The Business Research Company has updated its global market reports with latest data for 2024 and projections up to 2033
Strong Future Growth Anticipated
The oil storage market is projected to continue its strong growth, reaching $13.15 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. The growth in the forecast period can be attributed to government support, rising urbanization, a growing petrochemical industry, and increasing consumption of crude oil products.
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Growth Driver Of The Oil Storage Market
The increase in the demand for 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 for 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.
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Oil Storage Market Major Players And Market Trends
Key players in the oil storage market include NOV Inc., Chemie Tech, Shawcor Ltd., CST Industries, PermianLide (Permian Tank), McDermott International Ltd., Snyder Industries, Toyo Kanetsu KK, Superior Tank Co. Inc., Ishii Iron Works Co Ltd., Oil India Ltd., Reliance Industries Ltd., China National Petroleum Corporation.
Companies in the oil storage market are focusing on product innovations and developing new product solutions to strengthen their position in the market.
Oil Storage Market Segments:
1) By Product Design: Open Top Tank, Fixed Roof Tank, Floating Roof Tank, Other Designs
2) By Type: Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, Liquefied Petroleum Gas (LPG)
3) By Materials: Steel, Carbon Steel, Fiberglass Reinforced Plastic (FRP), Other Materials
Geographical Insights: North America Leading The Market
North America was the largest region in the oil storage market in 2023.
Oil Storage Market Definition
Oil storage refers 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 is used by companies to get more profits by using the cheapest storage method called underground spaces like the depleted reservoir.
Oil Storage Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Oil Storage Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on oil storage market size, oil storage market drivers and trends, oil storage market major players, oil storage competitors' revenues, oil storage market positioning, and oil storage market growth across geographies. The oil storage market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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