The global oil storage market size is expected to reach 2550.8 Million Cubic Meters (MCM) by 2027, escalating at a CAGR of 5.3% over the forecast period, according to a new report by Grand View Research, Inc. Continuous rise in oil & gas production along with increasing demand for crude oil in several end-use markets is likely to drive the market growth over the forecast period.
The market is primarily driven by the presence of strategic petroleum reserves, which results in the stockpiling of large quantities of oil. Governments enhance strategic petroleum reserves to provide energy security across the country by minimizing vulnerability to oil stock out incidents and fluctuating prices. Distribution and availability of oil storage facilities as a source of power and energy further contribute to the achievement of sustainable targets.
Declining oil demands due to the COVID-19 pandemic has resulted in a surge in oil storage facilities, thereby propelling the industry growth. For instance, according to the U.S. Energy Information Administration, in June 2020, net crude oil inventories in the country were at 64% storage capacity utilization. The oil storage facilities across various countries have witnessed an immense rise in storage capacity in 2020 when compared to the previous year.
Storage equipment vendors are investing in advanced manufacturing technologies used for fabricating steel tanks to prevent any sort of oil leakage during storage. The presence of stringent regulations relating to oil stockpiling in large quantities below and above-ground tank installations are anticipated to hinder the market growth over the forecast period. For example, the Control of Pollution Regulations 2001 (England) is one of the key legislations that require adherence by the industry participants in Europe.
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The crude oil segment occupied the largest market share in 2019 owing to rising production and supply of crude oil along with declining demand from downstream and midstream sectors
Middle distillates accounted for the second-largest market share in 2019 owing to the development of advanced refining facilities along with proliferating demand for low sulfur distillates
Gasoline is anticipated to be the fastest-growing application segment over the forecast period owing to its usage as an automobile fuel due to high combustion energy
Floating roof oil storage is anticipated to attain the highest CAGR over the forecast period owing to efficient design, which helps in minimizing evaporative losses and corrosion
Fixed roof oil storage occupied the largest market share in 2019 owing to the high degree of containment provided by a fixed roof that minimizes risks of a fire incident
North America occupied a significant market share in 2019 owing to the growing requirement for oil stockpiling across the region along with rising exploration and production activities associated with shale gas reserves
Grand View Research has segmented the global oil storage market on the basis of application, product, and region:
Oil Storage Application Outlook (Volume, Million Cubic Meters, 2016 - 2027)
Oil Storage Product Outlook (Volume, Million Cubic Meters, 2016 - 2027)
Oil Storage Regional Outlook (Volume, Million Cubic Meters, 2016 - 2027)
Central & South America
Middle East & Africa
List of Key Players of Oil Storage Market
Vitol Tank Terminals International BV (VTTI)
Koninklijke Vopak NV
Buckeye Partners, L.P.
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