Oil Storage Market Size By Reserve (Commercial Reserve, Strategic Reserves), By Material (Steel, Carbon Steel, Fiberglass Reinforced Plastic), By Fuel (Crude Oil, Gasoline, Aviation Fuel, Middle Distillates, LNG, LPG), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, Netherland, Spain, Belgium, Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan, Azerbaijan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, China, Japan, South Korea, Singapore, UAE, Saudi Arabia, Iran, Egypt, South Africa, Brazil, Argentina), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2025
Published Date: October 2016 | 170 Pages | Report ID: GMI803 Report Format: PDF
Oil Storage Market size was over 1,400 million cubic meters in 2015 with forecast to grow over 4% from 2016 to 2025.
U.S. Oil storage Market size, by fuel, 2013 - 2025 (Million Cubic Meter)
Fluctuating crude prices coupled with initiatives toward energy security will drive the global oil storage market size trends during forecast period. Crude, trading at over USD 105 per barrel in 2012 fell to around USD 43.11 per barrel in 2016, with two-fold domestic production in the U.S. over the last two years being primarily responsible. Production and export has witnessed increasing crude oil import from Canada, Iraq and Russia.
Increasing crude production coupled with declining price will drive the oil storage market in the near future. U.S., Asia Pacific China and India have planned over USD 35 billion investments to build storage capacity.
Ongoing exploration of unconventional resources may further drive the industry growth. Fluctuating oil & gas trends has urged the demand for expansion of existing refineries storage capacity to meet the petroleum product demand. In 2015, CLH group invest more than 200 billion to build storage and road infrastructure.
Commercial reserve oil storage market size is likely to be worth over USD 18 billion by 2025. In term of volume, is anticipated to grow at over CAGR of 6.3% during forecast period owing to rising demand of petroleum products.
Strategic reserves are predicted to grow during forecast period, used to store inventories by private company and particular country government for protecting economy and maintain national security during energy crisis.
Gasoline commercial reserve oil storage market share was valued at 53.1 Million cubic meters and in term of revenue, is anticipated to witness a gain over 4.9% through automotive trends. Low gasoline prices coupled with increased employment and strong economic growth are some of factor responsible for high fuel consumption. According to API, U.S. gasoline demand rose by 5.5% yearly. In 2016, it averaged 9.664 million bpd supplied to domestic consumers as compared to 273,000 bpd of 2015.
LNG commercial reserves was valued at over 19 Million cubic meters in 2015 and in term of revenue estimated to reach at over 2.9 billion by 2025. It is suitable for those area where national transfer pipeline is not served as it is safe, environment friendly and economical fuel.
Aviation fuel demand is expected to grow in future owing to new regional connectivity scheme and growing middle class base especially in developing countries. LPG commercial reserve segment was valued at 16.1 Million cubic meters in 2015 and in term of revenue estimated to reach at over 2.5 billion by 2025. Continuous growth in the demand for refined petroleum products has increased the production of middle distillates.
Carbon steel tanks, used to store flammable liquids, can with withstand with low and high temperature without melting or cracking and offer better strength than others.
FRP tank oil storage market segment is likely to be worth over 3 billion in 2025. It offers corrosion resistance, high strength to weight ration and light weight. Steel tank segment would witness growth during forecast period. It is mainly used to store petroleum products.
U.S. oil storage market share was valued at 62.8 Million cubic meters and in terms of revenue, is predicted to witness a gain by 4.5% in 2025. U.S. stockpile inventory reached at its maximum capacity owing to shale revolution in recent times, creating storage capacity needs. As of 2015, domestic capacity was over 85 million barrels compared to 2011. Iran is planning to boost production rate to 4.2 million barrel per day from 3.7 million and exports by 2.35 million barrel per day which will favor the demand of oil storage market size growth in future.
China oil storage market size was estimated at 13.25 million cubic meters in 2015, with close to 5% growth forecast. Refiners are expanding storage capacity owing to low crude oil prices in order to meet the demand of petroleum reserve type in future. China crude imports have risen by 16% in 2016 which may favor the growth.
The government of India is planning to set up three 5 MMT strategic crude oil reserves in Mangalore, Padur and Visakhapatnam to ensure energy security which may boost the demand for storage tanks. According to National Bureau of Statistics, Asia had nearly 191 million barrel of crude in its strategic petroleum reserves as of 2015.
Russia oil storage market share will witness a growth in future owing to increasing domestic production. In September 2016, according to Russian Ministry of Energy, crude oil production raised by 11 million bpd.
Competitive Market Share
Major participants include CST Industries, Inc., Snyder Industries, Inc., Poly Processing, Synalloy (Palmer), Red Ewald, Inc, Enduro, Assmann Polyethylene Tank, Zepnotek Storage Tank, ZCL Composites, Inc, Belco Manufacturing Company, Containment Solution, L.F. Manufacturing, Holvrieka, Polymaster, Tuffa Tank, Vopak.
Oil storage is used by private companies or particular governments to store crude inventories to maintain national security and safeguard the economy during energy crisis. Increasing production rate will favor growth.
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