Portland, OR, March 15, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global oil storage market was estimated at $12.2 billion in 2020, and is expected to reach $18.4 billion by 2030, growing at a CAGR of 4.3% from 2021 to 2030. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Increasing use of oil storage tanks in the production, refining, and distribution of petroleum products, surge in oil & gas production activities, and growing demand for crude oil in various end-use sectors are expected to drive the growth of the global oil storage market. On the other hand, alteration in product, physical, and chemical properties is expected to hinder the growth of the market to some extent. However, rising trend for strategic petroleum reserves across various countries across the globe is expected to create lucrative opportunities in the industry.
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COVID-19 Scenario
- The outbreak of COVID-19 has had a devastating impact on world, leading to stringent lockdowns in various countries across the globe. Thus, largescale shutdown of manufacturing units of numerous industries plummeted the demand for fossil fuels in transport and aviation sector, which impacted the global oil storage market negatively.
- Discontinuation of oil storage tank terminal construction and upgradation projects during the pandemic further aggravated the growth of the global oil storage market.
The global oil storage market is analyzed across type, material, product design and region.
Based on type, the crude oil segment accounted for the majority share in 2020, holding nearly three-fifths of the global market. The naphtha segment, however, would exhibit the fastest CAGR of 6.22% during the forecast period.
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Based on material, the carbon steel segment held the lion’s share in 2020, garnering more than three-fifths of the global market. The fiber reinforced plastic segment, however, would cite the fastest CAGR of 5.84% during the forecast period.
Based on region, market across LAMEA generated the highest share in 2020, garnering around half of the global market. The Asia-Pacific region, however, would exhibit the fastest CAGR of 5.24% during the forecast period.
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The key market players analyzed in the global oil storage market include Odfjell SE, Puma Energy, Royal Vopak, Belco manufacturing co., Inc., Brooge Energy, Containment Solutions, Inc., Vitol, LBC Tank Terminals, L. F. Manufacturing, Inc., and Oiltanking GmbH. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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