Global oil storage market is expected to grow at a steady rate during the forecast period. The global oil storage market is driven by the fluctuating oil prices. Additionally, different governments around the globe are focusing on increasing their oil storage capacities in order to safeguard their economy at the time of crisis. For instance, in 2021, the Government of India also announced the construction of strategic oil storage reserves construction in Vishakhapatnam, Padur and Mangalore. Furthermore, the outbreak of the pandemic novel coronavirus disease has led to the fall in the prices of crude oil below zero. The world is running out of space to store crude oil and the supply is overwhelming the demand. This in turn is expected to positively impact the growth of market during forecast period.
The global oil storage market is segmented based on type, reserve, material, fuel type, company and region. Based on type, the market can be categorized into open top, fixed roof, floating roof and others. The floating roof segment is expected to dominate the market during forecast period on account of the growing demand for storage of low and medium flash point hydrocarbons. Based on reserve, the market can be bifurcated into commercial and strategic reserves.
The commercial reserves segment is expected to dominate the market during forecast period. this can be ascribed to the rising demand for petroleum products on account of increasing urbanization which in turn leads to increasing the capacity of a refinery. The strategic reserves segment is expected to witness significant growth through 2027 as governments across the globe are making investments to cater emergency supplies at the time of emergencies.
Regionally, the oil storage market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, Asia Pacific is expected to witness significant growth in the overall oil storage market owing to the growing investments in onshore and offshore operations. Additionally, the increasing construction of commercial tanks for storage in countries like China, India, Singapore, among others is further expected to drive the growth of market in the region.
The major players operating in the oil storage market are ZCL Composites, Belco Manufacturing Company, Containment Solutions, Synalloy Corp., L.F. Manufacturing, Zepnotek Storage, Oiltanking GmbH, Columbian Steel Tank, Sunoco Logistics, Vitol Tank Terminals, Royal Vopak NV, Ziemann Holvrieka GmbH, Synder Industries, Tuffa Tank, Marquard & Bahls, Royal Vopak N.V., Red Ewald, Inc., Poly Processing, Denali Incorporated, CST Industries and others. Major companies are developing advanced technologies and launching new services in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
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Objective of the Study:
- To analyze and estimate the market size of global oil storage market from 2017 to 2020.
- To estimate and forecast the market size of global oil storage market from 2021 to 2027 and growth rate until 2027.
- To classify and forecast global oil storage market based on type, reserve, material, fuel type, company and regional distribution.
- To identify dominant region or segment in the global oil storage market.
- To identify drivers and challenges for global oil storage market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global oil storage market.
- To identify and analyze the profile of leading players operating in global oil storage market.
- To identify key sustainable strategies adopted by market players in global oil storage market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of oil storage providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the oil storage providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the oil storage providers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of global oil storage market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Oil storage service provider companies
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to oil storage
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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