The global oil storage market size is projected to account for 2550.8 Million Cubic Meters (MCM) by 2027. The market is anticipated to register 5.3% CAGR from 2020 to 2027, according to a new report by Million Insights. 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.
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. For example, as stated by the U.S. Energy Information Administration, the United States has 64% utilization of its storage capacity as of June 2020. 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. Various regulations across the world restrict the high storage of oil and ensure free-trade. Control of Pollution Regulations, 2001, in England is one such legislation where European countries are required to adhere to its norms.
Middle East & Africa accounted for the highest share in the oil storagemarket owing to the presence of a large number of oil-reservoir and increasing production. Asia Pacific held the second-largest share in the market in 2019, owing to increasing demand from countries such as India and China. However, with the rise penetration of electrical vehicles, the demand for oil storage is estimated to register a significant decline over the forecast duration.
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Further key findings from the report suggest:
• In 2019, the crude oil held the largest share in the market, primarily because of increasing production of crude oil and rising demand across various end-use industries.
• Middle distillates accounted for the second-highest share in the market in 2019.
• Gasoline is projected to register the highest growth over the forecast duration owing to its increasing application in the automobile.
• Floating roof oil storage predicted to register the maximum growth over the forecast duration.
Million Insights 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)
• Crude Oil
• Middle Distillates
• Aviation Fuel
Oil Storage Product Outlook (Volume, Million Cubic Meters, 2016 - 2027)
• Open Top
• Fixed Roof
• Floating Roof
Oil Storage Regional Outlook (Volume, Million Cubic Meters, 2016 - 2027)
• North America
• The U.S.
• The Netherlands
• Asia Pacific
• Central & South America
• Middle East & Africa
• Saudi Arabia
List of Key Players of Oil Storage Market
• Vitol Tank Terminals International BV (VTTI)
• KoninklijkeVopak NV
• Oiltanking GmbH
• Shawcor Ltd.
• Buckeye Partners, L.P.