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Analysis of Potential Impact of COVID-19 on Oil storage market

Transparency Market Research has published a new report that provides detailed information about the overall working dynamics of the global oil storage market. According to the research report, the global oil storage market is expected to exhibit a healthy CAGR of 4.78% for the forecast period of 2019 to 2027. The volume sale of the market was at around 1,581 million cubic meters in 2018. With the given rate of growth, the global oil storage market is expected to achieve the volume of 2,407 million cubic meters by the fall of 2027.

Key Driver of the Global Oil Storage Market

Increasing demand of refined products such as gasoline, diesel, kerosene, and aviation turbine fuel is likely to drive the demand for global oil storage terminals. The rising number of automobile sales especially in developing economies such as China, India, and Brazil would be a key factor for the growth in the demand for diesel and gasoline. Moreover, growing construction industry and industrial segment in developing and under-developed economies is likely to boost the demand for diesel in near future. Growing aviation sector and domestic & international air traffic would result in an increase in demand for aviation turbine fuel across the globe. Thus, in order to meet growing demand for petroleum products the investment in their production and storage is also growing, which in turn would drive the oil storage market during the forecast period.

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Lower crude oil prices and increasing demand for petroleum products has resulted in a surge in investment for crude oil refineries across the globe. Moreover, existing refiners are investing heavily to upgrade their oil storage infrastructure in order to take advantage of the price movement in crude oil market. Governments across the globe are also planning to take advantage of the crude oil price drop and increase their strategic oil reserves to act as a contingency reserve in case of any emergency.

Middle East and Africa to Remain Dominant Over Forecast Period

In terms of geographical segmentation, the global oil storage market, there are five major regional segments viz. South and Central America, Middle East and Africa, Asia Pacific, North America, and Europe. Of these, the regional segment of the Middle East and Africa is currently the most dominant one and is expected to remain so over the course of the mentioned projection period. The growth of the regional segment is driven by the strong contributions from countries such as Saudi Arabia, Iran, UAE, Oman, Qatar, and Nigeria among others. The Middle East and Africa region is expected to exhibit a healthy CAGR during the forecast period of 2019 to 2027.

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Competitive Landscape to Remain Consolidated in Near Future

The competitive landscape of the global oil storage market is highly consolidated with only five companies occupying the majority of the overall market share. These five companies are

  • Royal Vopak NV
  • Kinder Morgan Inc.
  • Oiltanking GmbH
  • Buckeye Partners LP
  • NuStar Energy LP.

These companies cumulative accounted for more than 60% share of the overall market in the year 2018. The research report on the global oil storage market expects the competition in the global market to only intensify over the course of the mentioned period of forecast. One of the prime reasons behind this intensifying competition is the growing amount of investments put in by some of these leading brands in the market. It is expected that the entry barriers for new players in the oil storage market to remain high. Thus the threat of the same is expected to be a moderate one.

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Moreover, in order to bolster their existing hold on the global market, these leading companies are adopting the approach of mergers, acquisitions, joint ventures, and strategic partnerships. Such moves allow these companies to expand and improve their current infrastructure for crude oil storage and also their terminal networks. It also helps them to raise more funds for the optimization of their storage facilities and develop new pipelines.

Global Oil Storage Market – Key Developments

  • In October 2019, Indian Strategic Petroleum Reserves Ltd announced that it has signed a memorandum of understanding with Saudi Aramco, Saudi Arabia’s state oil company for its contribution in the 2.5 million tons facility in Karnataka, India. Indian Strategic Petroleum Reserves Ltd is an Indian government owned company which is charged with the building strategic oil storage reserves in India. Only Abu Dhabi National Oil Co. (ADNOC) is the foreign oil company which stores crude oil in India’s strategic reserves, at Mangalore and Karnataka.

