New York, NY, April 26, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Oil Storage Terminal Market Share, Size, Trends, Industry Analysis Report, By Type (Strategic Reserve, and Commercial Reserve); By Tank Type; By Product; By Region; Segment Forecast, 2023 - 2032” in its research database.
“According to the latest research analysis, the global oil storage terminal market size/share is anticipated to be valued at approximately USD 30.99 Billion in 2022 and is projected to hit a revenue of around USD 47.42 Billion by 2032, at a CAGR of around 4.48% between 2023 and 2032.”
What are Oil Storage Terminals? How Big Is Oil Storage Terminal Market Size & Share?
- Overview
An oil storage terminal, also known as a tank farm or oil installation, is an industrial site where oil, petroleum, and petrochemical products are stored and transported to end users or other storage facilities through pipelines or tankers. Oil terminal usually comprises multiple types of above-ground or underground storage tanks, pumping stations, loading gantries for road tankers or barges, facilities for inter-tank transfer, pipeline connections, and ship loading/unloading equipment at marine terminals.
Transferring from one method of transportation to another is made easier by storage terminals. Oil terminals may be situated nearby oil refineries or as a part of them, or they may be found near coastlines where marine tankers can unload or load cargo. Some terminals have pipeline connections through which they draw or release their products. Increased use of oil storage terminals for storage of raw petroleum and its products in commercial and strategic reserves purposes is driving the oil storage terminal market size.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- Brooge Energy
- Belco Manufacturing
- Buckeye Partners
- CLH Group
- CIM-CCMP Group
- Containment Solutions
- Ergon International
- Horizon Terminals
- Koole Terminals
- LBC Tank Terminals
- Olivia Petroleum
- S.A.U.
- Odfjell SE
- Oman Tank Terminal
- Oiltanking
- Puma Energy Group
- Royal Vopak
- Shell Oil Company
- Vitol Group
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Prominent Growth Driving Factors
- Rising population and urbanization: Growing demand for energy owing to the increasing population and rapid urbanization is one of the key factors fueling the oil storage terminal market demand. As per the United Nations (UN) Department of Economic and Social Affairs, the population is expected to reach approximately 9.8 billion people by 2050 and 11.2 billion people by 2100.
- Increasing global demand for crude oil and petroleum products: Rising populations, urbanization, and industrialization have all contributed to a sharp rise in the demand for crude oil and petroleum-based goods worldwide. This increasing demand for oil and gas products is leading to a corresponding increase in demand for oil storage infrastructure, including oil storage terminals.
- Increase in demand for oil storage terminal development: In order to fulfill domestic oil demand and earn money from the equivalent in commercial use across industrialized countries is further positively influencing the establishment of these terminals.
- Falling crude oil prices: Due to the falling crude oil prices, the demand for oil storage is expected to increase. Some investors may find it as an opportunity to store crude oil at a lower price which is likely to boost the oil storage terminal market growth.
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Top Findings of the Report:
- Rising demand for various crude oil extracted products and increasing demand for oil storage tanks drive industry growth.
- The market is segmented based on type, tank type, product, and region.
- The demand in Asia-Pacific is anticipated to show significant growth over the predicted period
Top Trends Influencing the Market
- Growing investments in automation and digitization: Operators of oil storage terminals are developing new technologies such as automation and digitization to streamline their processes, reduce costs, and ensure safety. This is one of the key oil storage terminal market trends influencing its growth.
- Growing international oil trade: It is expected that oil trading between nations will grow during the foreseen period, which will result in increasing government investment in storage facilities. For instance, China, the world's top oil consumer, is expected to boost its daily crude imports to 10.47 MM barrels in November 2022 from 8.9 MM barrels in October, the lowest level since September 2018.
- Long-term contracts signed for SPOT in the Gulf of Mexico: In July 2019, Enterprise Products Partners and Chevron USA signed long-term contracts to support the growth of the Sea Port Oil Terminal (SPOT) in the Gulf of Mexico. SPOT includes onshore and offshore facilities and a stationary platform 30 nautical miles off the coast of Brazoria County, Texas. It has the ability to load VLCCs at a maximum speed of 85,000 barrels/hour or 2 million gallons/day.
