North America Oil Storage Market: A Comprehensive Industry Analysis

North America Oil Storage Market - Current Insight with Future Aspect Analysis

PORTLAND, OREGON, UNITED STATES, November 30, 2023 /EINPresswire.com/ -- An increase in oil demand, reduction in crude oil prices across the region, and high demand for mega refining hubs are the major factors that boost the growth of the North America oil storage market. Moreover, the development of strategic petroleum reserves has facilitated the commercial supply of oil along the Gulf Coast and further provides the lowest-cost storage option for crude oil, which propels the market growth. The North America oil storage market was valued at $667 million in 2016 and is projected to reach $931 million in 2023, registering a CAGR of 4.8% from 2017 to 2023.

𝐑𝐞𝐪𝐮𝐞𝐬𝐭 𝐟𝐨𝐫 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐃𝐅: https://www.alliedmarketresearch.com/request-sample/4616

Oil storage includes large tanks, sea tankers, and underground & above-ground storage facilities to safely store various petroleum products. These products are majorly oil-based products, which are produced by distillation and are used by industries other than the refining industry. The increase in oil production across the globe has encouraged suppliers to develop storage infrastructure and inventories for oil storage. Furthermore, the increase in oil production has encouraged suppliers to improve their inventories and infrastructure to store large quantities of crude oil. In terms of volume, the market accounted for 54,154 thousand CBM in 2016 and is projected to reach 73,633 thousand CBM in 2023, registering a CAGR of 4.4% from 2017 to 2023.

The major factors that drive the growth of the North America oil storage market include a decrease in crude oil prices across North America, a rise in the need for mega refining hubs, a high degree of product containment, and an increase in import or distribution facilities. However, the decline in production & exploration activities and the rise in inventory cost hamper the market growth. On the contrary, the development of strategic petroleum reserves and the increase in oil demand are expected to provide potential growth opportunities for market expansion.

The crude oil segment accounted for the largest share in 2016, owing to high usage, applicability, and large amount of production. Furthermore, the naphtha segment is expected to grow at the highest CAGR from 2017 to 2023 and is anticipated to continue its dominance during the forecast period.

𝐆𝐞𝐭 𝐚 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 @ https://www.alliedmarketresearch.com/request-for-customization/4616

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The North America Oil Storage industry's key market players adopt various strategies such as product launches, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐎𝐢𝐥 𝐒𝐭𝐨𝐫𝐚𝐠𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

Royal Vopak N.V.
Marquard & Bahls AG (Oiltanking GmbH)
Magellan Midstream Partners, L.P.
Vitol Group
Odfjell SE
Energy Transfer Partners, LP. (Sunoco Logistics Partners)
Kinder Morgan, Inc.
Macquarie Infrastructure Corporation (International-Matex Tank Terminals, Inc.)
Buckeye Partners L.P.
NuStar Energy L.P.

The utilization rate of carbon steel-based storage tanks was high in 2016. However, the fiber-reinforced plastic (FRP) segment is expected to grow at the highest CAGR during the forecast period, owing to the fact that FRP-based storage tanks are corrosion-resistant, lightweight, easy to handle, leakproof, and require low maintenance.

On the basis of product, the fixed roof tanks segment occupied the largest share of about more than two-fifths share in 2016, in terms of revenue. The floating roof tanks segment is expected to grow at the highest CAGR of during the forecast period.

𝐄𝐧𝐪𝐮𝐢𝐫𝐲 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/4616

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚 𝐎𝐢𝐥 𝐒𝐭𝐨𝐫𝐚𝐠𝐞 𝐌𝐚𝐫𝐤𝐞𝐭:

- The diesel segment accounted for around one-sixth share by volume of the North America oil storage market in 2016.
- The kerosene segment is expected to grow at a CAGR of 6.6% by revenue from 2017 to 2023.
- The steel segment accounted for around one-third share by volume of the North American oil storage market in 2016.
- Canada accounted for around one-fourth share by volume of the North American oil storage market in 2016.
- Mexico is expected to grow at the highest CAGR by revenue from 2017 to 2023.

𝐋𝐚𝐭𝐞𝐬𝐭 𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐛𝐲 𝐀𝐥𝐥𝐢𝐞𝐝 𝐌𝐚𝐫𝐤𝐞𝐭 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡:

𝟏. 𝐂𝐨𝐦𝐩𝐫𝐞𝐬𝐬𝐞𝐝 𝐀𝐢𝐫 𝐄𝐧𝐞𝐫𝐠𝐲 𝐒𝐭𝐨𝐫𝐚𝐠𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 -https://www.prnewswire.com/news-releases/compressed-air-energy-storage-market-to-reach-31-8-billion-globally-by-2031-at-23-6-cagr-allied-market-research-301748744.html

𝟐. 𝐎𝐢𝐥 𝐒𝐭𝐨𝐫𝐚𝐠𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/03/15/2403073/0/en/Oil-Storage-Market-Is-Expected-to-Reach-18-4-Billion-by-2030-Says-AMR.html

𝟑. 𝐒𝐨𝐥𝐚𝐫 𝐄𝐧𝐞𝐫𝐠𝐲 𝐒𝐭𝐨𝐫𝐚𝐠𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.com/news-releases/solar-energy-storage-market-to-reach-20-9-billion-globally-by-2031-at-7-9-cagr-allied-market-research-301671583.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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Allied Analytics LLP
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