Pune, India, Jan. 21, 2022 (GLOBE NEWSWIRE) -- The global oil storage terminal market size is expected to reach USD 41.50 billion by 2028, exhibiting a CAGR of 4.7% during the forecast period. Increasing demand for effective crude oil storage facilities, increasing oil trade, and strategic petroleum reserves (SPR) investments to boost market development. Fortune Business Insights™ provides this information in its report titled “Oil Storage Terminal Market, 2021-2028.” The market size was USD 29.32 billion in 2020 and USD 30.16 billion in 2021.
Oil storage terminals are a very crucial component for the supply of gas and oil globally. It is an industrial facility that is used to store oil and gasses. The rising demand for effective crude oil storage facilities are expected to bolster market development. Crude oil facilities are developed for commercial and reserve purposes. Further, the rising investments in SPR are expected to compel several countries to expand crude oil storage facilities and satisfy oil demand in case of import issues. For example, every country under the European Union is expected to possess nearly 90 days’ petroleum reserve for domestic consumption. Moreover, oil trade between countries is likely to increase investments in the development of crude oil reserves. These factors are likely to boost the growth of the market in the upcoming years.
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List of Key Companies in Oil Storage Terminal Market:
- Belco Manufacturing (U.S.)
- Royal Vopak (Netherlands)
- Containment Solutions, Inc. (U.S.)
- Vitol (Switzerland)
- Oiltanking GmbH (Germany)
- Koole Terminals (Netherlands)
- Brooge Energy (UAE)
- Shell (Netherlands)
- LBC Tank Terminals (Belgium)
- Ergon International (U.S.)
- Olivia Petroleum, S.A.U. (Spain)
- Odfjell SE (Norway)
- Oman Tank Terminal Company (Oman)
- Puma Energy (Singapore)
Impact of COVID-19
Fluctuating Raw Material Prices to Impede Market Growth
This market is expected to be negatively affected during the COVID-19 pandemic because of the halt on transport, manufacturing, and mining activities. The sudden spike in COVID-19 patients and the imposition of lockdown regulations led to the adoption of stringent lockdown regulations. This factor led to fluctuations in raw material and crude oil prices. However, post lockdown restrictions enabled companies to incorporate reduced capacities, part-time shifts, and production machinery to satisfy consumers’ demand and boost sales. This strategy enabled the companies to recover losses and satisfy demand. In addition, government investments for crude oil storage facilities are likely to bolster market development during the pandemic.
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Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Segments
Floating Roof Tanks to Dominate the Market
By type, the market is segmented into commercial reserve and strategic reserve. As per tank type, it is divided into spherical tank, bullet tank, floating roof, and fixed roof. Based on product type, it is classified into kerosene, crude oil, aviation fuel, petrol, diesel, and others. Geographically, it is clubbed into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Drivers & Restraints
Rising Crude Oil Products and Energy Demand to Foster Industry Development
Oil storage terminal is used extensively to store crude oil for the production of crude oil-based products. Rising demand for petroleum and natural gas from the automotive industry may boost the product’s adoption. Further, rapid urbanization, rising energy demand, and rising population are likely to foster the product’s demand. As per the United Nations (UN) Department of Economic and Social Affairs, the global population is expected to increase by 9.8 billion in 2050 and 11.2 billion by 2100. As a result, the construction of several oil storage terminals will grow positively. Moreover, the extraction of petrol, kerosene, petrol, and aviation fuel is expected to promote the construction of oil and gas storage facilities. In addition, rising air traffic and rapid development in the automobile industry are expected to boost storage facilities incorporation. These factors are likely to drive the oil storage terminal market growth.
However, the rising adoption of renewable energy may impede market growth during the upcoming years.
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Regional Insights
Rising Petroleum and Energy Demand to Foster Progress in Asia Pacific
Asia Pacific is expected to dominate the oil storage terminal market share because of the rising demand for energy and petroleum from India and China. The market in Asia Pacific stood at USD 9.90 billion in 2020 and is expected to grow remarkably in the upcoming years. Crude oil is the major source of energy in these countries, which, in turn, may boost the demand for effective oil storage terminals. Singapore and South Korea are the major hubs for oil storage in the region. Several companies in the region undertake divestments to expand industrial outlook and magnify novel plans. For example, Brightoil Petroleum sold approximately 90% of its Hong Kong shares in December 2020. It includes the Zhoushan terminal and oil storage facilities for the Yantian Group. The Zhoushan facility is approximately 3.16 million m3. Its phase 1 facility possesses a capacity of 1.94 million m3, and its phase 2 facility possesses a capacity of 1.22 million m3. These factors are likely to fuel the market development.
In Europe, increasing production capacities is expected to boost oil storage facilities' construction activities and fulfill the energy demand of several countries dependent upon crude oil. The rising energy demand may lead to the expansion of storage facilities to fulfill oil and gas demand during a crisis. Additionally, rising initiatives by key players for the inorganic and organic expansions are likely to boost market development.
In North America, the rising export of oil products is expected to present several growth opportunities for the region. In addition, the adoption of mergers is expected to boost market development. For example, a US-based liquid storage provider BW Terminals merged with Contanda, known as BWX Terminals. These factors may propel market development.
