Oil Storage Market Qualitative Insights on Application and Outlook by Size, Share, Future Growth by 2030

Innovation to Drive Oil Storage Market Throughout the Forecast Period (2021 – 2030)

WILMINGTON, DELAWARE, UNITED STATES, April 18, 2024 /EINPresswire.com/ -- Rapidly growing demand for oil in the transportation sector and the improved transportation infrastructure across developing and developed countries are the major factors fueling the growth of the oil storage market. In addition, an increase in investment toward the import of crude oil in emerging economic countries such as India and China has a positive impact on the demand for oil storage. Moreover, the increase in import and export activities related to the petroleum industry across the globe led to the demand for oil storage terminals. Oil storage terminals will have huge opportunities during the forecast period, due to the importance of crude oil to national energy security and the increase in investment among developed and developing countries toward stockpiling crude oil. The abovementioned factors will provide huge opportunities for the development of the market across the globe. The global oil storage market size was valued at $12.2 billion in 2020 and is projected to reach $18.4 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/2217

Oil storage refers to terminals or tanks used to store processed or produced oil from refineries. Tanks endure the reservoir at several stages of processing and transportation. Wooden storage tanks were utilized during 1980s, which are now substituted by stainless steel, plastic, carbon steel, or reinforced concrete. Downstream operations use huge storage tanks to assemble oil for further processing and marketing. The global oil storage market is driven primarily by continued rise in energy outlook largely coupled with growing concerns about responding to the emergency supply of crude oil. Increase in import and export activities within the oil industry is driving market growth. Logistics and transportation are basic functions in the oil & gas industry. Current players in India, China, Canada, and the Middle East are expanding their ability to process heavy crude oil with more capacity, which is expected to drive growth over the forecast period.

The outbreak of COVID19 is expected to have a reasonable impact on the global oil storage market. With land tanks and storage options nearly full in some major countries, including the U.S. and India, market participants are often looking for opportunities to contribute to the demand for new oil storage alternatives in these areas. Nonetheless, technological advances, investments in storage facility development, and new pipelines to increase tank storage capacity are expected to create potential revenue opportunities for players operating in this market.

Population growth, rise in income levels, and rapid urbanization have created global oil demand, but resource depletion means that most countries in the world are primarily dependent on oil supply imports increase. The world's population is projected to reach approximately 9.8 billion in 2050 and 11.2 billion in 2100, and countries to build these terminals to meet oil demand and income from commercial exploitation will drive the growth of the market. Various products derived from crude oil such as diesel, gasoline, aviation fuel, and kerosene have found huge applications in various sectors. In recent years, the automobile industry has grown rapidly. Navy operations have increased. The aviation industry is keeping pace with the growth of air travel, and the chemical industry is with the introduction of new products. Due to these factors, the demand for diesel, gasoline, and lubricating oil is increasing, which has positive impact on the demand for crude oil, which, in turn, propels the demand for oil storage terminals.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/2217

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Oil Storage industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐎𝐢𝐥 𝐒𝐭𝐨𝐫𝐚𝐠𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

Belco Manufacturing Co., Inc.
Brooge Energy
Containment Solutions, Inc.
LBC Tank Terminals
L. F. Manufacturing, Inc.
Oiltanking GmbH
Odfjell SE
Puma Energy
Royal Vopak
Vitol

The global oil storage market is segmented into type, material, product design, and region.

Depending on the type, the global oil storage market is categorized into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and liquefied petroleum gas. In terms of value, the crude oil segment accounted for the largest share in 2020. By material, the market is bifurcated into steel, carbon steel, and fiberglass-reinforced plastic. In terms of value, the carbon steel segment accounted for the largest share in 2020. Based on product design, the market is bifurcated into open-top tanks, fixed roof tanks, floating roof tanks, and others. In terms of value, the floating roof tank segment accounted for the largest share in 2020.

Region-wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. LAMEA accounted for the largest share of the market in 2020, with Asia-Pacific being the fastest-growing region.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/2217

𝐊𝐞𝐲 𝐟𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐬𝐭𝐮𝐝𝐲:

- Region-wise, LAMEA accounted for the largest oil storage market share in 2020.
- Based on type, the crude oil segment holds the largest market share in 2020.
- Depending on the material, the carbon steel segment garnered the major market share in 2020.
- By product design, the floating roof tank segment accounted for the largest market share in 2020.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐢𝐚𝐥 𝐎𝐢𝐥𝐬 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/industrial-oils-market-to-reach-85-9-bn-globally-by-2030-at-3-3-cagr-allied-market-research-301634389.html

𝟐. 𝐎𝐢𝐥 𝐒𝐡𝐚𝐥𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 -https://www.globenewswire.com/news-release/2022/06/13/2461097/0/en/Oil-Shale-Market-Is-Expected-to-Reach-5-9-Billion-by-2030-Allied-Market-Research.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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Allied Market Research
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