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Storage Terminal Market Segmentation: by Tank Type (Floating Roof Tank, Open Top Tank, Fixed Roof Tank, and Others); By Application (Kerosene, Aviation Fuel, Crude Oil, Gasoline, Naphtha, Diesel, and Liquefied Petroleum Gas); By Region (North America, Asia-pacific, Europe, Latin America and Middle-East and Africa)- Analysis of market share, size and trends for 2016-19 and� forecasts to 2030.
Storage Terminal Market to reach USD $23.9 billion by 2030 from USD $11.7 billion in 2020 at a CAGR of 6.70% in the coming years, i.e., 2020-2030.
Oil storage is a crucial component of the petroleum industry midstream. Oil Storage is a procedure by which products are collected before they are supplied to refineries and retail chains. For further production and packaging, downstream operations use huge storage containers to collect oil. Oil storage is a short-term process for the reason of transportation of oil for further refinement. Oil storage also protects against fluctuations in the supply of crude oil and its derivatives in the short term. In comparison with the demand from end-use industries, petroleum production is growing tremendously.
Global Oil Storage Terminal Market is anticipated to exceed USD $23.9 billion by 2030 from USD 10.97 billion in 2019 at a CAGR of 6.70% throughout the forecast period, i.e., 2020-30. The global Oil Storage Terminal market is estimated to grow on the back of the following reasons. Increased demand for large-capacity storage, increased production of oil, falling crude oil prices, increased demand for giant refineries centers, and worldwide accessibility of imported and delivery facilities are key factors that will drive global market share over the projected timeframe. Additional factors that are anticipated to contain quality fuel, which is supposed to facilitate growth in the target market, are generating high energy safety concerns, exploration of alternative resources, and varying rates of natural gases and crude oil.
Source: Fatpos Global
Global Oil Storage Terminal Market has been segmented based on application and product type. It has been further segmented based on region into North America, Europe, Asia-Pacific, Mid East, and Africa.
The Crude Oil segment is anticipated to register XX% of the volume share and is expected to grow at the highest CAGR
Based on the application the market is bifurcated into Kerosene, Aviation Fuel, Crude Oil, Gasoline, Naphtha, Diesel, and Liquefied Petroleum Gas. The tanks are used extensively for petrol, raw oil, aircraft fuel, and medium solvents. Excessive supply of oil products and lowered mid-stream and downstream requirement has augmented among several other application areas to its tremendous spread. In the following years the demand for gasoline, aviation fuels, and other petrochemical variants is anticipated to shift further in-store expansion and the rising demand for diesel and fuels in the power and energy, and transportation industries.
The Fixed Roof Tank segment is anticipated to register XX% of the volume share and is expected to grow at the highest CAGR
Based on the tank type the market is bifurcated into Floating Roof Tanks, Open Top Tank, Fixed Roof Tank, and Others. The corresponding benefits of the growing spread of the segment, such as the great standard of containment, can be directly related to reducing uncertainty from fire. Furthermore, in recent years the lower operational costs related to the design attributed to successful product penetration.
Increasing oil trade activities
A crucial component of the petrol and gas manufacturing facilities is the oil storage terminals. These terminals are essential for oil trade activities across the globe. The international trade in oil and gas is a tremendous part of the economy of a country. Global growth in oil and gas production together with the growing demography will augment the global market growth in the forecasted period.
Better inventories to perfect price volatility
Growing oil production worldwide encourages organizations to enhance their inventories and facilities to store a large volume of oil. In turn, this component will promote better terminal revenue from oil storage. Besides, due to the changing seasonal demands of oil, the increasing need for significant backup oil storage may favor the global market for petroleum storage terminals.
An aspect likely to hinder share in the worldwide oil storage terminal market is the high installation and modification costs that are required for and after building an oil storage terminal. The wide-scale requirement of area for the installation of the petroleum terminal should also limit the growth of the oil storage terminal.
Middle East was the largest market accounting for XX% of the total market volume share in 2019
Global Oil Storage Terminal market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia-Pacific, and the rest of the world are classified as Middle-East and Africa.
Increased oil output combined with increased production of refineries in the Middle East has attributed a substantial share of the global market. The major nations in 2019 were nations such as Kuwait, Saudi Arabia, and the UAE. Increasing demand for oil and gas, distillates, and fuel has played a significant role in augmenting the demand for tanks in the region in different industrial and commercial sectors.
Source: Fatpos Global
The focus of the markets is on growing their share through mergers and acquisitions. To broaden their market range by creating cost-effectively-efficient products with improved properties, industry leaders concentrate on research and development activities. Therefore, manufacturers plan to increase their production capacity to meet the growing demand for goods. For instance, Royal Vopak stated in November 2019 that it has agreed to GCGV. ExxonMobil and SABIC are petrochemical companies. The agreement indicated that the new Vopak station, which has a capacity of approximately 130,000 Cubic meters, will manage all the liquid products in this undertaking.
The recent outbreak of the coronavirus has led to major global economic crises. Because of measures aimed at controlling the penetration of infection, several commercial activities have had to be stopped, not only partially but completely or permanently. International trade activities were suspended for the time being by prohibitions on foreign travel and flights. This has hurt the organization in the terminal market for oil storage. In addition, given how these losses are unlocked in several nations, the market will take quite some time to recover.
Oil Storage Terminal Market by segment:
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