Pune, Jan. 27, 2021 (GLOBE NEWSWIRE) -- The UAE oil storage terminal market size is expected to reach USD 541.97 million by 2027 while exhibiting a CAGR of 2.6% between 2020 and 2027. This is attributable to the increasing oil trade activities and the growing chemical sector that is likely to propel the demand for the UAE oil storage terminal. This information is published by Fortune Business Insights in its latest report, titled, “UAE Oil Storage Terminal Market Size, Share and COVID-19 Impact Analysis By Type (Strategic Reserve and Commercial Reserve), By Tank Type (Fixed Roof, Floating Roof, Bullet Tank, and Spherical Tank), By Product (Diesel, Petrol, Aviation Fuel, Crude Oil, Kerosene, and Others) and Regional Forecasts, 2020-2027.” The report further observes that the market stood at USD 115.51 million in 2019 and is expected to gain momentum during the forecast period.
Delayed Oil Gas Projects amid COVID-19 to Lead to Slow Growth
The lockdown announced by the UAE government has led to the suspension of several industrial activities in the country. Several oil & gas projects have been either stopped or postponed leading to a negative impact on the market. For instance, in March 2020, UAE’s Sharjah National Oil Company (SNOC) reported that the impact of the coronavirus is likely to delay the production of its Mahani gas exploration project by a couple of months. Such instances may lead to slow growth before the market catches up during the forecast period.
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An oil terminal is a type of facility that aids in the efficient storage of oil, petrochemical, and petroleum products. The growing demand for storage tanks in the UAE oil storage terminal category is experiencing significant demand due to the high demand for oil & gas products and several end-user industrial facilities.
What does the Report Provide?
The market for UAE oil storage terminal report provides an in-depth analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaborate that will further contribute to the growth of the market. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the market growth between 2020 and 2027.
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DRIVING FACTORS
Increasing Oil & Gas Trade Activities to Augment Growth
According to the data by the UAE Central Bank, the petroleum exports in the United Arab Emirates rose by over 13.9% to around USD 66.2 billion in 2019. A significant rise from the figures registered in 2017 that were USD 58.1 billion. The increasing oil & gas trade activities are expected to boost the demand for different fuel and storage tanks that will benefit the UAE oil storage terminal segment. The growing chemical industry is propelling the demand for storage tanks to aid in the distillation process across refineries that is expected to favor the UAE oil storage terminal market growth during the forecast period.
SEGMENTATION
Floating Roof Segment Held 36.6% Market Share in 2019
The floating roof segment, based on tank type, held a market share of 36.6% in 2019 and is expected to experience significant growth during the forecast period. This growth is attributable to the increasing preference for floating roof tanks in the UAE oil storage terminal services due to their capability to customize as per the customers' requirements.
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COMPETITIVE LANDSCAPE
Major Players Focus on Facility Expansion to Strengthen Their Market Positions
The UAE oil storage terminal market is consolidated by major players such as Horizon Terminals, Royal Vopak, and VTTI, among others. These companies are striving to maintain a stronghold by focusing on expanding their facilities to cater to the growing demand in the UAE oil storage terminal category. Moreover, the growing adoption of organic and inorganic growth strategies by other key players is expected to favor the market growth.
Industry Development:
- October 2020 - Brooge Energy, a leading midstream UAE oil storage terminal and service provider, announced the pre-construction work for its Phase III oil storage terminals and refinery strategically situated outside the Strait of Hormuz, nearby to the Port of Fujairah. Moreover, the company reports that the work includes the Environmental Impact Assessment report and the commencement of the soil investigation. The storage facility is likely to be operational by late 2022 and will make Brooke Energy the largest UAE oil storage terminal service provider.
List of the Companies Profiled in the Global Market for UAE Oil Storage Terminal:
- VTTI
- GPS Chemoil
- Brooge Energy Limited
- Royal Vopak
- GP Global
- Horizon Terminals
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Major Table of Content:
- 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
- Key Developments: Mergers, Acquisitions, Partnership, etc.
- Latest Technological Advancement
- Regulatory Landscape
- Porters Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Oil & Gas Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments in the Industry in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- List of Oil Storage Terminal in UAE
- Facility Name
- Storage Capacity
- Location
- Operator
- Fujairah Oil Terminal Overview
- Historic Development/Milestone
- Competitive Advantages and Challenges
- Operation Function Overview
- Contract Structure Overview
- Major Clients in Fujairah Oil Terminal
- Major Trading Ports in UAE
- Risk Mitigation Process in case of Backwardation
- Other Potential Locations for Oil Storage in the Future
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