The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, June 15, 2023 /PRNewswire/ -- As per The Business Research Company's Oil Storage Global Market Report 2023, the global oil storage market size will grow from $9.4 billion in 2022 to $9.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 4%. The oil storage market size is then expected to grow to $11.9 billion in 2027 at a CAGR of more than 4%. Going forward, government support, rising urbanization, growing petrochemical industry, increasing consumption of crude oil products will drive the growth.
The global oil storage market is segmented -
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
The top opportunities in the oil storage market segmented by product design will arise in the fixed roof tank segment, which will gain $1.2 billion of global annual sales by 2027.
Learn More On The Oil Storage Market Report - https://www.thebusinessresearchcompany.com/report/oil-storage-global-market-report
The global oil storage market is highly fragmented, with a large number of small players in the market. The top ten competitors in the market made up to 3.51% of the total market in 2022. NOV Inc. was the largest competitor with 0.92% of the market, followed by Chemie Tech, Shawcor Ltd., CST Industries, PermianLide (Permian Tank), McDermott International Ltd., Snyder Industries, Toyo Kanetsu KK, Superior Tank Co., Inc. and Ishii Iron Works Co. Ltd.
Oil storage market companies are focusing on product innovations and developing new product solutions to strengthen their position in the market. For example, in September 2022, Axiom Equipment Group, a Canada-based Industrial equipment supplier, launched the Megatank fuel storage tank with 1000L, 2000L, and 3000L capacity options. Built double-walled with bi-directional forklift pockets and lifting brackets, a removable inner tank, an extra-large compartment area, and the ability to dispense fuel to three pieces of equipment simultaneously, the Megatank will help reduce the risks of downtime while becoming more cost-efficient operationally.
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According to the oil storage market analysis, North America was the largest region in the oil storage market and was worth $3 billion in 2022. The oil storage market size will gain the most in USA at $779.2 million.
The oil storage system market in North America is supported by the high crude oil demand, large oil and gas production activities and high demand for storage capacities. For example, crude oil production in Mexico is forecasted to grow by 10% from 1,740 barrels per day (bpd) in 2020 to 1,920bpd in 2023.
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