Segmental Analysis
- Floating roof segment is predicted to register the fastest growth during the forecast timeframe
Based on tank-type oil storage terminal market segmentation, the floating roof category is likely to grow at the fastest rate in the coming years. The absence of a gap between the floating rooftop deck and the oil level led to a reduction in crude oil evaporation losses. Floating roof tanks are continuously used in filling stations & terminals that are stabilized at vapor pressures under 11.1 psi. The height of the roof is determined by the liquid level, and the floating roof is comprised of a deck and other components.
- Commercial reserve segment industry dominated the market in 2021
On the basis of type, the commercial reserve category accounted for the largest oil storage terminal market share in 2021 owing to the use of a significant part of the built terminals in the commercial use of crude oil. Strategic reserves are maintained to meet a country's energy needs in case of a crisis or disappointing imports. While the capacity of these terminals may be limited, commercial storage expansions are frequently undertaken to address fluctuations in energy demand and imports.
- Crude oil segment accounted for the largest market share in 2021
By product, the crude oil category held the major revenue share in 2021 as it is used to create products such as gasoline, aviation fuel, diesel, kerosene, and others. The automotive sector has witnessed significant growth in recent times, and emerging products such as liquefied natural gas (LNG) have found their way into this industry. An upsurge in demand for storage terminals has been witnessed due to the increasing adoption of LPG in developing nations. Further, countries have been required to prioritize increasing their storage capacity due to national policies of industrialized in order to meet oil demand during import failures or catastrophes.
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Oil Storage Terminal Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 47.42 Billion |
| Market size value in 2023 | USD 31.97 Billion |
| Expected CAGR Growth | 4.48% from 2023- 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Brooge Energy Limited, Belco Manufacturing Inc., Buckeye Partners L.P., CLH Group, CIM-CCMP Group, Containment Solutions, Inc., Ergon International Corp., Horizon Terminals Ltd., Koole Terminals B.V., LBC Tank Terminals, Olivia Petroleum, S.A.U., Odfjell SE, Oman Tank Terminal Company, Oiltanking GmbH, Puma Energy Group, Royal Vopak N.V., Shell Oil Company, and Vitol Group. |
| Segments Covered | By Type, By Tank Type, By Product, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
Asia Pacific: The region dominates the market and is anticipated to grow at the fastest CAGR during the anticipated period. The divestment efforts of certain regional organizations are likely to stimulate new expansion strategies and enhance the business perspective. For instance, in December 2020, Yantian Group acquired the Zhoushan oil storage and terminal facilities and around 90% of the shares in Bright Oil Petroleum's Hong Kong-based business.
Europe: Increasing manufacturing capacity from various oil storage terminal market key players fuel the market growth in Europe. The demand for oil storage has been increasing, encouraging interest in the area and heightening competition as enterprises attempt to better position themselves for the future and increase returns. In addition, the expanding demand for natural and inorganic extensions by the key stakeholders is expected to support the territorial landscape.
Browse the Detail Report “Oil Storage Terminal Market Share, Size, Trends, Industry Analysis Report, By Type (Strategic Reserve, and Commercial Reserve); By Tank Type; By Product; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/oil-storage-terminal-market
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Recent Developments
- In November 2022, the Indian government plans to build floating LNG storage facilities at all major ports, with an estimated cost of Rs 20,000 crore. The project is expected to be completed by March 2023 and open for private-sector participation. Currently, LPG terminals in India cater to 12 major ports.
- In December 2021, NOLA Oil Terminal began constructing phase 1 of an oil and refined fuels terminal project in Louisiana, featuring two deep-water ports and one barge dock. The US invested $300 million to acquire 158 acres of land for this project, which has the potential to moor up to 170,000 tank ships.
The Key Questions Answered in This Report
- What will be the market size and growth rate in the forecast year?
- What are the key factors driving the industry?
- What are the main trends that are positively impacting the market growth?
- What growth opportunities does the market offer?
- What are the key outcomes of Porter’s five forces model?
- What are the names of key players working in the industry?
- What growth strategies are the companies considering to stay in the market?
Polaris Market Research has segmented the Oil Storage Terminal market report based on type, tank type, product, and region:
By Type Outlook
- Strategic Reserve
- Commercial Reserve
By Tank Type Outlook
- Fixed Roof
- Floating Roof
- Bullet Tank
- Spherical Tank
By Product Outlook
- Diesel
- Petrol
- Aviation Fuel
- Crude Oil
- Kerosene
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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