major players that offer vital insights and perspectives in to various scenarios market. Besides critical data and related information, the report includes key trends (both present and future), factors that are driving market growth, factors that are or could be potential restraints to market growth, as well as opportunities that can be leveraged for potential revenue generation in untapped regions and countries. It also covers threats or challenges for existing as well as new entrants in the market. The global oil storage market has been segmented on the basis of product type, reserve, end-use, material type, as well as regions and countries.

The Global Oil Storage Market was valued at UЅD $3,980.5 Мn in 2020, and is projected to achieve a valuation of UЅD $5,371.6 Мn by 2030, at a САGR of 3.6%.

Overview:

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.

Dynamics:

The production and transportation levels of oil is growing exponentially, especially in recent years, on account of the surging requirement for this product from various end-use industries across the world. This is a factor that has led oil suppliers to increasingly focus on their inventories and to improve their respective storage infrastructures, subsequently boosting revenue growth opportunities for the global oil storage market in the foreseeable future. Moreover, strategic oil reserves offer continual sources of energy, power for respective authorities, while ensuring economic stability and protection from short-term supply fluctuations. This is also a factor that is slated to further augment market growth opportunities for this global industry in the coming years.

Furthermore, the increasing production of oil in the Middle East and North America, paired with the various innovative oil refinery process they employ are also factors that are anticipated to fuel the revenue growth of the global oil storage market in the near future.

However, in light of the recent COVID-19 outbreak, the operations of numerous industries have either been temporarily halted or are functioning with a minimal workforce due to enforced lockdowns and imposed restrictions by respective governing bodies. The global oil storage market is no different, and this factor is anticipated to have an immensely negative impact on the revenue growth of this industry. Moreover, the high costs associated with the production and maintenance of these storage vessels is also a factor that may impede on the revenue growth of the global oil storage market in the years to come.

Nonetheless, owing to improved storage processes and relatively lower oil prices, the scope for revenue growth development over the next 10 years is rather optimistic for the global oil storage sector.

Segmentation of the Global Oil Storage Market is as follows:

In terms of product, the fixed roof tank segment accounted for the maximum number of revenue shares of the global oil storage market in 2020, and is expected to continue doing so over the forecast period. The floating roof tank segment is also anticipated to index a high CAGR over the next 10 years.

With regards to material type, the steel segment accounted for the majority number of revenue shares of this global industry in 2020, and is slated to index the highest CAGR over the forecast period. The fiberglass reinforced plastic segment is also expected to register considerable revenue growth in the coming years.

On the basis of reserve, the commercial reserve segment accounted for the majority number of revenue shares of the global oil storage market in 2020, and is anticipated to continue to do so over the next decade. The strategic reserve segment is also expected to register a high CAGR in the years to come.

With respect to end-use, the crude oil segment accounted for the highest number of revenue shares of the global oil storage market in 2020, and is indicative of continuing to do so over the next decade. The diesel segment is also expected to register high revenue growth in the near future.

Regional Segmentation and Analysis:

Markets in the Asia Pacific region accounted for the maximum number of revenue shares of the global oil storage market in 2020, and are indicative of remaining this industry’s front-runner over the next decade. The markets in North America are also anticipated to index a high CAGR over the course of the forecast period.

Segmentation of the Global Oil Storage Market:

Segmentation by Product Type:

• Fixed Roof Tank
• Floating Roof Tank
• Open Top Tanks
• Other Types

Segmentation by Reserve:

• Strategic Reserve
• Commercial Reserve

Segmentation by End-Use:

• Crude Oil
• Gasoline
• Diesel
• Ethanol
• Other End Uses

Segmentation by Material Type:

• Steel
• Fiberglass Reinforced Plastic
• Other Materials

Segmentation by Regions:

• North America
• Europe
• APAC
• Latin America
• MEA