Oil Storage Market worth over 1.1 billion cubic meters capacity by 2030

Oil Storage Market size is set to surpass 1.1 billion cubic meters capacity by 2030, according to a new research report by Global Market Insights Inc.
 

The report identifies the growing oil trading initiatives and petroleum spending as the major drivers of oil storage tank construction. According to some government agencies, petroleum consumption witnessed a significant increase from 2020 to 2021, owing to the economic recovery from the COVID-19 crisis. Concerns regarding the fulfillment of national emergency reserves and the adoption of strategic stockpiling approaches are also rising. The expansion of existing and old refining facilities will bolster the construction of bulk oil storage tanks.
 

Increased use of petrochemicals to escalate fixed roof storage construction

Oil storage industry volume from the fixed roof product segment accounted for 240 million cubic meters in 2021. The increasing use of large-quantity storage systems for petrochemicals, petroleum distillates, and other liquid chemicals is a prominent factor fostering fixed roof storage tank development. Petrochemical feedstock accounts for a considerable share of global oil demand, which may further increase due to the growing usage of fertilizers and plastics. Fixed roof containers are also a preferred solution to store oil at atmospheric pressure with low vapor removal attributes.
 

Rising automobile production to propel gasoline storage applications

The gasoline end-use segment is projected to depict over 3.5% CAGR through 2030. The gradual recovery of the automobile sector from the COVID-19 crisis is among the key factors augmenting the use of gasoline storage containers. According to OICA, in 2021 the global production of vehicles grew by nearly 3%, which indicates a steady recovery of the automotive manufacturing sector.
 

The consumption of diesel and petrol across the transportation and automobile industries will consequently increase, influencing the construction of gasoline storage tanks. Additionally, the establishment of new oil refining facilities has also jumped across the globe. This has created a strong demand for various petroleum products, including gasoline fuel, which will accelerate storage containers requirement.
 

Browse key industry insights spread across 270 pages with 394 market data tables & 27 figures & charts from the report, “Oil Storage Market Size By Product (Fixed Roof, Floating Roof, Spherical), By End Use (Crude Oil, Gasoline, Aviation Fuel, Middle Distillates, LNG, LPG), COVID-19 Impact Analysis, Regional Outlook, Price Trends, Growth Potential, Competitive Market Outlook & Forecast, 2022 – 2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/oil-storage-market
 

Acceleration of shale energy drilling to boost oil storage needs in North America

North America oil storage market volume reached over 150 million cubic meters in 2021, driven by the rapid expansion of refining facilities. The production and exploration of shale energy have risen across the region. For example, the EIA’s Drilling Productivity Report pegged shale volumes at 8.591 million barrels per day in March 2022, due to an increase in the Permian Basin, the U.S. According to the report, this rise in shale energy production will stimulate the need for oil storage containers in the region.
 

Merger and collaboration initiatives among key players to strengthen the industry outlook

Major companies operating in the industry are CST Industries, NOV Inc., Snyder Industries, Roth Industries GmbH & Co. KG, Superior Tank Co., Inc., ERGIL, Royal Vopak, Tianjin Anson International Co., Ltd., SHAWCOR, and Waterford Tank & Fabrication are some of the key participants profiled in the report. Mergers and collaboration are among the key strategies being employed by industry players to enhance their foothold in the global market.
 

To cite an instance, in August 2022, NOV collaborated with the American Bureau of Shipping to offer subsea storage technology. This initiative was aimed at ensuring the safe storage of a large capacity of fluids including oils, production chemicals, oils, enhanced oil recovery chemicals, condensates, and maritime fuels. The collaboration deal will allow the company to establish a strong presence in the industry.