Oil Storage Market worth 2,407 million cubic meter by 2027
Key Highlights
Transparency Market Research has published a new report that provides detailed information about the overall working dynamics of the global oil storage market. According to the research report, the global oil storage market is expected to exhibit a healthy CAGR of 4.78% for the forecast period of 2019 to 2027. The volume sale of the market was at around 1,581 million cubic meters in 2018. With the given rate of growth, the global oil storage market is expected to achieve the volume of 2,407 million cubic meters by the fall of 2027.
Key Driver of the Global Oil Storage Market
Increasing demand of refined products such as gasoline, diesel, kerosene, and aviation turbine fuel is likely to drive the demand for global oil storage terminals. The rising number of automobile sales especially in developing economies such as China, India, and Brazil would be a key factor for the growth in the demand for diesel and gasoline. Moreover, growing construction industry and industrial segment in developing and under-developed economies is likely to boost the demand for diesel in near future. Growing aviation sector and domestic & international air traffic would result in an increase in demand for aviation turbine fuel across the globe. Thus, in order to meet growing demand for petroleum products the investment in their production and storage is also growing, which in turn would drive the oil storage market during the forecast period.’
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Lower crude oil prices and increasing demand for petroleum products has resulted in a surge in investment for crude oil refineries across the globe. Moreover, existing refiners are investing heavily to upgrade their oil storage infrastructure in order to take advantage of the price movement in crude oil market. Governments across the globe are also planning to take advantage of the crude oil price drop and increase their strategic oil reserves to act as a contingency reserve in case of any emergency.
Middle East and Africa to Remain Dominant Over Forecast Period
In terms of geographical segmentation, the global oil storage market, there are five major regional segments viz. South and Central America, Middle East and Africa, Asia Pacific, North America, and Europe. Of these, the regional segment of the Middle East and Africa is currently the most dominant one and is expected to remain so over the course of the mentioned projection period. The growth of the regional segment is driven by the strong contributions from countries such as Saudi Arabia, Iran, UAE, Oman, Qatar, and Nigeria among others. The Middle East and Africa region is expected to exhibit a healthy CAGR during the forecast period of 2019 to 2027.
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Competitive Landscape to Remain Consolidated in Near Future
The competitive landscape of the global oil storage market is highly consolidated with only five companies occupying the majority of the overall market share. These five companies are
- Royal Vopak NV
- Kinder Morgan Inc.
- Oiltanking GmbH
- Buckeye Partners LP
- NuStar Energy LP.
These companies cumulative accounted for more than 60% share of the overall market in the year 2018. The research report on the global oil storage market expects the competition in the global market to only intensify over the course of the mentioned period of forecast. One of the prime reasons behind this intensifying competition is the growing amount of investments put in by some of these leading brands in the market. It is expected that the entry barriers for new players in the oil storage market to remain high. Thus the threat of the same is expected to be a moderate one.
Moreover, in order to bolster their existing hold on the global market, these leading companies are adopting the approach of mergers, acquisitions, joint ventures, and strategic partnerships. Such moves allow these companies to expand and improve their current infrastructure for crude oil storage and also their terminal networks. It also helps them to raise more funds for the optimization of their storage facilities and develop new pipelines.
Global Oil Storage Market – Key Developments
- In October 2019, Indian Strategic Petroleum Reserves Ltd announced that it has signed a memorandum of understanding with Saudi Aramco, Saudi Arabia’s state oil company for its contribution in the 2.5 million tons facility in Karnataka, India. Indian Strategic Petroleum Reserves Ltd is an Indian government owned company which is charged with the building strategic oil storage reserves in India. Only Abu Dhabi National Oil Co. (ADNOC) is the foreign oil company which stores crude oil in India’s strategic reserves, at Mangalore and Karnataka.
