Global Oil Storage Market Size was over 1 billion cubic meters by 2017 and is estimated to reach up to cubic meters XX.XX billion by 2025. According to latest study conducted by our analysts and industry experts, the global market is expected to grow at a CAGR of 4.7% during the forecast period, i.e. 2017-2025.
Global Oil Storage Market Growth Opportunities (Revenue, Growth) By 2017-2025
With the increasing oil production across the globe, oil storage has become an important factor in the recent past. Petroleum products are produced through rigorous operations such as identification of oil reserve, exploration, production, refining or processing operations, storage and logistics of supplying petroleum products to end-users. Oil production has been increasing steadily across the globe. The supply of oil in the market has surpassed the demand and consumption of oil. This has created a favorable market for oil storage which can be consumed in future.
Oil Storage market is estimated to grow at a CAGR of 4.7% from 2017-2025. The market growth is basically driven by the increasing on account of continued volatility of oil & gas prices and resultant severe oil glut. Additionally, the mismatch of the demand and supply for oil throughout the globe, and improving regulatory standards for the import and export of the oils to also support market growth in the coming years.
Furthermore, increasing storage of crude oils in the developing countries such as India, China due to the changing importing regulations, and rising demand for renovation and refining account of fluctuating O&G trends will further support the industry growth.
Based on the reserve type, the Oil Storage market is segmented as strategic, and commercial. Strategic reserves account the dominating market share accounting approximately 55% of the total market share. Which is majorly driven by the increasing government investment for developing the strategic reserves in the coming years.
On the basis of products, the Oil Storage market is segmented Floating Roof, Fixed Roof, and Spherical. Floating roof to the major segment accounting of the major market share owning to the increasing demand for the effectively minimize the volatile organic compound emissions and product losses will make the adoption of these tanks preferable over other alternates, and rising demand for the storage of large quantities of low and medium flash point petroleum products. Similarly, based on the application, the oil storage market is segment Crude Oil, Gasoline, LNG, and LPG.
U.S to hold the largest market share in this industry, 70 million cubic meters. Positive outlook toward the development of unconventional O&G fields along with availability of resources including advanced technology and skilled manpower will augment the industry growth. Middle East and Africa market gaining attraction of the investment for the companies for more scope in the regions and expected to rise healthy growth over the forecast period.
Global Oil Storage Market Size, Share Analysis By Region 2017
China oil storage market will grow on account of increasing capital investment toward the development of storage capacity from foreign and domestic companies. In 2016, the Government of China announced to build additional 435 million barrels of strategic petroleum reserves by 2020. Growing focus toward the expansion of refinery facilities in the country will further complement the business outlook.
Global Oil Storage Market Study Objective
1. To forecast the market size of oil storage market, along with describing and defining the market, in terms of volume and revenue.
2. Market analysis and forecast of oil storage market on the basis of region, substrate and application or end-use industry.
3. To analyze and elaborate significant factors that will have major impact on the growth of oil storage market, such as drivers, restraints, challenges and opportunities.
4. Regional analysis of oil storage market, to induce market size of five global major regions, which include, Europe, North America, South America, Middle East & Africa and Asia Pacific.
5. Strategic analysis of micromarkets, in terms of individual prospects, opportunities, growth trends and their involvement in overall market.
6. To provide detailed analysis of competitive and strategic developments in the oil storage market like new product launch, partnership & agreement, investment & expansion, and company merger & acquisitions.
7. Analysis of market opportunities for stakeholders, in order to provide a competitive landscape for global market players.
8. To profile major market players, and to analyze their market shares and essential competencies comprehensively.
Bottom-up and top-down are two main approaches that were taken into account to anticipate and validate the market size of oil storage market, and to reach the anticipated market size of several dependent submarkets. The research and study involved massive utilization of secondary data sources, several directories, private and government websites, and authentic databases, to collect or gather market-oriented as well as technical information for the study of oil storage market commercially.
Major players operating in global Oil Storage market include Denali, ZCL Composites, Synder, Vopak, Superior Tank Company, Tianjin Anson International Company (TICO), Sri Ranga Industries, L.F. Manufacturing, CST Industries, Synalloy (Palmer), Elixir, Ergil, Waterford Tank & Fabrication, Roth industries, and Hydrotherm Engineering Services.
Global Oil Storage Market Study Report Offer You!
The global market study report gives an idea about market size, share, stock, equity, investment and total price analysis. Also, the report provides comprehensively industry insights with all major factors such as market credit, allocation, demand, distribution, market scope, key players, end user & applications, provisions, livestock, commodities and industry economics analysis, future growth & forecast.
The global market report includes all depth data like pre-market emphasis, market survey, market investment, industry advice, portfolio, finance, access, trade, market exploration, industry review and market predication & projection to develop effective strategies for optimizing their market position.
Save Your Time
Wide Range of Reports
World Class Market Research
100% Customer Satisfaction
24/7 Customer care Support
Let's Talk Online