Major players in the oil storage market are Belco Manufacturing Co Inc, Brooge Energy, Containment Solutions Inc, LBC Tank Terminals, L F Manufacturing Inc, Oiltanking GmbH, ZCL Composites, Oman Tank Terminal Company, Columbian Steel Tank, Vitol Tank Terminals International BV, Ghazanfar Group, Horizon Terminals Ltd and Waterford Tank & Fabrication.
New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Oil Storage Global Market Report 2022" - https://www.reportlinker.com/p06317021/?utm_source=GNW
The global oil storage market is expected to grow from $8.98 billion in 2021 to $9.36 billion in 2022 at a compound annual growth rate (CAGR) of 4.15%. The oil storage market is expected to reach $11.01 billion in 2026 at a compound annual growth rate (CAGR) of 4.16%.
The oil storage market consists of sales of oil storage by entities (organizations, sole traders, and partnerships) that refer to reservoirs or containers used to store oils.The oil storage tank is used to hold oil products temporarily before they are transported to end-users.
Oil storage has different types of sizes like small, medium, and large-scale storage. Oil storage is used by companies to get more profits by using the cheapest storage method called underground spaces like the depleted reservoir.
The main types of oil storage include pen top tanks, fixed roof tanks, floating roof tanks and others.The open-top tank refers to process-oriented tanks and is typically used for blending or containment such as chroming tanks, dipping tanks, and batch tanks.
These are used in industries as secondary containers for liquid storage.These tanks are used for the storage of crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene and liquefied petroleum gas (LPG).
The different materials used in oil storage include steel, carbon steel, fibreglass reinforced plastic (FRP) and others.
North America was the largest region in the oil storage market in 2021. The regions covered in the oil storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The oil storage market research report is one of a series of new reports that provides oil storage market statistics, including oil storage industry global market size, regional shares, competitors with an oil storage market share, detailed oil storage market segments, market trends and opportunities, and any further data you may need to thrive in the oil storage industry. This oil storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The increase in the demand of crude oil supply is expected to propel the growth of the oil storage market.Oil storage is used for storing crude oil, petroleum, and other oil products that are further supplied to end-users.
The increase in demand of crude oil supply is due to an increase in consumption of crude oil products like petroleum, oil, and gas.As the oil consumption grows, it will increase the demand of crude oil supply and there will be a significant need for oil storage.
For instance, according to the International Energy Agency (IEA), consumption of natural gas in India is expected to reach 25 billion cubic meters with an annual growth of 9% by 2024, and also, according to the Indian Brand Equity Foundation (IBEF), oil demand in India is expected to grow by 50% by 2030 compared to 7% growth for global demand. Therefore, the increase in the energy of crude oil supply is expected to drive the oil storage market.
New product launches are a key trend gaining popularity in the oil storage market.New product launch refers to new product development and launching the product into the market.
Key players are focusing on launching new products to increase their portfolio and capture additional revenue.For instance, in April 2020, Sasol, a South Africa-based integrated energy and chemical company launched a new product TERRAVIS PI.
It is used for high production efficiency with low cost. The TERRAVIS PI is a unique product as it improves the flowability of crude oil, particularly in colder environments by reducing insulation, solvent, utility, and mechanical removal costs.
In October 2019, NOV Inc., a US-based provider of systems, components, and products for the oil and gas industry acquired Denali Incorporated for an undisclosed amount. This acquisition is expected to help in expanding NOV Inc.’s ability to deliver integrated FRP solutions for the customers. Denali Incorporated is a US-based fiberglass reinforced plastics (FRP) manufacturer providing fiberglass pipes, risers, and tanks.
The countries covered in the oil storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
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