Oil Storage Market: Storage Type Analysis

  • Open Top Tanks
  • Fixed Roof Tanks
  • Floating Roof Tanks
  • Other Storage Facilities

Oil Storage Market: Product Type Analysis

  • Crude Oil
  • Gasoline
  • Aviation Fuel
  • Middle Distillates

Oil Storage Market: Reserve Type Analysis

  • Strategic Petroleum Reserve
  • Commercial Petroleum Reserve

About Us :

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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Oil Storage Market Size Set to Reach US$ 5.0 Bn by 2027

According to the study carried out by Acumen Research & Consulting, The Oil Storage market expected to CAGR of 4.5%, this market is estimated to reach US$ 5.0 Bn in 2027.

The study primarily analyses the scale of the Oil Storage market, current developments and growth status as well as investment prospects, government initiatives, industry dynamics (drivers, challenges and opportunities), supply chain and competitive environment. Technological advancement and development would further improve the product’s performance and increase its use in downstream applications. Moreover, the porter five forces study provides important facts on the Oil Storage market (potential entrants, manufacturers, replacements, purchasers, company competitors).

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The overall size of the market is determined in accordance with primary and secondary sources. The analysis process starts with exhaustive secondary research from internal and external sources, in order to collect qualitative and quantitative market-related data. Main interviews with experts and analysts in industry have also been carried out in order to verify data and analysis. Industry professionals are usually involved in this process, including VPs, managers of corporate growth, market analysis and domestic distribution officers and outside advisers, as well as policy consultants, statistical researchers and leading opinion leaders trained in the Oil Storage market.

The goal of the research is to establish the global demand for Oil Storage market, including all stakeholders of the market, in detail. This research represented the historical and present state of the industry with the anticipated market size and innovations in simple language, with the application of quantitative statistics. In the study, the leading players, market leaders, supporters and new entrants in particular are discussed in all areas of the industry. The research is a detailed assessment of the possible business effect for microeconomic variables by PORTER, PESTEL. External and internal factors were examined that would affect the industry positively or negatively, offering decision-makers a strong future-orientated outlook on the market. This research also helps to explain the complexities of the market and the function of the global Oil Storage market. The research offers an summary of the strategic dynamics of leading players in the global drug market, prices, financial situation, product portfolio and growth strategies.

Market participants

ZCL Composites, Zepnotek Storage Tanks, Marquard & Bahls AG, LF Manufacturing, Columbian Steel Tank, Belco, and Palmer.

Market segmentation

Market By Product

  • Open Top
  • Fixed Roof
  • Floating Roof

Market By Application

  • Crude Oil
  • Aviation Fuel
  • Gasoline
  • Middle Distillates

Market By Region

North America

  • U.S.
  • Canada

Europe

  • UK
  • Germany
  • France
  • Spain
  • Rest of Europe

Asia-Pacific

  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia-Pacific

Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East & Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

Table of content

CHAPTER 1. INDUSTRY OVERVIEW
1.1. Definition and Scope
1.1.1. Definition of Oil Storage
1.1.2. Market Segmentation
1.1.3. List of Abbreviations
1.2. Summary
1.2.1. Market Snapshot
1.2.2. Oil Storage Market By Product
1.2.2.1. Global Oil Storage Market Revenue and Growth Rate Comparison By Product (2020-2027)
1.2.2.2. Global Oil Storage Market Revenue Share By Product in 2019
1.2.2.2.1. Open Top
1.2.2.2.2. Fixed Roof
1.2.2.2.3. Floating Roof
1.2.3. Oil Storage Market By Application
1.2.3.1. Food & Beverages
1.2.3.2. Crude Oil
1.2.3.3. Aviation Fuel
1.2.3.4. Gasoline
1.2.3.5. Middle Distillates
1.2.4. Oil Storage Market By Geography
1.2.4.1. Global Oil Storage Market Revenue and Growth Rate Comparison by Geography (2020-2027)
1.2.4.2. North America Oil Storage Market Revenue and Growth Rate(2020-2027)
1.2.4.3. Europe Oil Storage Market Revenue and Growth Rate(2020-2027)
1.2.4.4. Asia-Pacific Oil Storage Market Revenue and Growth Rate(2020-2027)
1.2.4.5. Latin America Oil Storage Market Revenue and Growth Rate(2020-2027)
1.2.4.6. Middle East and Africa (MEA) Oil Storage Market Revenue and Growth Rate(2020-2027)

CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS
2.1. Market Drivers
2.2. Restraints and Challenges
2.3. Growth Opportunities
2.4. Porter’s Five Forces Analysis
2.4.1. Bargaining Power of Suppliers
2.4.2. Bargaining Power of Buyers
2.4.3. Threat of Substitute
2.4.4. Threat of New Entrants
2.4.5. Degree of Competition
2.5. Value Chain Analysis
2.6. Cost Structure Analysis
2.6.1. Raw Material and Suppliers
2.6.2. Manufacturing Process Analysis
2.7. Regulatory Compliance
2.8. Competitive Landscape, 2019
2.8.1. Player Positioning Analysis
2.8.2. Key Strategies Adopted By Leading Players

CHAPTER 3. MANUFACTURING PLANTS ANALYSIS
3.1. Capacity and Commercial Production Date of Global Pure Cashmere Major Manufacturers in 2019
3.2. Manufacturing Plants Distribution of Global Pure Cashmere Major Manufacturers in 2019
3.3. R&D Status and Technology Source of Global Pure Cashmere Major Manufacturers in 2019
3.4. Raw Materials Sources Analysis of Global Pure Cashmere Major Manufacturers in 2019

CHAPTER 4. OIL STORAGE MARKET BY PRODUCT
4.1. Global Pure Cashmere Revenue By Product
4.2. Open Top
4.2.1. Market Revenue and Growth Rate, 2020 – 2027 ($Million)
4.2.2. Market Revenue and Forecast, By Region, 2020 – 2027 ($Million)
4.3. Fixed Roof
4.3.1. Market Revenue and Growth Rate, 2020 – 2027 ($Million)
4.3.2. Market Revenue and Forecast, By Region, 2020 – 2027 ($Million)
4.4. Floating Roof
4.4.1. Market Revenue and Growth Rate, 2020 – 2027 ($Million)
4.4.2. Market Revenue and Forecast, By Region, 2020 – 2027 ($Million)

CHAPTER 5. OIL STORAGE MARKET BY APPLICATION
5.1. Global Pure Cashmere Revenue By Application
5.2. Crude Oil
5.2.1. Market Revenue and Growth Rate, 2020 – 2027 ($Million)
5.2.2. Market Revenue and Forecast, By Region, 2020 – 2027 ($Million)
5.3. Aviation Fuel
5.3.1. Market Revenue and Growth Rate, 2020 – 2027 ($Million)
5.3.2. Market Revenue and Forecast, By Region, 2020 – 2027 ($Million)
5.4. Gasoline
5.4.1. Market Revenue and Growth Rate, 2020 – 2027 ($Million)
5.4.2. Market Revenue and Forecast, By Region, 2020 – 2027 ($Million)
5.5. Middle Distillates
5.5.1. Market Revenue and Growth Rate, 2020 – 2027 ($Million)
5.5.2. Market Revenue and Forecast, By Region, 2020 – 2027 ($Million)

CHAPTER 6. NORTH AMERICA OIL STORAGE MARKET BY COUNTRY
6.1. North America Oil Storage Market Revenue and Growth Rate, 2020 – 2027 ($Million)
6.2. North America Oil Storage Market Revenue Share Comparison, 2020 & 2027 (%)
6.3. U.S.
6.3.1. U.S. Oil Storage Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
6.3.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
6.4. Canada
6.4.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
6.4.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)

