Market Size of Oil Storage Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 2.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil Storage Market Analysis
The oil storage market is expected to grow at a CAGR of over 2% during the forecast period of 2020 - 2025. Oil storage refers to tanks or terminals (a group of tanks) used to store produced oil above or below ground. Also, oil storage is a part of the midstream sector of the oil industry. Increasing demand for high storage capacities, rising oil production, and decreasing crude oil prices are the major factors that are expected to drive the market during the forecast period. Furthermore, increasing government initiatives towards the emission of greenhouse gases and for the storage of oil to protect the national economy during energy crises are some of the factors expected to drive the growth of the market. However, high investment and maintenance cost is a key factor restraining the growth of global oil storage market.
- The decline in crude oil prices increases the demand for storing oil in huge quantities. Greater discretionary income for consumer spending can further stimulate the economy, thus driving the demand for the oil storage market during the forecast period.
- Technological development, investment in development of storage facilities, and new pipelines for improving the storage capacity of tanks are expected to create immense opportunities for major players operating in the market.
- North America is expected to the largest market during the forecast period, owing to the capacity additions and the number of crude storage facilities, mainly from the United States.
Oil Storage Industry Segmentation
The oil storage market report include:
| Geography | |
| North America | |
| Asia-Pacific | |
| Europe | |
| South America | |
| Middle-East and Africa |
Oil Storage Market Size Summary
The oil storage market is poised for growth, driven by increasing demand for high storage capacities and rising oil production, despite the challenges posed by high investment and maintenance costs. As a crucial component of the midstream sector, oil storage facilities, including tanks and terminals, play a vital role in managing the supply chain of the oil industry. The market is further bolstered by governmental initiatives aimed at reducing greenhouse gas emissions and ensuring economic stability during energy crises. Technological advancements and investments in new storage facilities and pipelines are expected to create significant opportunities for key industry players. The decline in crude oil prices is a notable factor encouraging the demand for oil storage, as lower prices incentivize larger volume storage.
North America is anticipated to lead the oil storage market, with the United States at the forefront due to capacity expansions and new storage projects. The region's dominance is supported by the development of large storage terminals and fields, such as those in Cushing, Oklahoma, and the Louisiana Offshore Oil Port. Despite a slight decline in oil consumption, the growing crude production in Canada necessitates new storage solutions to meet domestic demand. The market's consolidation is evident with major players like Koninklijke Vopak NV and Vitol Tank Terminals International BV, who are instrumental in shaping the industry's landscape. As global oil supply remains high, the need for adequate storage capacity becomes critical, particularly in North America, where oversupply could lead to further price depressions.
Oil Storage Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2025
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Geography
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2.1.1 North America
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2.1.2 Asia-Pacific
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2.1.3 Europe
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2.1.4 South America
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2.1.5 Middle-East and Africa
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Oil Storage Market Size FAQs
What is the current Oil Storage Market size?
The Oil Storage Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in Oil Storage Market?
Koninklijke Vopak NV , Vitol Tank Terminals International BV (VTTI), Oiltanking GmbH , McDermott International Inc. and China National Petroleum Corporation are the major companies operating in the Oil Storage Market.
