Oil Storage Market Analysis

Oil Storage Market Analysis

Oil storage market from the floating roof product segment is slated to exhibit around 4% growth rate through 2030. The growing requirement for robust storage solutions for medium and low flash point petroleum is a prominent factor driving product demand. Floating roof tanks are also considered safe and efficient for the storage of volatile substances, such as oil, with minimum vapor loss. Advantages associated with these storage containers will thus amplify product installation in oil refineries.
 

In terms of end use, the oil storage market volume from middle distillates segment accounted for nearly 187 million cubic meters in 2021. The robust demand for jet oil for aircraft engines, commercial and domestic heating, and transportation is one of the key factors bolstering the need for middle distillates storage tanks. Additionally, government bodies are targeting an uninterrupted supply of middle distillates refined oil across the global fuel trade market.
 

The LPG end-use segment is poised to depict over 3% gains between 2022 and 2030. A strong focus on the extension of crude oil refineries to address issues including surging oil prices, especially in the U.S., will fuel the usage of LPG tanks. In addition, discoveries of offshore oil fields will also strengthen the rate of crude oil refining and subsequently augment container production for LPG storage applications.
 

Asia Pacific is anticipated to hold more than 43% of the global oil storage market share by 2030. The growing emphasis on crude oil stockpiling for commercial and emergency applications, to meet the burgeoning petroleum demand, will foster regional industry share. Greenfield and brownfield expansions of key oil manufacturing companies are also observed across the nation. Moreover, with the rise in annual refinery throughput, the consumption of storage containers will jump considerably across the region.