Global Oil Storage Market Is Likely To Grow At A CAGR Value Of Around 4.10% By 2028

Oil Storage Market Size Analysis | Share Report, 2022-2028

SUITE N202, NEW YORK, UNITED STATES, January 6, 2023 /EINPresswire.com/ -- The global Oil Storage market was worth around USD 12,185.40 million in 2021 and is estimated to grow to about USD 15507.58488 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.10 percent over the forecast period. The report analyzes the digital remittance market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the digital remittance market.

Over the forecast period, the market is expected to be driven by rising oil and gas production activities, as well as rising demand for crude oil in a variety of end-use industries. Because of increased crude oil demand and the need to store huge amounts of crude oil, suppliers are focusing on inventories and infrastructure expansion. Furthermore, as a result of fluctuating crude oil prices, oil-importing countries have increased their oil storage capacity to ensure their energy security. Furthermore, the growing tendency for strategic petroleum reserves in a number of countries will have a favorable impact on the business. Due to increased crude oil demand and the need to store huge amounts of crude oil, suppliers are focusing on inventories and infrastructure expansion. Furthermore, as a result of fluctuating crude oil prices, oil-importing countries have increased their oil storage capacity to ensure their energy security. Furthermore, the growing tendency for strategic petroleum reserves in a number of countries will have a favorable impact on the business. Owing to the rise in the demand of CVC, the global digital isolator market is estimated to grow at a CAGR of 4.10% during the forecast period.

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Global Oil Storage Market

The global oil storage market is predicted to rise due to increased usage of oil storage tanks in the production, refining, and distribution of petroleum products, as well as an increase in oil & gas production activities and growing demand for crude oil in various end-use industries. Changes in product, physical, and chemical attributes, on the other hand, are likely to stifle market expansion to some extent. The increased demand for strategic petroleum reserves in many countries throughout the world, on the other hand, is likely to offer profitable prospects in the business.

The global Oil Storage market is segregated based on Application outlook and Product outlook. Based on Application outlook, the global market is segmented into Crude Oil, Middle Distillates, Gasoline, Aviation Fuel and Others. The Crude oil segment is expected to dominate the market. Based on Product outlook, the market is segregated into Open Top, Fixed Roof, Floating Roof and Others. The floating roof segment is expected to dominate the market.

The Global Oil Storage Market is divided into four regions based on regional analysis: North America, Europe, Asia Pacific, and the Rest of the World. Due to increased demand for petroleum products in different industrial and commercial divisions in various nations in the area, the Middle East market would lead the market in terms of revenue throughout the forecast period. During the projection period, Asia Pacific is predicted to grow at the second-fastest rate, with China accounting for the greatest share of the regional market. Due to the strong demand for oil stockpiling in North America, the region gained a considerable market share in 2021.

Key players functioning in the global Oil Storage market include Vitol Tank Terminals International BV (VTTI); Koninklijke Vopak NV; Oiltanking GmbH; Shawcor Ltd.; Buckeye Partners, L.P.; Containment Solutions, Inc.; ZCL Composites; Belco Manufacturing; Zepnotek Storage; and Columbian Steel Tank.

Recent developments:

In April 2018, Buckeye Partners L.P. recently announced plans to expand its Chicago Complex. Because it is a significant logistical centre in the Midwest, the corporation committed around US$ 80 million in the development. To meet the growing needs of clients, the Chicago Complex is expanding its storage, component blending, throughput capacity, and service capabilities. The extension will also include the building of an additional 600,000 barrels of product mixing tankage and the expansion of an existing truck rack.

In December 2019, Magellan Midstream Partners, L.P. has announced plans to extend the supplemental open season in order to secure additional transportation volume commitments for its refined petroleum products pipeline system in Texas. The corporation is working to increase the capacity of its west Texas refined products pipeline system from 100,000 BPD to around 175,000 BPD.

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The market is segmented as follows:

By Application Outlook

Crude Oil
Middle Distillates
Gasoline
Aviation Fuel
Others
By Product Outlook

Open Top
Fixed Roof
Floating Roof
Others
By Region

North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa

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