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