CHAPTER 7. EUROPE OIL STORAGE MARKET BY COUNTRY
7.1. Europe Oil Storage Market Revenue and Growth Rate, 2020 – 2027 ($Million)
7.2. Europe Oil Storage Market Revenue Share Comparison, 2020 & 2027 (%)
7.3. UK
7.3.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
7.3.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
7.4. Germany
7.4.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
7.4.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
7.5. France
7.5.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
7.5.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
7.6. Spain
7.6.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
7.6.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
7.7. Rest of Europe
7.7.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
7.7.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)

CHAPTER 8. ASIA-PACIFIC OIL STORAGE MARKET BY COUNTRY
8.1. Asia-Pacific Oil Storage Market Revenue and Growth Rate, 2020 – 2027 ($Million)
8.2. Asia-Pacific Oil Storage Market Revenue Share Comparison, 2020 & 2027 (%)
8.3. China
8.3.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
8.3.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
8.4. Japan
8.4.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
8.4.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
8.5. India
8.5.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
8.5.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
8.6. Australia
8.6.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
8.6.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
8.7. South Korea
8.7.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
8.7.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
8.8. Rest of Asia-Pacific
8.8.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
8.8.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)

CHAPTER 9. LATIN AMERICA OIL STORAGE MARKET BY COUNTRY
9.1. Latin America Oil Storage Market Revenue and Growth Rate, 2020 – 2027 ($Million)
9.2. Latin America Oil Storage Market Revenue Share Comparison, 2020 & 2027 (%)
9.3. Brazil
9.3.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
9.3.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
9.4. Mexico
9.4.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
9.4.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
9.5. Rest of Latin America
9.5.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
9.5.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)

CHAPTER 10. MIDDLE EAST & AFRICA OIL STORAGE MARKET BY COUNTRY
10.1. Middle East & Africa Oil Storage Market Revenue and Growth Rate, 2020 – 2027 ($Million)
10.2. Middle East& Africa Oil Storage Market Revenue Share Comparison, 2020 & 2027 (%)
10.3. GCC
10.3.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
10.3.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
10.4. South Africa
10.4.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
10.4.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)
10.5. Rest of Middle East & Africa
10.5.1. Market Revenue and Forecast By Product, 2020 – 2027 ($Million)
10.5.2. Market Revenue and Forecast By Application, 2020 – 2027 ($Million)

CHAPTER 11. COMPANY PROFILE
11.1. ZCL Composites
11.1.1. Company Snapshot
11.1.2. Overview
11.1.3. Financial Overview
11.1.4. Product Portfolio
11.1.5. Key Developments
11.1.6. Strategies
11.2. Zepnotek Storage Tanks
11.2.1. Company Snapshot
11.2.2. Overview
11.2.3. Financial Overview
11.2.4. Product Portfolio
11.2.5. Key Developments
11.2.6. Strategies
11.3. Marquard & Bahls AG
11.3.1. Company Snapshot
11.3.2. Overview
11.3.3. Financial Overview
11.3.4. Product Portfolio
11.3.5. Key Developments
11.3.6. Strategies
11.4. LF Manufacturing
11.4.1. Company Snapshot
11.4.2. Overview
11.4.3. Financial Overview
11.4.4. Product Portfolio
11.4.5. Key Developments
11.4.6. Strategies
11.5. Columbian Steel Tank
11.5.1. Company Snapshot
11.5.2. Overview
11.5.3. Financial Overview
11.5.4. Product Portfolio
11.5.5. Key Developments
11.5.6. Strategies
11.6. Belco
11.6.1. Company Snapshot
11.6.2. Overview
11.6.3. Financial Overview
11.6.4. Product Portfolio
11.6.5. Key Developments
11.6.6. Strategies
11.7. Palmer
11.7.1. Company Snapshot
11.7.2. Overview
11.7.3. Financial Overview
11.7.4. Product Portfolio
11.7.5. Key Developments
11.7.6. Strategies
11.8. Others
11.8.1. Company Snapshot
11.8.2. Overview
11.8.3. Financial Overview
11.8.4. Product Portfolio
11.8.5. Key Developments
11.8.6. Strategies

