Global Oil storage terminal Market

Oil Storage Terminal Market Size, Share, Growth Analysis, By Type(Strategic Reserve, and Commercial Reserve), By Product(Diesel, Petrol, Aviation fuel, Crude oil), By Tank type(Fixed Roof, Floating Roof, Bullet Tank, and Spherical Tank), By Material(Steel, Carbon Steel, and Fiberglass-reinforced Plastic), By Product design(Open Top Tank, Fixed Roof Tank, Floating Roof Tank, and Others), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10B2036 | Region: Global | Published Date: July, 2024
Pages: 237 | Tables: 149 | Figures: 78

Oil Storage Terminal Market Insights

Global Oil Storage Terminal Market size was valued at USD 30.15 billion in 2021 and is poised to grow from USD 31.14 billion in 2022 to USD 42.13 billion by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).

Oil storage terminals are very important during the time when the demand reduces. During the pandemic the demand decreased drastically which was coupled with oversupply of fuel in Saudi Arabia. There were not enough storage facilities. Due to limited oil storage companies the price for storing crude oil for one day has increased to USD 25,000 per day in February 2020 which increased further to USD 300,000 per day.

The Asia-Pacific region currently holds the maximum share across the global market. It is due to rapid urbanization and industrialization. The demand for energy has increased drastically due to this. Developing countries of this region are trying to store as much as crude oil and petroleum products to tackle the problem of shortage during supply chain disruption. Governments are making strategic reserves to eliminate the risk of an energy crisis.

US Oil Storage Terminal Market is poised to grow at a sustainable CAGR for the next forecast year.

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Global Oil Storage Terminal Market size was valued at USD 30.15 billion in 2021 and is poised to grow from USD 31.14 billion in 2022 to USD 42.13 billion by 2030, growing at a CAGR of 4.4% in the forecast period (2023-2030).

Global oil terminal market is less competitive due to the presence of few manufacturers across the globe. Major manufacturers include- Belco Manufacturing, Royal Vopak, Containment Solutions, Inc., Vitol. These companies are investing heavily on R&D to introduce digitally integrated solutions for monitoring and diagnosis of tanks to gain a competitive edge in the industry. Key players are focusing on launching new products to increase their portfolio and capture additional revenue. 'Vopak', 'Royal Dutch Shell', 'Oiltanking GmbH', 'Kinder Morgan Inc.', 'Magellan Midstream Partners LP', 'Buckeye Partners LP', 'NuStar Energy LP', 'CIM-CCMP Group', 'International-Matex Tank Terminals (IMTT)', 'Blueknight Energy Partners', 'Gulf Oil LP', 'Puma Energy', 'Horizon Terminals', 'CLH Group', 'Enbridge Inc.', 'Inter Pipeline Ltd.', 'TransCanada Corporation', 'Irving Oil', 'China Petroleum & Chemical Corporation (Sinopec)', 'Kuwait Petroleum Corporation'

Due to the rise of population and urbanization as well as industrialization the demand for oil and gas is increasing across the globe. It requires more storage facilities. This factor is boosting the demand opportunities of the global oil storage terminal market. The consumption keeps on increasing YoY except in 2020 due to pandemic. This will undoubtedly promote the establishment of oil terminals to meet domestic oil consumption as well as for industrial use. The high use of crude oil products in the automobile and aviation industry will boost the market growth.

Due to safety issues and risk associated with manual cleaning major industry players are focusing on adoption of automation in oil storage terminals. These manufacturers are heavily investing on R&D to find out new and advanced technology like digitally integrated solutions for diagnosis and monitoring of the tank.

Asia-Pacific holds the largest share of the oil terminal market. The market is valued at USD 10.22 billion in 2021. The demand for energy and oil based commodities has increased in countries like India, China and Japan. South Korea and Singapore are central points for oil storage in the region. Singapore is projected to witness a growth of 6%.

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Global Oil storage terminal Market

Report ID: SQMIG10B2036

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