Global Oil Storage Market size to exceed $1.3bn by 2024
Published Date: August 29, 2019 Authors: Ankit Gupta, Aditya Singh Bais
Oil Storage Market size will exceed USD 1.3 Billion by 2024, as reported in the latest study by Global Market Insights, Inc.
Growing investment towards the development of new refinery facilities to fulfil the rising demand for petrochemical products will drive the global oil storage market growth. For instance, in 2019, Shell PLC has announced to increase the storage capacity of its Bukom refinery by building two crude oil tanks worth capacity 1.3 million barrels. In addition, the soaring private investments across regional mid-stream and downstream industry will further foster the industry growth.
Volatile crude oil price on account of continuous increase in production from various OPEC nations will stimulate the technology deployment. For instance, as per the Organization of the Petroleum Exporting Countries, the total crude oil demand is anticipated to expand over 92.3 million barrel of oil equivalent per day by 2020. In addition, growing concern towards enhancing the energy security on account of economic slowdowns across various leading oil producing nations including Venezuela and Iraq will further boost the industry size.
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Asia-Pacific industry is expected to witness growth of over 4.7% by 2024. Supportive government initiatives to exploit the untapped hydrocarbon potentials along with the growing private investments to cater the soaring energy demand will fuel the industry growth. For instance, as per the BP stats 2018, the total proved reserves of crude oil in China was accounted 25.7 thousand million barrels in 2016 when compared to 20.8 thousand million barrel in 2007.
Governmental concerns to cater the energy crisis during global and regional economic slowdowns will accelerate the strategic oil reserve development in the forecast period. In addition, rising energy demand on account of rapidly growing manufacturing bases mainly in the APAC and African continent will significantly fuel the technology installation.
Browse key industry insights spread across 180 pages with 316 market data tables & 24 figures & charts from the report, “Oil Storage Market Size By Reserve (Strategic Reserve, Commercial Reserve), By End Use (Crude Oil, Gasoline, Aviation Fuel, Middle Distillates, LNG, LPG), By Product (Fixed Roof, Floating Roof, Spherical, Others), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, Netherland, Spain, Belgium, Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan, China, Japan, South Korea, Singapore, Malaysia, Indonesia, Egypt, South Africa, UAE, Saudi Arabia, Iran, Brazil, Argentina, Azerbaijan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan), Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
Flourishing downstream sector with rapid increase in the private participation will substantially drive the oil storage industry size. In 2019 KSA based Saudi Aramco announced to buy a 20% stakes of oil refinery and chemical business of Reliance Industries. It is considered as one of the biggest FDI deal in the Indian downstream sector till date.
The aviation fuel storage market is expected to witness significant upsurge owing to flourishing investments across transportation industry with government significant efforts to encourage regional tourism. For instance, as per the IEA, in 2018, the passenger activity increased by 6.1% to 8.2 trillion revenue passenger kilometers and the total number of air passenger reached at 4.3 billion.
Growing need for storing the high flash point liquids which include diesel, kerosene and others to meet the seasonal demand will favor the fixed roof tank storage facility. Low installation cost, minimum risk of fire and easy design are some prominent factors that will raise the penetration of these products over others. Additionally, the ability to offer high storage pressure with less emission will further complement the industry scenario.
Major industry participants operating in the global oil storage market include Superior Tank, Synalloy (Palmer), CST Industries, Ergil, Elixir, Roth, Hydrotherm Engineering Services and Tianjin Anson International Company.
Oil storage industry research report includes in-depth coverage of the industry with estimates & forecast in terms of Million Cubic Meters from 2013 to 2024, for the following segments:
Oil Storage Market, By Reserve
Commercial Oil Storage Market, By Product
- Fixed roof tank
- Floating roof tank
- Spherical tank
Oil Storage Market, By End Use
- Crude oil
- Aviation fuel
- Middle distillates
The above information has been provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Middle East
- Saudi Arabia
- South Africa
- Latin America