CHAPTER 12. RESEARCH APPROACH
12.1. Research Methodology
12.1.1. Initial Data Search
12.1.2. Secondary Research
12.1.3. Primary Research
12.2. Assumptions and Scope

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GLOBAL OIL STORAGE MARKET LIKELY TO REACH US$ 17,535.30 MN BY 2027; RISING DEMAND OF PETROLEUM PRODUCTS TO DRIVE MARKET: TRANSPARENCY MARKET RESEARCH

Transparency Market Research has published a new report that provides detailed information about the overall working dynamics of the global oil storage market. According to the research report, the global oil storage market is expected to exhibit a healthy CAGR of 4.78% for the forecast period of 2019 to 2027. The volume sale of the market was at around 1,581 million cubic meters in 2018. With the given rate of growth, the global oil storage market is expected to achieve the volume of 2,407 million cubic meters by the fall of 2027.

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Key Driver of the Global Oil Storage Market

Increasing demand of refined products such as gasoline, diesel, kerosene, and aviation turbine fuel is likely to drive the demand for global oil storage terminals. The rising number of automobile sales especially in developing economies such as China, India, and Brazil would be a key factor for the growth in the demand for diesel and gasoline. Moreover, growing construction industry and industrial segment in developing and under-developed economies is likely to boost the demand for diesel in near future. Growing aviation sector and domestic & international air traffic would result in an increase in demand for aviation turbine fuel across the globe. Thus, in order to meet growing demand for petroleum products the investment in their production and storage is also growing, which in turn would drive the oil storage market during the forecast period.

Lower crude oil prices and increasing demand for petroleum products has resulted in a surge in investment for crude oil refineries across the globe. Moreover, existing refiners are investing heavily to upgrade their oil storage infrastructure in order to take advantage of the price movement in crude oil market. Governments across the globe are also planning to take advantage of the crude oil price drop and increase their strategic oil reserves to act as a contingency reserve in case of any emergency.

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Middle East and Africa to Remain Dominant Over Forecast Period

In terms of geographical segmentation, the global oil storage market, there are five major regional segments viz. South and Central America, Middle East and Africa, Asia Pacific, North America, and Europe. Of these, the regional segment of the Middle East and Africa is currently the most dominant one and is expected to remain so over the course of the mentioned projection period. The growth of the regional segment is driven by the strong contributions from countries such as Saudi Arabia, Iran, UAE, Oman, Qatar, and Nigeria among others. The Middle East and Africa region is expected to exhibit a healthy CAGR during the forecast period of 2019 to 2027.

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Competitive Landscape to Remain Consolidated in Near Future

The competitive landscape of the global oil storage market is highly consolidated with only five companies occupying the majority of the overall market share. These five companies are

  • Royal Vopak NV
  • Kinder Morgan Inc.
  • Oiltanking GmbH
  • Buckeye Partners LP
  • NuStar Energy LP.

These companies cumulative accounted for more than 60% share of the overall market in the year 2018. The research report on the global oil storage market expects the competition in the global market to only intensify over the course of the mentioned period of forecast. One of the prime reasons behind this intensifying competition is the growing amount of investments put in by some of these leading brands in the market. It is expected that the entry barriers for new players in the oil storage market to remain high. Thus the threat of the same is expected to be a moderate one.

Moreover, in order to bolster their existing hold on the global market, these leading companies are adopting the approach of mergers, acquisitions, joint ventures, and strategic partnerships. Such moves allow these companies to expand and improve their current infrastructure for crude oil storage and also their terminal networks. It also helps them to raise more funds for the optimization of their storage facilities and develop new pipelines.

About Us :

Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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Oil Storage Market Newer segments of application 2025

Global Oil Storage Market: Snapshot

Key oil product storage types include those meant for crude oil, gasoline, aviation fuel, as well as middle distillates such as diesel, fuel oil, marine bunker fuels, naphtha, kerosene, gas oil, and petrol. Oil storage provides a greater level of constancy in costs of these products through the removal of fluctuations in the short term supply market for crude and all its derivatives. The Middle East is expected to continue being a primary target region for manufacturers of oil product storage units, due to the continued lead taken by the region in the production of crude.

