Oil Storage Market Size, Industry Analysis Report, By Reserve (Strategic, Commercial), By Product (Floating Roof, Fixed Roof, Spherical), By Application (Crude Oil, Gasoline, LNG, LPG), Regional Outlook (U.S., Canada, Germany, UK, Italy, Russia, China, India, Japan, Australia, South Korea, ASEAN, Argentina, Brazil, Mexico, Saudi Arabia, UAE, South Africa, Zimbabwe), Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2025

Increasing production of crude oil will significantly stimulate the global oil storage market over the coming years. The prominent market players are investing in the expansion of their storage capacities to match the fuel requirements of the increasing population. Moreover, several countries have started the construction and maintenance of many strategic oil reserves to sustain during shortage situations, which notably improved the need for oil storage requirements, thus driving the oil storage market.

Growing investments in unconventional energy resources, attributed to the reduction in petroleum imports, particularly from the Asia Pacific region will surge the oil storage market size. In 2017, China Energy Investment Corporation announced its investment of nearly US$ 83 billion for the shale gas development in West Virginia. Rising need for expansion of current oil storage capacities due to unstable oil & gas production and prices will further enhance the market growth.

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By product, the global oil storage market has been segmented into floating roof storage, fixed roof storage, spherical storage, and others. Floating roof oil storage market is projected to grow on an account of rising demand for of large quantity storage of petroleum products having low, and medium flash points. Spherical oil storage market is predicted to grow on account of rising storage requirements of petroleum products with extremely low flash points. Some of the products which come into the category of extremely low flash points are LPG and LNG. Stringent regulations regarding the reduction of emissions from these products will propel the demand for spherical oil storage solutions.

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Based on application, the oil storage market has been segmented into crude oil, gasoline, LNG, and LPG. Global oil storage market for crude oil is projected to have the highest market share, owing to the increasing need for high value-added petroleum products. These products find applications in various end-user industries as raw materials, intermediates, catalysts, etc. The increasing demand for those products will significantly increase the demand for oil storage market, over the entire projected period.

Some of the prominent players in the global oil storage market include ZCL Composites, Inc., Denali Incorporated, LF Manufacturing, Elixir, Vopak, Ergil, Superior Product Company, Inc., and Synalloy Corporation among several others.