Product ID: SQMIG10B2036
Oil Storage Terminal Market Size, Share, Growth Analysis, By Type(Strategic Reserve, and Commercial Reserve), By Product(Diesel, Petrol), By Tank type(Fixed Roof, Floating Roof), By Material(Steel, Carbon Steel), By Product design(Open Top Tank, Fixed Roof Tank) - Industry Forecast 2024-2031
Report ID:
SQMIG10B2036 |
Region:
Global |
Published Date: February, 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.
Oil Storage Terminal Market Report Snapshots
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