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Leakage of oil products is one of the leading causes of product wastage and traders and manufacturers are aware of the investments that are required into developing superior alternatives in storage that can help avoid these losses. This also includes diverting manual labor and manufacturing capabilities towards expanding the manufacture of these storage units. Carbon steel and stainless steel are the two key materials currently being used to manufacture oil storage units. Carbon steel has been a staple in the market primarily due to its lower cost, but provides several disadvantages that stainless steel can mitigate. It is very likely for more players to shift towards stainless steel storage units over the coming years.

Global Oil Storage Market: Overview

Oil storage products are mainly comprised of gasoline, crude oil, aviation fuel, and middle distillates such as fuel oil, diesel, naphtha, marine bunker fuels, kerosene, petrol, and gas oil. Oil storage brings about stability in pricing by eliminating short term supply fluctuations of crude and its derivatives. On account of different stringent norms to thwart leakage, vendors of storage equipment have invested heavily in manpower and in building steel tanks. There are two types of material used in this process, namely, carbon steel and stainless steel. Although carbon steel is low priced, stainless steel will likely see significant demand in locations of high air salinity and open storage facilities. Further, the chromium content enhances resilience against strong chemicals, resulting in its higher demand in the global market.

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Global Oil Storage Market: Key Trends

With the global glut in oil on account of the Middle East countries showing little signs of reducing production and the U.S. production of shale in massive quantities, supply has outpaced demand. This has necessitated the effective storage thereby resulting in a major growth in the global market for oil storage. Suppliers worldwide have augmented their inventories and infrastructure to store massive quantities of crude oil. Another factor fuelling an uptick in demand is the governments’ endeavors to increase oil reserves to avert an economic crisis.

A noticeable trend in the market is the stockpiling initiatives undertaken by nations such as the U.S., China, and India to cushion the price volatility and achieve consistent supply to the end-use sector.

Global Oil Storage Market: Market Potential

With the global oil supply not showing much signs of letting up, the future for the global oil storage market looks promising. These tanks are used mainly for gasoline, aviation fuel, crude oil, and middle distillates. Storage demand for crude oil is predicted to cross 1 billion cubic meters by 2025. However, capacity expansions and high demand for diesels and fuels for power and transportation sectors are expected to up demand for gasoline, aviation fuel, and other petrochemical derivatives in the next couple of years.

A major concern, however, is the increasing inventory due to lessened consumption. This results in economic losses to suppliers. Besides, strict rules pertaining to stockpiling of oil in above and below-ground tank installations is another factor hobbling the market. Control of Pollution (England) Regulations 2001 and the Water Environment (Scotland) Regulations 2006 are some of the primary legislations that industry participants in Western Europe need to comply with.

Global Oil Storage Market: Regional Outlook

From a geographical perspective, the Middle East spearheads the global oil storage market on account of the increasing oil production and rising refinery throughput. Robust requirement for distillates, petroleum, and fuel in different industrial and commercial segments has significantly upped tank demand in the region. Nations such as Kuwait, Saudi Arabia, and the UAE are at the forefront of driving growth in the region. Crude oil storage demand in Saudi Arabia is anticipated to reach 67.4 million cubic meters by 2025.

North America too contributes significantly to oil stockpiling demand. Asia Pacific oil storage market is also predicted to see a turnaround in petrochemical demand in the years ahead.

Global Oil Storage Market: Competitive Analysis

Some of the prominent players in the global oil storage market are Marquard & Bahls AG,  ZCL Composites, Zepnotek Storage TanksLF Manufacturing, Columbian Steel Tank, Belco, and Palmer. Among them, Marquard & Bahls provides a wide array of tank designs to store crude oil, biodiesel, bioethanol, vegetable fats, and middle distillates.

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