Oil Storage Market to be Worth 2,292 MCM by 2030: Grand View Research, Inc.

SAN FRANCISCO, June 21, 2022 /PRNewswire/ -- The global oil storage market volume is expected to reach 2,292 MCM by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 4.98% from 2022 to 2030. A rise in oil & gas production along with the growing demand for crude oil in several end-use markets is likely to drive the market growth over the forecast period. A fixed roof oil storage tank is the most commonly used tank in North America for storage purposes of petroleum products and crude oil. These tanks are easy to construct and an economical option in comparison to the other tank designs. The floating roof tank is likely to witness the fastest growth rate over the forecast period due to fabrication developments and can be used in combination with the fixed roof oil storage tanks. Strategic Petroleum Reserve (SPR) is an emergency storage reserve.

Key Industry Insights & Findings from the report:

• In terms of volume, the crude oil segment of oil storage accounted for a prominent share in the market in 2021 and is further expected to witness steady growth over the forecast period.
• Asia Pacific accounted for the maximum revenue share in 2021 on account of high demand for petroleum and distillates in the commercial and industrial sectors.
• The oil industry in North America is significantly formed by the geopolitical implications of its countries and the world. The U.S. is a major contributing nation to the oil economy of this region. Interconnections of the U.S. with the world are a key strategy for its energy security.
• Major industry participants are practicing several organic and inorganic strategic growth initiatives to expand their service portfolio and enhance their foothold in the market.

Get more Industry Insights from full market research report, "Oil Storage Market Size, Share & Trends Analysis Report By Application (Aviation Fuel, Middle Distillates, Crude Oil, Gasoline), By Product (Open Top, Fixed Roof, Floating Roof), And Segment Forecasts, 2022 - 2030", published by Grand View Research.

Oil Storage Market Growth & Trends

To ensure energy security coupled with the increasing population and demand for petroleum products, several countries are actively involved in developing strategic petroleum reserves. Oil production has witnessed significant growth along with the rising downstream potential. This has urged the government and the oil companies to upgrade their inventories and infrastructure to store large quantities of crude oil and other petroleum products, which are anticipated to increase the SPR facilities. North America is a major oil-producing and consuming region in the world, with the U.S. accounting for a significant share. Oil storage in Canada and the U.S. has evolved rapidly to accommodate the increased output of crude oil and related products.

Oil Storage Market Segmentation

Grand View Research has segmented the global oil storage market based on application, product, and region:

Oil Storage Market - Application Outlook (Volume, MCM, 2019 - 2030)

• Crude Oil
• Middle Distillates
• Gasoline
• Aviation Fuel
• Others

Oil Storage Market - Product Outlook (Volume, MCM, 2019 - 2030)

• Open Top
• Fixed Roof
• Floating Roof
• Others

Oil Storage Market - Regional Outlook (Volume, MCM, 2019 - 2030)

• North America
• U.S.
• Canada
• Mexico
• Europe
• Germany
• Russia
• Netherlands
• Belgium
• Asia Pacific
• China
• Australia
• Indonesia
• Malaysia
• Central & South America
• Brazil
• Argentina
• Middle East & Africa
• Saudi Arabia
• UAE

List of Key Players of Oil Storage Market

• VTTI
• Royal Vopak
• Oiltanking GmbH
• Buckeye Partners, LP
• Containment Solutions, Inc.
• Shawcor
• Belco
• CST Industries
• Superior Tank Co., Inc.
• DELTA OIL TANKING BV

Check out more related studies published by Grand View Research:

• Industrial Valves and Actuators Market - The global industrial valves and actuators market size is expected to reach USD 145.87 billion by 2025 at a 4.14% CAGR over the forecast period, according to a study conducted by Grand View Research, Inc. Growing demand in the industrial sector, technological advancements propelling the use of smart valves and actuators, and stringent government regulations have bolstered market growth.
• Crude Oil Flow Improvers Market - The global crude oil flow improvers market size is expected to reach USD 2.03 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to grow significantly over the forecast period owing to shale revolution positively affecting the crude oil flow improvers (COFI) market.
• Oil and Gas Corrosion Protection Market - The global oil and gas corrosion protection market size is expected to reach USD 12.2 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to witness significant growth over the forecast period owing to rising demand from the North America region. Corrosion protection products are widely consumed in various applications sectors such as upstream, midstream and downstream.

Browse through Grand View Research's Conventional Energy Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg

SOURCE Grand View Research, Inc.