Global oil storage market is expected to grow at a steady rate during the forecast period. The global oil storage market is driven by the fluctuating oil prices. Additionally, different governments around the globe are focusing on increasing their oil storage capacities in order to safeguard their economy at the time of crisis. For instance, in 2021, the Government of India also announced the construction of strategic oil storage reserves construction in Vishakhapatnam, Padur and Mangalore. Furthermore, the outbreak of the pandemic novel coronavirus disease has led to the fall in the prices of crude oil below zero. The world is running out of space to store crude oil and the supply is overwhelming the demand. This in turn is expected to positively impact the growth of market during forecast period.
The global oil storage market is segmented based on type, reserve, material, fuel type, company and region. Based on type, the market can be categorized into open top, fixed roof, floating roof and others. The floating roof segment is expected to dominate the market during forecast period on account of the growing demand for storage of low and medium flash point hydrocarbons. Based on reserve, the market can be bifurcated into commercial and strategic reserves.
The commercial reserves segment is expected to dominate the market during forecast period. this can be ascribed to the rising demand for petroleum products on account of increasing urbanization which in turn leads to increasing the capacity of a refinery. The strategic reserves segment is expected to witness significant growth through 2027 as governments across the globe are making investments to cater emergency supplies at the time of emergencies.
Regionally, the oil storage market has been segmented into various regions including Asia-Pacific, North America, South America, Europe, and Middle East & Africa. Among these regions, Asia Pacific is expected to witness significant growth in the overall oil storage market owing to the growing investments in onshore and offshore operations. Additionally, the increasing construction of commercial tanks for storage in countries like China, India, Singapore, among others is further expected to drive the growth of market in the region.
The major players operating in the oil storage market are ZCL Composites, Belco Manufacturing Company, Containment Solutions, Synalloy Corp., L.F. Manufacturing, Zepnotek Storage, Oiltanking GmbH, Columbian Steel Tank, Sunoco Logistics, Vitol Tank Terminals, Royal Vopak NV, Ziemann Holvrieka GmbH, Synder Industries, Tuffa Tank, Marquard & Bahls, Royal Vopak N.V., Red Ewald, Inc., Poly Processing, Denali Incorporated, CST Industries and others. Major companies are developing advanced technologies and launching new services in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new service developments.
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Objective of the Study:
- To analyze and estimate the market size of global oil storage market from 2017 to 2020.
- To estimate and forecast the market size of global oil storage market from 2021 to 2027 and growth rate until 2027.
- To classify and forecast global oil storage market based on type, reserve, material, fuel type, company and regional distribution.
- To identify dominant region or segment in the global oil storage market.
- To identify drivers and challenges for global oil storage market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global oil storage market.
- To identify and analyze the profile of leading players operating in global oil storage market.
- To identify key sustainable strategies adopted by market players in global oil storage market.
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TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of oil storage providers across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the oil storage providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the oil storage providers, distribution channels and presence of all major players across the globe.
TechSci Research calculated the market size of global oil storage market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
Key Target Audience:
- Oil storage service provider companies
- Market research and consulting firms
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to oil storage
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as service providers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
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The global Oil Storage Market size is projected to account for 2550.8 Million Cubic Meters (MCM) by 2027.
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.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/oil-storage-market/request-sample Market Synopsis of Oil Storage Market: 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.
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.
Demand and supply are critical in calculating the price of WTI and Brent crude oil with the price of the latter having dropped approx.
Continually declining crude prices is fueling the demand for storage facilities, benefiting stakeholders in the oil storage market.
For More Insights into the Market, Get Sample Copy of this Report:https://www.fairfieldmarketresearch.com/report/oil-storage-market/ Sellers Paying Buyers to Purchase Crude Making Latter to Invest in Oil Storage FacilitiesIn April 2020, the price of crude oil dipped to a record low as sellers paid buyers to accept immediate deliveries, saving on storage costs.
The glut in supply of crude products has compelled oil & gas (O) majors to invest in oil storage facilities.
Fixed Tanks Reduce Evaporation Loss And Remain Most Popular in Oil Storage MarketAn oil storage tank primarily consists of vapors, organic, and non-organic liquids found in various industries.
Fixed tanks comprise a cylindrical steel shell with a dome-shaped roof that is permanently attached to the tank, minimizing evaporation and corrosion loss.
Oil Storage market outlook to 2027 report includes the latest predictions of global Oil Storage market along with geography, therapy area and applications.
The report specifically focuses on different types of Oil Storage with a special attention of their emergence over the forecast period to 2027.
Browse Oil Storage Market Research Report https://www.oganalysis.com/industry-reports/214678/oil-storage-market The research report provides objective measures to tap into the future opportunities that will be available over the next six years.
Impact of domestic market conditions, price variations, competition, government policies, healthcare spending, technological and local market conditions are assessed for country level forecasts.
While growth will remain steady in the developed markets, Asian and other emerging markets will be key for Oil Storage market growth from 2021 to 2027.
Accordingly, detailed discussion about broader implications of key strategies, product launches and other latest Oil Storage market developments are included in the research work.
