Oil Storage Market (By Product: Open Top, Fixed Roof, Floating Roof; By Application: Crude Oil, Aviation Fuel, Gasoline, Middle Distillates) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The global oil storage market is anticipated to grow at a CAGR of around 4.5% during the forecast period 2020 to 2027 and to reach around US$ 5.0 Bn by 2027.

Market Dynamics

Rising demand for oil across the globe, coupled with increasing demand for safe and reliable storage units is a major factor expected to drive the growth of global market. In addition, government approach towards increasing the oil inventory is another factor expected to further support the growth of target market.

Increasing oil extraction activities in emerging economies and rising import-export activities is expected to increase demand for storage units that are able to withstand harsh environment are among other factors expected to impact the growth of target market. In 2019, the United States imported about 9.10 million barrels per day (MMb/d) of petroleum from nearly 90 countries and the crude oil imports of about 6.79 MMb/d accounted for about 75% U.S. total gross petroleum imports.  

High investment in the sector and major players approach towards business expansion through strategic partnerships and agreements in order to increase the business is another factor expected to positively impact the growth of target market.

• In 2019, Holly Energy Partners LP a service provider of petroleum product and crude oil transportation, terminalling, storage and throughput services partnered with Plains All American Pipeline in order to develop and construct a new 160,000 barrel per day crude oil pipeline.

In addition, increasing merger and acquisition activities in order to increase the customer base and enhance the profit is expected to further support the growth of target market.

• In 2019, Prostar Capital acquired the NuStar Energy L.P. company’s oil storage terminal facility. This acquisition is expected to help the company to expand its business and increase the profit.
• In 2019, Secure Energy Services Inc. acquired the oil storage infrastructure in North America. The company has acquired a 27% interest in a crude oil storage facility comprised of four above-ground 175,000 bbl tanks located in Cushing, Oklahoma and a 51% interest in an 80-acre parcel of undeveloped land adjacent to the facility. This is expected to help the company to strengthen its position in the market and increase the revenue share.

However, factors such as high cost of tanks and uncertain economical condition of the countries are expected to further hamper the growth of the global oil storage market. In addition, lower demand for oil is another factor expected to further challenge the growth of target market.

High demand for oil across the globe and major players approach towards development of cost-effective storage tanks are factors expected to create new opportunities for players operating in the target market over the forecast period. In addition, major players inclination towards developing economies in order to increase the business presence is another factors expected to further support the revenue traction of the market.

Oil Storage Market Segment Analysis, 2019

The global oil storage market is segmented in to product and application. The product segment is bifurcated into open top, fixed roof, and floating roof. Among the application, the crude oil, aviation fuel, gasoline, and middle distillates. In 2019, US import for non-crude oil petroleum accounted for about 25% of total gross petroleum imports.

Segment Analysis by Region

The market in North America is expected to account for significant revenue share owing to increasing oil & gas extraction activities by the government in order to cater the ongoing demand. In addition, presence of major players operating in the country and innovative product offerings are factors expected to further support the growth of target market.  

Asia Pacific is expected to witness faster growth in the near future owing to high investment by the government for development of oil & gas sector. In addition, approach towards increasing the oil stock is expected to increase demand for storage tanks.

Competitive Landscape

The global market is high highly competitive due to presence of large number of players and innovative product offerings. In addition, business expansion activities through partnerships and agreements are factors expected to further increase the competition.

Report coverage

The market research study on “Oil Storage Market (Product: Open Top, Fixed Roof, and Floating Roof; Application: Crude Oil, Aviation Fuel, Gasoline, and Middle Distillates) – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027”, offers a detailed insights on the global oil storage market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report provides insights on global oil storage market segment by product, application and major geographic regions. The report covers basic development policies and layouts of technology development processes. Secondly, the report covers global oil storage market size and segment markets by product, application and geography along with the information on companies operating in the market. The oil storage market analysis is provided for major regional market including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report. The players profiled in the report ZCL Composites, Zepnotek Storage Tanks, Marquard & Bahls AG, LF Manufacturing, Columbian Steel Tank, Belco, and Palmer.

Market Segmentation

Market By Product

• Open Top
• Fixed Roof
• Floating Roof

Market By Application

• Crude Oil
• Aviation Fuel
• Gasoline
• Middle Distillates

Market By Region

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa