Oil Storage Market Product Overview, Share by Types and Region till 2027

Posted on 2021-12-27 by researchinsights in Chemicals // 0 Comments

San Jose, California , USA, Dec 27, 2021 — /EPR Network/ —

The Oil Storage Market report provides a detailed evaluation of the industry by highlighting information on different aspects which include drivers, restraints, growth opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing. It also provides a detailed analysis of global market size, regional and country-level market size, competitive landscape, impact of domestic market players and value chain optimization. Furthermore, it sheds light on the market contribution, recent developments and successful marketing strategies of leading companies.

Market Insights

The global oil storage market size is projected to account for 2550.8 Million Cubic Meters (MCM) by 2027. The market is anticipated to register 5.3% CAGR from 2020 to 2027, according to a new report by Million Insights. The rise in the application for oil and gas has led to an increased demand for storage facilities. The increasing presence of petroleum reservoir has resulted in stockpiling, which in turn, has attributed to the growth of the market.

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COVID-19 has further attributed to the demand for oil storage as the pandemic has resulted in high supply and low demand for crude oil. For example, as stated by the U.S. Energy Information Administration, the United States has 64% utilization of its storage capacity as of June 2020. The oil storage facilities have witnessed considerable growth across the world in 2020 compared to the last few years.

However, stringent regulations pertaining to the storage of oil is estimated to hamper market growth. Various regulations across the world restrict the high storage of oil and ensure free-trade. Control of Pollution Regulations, 2001, in England is one such legislation where European countries are required to adhere to its norms.

Middle East & Africa accounted for the highest share in the oil storage market owing to the presence of a large number of oil-reservoir and increasing production. Asia Pacific held the second-largest share in the market in 2019, owing to increasing demand from countries such as India and China. However, with the rise penetration of electrical vehicles, the demand for oil storage is estimated to register a significant decline over the forecast duration.

List of Key Players of Oil Storage Market

Vitol Tank Terminals International BV (VTTI)
KoninklijkeVopak NV
Oiltanking GmbH
Shawcor Ltd.
Buckeye Partners, L.P.

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Oil Storage Application Outlook (Volume, Million Cubic Meters, 2016 – 2027)

Crude Oil
Middle Distillates
Gasoline
Aviation Fuel
Others

Oil Storage Product Outlook (Volume, Million Cubic Meters, 2016 – 2027)

Open Top
Fixed Roof
Floating Roof
Others

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