Oil storage market is expected to grow at a CAGR of 4.5% by 2031. Oil storage business is gaining momentum with supply exceeding the global demand for crude oil. Discovery of shale gas and declining crude oil prices in the past two years has resulted in supply demand inequity which in turn influenced the oil producers to upgrade their storage capacity or to seek alternative storage for oil storage.
Global oil storage business is projected to expand at a significant growth rate over the forecast period. Increasing production of crude oil, declining oil prices, and increasing non-conventional shale gas production in North America and other regions of the globe are expected to drive the demand for oil storage facilities all over the world. Besides this, growing energy consumption due to rapid growth in population has fueled the demand for finished petroleum products which is ultimately fostering the need for oil storage.
Middle East and Africa region is projected to account for maximum volume share in the global oil storage market over the forecast period. Countries such as UAE, Saudi Arabia, Iran, Oman, Qatar, and Nigeria ,owing to declining oil prices and increasing oil production are anticipated to contribute significantly in the overall growth of this market in the region. Followed by it, North America is expected to be the second largest market for oil storage by 2023 due to increasing shale production in the region. Apart from this, rising investment in petroleum reserves is anticipated to fuel the growth of oil storage market in Asia Pacific region over the period 2016-2023. Countries such as China, Japan, South Korea and Singapore are expected to be the major contributor in the Asia Pacific region in future.
The leading players identified across the value chain of oil storage market are highly focusing on expanding their storage capacity in order to gain the competitive edge in the global oil storage market in future.
Key Players Identified Across the Value Chain in the Oil Storage Market include but are not limited to:
VTTI
Royal Vopak
Oiltanking GmbH
Buckeye Partners, LP
Containment Solutions, Inc.
Shawcor
Belco
CST Industries
Superior Tank Co., Inc.
DELTA OIL TANKING BV
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Oil Storage market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
ATTRIBUTE | DETAILS |
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Research Period | 2022-2032 |
Base Year | 2023 |
Forecast Period | 2024-2032 |
Historical Year | 2022 |
Unit | USD Million |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report