May 10, 2022 06:44 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, May 10, 2022 (GLOBE NEWSWIRE) -- The global oil storage terminal market size is projected to reach USD 42.13 billion by 2029, exhibiting a CAGR of 4.4% during the forecast period. Rising demand for energy and increasing requirement of various crude oil end products in different applications to boost global oil storage terminal market growth. Oil storage terminals are core elements of the oil & gas production network and are utilized for trading among the nations. These are used to import and export oil and petroleum among the countries and are basically used for commercial and strategic reserve purposes.
Fortune Business Insights™ shares this information in a report titled, "Oil Storage Terminal Market, 2022-2029". The oil storage terminal market size was USD 30.15 billion in 2021. The oil storage terminal market report provides factual and recent data regarding market growth and development during the forecast period. Also, drivers and restraints affecting market growth are highlighted further in this report. The study elaborates impact of COVID-19 pandemic on market expansion and global operations in the industry. Furthermore, recent development in the industry and prominent key players in the market are discussed.
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Floating Roof Tanks to be in Demand Due to Various Operational Advantages
By type, the market is bifurcated into strategic reserve and commercial reserve.
Based on the tank type, the market is divided into the fixed roof, floating roof, bullet tank, and spherical tank.
On the basis of product, the market is segmented into diesel, petrol, aviation fuel, crude oil, kerosene, and others.
Finally, by geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Increasing Utilization of Crude Oil Products to Propel Growth
The market is expected to witness positive growth due to increasing demand for energy and rapidly growing urbanization in developed and developing countries. Also, increasing population and energy consumption are likely to propel growth. Furthermore, increasing demand for various crude oil products is expected to ensure the global oil storage terminal market growth during the projected period. Majorly used products such as diesel, petroleum, aviation fuel, lubricants, and others are anticipated to propel growth.
However, increasing the adoption of renewable energy resources may hinder market growth.
Asia Pacific Holds Highest Market Position Due to Excessive Energy Utilization
Asia Pacific dominates the global oil storage terminal market share during the projected period. The region stood at USD 10.20 billion in 2021 and is expected to grow at a higher CAGR due to expansion in energy and oil-based commodities in India and China.
Europe holds the second-highest global market position due to increasing demand for oil storage terminals and expanding storage capacities. The presence of key market players and industrial developments is expected to boost the market in coming years.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/oil-storage-terminal-market-100433
Lack of Storage Capacity Amid Pandemic To Hamper Market Growth
The COVID-19 pandemic affected oil & industry severely due to lockdown and stringent restrictions imposed by the government. It also affected the import/export activities and limited the storage capacity in the network. This lack of supply and storage directly impacted the market growth. The market is expected to witness slow growth once the restriction is completely or partially uplifted in the segmented regions. These factors have affected global market growth during the pandemic period.
Expanding Production Capacity Allows Companies to Improve their Business
The companies ensure prominent business growth during the projected period by implementing various strategies such as forming partnerships, mergers, alliances, and acquisitions with several organizations operating in the industry. Also, developing a new product range and increasing their production rate will allow key players to enhance their product portfolio and expand their business globally.
List of Key Players Profiled in the Market Report:
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August 2021: Gibson Energy declared to build a 4,35,000-barrel crude storage tank to service a coming Trans Mountain Expansion pipeline at its Edmonton terminal. The 590,000 bbl/day expansion project will add 19 new storage tanks, 4 in Edmonton and 15 in BC's Lower Mainland. The Edmonton area is estimated to grow by almost 45 million barrels of its total storage capacity.
Global Oil Storage Terminal Market Segmentation:
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