Oil Storage Market By Product (Open Top Tank, Fixed Roof Tank, Floating Roof Tank, and Others Storage Facilities), By Application (Crude Oil, Middle Distillates, Gasoline, Aviation Fuel, and Others (Diesel, Kerosene, and LPG)), By Material (Steel, Carbon steel, and Fiberglass Reinforced Plastic (FRP)), and By Region - Trends, Analysis, and Forecast till 2034

Report Code: PMI44019 | Publish Date: March 2024 | No. of Pages: 180

Global Oil Storage Market By Overview

Oil Storage Market was valued at USD 14.6 Billion in 2024 and is projected to grow at a CAGR of 6.1% to reach USD 25.1 Billion by 2034.

Rise in oil production increases the demand of oil storage containers. Continuous variation in the prices of oil has led to production of large-scale storage for crude oils, which become the suppliers develop high volume oil storage infrastructure. Most of the companies purchase oil when the prices are low and store it until the price of oil increases. However, oil is transported for refinement or filtering process, so the time for storage of oil cannot be long. Also, oil storage requires protection from the fluctuations of crude oil prices.

Oil Storage Market Report

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Global Oil Storage Market By Drivers & Restraints

Low crude oil prices, growth in need for mega refining hub, import or distribution type facilities, and high degree of product containment are some among the major factors driving growth of the global market. Government of the developed and the developing countries protects the supply from price hike and stock out incident because of strategic petroleum reserve for stockpiling large volumes of oil. However, decline on production and exploration activities and rising inventory cost are expected to restrain growth of the global oil storage market.

Global Oil Storage Market By Segmentations & Regional Insights

Oil storage market has been segmented on the basis of product, application, material and region.

On the basis of product, oil storage market has been segmented into open top tank, fixed roof tank, floating roof tank, and others storage facilities. Based on application, global oil storage market divided into crude oil, middle distillates, gasoline, aviation fuel and others such as diesel, kerosene, and LPG. On the basis of material, segments of oil storage market are steel, carbon steel and fiberglass reinforced plastic (FRP).

Regional Insights:

On the basis of region, the oil storage market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The market of North America account for major share in oil storage market across the globe. Low price of the crude oil across the North America has provided opportunities for the oil storage service providers which lead to growth of the oil storage market. In addition to this, increasing import facilities and rise in the need for refining hub are the factors positively affects on the oil storage market in this region. Asia pacific is expected to grow in the global oil storage market. Also, rising investments in offshore and onshore operations in China, India, and Singapore are leads to the growth of the target market in this region.

Global Oil Storage Market By Competitive Landscape & Key Players

Key players operating in the oil storage market includes ZCL Composites, Containment Solutions, Columbian Steel Tank, Belco Manufacturing Company, Oiltanking GmbH, Sunoco Logistics, Synalloy Corporation, Red Ewald Inc., Oiltanking GmbH, and Poly Processing Company Inc.

FAQs

The Oil Storage market is segmented into basis of product, application, material and region.

The oil storage market is driven by low crude oil prices, growth in need for mega refining hub, and import or distribution type facilities.

By region, North America account major share in global oil storage market owing to the factors such as low prices of the crude oil along with increasing import facilities and rise in the need for refining hub in this region.

The Key players operating in the Oil Storage market include Shawcor, Marquard & Bahls AG, Containment Solutions, Columbian Steel Tank, Belco Manufacturing Company, Sunoco Logistics, Synalloy Corporation, Red Ewald Inc., Oiltanking GmbH, and Poly Processing Company Inc.