The Oil Storage Market size was valued at 1649.6 MCM in 2022 and is expected to grow to 2435.3 MCM by 2030 and grow at a CAGR of 4.99 % over the forecast period of 2023-2030.
The main purpose of oil storage facilities is to keep a lot of for a considerable amount of time, crude oil. These facilities, which include oil tanks, containers, boats, and other things, must routine cleaning and upkeep, The traditional techniques used to remove toxic deposits include solvent liquefaction, hot water spraying, and land agricultural disposal. Conventional pumping techniques are useless and expensive to use when trying to remove excessively viscous oil sludge. Additionally, the use of such systems generates a large volume of hazardous oil waste that calls for sophisticated disposal techniques.
The midstream division of the oil industry includes oil storage. Upstream oil is initially extracted by firms that handle exploration and production. Petroleum is moved, stored, and marketed wholesale in the midstream industry items produced after extraction. Prior to distribution downstream to refineries and merchants, goods are gathered in oil storage. Storage tanks may also be used by downstream industries to gather oil for later processing and selling. Oil storage tanks come in a variety of sizes and shapes. Early storage tanks were just big barrels made of wood and metal bands. As technology developed, storage tanks got bigger and could hold more oil. There are both fixed roof and floating roof tank designs, depending on the requirements and usage.
KEY DRIVERS:
Precarious pricing for crude oil
Increasing attention towards the development of essential oil storage
Increasing domestic crude oil processing capacity
Due to a lack of supplies throughout the world, oil prices continue to be highly volatile and are likely to see abrupt jumps and drops. The construction of vital oil storage facilities is receiving more attention as a result of the variability in crude oil supply and pricing. Refiners are working on major projects in the US to expand domestic crude oil processing capacity by the end of 2023.
RESTRAIN:
High cost of installation
Renewable energy prices are decreases rapidly
OPPORTUNITY:
Increasing energy output and oil trading activity
Requirement for more storage space
CHALLENGES:
Involvement of high complex in storage facilities
Installation and developments
The installation and deployment expenses for building oil storage tanks are quite expensive. Large-scale investments in the field of renewable fuels might potentially prevent the business from adding further capacity. Additionally, the cost of renewable energy is falling quickly, making it more affordable than oil and other fossil fuels. Such elements might lead to obstacles that prevent the expansion of oil capacity and impede the industry's development.
IMPACT OF RUSSIAN UKRAINE WAR
Russia's invasion of Ukraine has had a significant impact on people, the economy, and industry. Along with supply networks, industries, and economies, it has disturbed people's lives and way of life. Like many other industries, the energy sector is currently undergoing uncertainty. Even before the battle really escalated, oil prices were increasing all across the world. But after Russia invaded Ukraine, the cost of crude oil on the international market soared, rising from around $76 per barrel at the beginning of January 2022 Because of increased demand brought on by the world economies' recovery from the COVID-19 pandemic and insufficient investment in the oil and gas sector, the price of crude oil was already high even before the conflict.
By Product
Open Top
Fixed Roof
Floating Roof
Others
By Application
Crude Oil
Middle Distillates
Gasoline
Aviation Fuel
Others
.png)
In 2021, the Middle East and Africa held the highest market share, accounting for almost 34.5% of the total volume. It is anticipated that the need for storage tanks in the area would continue to increase as a result of the demand for petroleum and distillates in the commercial and industrial sectors. Due to the expanding need for oil stockpiling in the area, North America held a sizeable portion of the worldwide market in 2021 and represented the second-largest volume share.
China is expected to have the highest market share in Asia Pacific, which is expected to see the quickest CAGR throughout the forecast period. The market is expected to be driven by increased investments in offshore and onshore operations as well as the expanding demand for oil and gas from the region's major economies, including China and India.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
For instance, in June 2022, Royal Vopak and N.V. Nederlandse Gasuni in Northwest Europe inked a contract for the production of three LNG gate terminals. The goal of this partnership was to guarantee the security and resilience of the supply chain. This initiative, slated to begin in the second half of 2023, will increase the firms' visibility in the industry.
