Pune, India, May 23, 2021 (GLOBE NEWSWIRE) -- The global oil storage terminal market size is expected to reach USD 37.52 billion by 2027 at a CAGR of 4.9% in the foreseeable future. This information is published by Fortune Business Insights™ in its report "Oil Storage Terminal Market, 2020-2027". The terminals for oil storage are crucial for the purpose of supplying oil across the globe. Economies that are majorly dependent on the surplus oil production for their income have such storage terminals. The increasing use of automobiles is expected to boost the demand for such terminals.
According to the annual US motor vehicle production and domestic sales report by the Bureau of Transportation statistics, the year 2019 experienced sales of 10134 units in commercial vehicles and 3544 in passenger ones.
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COVID-19 Impact
Oil and Gas Industry Affected Negatively Owing to Declining Economy
COVID-19 has drastically affected the oil and gas industry. The major oil-producing countries were affected by the falling global economy and reducing demand for oil. The construction of oil storage terminal and related upgrades are expected to be postponed due to industrial slow down. After the upliftment of lockdown, it is expected that the demand for oil will start to rise as the manufacturing bases will start operating.
Market Segmentation
Based on type, the market for oil storage terminal is segmented into strategic reserve and commercial reserve. The commercial reserves segment dominated the market due to their growing demand. The past few years have experienced a most of the terminals to be used specifically for the purpose of commercial crude oil boosting its demand.
Based on the tank type, the market is divided into fixed roof, floating roof, bullet tank, and spherical tank. On the basis of product, the market is segmented into diesel, petrol, aviation fuel, crude oil, kerosene, and others. The geography of the market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
What Does the Report Contain?
The various growth factors of the market have been enlisted for the sole purpose of satisfying the client's needs. This has been done along with highlighting the future prospects of the market. The challenges associated with existing in the market, as well as potential business opportunities, are discussed in detail so that stakeholders a well informed decision. This helps the client in investing their assets and gaining returns accordingly. The information provided in the report has been collected from primary and secondary sources of the market to provide when informed and concise report. The analysis has been done on both quantitative and qualitative terms to provide the overall market picture.
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Driving Factor
Rising Energy Demand to Propel Market Growth
The rising demand for energy, coupled with population explosion, is expected to boost the demand for oil storage terminals. The rapid industrialization in countries such as China and India is leading to high consumption of oil which requires storage facilities. A report by the Department of Economic and Social Affairs predicts that the world population by 2050 will be 9.8 billion. This is expected to generate high revenues for the commercial use of crude oil. The high use of crude oil products in the automobile and aviation industry has significantly boosted the oil storage terminal market growth. Even the byproducts of petrol extractions are used in the cosmetics industry. This indicates that the consumption of crude oil and its products is going to gain more traction during the foreseeable future.
Regional Insights
Rapid Industrialization in Asia Pacific to Spur Demand
Asia Pacific is expected to hold a significant oil storage terminal market share in the forthcoming years. The rapid industrialization of countries like India and China has boosted the demand for energy. Many Industries have set up their production bases in these countries due to the low cost of labor. South Korea and Singapore are the storage hubs in this region that experience high demand from India and China to facilitate the operation and demand of raw materials associated with crude oil.
Europe is also expected to showcase significant growth in the market as several countries in the region are primarily dependent on crude oil to for their energy demands. They require storage facilities to store their crude oil that will propel the adoption of advance oil storage terminals in the forthcoming years.
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Competitive Landscape
Prominent Players to Dominate Owing to Strong Financial Establishments
The market is dominated by few market players. Royal Vopak and Oiltanking Gmbh are two dominant players in the market, along with several local ones. This market is facilitated by a wide consumer base and lucrative returns. The stable market presence of certain companies has led to the establishment of greater market hold.
Industry Development:
- April 2020: China Petroleum & Chemical Corporation (Sinopec) launched the construction of liquefied natural gas storage tanks. It was initiated in the second phase of the Tianjin terminal project where the construction of five storage tanks is planned.
List of Key Players Profiled in the Market:
- Belco Manufacturing (Texas, US)
- Royal Vopak (Rotterdam, Netherlands)
- Containment Solutions, Inc. (Texas, US)
- Vitol (Geneva, Switzerland)
- Oiltanking GmbH (Hamburg, Germany)
- CST Industries, Inc. (Missouri, US)
- LF Manufacturing (Texas, US)
- Red Ewald (Texas, US)
- Superior Tank Co., Inc. (Bakersfield, US)
- Puma Energy(Singapore)
- HMT Tank (Texas, US)
- Tank Connection (Parsons, US)
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Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Merger & Acquisition, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Oil and Gas Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- List of Major Oil & Gas Terminals
- Facility Name
- Storage Capacity
- Location
- Operator
- Global Oil Storage Terminal Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Type
- Strategic Reserve
- Commercial Reserve
- Market Analysis, Insights and Forecast – By Tank Type
- Fixed Roof
- Floating Roof
- Bullet Tank
- Spherical Tank
- Market Analysis, Insights and Forecast – By Product
- Diesel
- Petrol
- Aviation Fuel
- Crude Oil
- Kerosene
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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