Oil Storage Market To Grab Big Lead Growth Opportunities For By 2025|Grand View Research, Inc.


The global oil storage market is expected to reach 2.16 billion cubic meters by 2025, according to a new report by Grand View Research, Inc. Ongoing revisions in energy security policies and guidelines issued by International Energy Agency (IEA) has urged its member countries to adhere to minimum oil stockholding rule.
Currently, India, Australia, and Japan are the major countries with ample projects for enhancing their Strategic Petroleum Reserve capacities over the next few years. Other countries, such as Malaysia, China, and the UAE have adopted various measures to expand the commercial and non-commercial storage tank facilities to ensure a consistent supply for the downstream sectors in the respective regions. Asia Pacific is anticipated to emerge as the fastest growing regional segment and account for over 19.5% by 2025.
Key companies operating in the global oil storage market include ZCL Composites, Zepnotek Storage Tanks, Marquard & Bahls AG, LF Manufacturing, Columbian Steel Tank, Belco, and Palmer. Marquard & Bahls offers a broad range of tank designs that cater to crude oil, biodiesel, bioethanol, vegetable fats, and middle distillates storage requirements across the five regions.
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In addition to regulatory norms, technological advancement is further anticipated to drive oil storage demand over the next nine years. Key players such as Marquard & Bahls AG and CST Industries have ventured into developing innovative product designs that offer high durability and a high degree of product containment. Columbian Steel Tank Company has announced investments in aluminum geodesic dome design that minimizes UV degradation and environmental loss.
Further key findings from the report suggest:
  • Fixed roof tanks emerged as leading product segment and accounted for over 45% of total volume in 2015. Increasing adoption of tank designs with a low degree of contamination and minimum product losses are expected to steer market growth over the forecast period.
  • Crude oil emerged as the leading application segment for oil storage in 2015. Crude oil forms a significant source of power and energy sector. In addition, petrochemical refinery capacity expansions in the Middle East and Asia Pacific regions are major drivers contributing to market growth over the forecast period.
  • The oil storage demand in the Middle East & Africa is anticipated to grow at a CAGR of over 4.7% from 2016 to 2025. Surging oil production coupled with ongoing tank projects are major factors driving the market in the UAE, Nigeria, and Saudi Arabia
  • Oil storage demand in North America is anticipated to exceed 500 million cubic meters by 2025. Ongoing proposals for enhancing domestic reservoir production rate, particularly in the U.S. is driving growth in the region.
  • Key industry participants include CST Industries, Marquard & Bahls AG, LF Manufacturing, ZCL Composites, Belco, Palmer, and Zepnotek Storage Tanks.
In addition to pricing, it also offers protection from short time supply fluctuations of crude and its derivatives. Various countries including the U.S., China, and India have adopted stockpiling initiatives to minimize the price volatility and ensure consistent supply to the end-use sectors. The U.S. government has remained favorable for domestic players in the upstream sector.
Initiatives such as Strategic Petroleum Reserve for stockpiling large volumes of oil enable the government to protect the supply from price spikes and stock out incidents. As it forms a significant source of energy and power, its availability and distribution contribute to the achievement of sustainable targets.
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Rising inventory amidst the reduced consumption is a major concern for the suppliers. This can be attributed to the economic losses pertained to the non-selling products coupled with the stringent regulations regarding stockpiling of oil in above and below-ground tank installations. Control of Pollution (England) Regulations 2001 and the Water Environment (Scotland) Regulations 2006 are some of the major legislations that need to be adhered by industry participants in Western Europe.
As oil leakage has steered various revisions in regulations, storage equipment vendors have made ample investments regarding economy and manpower for fabricating steel tanks. There are two forms of material used in this process, namely, carbon steel and stainless steel. Among various forms of carbon steel namely, low, mild, and high carbon steel tanks have witnessed significant prominence among others.
Grand View Research has segmented the oil storage market on the basis of product, application, and region:
Product Outlook (Volume, Million Cubic Meters, 2014 - 2025)
  • Open top
  • Fixed roof
  • Floating roof
  • Others
Application Outlook (Volume, Million Cubic Meters, 2014 - 2025)
  • Crude Oil
  • Middle Distillates
  • Gasoline
  • Aviation Fuel
  • Others
The market majorly comprises fixed & floating roofs, and open top tanks (OTT). Choice of tank design is influenced by the type of input product, namely, feedstock, unfinished, or finished. While OTT is majorly used for liquids with negligible to zero evaporative losses, it enhances the risks of product contamination and fire incidents.
Fixed roof dominated the product segment in 2015, and is anticipated to account for over 45% of the total market by 2025. High penetration of the segment can be attributed to its associated benefits such as high degree of containment that minimizes risks of a fire incident. In addition, low installation costs associated with the design has contributed to significant penetration of the product over the past few years.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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