Global Oil Storage Market: Overview

The beginning of 2016 marked a historic drop in oil prices, hitting a 12-year low. The plummeting prices reflected the drastic change in oil trends, wherein the global supply of crude oil surpassed its demand. The downturn in oil prices resulted in a severe oil glut, creating a storage crunch. Considering that more crude oil was being stored rather than sold or refined, the demand for oil storage facilities has surged over the past few months.

Fluctuating oil prices have led to the expansion in oil storage facilities and the overall market. An increasing number of companies are not only offering a host of value-added services but also including logistics services in addition to storage facilities.

The several opportunities that players have in the global oil storage market are likely to drive the market volume from 1,581 million cubic meters in 2018 to 2,407 million cubic meter by 2027 at a 4.78% CAGR therein.

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Massive Oil Production Driving Need for Oil Storage in MEA

Geographically, the global oil storage market comprises North America, Asia Pacific, Europe, South and Central America, and the Middle East and Africa (MEA).

The Middle East and Africa region is the key contributor in the global oil storage market and is expected to expand at a strong CAGR during the forecast period of 2019 to 2027. Saudi Arabia, Iran, UAE, Oman, Qatar, and Nigeria are some of the prominent countries in the MEA oil storage market. This region is primarily driven by the surging oil production and declining oil prices.

The North America oil storage market was next in line, accounting for second leading share of the global oil storage market in 2018. The market in this region is fueled by the rising need for additional oil storage space. The demand for increased storage capacity is the result of the shale revolution. The revolution has stimulated growth in crude oil production and is the primary reason for crude oil oversupply in North America. High investment in the expansion of storage capacity is expected to boost the oil storage market in North America during the forecast period.

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Asia Pacific is also a key market for oil storage and the region is projected to expand at the rapid CAGR of 8.25% from 2019 to 2027. China, South Korea, Japan, and Singapore are the leading countries in terms of volume of oil storage in this region, fueled by the rise in investments in petroleum reserves.

Commercial Petroleum Reserves Expand at Rapid Pace Fueled by Deviations in Oil Prices

Based on type of reserve, the oil storage market is bifurcated into commercial petroleum reserve and strategic petroleum reserve. Accounting for a massive share in 2018, strategic petroleum reserves were the key contributors toward the overall oil storage market. However, strategic petroleum reserves are growing at a gradual pace as the expansion of these reserves require large investments from governments.

Commercial petroleum reserves, on the other hand, are expected to expand at a rapid pace during the forecast period. Large deviations in oil prices have led to the growth in storage capacity expansion, driving the demand for commercial petroleum reserves. Oil storage in commercial petroleum reserves influences the prices and planning of future oil storage and this helps in formulating expansion strategies for oil storage facilities.

Competition Landscape of Global Oil Storage Market

The prominent vendors in the global oil storage market include

  • Horizon Terminals Ltd.
  • Sunoco Logistics Partners L.P.
  • Magellan Midstream Partners L.P.
  • CLH Group
  • CIM-CCMP Group
  • Vitol Tank Terminals International B.V.
  • Oiltanking GmbH
  • NuStar Energy L.P
  •  Ghazanfar Group
  • Royal Vopak N.V.
  • Buckeye Partners L.P.
  • Kinder Morgan Inc.
  • International-Matex Tank Terminals, Inc.

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Global Oil Storage Market: Recent Developments

  • In January 2020, UAE state oil company Abu Dhabi National Oil Company (ADNOC) had signed a strategic agreement stating that the company would store crude oil at storage facilities in Japan. ADNOC is the third-largest oil producer in OPEC (Organization of the Petroleum Exporting Countries). According to terms of the agreement, ADNOC would be storing around 8 million barrels of crude oil at the storage facilities present in Japan. The company would be trading the stored oil as the company is trying to enter into the oil trading business. At the same time, ADNOC would also ensure that there is some volume of crude oil left at the Japanese facilities in case of an emergency or oil shortage in the country.

  • In January 2020, Brooge Petroleum and Gas Investment Co. announced its plan to expand its existing crude-storage capacity to six-fold at the Middle Eastern port of Fujairah. The company has decided to take this step in order to meet huge demand of crude oil storage at the busiest oil-trading hub in the region.

Oil Storage Market – Scope of the Report

Transparency Market Research’s recent report on the global oil storage market, with the help of a comprehensive outlook, provides readers with an assessment of the global market landscape. This study on the global oil storage market analyzes the market scenario for the period from 2018 to 2027, wherein 2018 is the base year. This report enables readers to make important decisions with regard to their businesses, with the help of a wealth of information enclosed in the study.

This TMR study on the global oil storage market also provides data on developments made by important players and stakeholders operating in the market, along with competition analysis. The report also provides an understanding of strengths, weaknesses, threats, and opportunities, along with market trends and restraints in the competition landscape section.

This study also discusses the underlying trends and the impact of various factors on the global oil storage market along with their influence on evolution of the market

This study also offers Porter’s five forces analysis, value chain analysis, and regulatory scenario of the global oil storage market, in order to elaborate crucial growth strategies of and opportunities for players operating in the market.

Key Questions Answered in Global Oil Storage Market Report

  • How much capacity does the global oil storage market is expected to reach by the end of the forecast period?
  • Which region currently account for the maximum share of the global oil storage market?
  • What are the key factors expected to drive the global oil storage market?
  • Which region is likely to be a lucrative market for oil storage during the forecast period?
  • What are the essential strategies adopted by key players operating in the global oil storage market to expand their geographical presence?
  • What are major advancements in the global oil storage market?

This report answers these questions about the global oil storage market, aiding major stakeholders and key players in making the right decisions and strategizing for growth of their business

Global Oil Storage Market: Research Methodology

This TMR report on the global oil storage market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. The competition scenario of the global oil storage market is supported by an assessment of different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data and the current trends, researchers of the global oil storage market arrived at predictions and estimations, and calculated the market forecast.

This report uses an analytical triangulation method to estimate the numbers of the global oil storage market, by using both bottom-up and top-down approaches

This detailed assessment of the global oil storage market, along with an overview of the market, is provided based on a careful examination of avenues related to the market. Analysts’ conclusions on how the global oil storage market is set to expand are based on carefully vetted primary and secondary sources.

Global Oil Storage Market: Segmentation

This report on the global Oil Storage Market provides segmentation of the market based on type and region

Storage Type

  • Open Top Tanks
  • Fixed Roof Tanks
  • Floating Roof Tanks
  • Other Storage Facilities

Product Type

  • Crude Oil
  • Gasoline
  • Aviation Fuel
  • Middle Distillates

By Reserve Type

  • Strategic Petroleum Reserve
  • Commercial Petroleum Reserve

Region

  • North America
  • Europe
  • Asia Pacific
  • Middle East and Africa
  • South & Central America

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Oil Storage Market

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