Oil Storage Global Market Report 2023: Increasing Demand for Crude Oil to Accelerate Growth
Global Oil Storage Market
Dublin, March 27, 2023 (GLOBE NEWSWIRE) -- The "Oil Storage Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global oil storage market grew from $9.41 billion in 2022 to $9.86 billion in 2023 at a compound annual growth rate (CAGR) of 4.8%. The oil storage market is expected to grow to $11.94 billion in 2027 at a CAGR of 4.9%.
North America was the largest region in the oil storage market in 2022. The regions covered in the oil storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The increase in the demand for crude oil supply is expected to propel the growth of the oil storage market. Oil storage is used for storing crude oil, petroleum, and other oil products that are further supplied to end-users. The increase in demand of crude oil supply is due to an increase in consumption of crude oil products like petroleum, oil, and gas. As the oil consumption grows, it will increase the demand of crude oil supply and there will be a significant need for oil storage.
For instance, according to the International Energy Agency (IEA), consumption of natural gas in India is expected to reach 25 billion cubic meters with an annual growth of 9% by 2024, and also, according to the Indian Brand Equity Foundation (IBEF), oil demand in India is expected to grow by 50% by 2030 compared to 7% growth for global demand. Therefore, the increase in the energy of crude oil supply is expected to drive the oil storage market.
Product innovation is a key trend gaining popularity in the oil storage market. Many companies operating in the oil storage market are focusing on developing new products to increase their portfolio and capture additional revenue. For instance, in April 2020, Sasol, a South Africa-based integrated energy and chemical company launched TERRAVIS PI.
It is used for high production efficiency with low cost. The TERRAVIS PI is a unique product as it improves the flowability of crude oil, particularly in colder environments by reducing insulation, solvent, utility, and mechanical removal costs.
In June 2021, Energi Asia, a UAE-based oil and gas infrastructure investment company acquired the assets of Bulk Terminal Storage from Oiltanking. The acquisition demonstrates Energi's continued commitment to strengthening its infrastructure in the African region and supporting customers with both conventional and alternative fuel storage needs. Oiltanking is a Germany-based logistics service provider of tank terminals for petroleum products, chemicals, and gases.
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Suitable for supporting your internal and external presentations with reliable high quality data and analysis
1) By Product Design: Open Top Tank; Fixed Roof Tank; Floating Roof Tank; Other Designs
2) By Type: Crude Oil; Gasoline; Aviation Fuel; Naphtha; Diesel; Kerosene; Liquefied Petroleum Gas (LPG)
3) By Materials: Steel; Carbon Steel; Fiberglass Reinforced Plastic (FRP); Other Materials
No. of Pages
2023 - 2027
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2027
Compound Annual Growth Rate
Key Topics Covered:
1. Executive Summary
2. Oil Storage Market Characteristics
3. Oil Storage Market Trends And Strategies
4. Oil Storage Market - Macro Economic Scenario
5. Oil Storage Market Size And Growth
6. Oil Storage Market Segmentation
7. Oil Storage Market Regional And Country Analysis
A selection of companies mentioned in this report includes
Belco Manufacturing Co Inc
Containment Solutions Inc
LBC Tank Terminals
L F Manufacturing Inc
For more information about this report visit https://www.researchandmarkets.com/r/nwljap
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