VTTI, Royal Vopak, Oiltanking GmbH, Buckeye Partners LP, Containment Solutions, Inc., Shawcor, Belco, CST Industries, Superior Tank Co., Inc., DELTA OIL TANKING BV, and other players are listed in a final report.
| Report Attributes | Details |
| Market Size in 2022 | US$ 1649.6 MCM |
| Market Size by 2030 | US$ 2435.3 MCM |
| CAGR | CAGR of 4.99 % From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Product (Open Top, Fixed Roof, Floating Roof, Others) • By Application (Crude Oil, Middle Distillates, Gasoline, Aviation Fuel, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Company Profiles | VTTI, Royal Vopak, Oiltanking GmbH, Buckeye Partners LP, Containment Solutions, Inc., Shawcor, Belco, CST Industries, Superior Tank Co., Inc., DELTA OIL TANKING BV |
| Key Drivers | • Precarious pricing for crude oil • Increasing attention towards the development of essential oil storage • Increasing domestic crude oil processing capacity |
| Market Restraints | • High cost of installation • Renewable energy prices are decreases rapidly |
Ans: Oil Storage Market is anticipated to expand by 4.99 % from 2023 to 2030.
Ans: 2435.3 MCM is expected to grow by 2030.
Ans: Oil Storage Market size was valued at 1649.6 MCM in 2022
Ans: Increasing energy output and oil trading activity and Requirement for more storage space.
Ans: Precarious pricing for crude oil, increasing attention towards the development of essential oil storage and increasing domestic crude oil processing capacity.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of the Russia-Ukraine War
4.2 Impact of Ongoing Recession
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Oil Storage Market Segmentation, By Product
8.1 Open Top
8.2 Fixed Roof
8.3 Floating Roof
8.4 Others
9. Oil Storage Market Segmentation, By Application
9.1 Crude Oil
9.2 Middle Distillates
9.3 Gasoline
9.4 Aviation Fuel
9.5 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 North America Oil Storage Market by Country
10.2.2North America Oil Storage Market by Product
10.2.3 North America Oil Storage Market by Application
10.2.4 USA
10.2.4.1 USA Oil Storage Market by Product
10.2.4.2 USA Oil Storage Market by Application
10.2.5 Canada
10.2.5.1 Canada Oil Storage Market by Product
10.2.5.2 Canada Oil Storage Market by Application
10.2.6 Mexico
10.2.6.1 Mexico Oil Storage Market by Product
10.2.6.2 Mexico Oil Storage Market by Application
10.3 Europe
10.3.1 Eastern Europe
10.3.1.1 Eastern Europe Oil Storage Market by Country
10.3.1.2 Eastern Europe Oil Storage Market by Product
10.3.1.3 Eastern Europe Oil Storage Market by Application
10.3.1.4 Poland
10.3.1.4.1 Poland Oil Storage Market by Product
10.3.1.4.2 Poland Oil Storage Market by Application
10.3.1.5 Romania
10.3.1.5.1 Romania Oil Storage Market by Product
10.3.1.5.2 Romania Oil Storage Market by Application
10.3.1.6 Hungary
10.3.1.6.1 Hungary Oil Storage Market by Product
10.3.1.6.2 Hungary Oil Storage Market by Application
10.3.1.7 Turkey
10.3.1.7.1 Turkey Oil Storage Market by Product
10.3.1.7.2 Turkey Oil Storage Market by Application
10.3.1.8 Rest of Eastern Europe
10.3.1.8.1 Rest of Eastern Europe Oil Storage Market by Product
10.3.1.8.2 Rest of Eastern Europe Oil Storage Market by Application
10.3.2 Western Europe
10.3.2.1 Western Europe Oil Storage Market by Country
10.3.2.2 Western Europe Oil Storage Market by Product
10.3.2.3 Western Europe Oil Storage Market by Application
10.3.2.4 Germany
10.3.2.4.1 Germany Oil Storage Market by Product
10.3.2.4.2 Germany Oil Storage Market by Application
10.3.2.5 France
10.3.2.5.1 France Oil Storage Market by Product
10.3.2.5.2 France Oil Storage Market by Application
10.3.2.6 UK
10.3.2.6.1 UK Oil Storage Market by Product
10.3.2.6.2 UK Oil Storage Market by Application
10.3.2.7 Italy
10.3.2.7.1 Italy Oil Storage Market by Product
10.3.2.7.2 Italy Oil Storage Market by Application
10.3.2.8 Spain
10.3.2.8.1 Spain Oil Storage Market by Product
10.3.2.8.2 Spain Oil Storage Market by Application
10.3.2.9 Netherlands
