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The global oil storage market revenue is expected to expand at a lucrative CAGR over the forecast period. Increasing rate of oil production is significantly high as compared to demand from end-use industries, which is expected to drive growth of the global market over the forecast period.

On the basis of product, the target market is segmented into open top tank, fixed roof tank, floating roof tank, and others storage facilities. The floating roof tank product segment is expected to register highest share in the target market over the forecast period. Floating roof tanks are able to effectively minimize volatile organic compound emissions and product losses which expected to support adoption of these tanks as compared to other product types.

On the basis of application, the target market is segmented into crude oil, middle distillates, gasoline, aviation fuel, and others (diesel, kerosene, LPG). The gasoline application segment is expected to account for highest share in the target market followed by aviation fuel, owing to increasing demand for gasoline from various industries especially form automobile and power. Gasoline is a light hydrocarbon oil used in applications such as aviation turbine power units and land-based spark ignition engines.

On the basis of material, the target market is segmented into steel, carbon steel, and fiberglass reinforced plastic (FRP).

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Based on the region the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.  The market in Middle East is estimated to be highest share in terms of revenue over the forecast period, owing to advanced products development, and growing commercial sector in various countries in this region. The market in Asia Pacific is expected to register highest CAGR in terms of revenue, owing to increasing development and investment of advanced storage tanks in developing countries such as India and China in the region.

Key players operating in the global oil storage market include Amec Foster Wheeler plc, Magellan Midstream Partners, L.P., Koninklijke Vopak NV, TechnipFMC plc, Vitol Inc., WorleyParsons Limited, Blueknight Energy Partners, L.P., Buckeye Partners, L.P., Centrica plc, and Chiyoda Corporation.

 

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