Zion Market Research has published a new report titled “Oil Storage Market by Reserve (Strategic and Commercial), by Product (Gasoline, Middle Distillates, Crude Oil, and Aviation Fuel), and by Storage (Open Top Tanks, Floating Roof Tanks, and Fixed Roof Tanks): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global oil storage market was valued at approximately USD 3.20 million in 2017 and is expected to generate revenue of around USD 4.52 million by the end of 2024, growing at a CAGR of around 4.42% between 2018 and 2024.
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The increasing oil production leads to the high requirement of oil storage containers. The continuous variation in the prices of oil has led to large-scale storage of crude oils, which has made the suppliers develop high volume oil storage infrastructure. Most of the companies purchase oil when the prices are low and store it until the price of oil increases. However, the storage of oil can be for a short span of time since oil is transported for refinement or filtering process. In addition to this, oil storage also offers protection from the fluctuations of crude oil prices.
On the basis of the reserve, the oil storage market is bifurcated into strategic and commercial. In 2017, strategic petroleum reserve accounted for approximately 60% of the oil storage market across the globe. Strategic petroleum reserve stores the stockpiles of crude oil which are supplied by the government of a particular country or private companies for maintaining national security at the time of energy crisis.
On the basis of the product, the oil storage market is segmented into gasoline, middle distillates, crude oil, and aviation fuel. The crude oil accounted for the highest revenue share in 2017. Decreasing prices of crude oil are one of the major factors propelling the growth of the oil storage market. The decrease in prices reflects in motivating the vendors to own high quality of oil products and reserve them at storage facilities. Furthermore, it also affects the prices of various products such as gasoline and lubricants. Such factors are expected to fuel the market growth globally.
On the basis of storage, the market is segmented into top tanks, floating roof tanks, and fixed roof tanks. Floating roof tanks held the major revenue in 2017. This considerable growth is attributed to the increasing demand for storage of petroleum products at large-scale. Moreover, floating roof tanks prevent the volatile compound emissions and protect the environment around the tanks which makes these tanks more preferable than others, thus positively influencing the growth of the market.
Regionally, the Middle East region dominates the overall oil storage market with the presence of ample oil reserves. High demand for petroleum products in various sectors which include industrial, commercial, and others, has created a huge demand for storage vessel. North America on the other side is also considered among the leading region in the oil producing sector. Moreover, Asia Pacific is witnessing a considerable demand for the storage equipment thus driving the growth of the oil storage market.
Some of the major players in the oil storage market are ZCL Composites, Containment Solutions, Columbian Steel Tank, Belco Manufacturing Company, Oiltanking GmbH, Sunoco Logistics, Synalloy Corporation, Red Ewald, Oiltanking GmbH, Poly Processing, L.F. Manufacturing. While some of the other major players contributing their efforts in the oil storage market include Ziemann Holvrieka GmbH, Marquard & Bahls, Snyder Industries, Royal Vopak N.V, and Tuffa Tank.
This report segments the global oil storage market as follows:
Global Oil Storage Market: Reserve Segment Analysis
Global Oil Storage Market: Product Segment Analysis
- Middle Distillates
- Crude Oil
- Aviation Fuel
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Global Oil Storage Market: Storage Segment Analysis
- Open Top Tanks
- Floating Roof Tanks
- Fixed Roof Tanks
Global Oil Storage Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa