Selbyville, Delaware, Oct. 12, 2022 (GLOBE NEWSWIRE) --
The oil storage market is expected to exceed 1.1 billion cubic meters volume by 2030, according to a new research report by Global Market Insights Inc. Rapid urbanization and the rise in spending on petrochemical projects are some of the key reasons fostering crude oil storage tank requirements.
In developing nations, oil and gas companies have been making significant investments to set up new petrochemical facilities. Such initiatives will promote the construction of efficient storage systems for liquid petroleum gas and other petrochemical feedstocks. In addition, governments are making strategic investments in oil reserves to enhance security and cater to emergencies. These projects are predicted to contribute to the expansion of oil refining capacities and consequently support the need for bulk oil storage and transportation.
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Shifting preference for non-fossil fuel based products to boost spherical oil storage demand
Based on the product, the oil storage market from the spherical segment is poised to register substantial revenue by 2030. The report cites that the introduction of stringent norms to curb greenhouse gas emissions will drive product installation, to store liquid natural gas and other non-fossil fuel based products. A strong focus of fertilizer companies on the development of ammonia plants will also augment the requirement for spherical oil storage tanks. These containers are ideal for below-ambient temperature liquid and gas storage applications.
Strong focus on energy stockpiling to foster crude oil storage industry trends
The crude oil end-use segment held more than 34% share of the oil storage market in 2021, with the increased reliance on crude oil exports, especially from non-OPEC countries. Several nations are also emphasizing the stockpiling of oil as a part of their emergency response measures. These initiatives will result in a consistent increase in demand for crude oil storage solutions.
Energy security concerns to influence oil storage tank industry in Europe
Europe oil storage market is projected to exhibit over 3.5% CAGR through 2030. The introduction of stringent norms to ensure energy security is one of the prominent factors amplifying the use of different types of oil storage tanks, the report reveals. According to data from Eurostat, the countries in the European Union held 112.5 million tons of emergency energy stocks in June 2021. The rising emphasis on stockpiling to accelerate energy security is also anticipated to support oil storage container developers across the region.
Capacity expansion projects to define the competitive landscape
Key companies operating in the oil storage market are NOV Inc., Ascent Industries Co., Snyder Industries, LF Manufacturing, ElixirPro Engineering Solutions Pvt. Ltd., Royal Vopak, SHAWCOR, and Waterford Tank & Fabrication, among others. These leaders are focusing on initiatives including business expansions, partnerships, and collaborations to strengthen their footprint in the global market.
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Partial Table of Contents (ToC) of the report:
Chapter 3 Oil Storage Market Insights
3.1 Industry ecosystem analysis
3.2 Regulatory landscape
3.3 Strategic Petroleum Reserve capacity, by region, 2021
3.4 COVID- 19 impacts on the industry outlook
3.5 Impact of Russia – Ukraine war on the industry
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 Volatile crude oil prices
3.6.1.2 Increasing energy production rate & oil trade movement
3.6.1.3 Requirement of additional storage capacity
3.6.2 Industry pitfalls & challenges
3.6.2.1 Involvement of high capex in storage facility
3.7 Growth potential analysis
3.8 Porter's Analysis
3.9 Competitive landscape, 2022
3.10 PESTEL Analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
