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

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.