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Oil Storage Market Growth 2023 – Swot Analysis, Trends & Major Market Players

September 16, 2020 GMT

Pune, Maharashtra, India, September 16 2020 (Wiredrelease) Allied Analytics :Oil storage refers to the mechanism used for safely storing various petroleum products. These products are majorly oil-based products, which are produced by distillation and are used outside the refining industry. Growth in global oil production encouraged the suppliers to develop storage infrastructure and inventory for oil storage. Oil storage includes large tanks, sea tankers, and underground above ground storage facilities. Petroleum products are valuable commodities, which are used for various applications.

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According to a new report published by Allied Market Research, titled, Oil Storage Market by Type, Material, and Product Design: Global Opportunity Analysis and Industry Forecast, 2017-2023,the global oil storage market was valued at$3,180 millionin 2016, and is estimated to reach at$4,307 millionby 2023, registering a CAGR of 4.4% from 2017 to 2023.

An increase in oil demand, a reduction in crude oil prices across the region, and high demand for mega refining hubs are the major factors that boost the growth of the global oil storage market. Moreover, the development of strategic petroleum reserves has facilitated the commercial supply of oil and further provides the lowest cost storage option for crude oil, which propels the market growth.

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The crude oil segment dominated the market in 2016 and is expected to continue this trend during the forecast period. Crude oil is a naturally occurring liquid form of petroleum, which is refined into other oil products such as petrol, paraffin, and diesel oil. It is stored in different types of storage tanks such as atmospheric storage tanks, open-top tanks, and fixed roof storage tanks.

In 2016, LAMEA dominated the global market, owing to the presence of large oil reserves and major export destinations such as Nigeria, Saudi Arabia, Iran, and UAE. In addition, the introduction to newer refineries enables the rapid growth in demand for oil products. North America was the second leading segment and is expected to register a CAGR of 4.8% from 2017 to 2023.

Key Findings of the Oil Storage Market:
In 2016, LAMEA dominated the global market with half share in the overall market.
The naphtha segment is estimated to grow at the highest CAGR from 2017 to 2023.
The fiber-reinforced polymer (FRP) segment is estimated to grow at the highest CAGR during the forecast period.
The crude oil segment led in 2016 and accounted for more than half share in the total market.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials Chemicals, Construction Manufacturing, Food Beverages, Energy Power, Semiconductor Electronics, Automotive Transportation, ICT Media, Aerospace Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

This content has been published by Allied Analytics company. The WiredRelease News Department was not involved in the creation of this content. For press release service enquiry, please reach us at contact@wiredrelease.com.

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