10.3.2.9.1 Netherlands Oil Storage Market by Product
10.3.2.9.2 Netherlands Oil Storage Market by Application
10.3.2.10 Switzerland
10.3.2.10.1 Switzerland Oil Storage Market by Product
10.3.2.10.2 Switzerland Oil Storage Market by Application
10.3.2.11 Austria
10.3.2.11.1 Austria Oil Storage Market by Product
10.3.2.11.2 Austria Oil Storage Market by Application
10.3.2.12 Rest of Western Europe
10.3.2.12.1 Rest of Western Europe Oil Storage Market by Product
10.3.2.12.2 Rest of Western Europe Oil Storage Market by Application
10.4 Asia-Pacific
10.4.1 Asia Pacific Oil Storage Market by Country
10.4.2 Asia Pacific Oil Storage Market by Product
10.4.3 Asia Pacific Oil Storage Market by Application
10.4.4 China
10.4.4.1 China Oil Storage Market by Product
10.4.4.2 China Oil Storage Market by Application
10.4.5 India
10.4.5.1 India Oil Storage Market by Product
10.4.5.2 India Oil Storage Market by Application
10.4.6 Japan
10.4.6.1 Japan Oil Storage Market by Product
10.4.6.2 Japan Oil Storage Market by Application
10.4.7 South Korea
10.4.7.1 South Korea Oil Storage Market by Product
10.4.7.2 South Korea Oil Storage Market by Application
10.4.8 Vietnam
10.4.8.1 Vietnam Oil Storage Market by Product
10.4.8.2 Vietnam Oil Storage Market by Application
10.4.9 Singapore
10.4.9.1 Singapore Oil Storage Market by Product
10.4.9.2 Singapore Oil Storage Market by Application
10.4.10 Australia
10.4.10.1 Australia Oil Storage Market by Product
10.4.10.2 Australia Oil Storage Market by Application
10.4.11 Rest of Asia-Pacific
10.4.11.1 Rest of Asia-Pacific Oil Storage Market by Product
10.4.11.2 Rest of Asia-Pacific APAC Oil Storage Market by Application
10.5 Middle East & Africa
10.5.1 Middle East
10.5.1.1 Middle East Oil Storage Market by Country
10.5.1.2 Middle East Oil Storage Market by Product
10.5.1.3 Middle East Oil Storage Market by Application
10.5.1.4 UAE
10.5.1.4.1 UAE Oil Storage Market by Product
10.5.1.4.2 UAE Oil Storage Market by Application
10.5.1.5 Egypt
10.5.1.5.1 Egypt Oil Storage Market by Product
10.5.1.5.2 Egypt Oil Storage Market by Application
10.5.1.6 Saudi Arabia
10.5.1.6.1 Saudi Arabia Oil Storage Market by Product
10.5.1.6.2 Saudi Arabia Oil Storage Market by Application
10.5.1.7 Qatar
10.5.1.7.1 Qatar Oil Storage Market by Product
10.5.1.7.2 Qatar Oil Storage Market by Application
10.5.1.8 Rest of Middle East
10.5.1.8.1 Rest of Middle East Oil Storage Market by Product
10.5.1.8.2 Rest of Middle East Oil Storage Market by Application
10.5.2 Africa
10.5.2.1 Africa Oil Storage Market by Country
10.5.2.2 Africa Oil Storage Market by Product
10.5.2.3 Africa Oil Storage Market by Application
10.5.2.4 Nigeria
10.5.2.4.1 Nigeria Oil Storage Market by Product
10.5.2.4.2 Nigeria Oil Storage Market by Application
10.5.2.5 South Africa
10.5.2.5.1 South Africa Oil Storage Market by Product
10.5.2.5.2 South Africa Oil Storage Market by Application
10.5.2.6 Rest of Africa
10.5.2.6.1 Rest of Africa Oil Storage Market by Product
10.5.2.6.2 Rest of Africa Oil Storage Market by Application
10.6 Latin America
10.6.1 Latin America Oil Storage Market by Country
10.6.2 Latin America Oil Storage Market by Product
10.6.3 Latin America Oil Storage Market by Application
10.6.4 Brazil
10.6.4.1 Brazil Oil Storage Market by Product
10.6.4.2 Brazil Africa Oil Storage Market by Application
10.6.5 Argentina
10.6.5.1 Argentina Oil Storage Market by Product
10.6.5.2 Argentina Oil Storage Market by Application
10.6.6 Colombia
10.6.6.1 Colombia Oil Storage Market by Product
10.6.6.2 Colombia Oil Storage Market by Application
10.6.7 Rest of Latin America
10.6.7.1 Rest of Latin America Oil Storage Market by Product
10.6.7.2 Rest of Latin America Oil Storage Market by Application
11 Company Profile
11.1 VTTI
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Royal Vopak
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Oiltanking GmbH
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Buckeye Partners LP
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 Containment Solutions, Inc.