Competitive Landscape
Prominent Companies Set Up Facilities to Expand Market Reach
The prominent companies operating in the market set up facilities to satisfy consumers and expand their market reach. For example, a branch of Brooge Energy named Brooge Petroleum and Gas Investment Company (BPGIC) set up its phase 2 storage facility in Port of Fujairah, in the UAE. The site completed the testing and commissioning approvals to store clean petroleum and crude oil. BPGIC is the second-largest storage facility and possesses a 1 million m3 (6.3 million bbl) capacity. This strategy may enable BPGIC to reach a wider consumer base and expand its market reach. Furthermore, the adoption of effective materials and effective production machinery may allow companies to improve their storage facility’s effectiveness, enhance safety and boost adoption.
Industry Development
- August 2021: Harverstone Group announced the expansion of its marketing, logistics, and trading platform by acquiring Gateway Terminals LLC, a bulk liquid terminal complex. It is based on the banks of Mississippi, Illinois in the U.S. It included a 400 000 bbl tank capacity and was constructed in 2008. It consists of a truck, rail, and barge unloading and loading capabilities and provides Class I roads access.
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Part II: Oil and Gas Drill Bit Market
A rise in the exploration activities due to the stabilization of the gas and oil industry is expected to boost the global oil and gas drill bit market growth during the forecast period. This information is published in an upcoming report by Fortune Business Insights, titled, “Oil and Gas Drill Bit Market Size, Share & Industry Analysis, By Type (Roller Cone Bits {Milled Tooth, Tungsten Carbide Inserts}, Fixed Cutter Bits {Polycrystalline Diamond Compact, Diamond Impregnated}), By Application (Onshore, Offshore), and Regional Forecast, 2019-2026.” According to the report, the global oil and gas drill bit market is projected to reach USD 7.68 Billion by 2026, thereby exhibiting a CAGR of 10.04% during the forecast period. However, the global market was valued at USD 3.62 Billion in 2018.
The report forecasts and analyzes the global oil and gas drill bit market size. It examines various aspects of the global market, such as competitive landscape, key developments, growth opportunities, ongoing trends, hindrances, and future expansion. The report also provides mergers and acquisitions, new product launches, and expansions in the global oil and gas drill bit market.
Drivers & Restraints
Increasing Adoption of Polycrystalline Diamond Compact Drill Bits to Boost Growth
In terms of type, the global oil and gas drill bit market is grouped into fixed cutter bits and roller cone cutter bits. Under the fixed cutter bits segment, there are two types, namely, diamond-impregnated and polycrystalline diamond compact (PDC). Amongst these, PDC is projected to dominate the global oil and gas drill bit market in the forthcoming years. It is because a diamond is one of the hardest material that is found on the earth. It can be used against any rock formation to break through it and take out the required product. Due to this property, demand for PDC drilling bit is increasing day by day. Moreover, the tiny, inexpensive particles of diamond are easily transformed into masses of crystals which are further turned into shaped called diamond tablets. These diamond tablets are then brought into contact with the formation to carry out the cutting process.
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Competitive Landscape
Halliburton Unveils New In-bit Sensor Package Named Cerebro Featuring Advanced Technology
In November 2018, Halliburton, a leading oil field service company, headquartered in the U.S., announced the launch of its new Cerebro in-bit sensor package. It is infused with advanced technology that receives performance data directly from the drill bit and examines it to increase drilling efficiency, decrease the uncertainty, and optimize cutter engagement. The company stated that the new service would eventually improve drilling performance and overall data measurement. Cerebro offers a unique view of the entire run by persistently capturing motion data and downhole vibration. It further aids operators in pinpointing the damaged areas. Also, it notifies when the said performance is not gained due to operating parameters or fluctuant design. Cerebro helps in identifying numerous common drill bit factors, namely, whirl and stick-slip, torsional resistance, and lateral and axial vibration that can have a negative impact on the reliability and drilling speed.
Blackstone Group Successfully Acquires Ulterra Drilling Technologies for USD 700 Million
Blackstone Group, a multinational private equity, alternative asset management, and financial services firm, based in the U.S., announced that it has signed an agreement to acquire Ulterra Drilling Technologies, a manufacturer of technology-focused PDC drill bits, based in Texas in October 2018. The entire deal was worth USD 700 Million. Blackstone bought Ulterra from a fellow private enterprise called American Securities. The acquisition was aided by a debt package that was being pre-marketed before the formal launch.
Fortune Business Insights profiles some of the most prominent market players operating in the global oil and gas drill bit market. They are:
- Schlumberger
- International Diamond Services, Inc.
- Baker Hughes, a GE company
- Atlas Copco
- Tercel Oilfield Products
- D-Drill (Master Drillers) Limited
- Ulterra Drilling Technologies L.P.
- National Oilwell Varco
- Halliburton
- Varel International Energy Services
- Scientific Drilling
- Palmer Bit Company
- C&H Bit Company
- Dongying Haixin Petroleum Equipment Co., Ltd.
- Shanghai Sk Petroleum & Chemical Equipment
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