Selbyville, Delaware, Dec. 03, 2020 (GLOBE NEWSWIRE) -- According to seasoned analysts, worldwide oil storage market attained a valuation of USD 3.6 billion in 2019 and is projected to register an appreciable growth rate of over 4.4% during the forecast period 2020-2027. Rapid expansion of oil & gas sector globally, owing to surging demand from various industry verticals such as chemical, automotive, and pharmaceutical, is fostering the industry growth.
The research literature provides detailed industry segmentation by products, applications, and regions, inclusive of their contribution to the overall market expansion. Other important facets like strategic developments, government regulations, supply chain, distribution network, and latest trends are also taken into consideration. Further, it explicates the competitive arena by profiling the players dominant in the marketplace.
For the record, International Energy Agency (IEA) reported that the daily demand for crude oil worldwide was around 100.6 million barrels in 2019 from 96.2 million barrels in 2016. Likewise, global natural gas production increased 3.3% in 2019 from the previous year, reaching 4 Tcm threshold for the initial time with 4,088 billion cubic meters generated. Hence, continuously rising energy demand, together with other factors like increasing natural gas production, fluctuating prices of oil, and soaring government expenditure in O&G projects are positively impacting global oil storage market dynamics.
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Notably, oil storage is form of trade wherein vertically cohesive companies obtain oil for direct delivery and stockpile it until the oil prices rises. Stockpiling can be done for a short time period as the oil is required to be sent off for the refinement process. Oil storage ensures immunity of crude oil and its derivatives against short-time price fluctuations, which has compelled suppliers to expand their storage facilities. However, stringent regulations on oil stockpiling and increasing inventory cost are negatively impacting global oil storage market expansion.
Market fragmentation:
Based on product terrain, global oil storage industry is split into open top, fixed roof, floating top, and others. Considering the application spectrum, the market is divided into crude oil, gasoline, aviation fuel, middle distillates, and others.
Regional outlook:
Global oil storage market size is fragmented into North America, Latin America, Europe, Asia Pacific, and Rest of the world. LAMEA currently accounts for majority of the market share and is likely to gain considerable traction in the coming years. Increasing oil & gas exploration and production activities, coupled with strong presence of industry vendors are fueling the regional market growth.
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Meanwhile, Asia Pacific market is anticipated to showcase robust growth during 2020-2027, owing to spike in demand for crude oil and gas, and growing expenditure in onshore and offshore oil operations across emerging economies like India and China.
Global Oil Storage Market Product Landscape (Revenue, USD Billion, 2017-2027)
- Open Top
- Floating Top
- Fixed Roof
- Others
Global Oil Storage Market Application Spectrum (Revenue, USD Billion, 2017-2027)
- Crude Oil
- Gasoline
- Middle Distillates
- Aviation Fuel
- Others
Global Oil Storage Market Regional Fragmentation (Revenue, USD Billion, 2017-2027)
North America
- United States
- Canada
Europe
- United Kingdom
- France
- Italy
- Spain
- Germany
- Rest of Europe
Asia Pacific
- India
- China
- Japan
- South Korea
- Australia
- Rest of APAC
Latin America
- Mexico
- Brazil
Rest of the World
Global Oil Storage Market Competitive Dashboard (Revenue, USD Billion, 2017-2027)
- Columbian Steel Tank Company
- Belco Manufacturing Company, Inc.
- ZCL Composites
- Containment Solutions, Inc.
- Buckeye Partners, L.P.
- Shawcor Ltd.
- Oiltanking GmbH
- Koninklijke Vopak N.V.
- Vitol Tank Terminals International B.V.
Table of Content:
Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2018-2027 (USD Billion)
1.2.1. Oil Storage Market, by Region, 2018-2027 (USD Billion)
1.2.2. Oil Storage Market, by Product, 2018-2027 (USD Billion)
1.2.3. Oil Storage Market, by Application, 2018-2027 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Oil Storage Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Scope of the Study
2.2.2. Industry Evolution
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Oil Storage Market Dynamics
3.1. Oil Storage Market Impact Analysis (2018-2027)
3.1.1. Market Drivers
3.1.2. Market Challenges
3.1.3. Market Opportunities
Chapter 4. Global Oil Storage Market: Industry Analysis
4.1. Porter's 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.2. PEST Analysis
4.2.1. Political
4.2.2. Economical
4.2.3. Social
4.2.4. Technological
4.3. Investment Adoption Model
4.4. Analyst Recommendation & Conclusion
Chapter 5. Global Oil Storage Market, by Product
5.1. Market Snapshot
5.2. Global Oil Storage Market by Product, Performance - Potential Analysis
5.3. Global Oil Storage Market Estimates & Forecasts by Product 2017-2027 (USD Billion)
5.4. Oil Storage Market, Sub Segment Analysis
5.4.1. Open Top
5.4.2. Fixed Roof
5.4.3. Floating Roof
5.4.4. Others
Chapter 6. Global Oil Storage Market, by Application
6.1. Market Snapshot
6.2. Global Oil Storage Market by Application, Performance - Potential Analysis
6.3. Global Oil Storage Market Estimates & Forecasts by Application 2017-2027 (USD Billion)
6.4. Oil Storage Market, Sub Segment Analysis
6.4.1. Crude Oil
6.4.2. Middle Distillates
6.4.3. Gasoline
6.4.4. Aviation Fuel
6.4.5. Others
Chapter 7. Global Oil Storage Market, Regional Analysis
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Global Oil Storage Market Size, Regional Forecasts 2020-2027
Global Oil Storage Market is valued approximately at USD 3.6 billion in 2019 and is anticipated to grow with a healthy growth rate of more than 4.4% over the forecast period 2020-2027. Over the years, the oil & gas sector is gaining a lot of traction around the world, due to extensive demand of oil from a range of industries, chemical industry, pharmaceutical and automotive industry, and others. As the demand for oil & gas is surging, oil storage has emerged as a most prominent requirement. Oil storage is a sort of trade where vertically cohesive companies procure oil for direct delivery and stockpile until the oil price increases.
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