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 Shawcor
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Belco
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 CST Industries
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Superior Tank Co.Inc.
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 DELTA OIL TANKING BV
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
12. Competitive Landscape
12.1 Competitive Bench marking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.
Each report that we prepare takes a timeframe of 350-400 business hours for production. Starting from the selection of titles through a couple of in-depth brain storming session to the final QC process before uploading our titles on our website we dedicate around 350 working hours. The titles are selected based on their current market cap and the foreseen CAGR and growth.
The 5 steps process:
Step 1: Secondary Research:
Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.
Step 2: Primary Research
When we talk about primary research, it is a type of study in which the researchers collect relevant data samples directly, rather than relying on previously collected data. This type of research is focused on gaining content specific facts that can be sued to solve specific problems. Since the collected data is fresh and first hand therefore it makes the study more accurate and genuine.
We at SNS Insider have divided Primary Research into 2 parts.
Part 1 wherein we interview the KOLs of major players as well as the upcoming ones across various geographic regions. This allows us to have their view over the market scenario and acts as an important tool to come closer to the accurate market numbers. As many as 45 paid and unpaid primary interviews are taken from both the demand and supply side of the industry to make sure we land at an accurate judgement and analysis of the market.
This step involves the triangulation of data wherein our team analyses the interview transcripts, online survey responses and observation of on filed participants. The below mentioned chart should give a better understanding of the part 1 of the primary interview.
Part 2: In this part of primary research the data collected via secondary research and the part 1 of the primary research is validated with the interviews from individual consultants and subject matter experts.
Consultants are those set of people who have at least 12 years of experience and expertise within the industry whereas Subject Matter Experts are those with at least 15 years of experience behind their back within the same space. The data with the help of two main processes i.e., FGDs (Focused Group Discussions) and IDs (Individual Discussions). This gives us a 3rd party nonbiased primary view of the market scenario making it a more dependable one while collation of the data pointers.
Step 3: Data Bank Validation
Once all the information is collected via primary and secondary sources, we run that information for data validation. At our intelligence centre our research heads track a lot of information related to the market which includes the quarterly reports, the daily stock prices, and other relevant information. Our data bank server gets updated every fortnight and that is how the information which we collected using our primary and secondary information is revalidated in real time.
Step 4: QA/QC Process
After all the data collection and validation our team does a final level of quality check and quality assurance to get rid of any unwanted or undesired mistakes. This might include but not limited to getting rid of the any typos, duplication of numbers or missing of any important information. The people involved in this process include technical content writers, research heads and graphics people. Once this process is completed the title gets uploader on our platform for our clients to read it.
Step 5: Final QC/QA Process:
This is the last process and comes when the client has ordered the study. In this process a final QA/QC is done before the study is emailed to the client. Since we believe in giving our clients a good experience of our research studies, therefore, to make sure that we do not lack at our end in any way humanly possible we do a final round of quality check and then dispatch the study to the client.
The Power Distribution Component Market size was valued at USD 115.3 billion in 2022 and is expected to grow to USD 187.97 billion by 2030 and grow at a CAGR of 6.3% over the forecast period of 2023-2030.
Biorefinery Market size was valued at USD 153.07 billion in 2023 and is expected to grow to USD 296.31 billion by 2031 and grow at a CAGR of 8.61% over the forecast period of 2024-2031
The Solar Lights Market size was valued at USD 10.5 billion in 2022 and is expected to grow to USD 33.48 billion by 2030 and grow at a CAGR of 15.6 % over the forecast period of 2023-2030.
The Membrane Electrode Assembly Market size was valued at USD 0.43 billion in 2022 and is expected to grow to USD 2.13 billion by 2030 and grow at a CAGR of 22.2 % over the forecast period of 2023-2030.
Waste Heat Recovery System Market size was valued at USD 56.1 billion in 2022 and is expected to grow to USD 116.80 billion by 2030 and grow at a CAGR of 9.6% over the forecast period of 2023-2030.
The Drill Pipe Market size was valued at USD 2406.6 million in 2022 and is expected to grow to USD 3270.86 million by 2030 and grow at a CAGR of 3.91 % over the forecast period of 2023-2030.
Hi! Click one of our member below to chat on Phone
© 2024 All Rights Reserved by SNS Insider Pvt Ltd
