USD 30.15 billion
Oil Storage Terminal Market Size, Share, Growth Analysis, By Product(Open Top, Fixed Roof, Floating Roof, Others), By Application(Crude Oil, Middle Distillates, Gasoline, Aviation Fuel), 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.
Market Snapshot - 2023-2030
Global Market Size
Largest Segment
Carbon Steel
Fastest Growth
Carbon Steel
Growth Rate
4.4% CAGR
Global Oil Storage Terminal Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Oil Storage Terminal Market Segmental Analysis
Global Oil Storage Terminal Market is segmented By Product, By Application and Region. Based on Product, the market can be segmented into Open Top, Fixed Roof, Floating Roof, Others. Based on Application, the market can be segmented into Crude Oil, Middle Distillates, Gasoline, Aviation Fuel, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Oil Storage Terminal Market Analysis by Product Design
By product design, floating roofs hold the largest market share of about 45% in its segment. They are widely used in pumping stations and terminals. Companies or pumping stations prefer floating roofs because they provide protection against fire, explosion and implosion risks. It is considered as one of the most economical solutions as the emission is minimized and gives the best biological result. Floating roof tanks are generally used to store volatile liquids to minimize the loss of the stored liquid product inside the tank.
Oil Storage Terminal Market Analysis by Material
By material, carbon steel dominates the market as it is the most affordable material and is also wear resistant. Companies prefer a tank made with carbon steel because it requires less materials than a stainless steel tank, while the materials are less expensive than those used for other tanks. Carbon steel tanks lined or painted improve their chemical and water resistance, allowing them to hold most types of fluid or gas. The other reason for the use of carbon steel in oil storage terminals is it is highly flexible and can be joined easily to make large tanks.
Global Oil Storage Terminal Market Size By Material
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Oil Storage Terminal Market Regional Insights
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%.
North America is growing at a constant pace. It accounts for the second largest volume share of crude oil in 2021. With the revolution in shale oil production in many developed nations such as the U.S. There has been a rise in the production of crude oil in recent years. Due to the presence of major US strategic petroleum reserves the market will grow further.
Europe is expected to witness a healthy growth due to increasing usage. Most of the people rely on oil imports for energy. The increasing need for natural gas in Eastern Europe will help the market to grow healthily. Due to high usage the storage limit expansion is expected to be done.
The Middle-East is also expected to grow at a higher rate due to increase in production capacity to fulfill the global demand of crude oil. New and advanced technology comes with high production capacity. During the pandemic oil extracting companies used to pay heavy amounts to storage companies to store crude oil during low demand.
Global Oil Storage Terminal Market By Geography
- Largest
- Fastest
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Oil Storage Terminal Market Dynamics
Oil Storage Terminal Market Drivers
Increase in Demand of Crude Oil will Bolster Market Growth
- 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.
- Governments are emphasizing on creating strategic reserves to safeguard the economy and maintain national security during an emergency crisis. These are made to balance the supply and demand side of energy. In case of any supply chain problem the government can remove them from these reserves. Some countries like India and China heavily depend on oil imports as they don’t have sufficient crude oil to meet their own demands. Storing for the future can eliminate the risk of energy crisis during supply chain disruption.
Oil Storage Terminal Market Restraints
Adoption of Renewable Sources for Energy to Hinder Market Growth
- There is a growing awareness of carbon emission and pollution across the globe. Countries are focusing on green energy and non-polluting sources. Some countries are giving emphasis on converting the vehicles to run on electricity by giving subsidies on it. In the past few years a lot of money has been spent on R&D to find alternative automotive fuel like hydrogen based fuel cells and electric vehicles. As these renewable energy sources like solar, wind etc. don’t need any storage like oil and gas which can hamper the growth of the market.
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Oil Storage Terminal Market Competitive Landscape
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.
Oil Storage Terminal Market Top Company Profiles
- 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
Recent Developments
- Abu Dhabi's national oil company, ADNOC announced In May 2022, that it is set to open its giant crude oil caverns in the mountains of Fujairah next year, one year later than planned. It will boost Fujairah's status as a regional trading center, as the caverns will be able to store three different grades of crude oil, providing ADNOC with more flexibility to export crude through the port.
Oil Storage Terminal Key Market Trends
- 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.
Oil Storage Terminal Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, The demand for energy is increasing due to rapid urbanization and industrialization. Due to high demand some countries, especially non-oil producing countries are creating strategic reserves to eliminate the risk of shortage of energy during global supply chain disruption. The increase in demand and creation of strategic reserves will help to drive the market growth in coming years. Major manufacturers are trying to introduce digitally integrated solutions for monitoring and diagnosis of tanks to gain a competitive advantage over other companies. However, the adoption of renewable and alternative nonpolluting sources of energy are increasing day by day which can hamper the growth of the market.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 30.15 billion |
| Market size value in 2030 | USD 42.13 billion |
| Growth Rate | 4.4% |
| Base year | 2023 |
| Forecast period | 2023-2030 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Oil Storage Terminal Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Oil Storage Terminal Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Oil Storage Terminal Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Oil Storage Terminal Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Oil Storage Terminal Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Oil Storage Terminal Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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