Oil Storage Terminal Market Size Worth $47.42 Billion By 2032 | CAGR: 4.48%

Oil Storage Terminal Market Size Worth $47.42 Billion By 2032 | CAGR: 4.48%

The global oil storage terminal market size is expected to reach USD 47.42 billion by 2032, according to a new study by Polaris Market Research. The report “Oil Storage Terminal Market Share, Size, Trends, Industry Analysis Report, By Type (Strategic Reserve, and Commercial Reserve); By Tank Type; By Product; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growing government investments in the form of stretgic petroleum reserves for the undue circumstances. in the is the major factor supporting the growth of the market. The need for the strategic petroleum reserves (SPR) has forced countries to focus on enhacing storage capacity to meet its oil demand in the event of series of supply chain disrupotions. For instance, as per the Ministry of Petroleum and Natural Gas, in Phase-I, the Government of India established SPRs at 3 locations, with a combined capacity of 5.33 MMT, at Vishakhapatnam (1.3 MMT), Mangalore (1.5 MMT), & Padur (2.5 MMT).

These reserves can be utilized in emergencies, especially in times of significant disruptions to the world's crude oil supply chain. This nation's need can be satisfied by these three SPRs for about 9.5 days. The National Oil Company from the United Arab Emirates, Abu Dhabi National Oil Company (ADNOC), entered the SPR program as part of the GoI's attempts to market the Phase-I of Strategic Petroleum Reserves. To carry out the deal, ADNOC stored around 0.8 MMT of crude oil in Mangalore.

Additionally, each member of the European Union is required to maintain a strategic oil reserve sufficient to cover 90 days of typical domestic consumption. In December 2022, the Office of Petroleum Reserves at the U.S. Department of Energy (DOE) stated that it will begin reinvesting crude oil for the Strategic Petroleum Reserve (SPR). By buying back oil at a cheaper price than the $96 per barrel average cost that one was sold for, as well as increasing energy security, this repurchase presents an opportunity to achieve a great deal for American taxpayers. Therefore, nations across the globe are focusing on investment for SPR which is bolstering the growth of the market.

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Furthermore, the market is anticipated to be driven by rising oil & gas production activities as well as rising demand for crude oil across several end-use industries. Suppliers are expanding their infrastructures and stockpiles as a result of the rise in demand for oil and the requirement to store massive quantities of oil. In addition, oil-importing nations have strengthened their oil storage as a response to fluctuating crude oil prices to protect their energy security.

Oil Storage Terminal Market Report Highlights

  • The fixed roof segment is anticipated to grow at a highest CAGR over the forecast period. The segment's growing penetration can be attributed to the high degree of contained provided by fixed roof oil storage, which reduces the possibility of a fire occurring.
  • The diesel segment accounted for largest global revenue share. Due to its widespread use in the production of aviation fuel, marine fuel, and the automotive industry, diesel is predicted to dominate the market. Today's heavy-duty vehicles still operate primarily on diesel.
  • Europe is expected to grow at a highest rate over the projected period, which can be attributed to the expansion of production capabilities from a small number of core players.
  • The global players include Brooge Energy, Belco Manufacturing, Buckeye Partners, CLH Group, CIM-CCMP Group, Containment Solutions, Oman Tank Terminal, Oiltanking, Puma Energy Group, Royal Vopak., Shell Oil Company, & Vitol Group.

Polaris Market Research has segmented the Oil Storage Terminal market report based on type, tank type, product, and region:

Oil Storage Terminal, Type Outlook (Revenue - USD Billion, 2019 – 2032)

  • Strategic Reserve
  • Commercial Reserve

Oil Storage Terminal, Tank Type Outlook (Revenue - USD Billion, 2019 – 2032)

  • Fixed Roof
  • Floating Roof
  • Bullet Tank
  • Spherical Tank

Oil Storage Terminal, Product Outlook (Revenue - USD Billion, 2019 – 2032)

  • Diesel
  • Petrol
  • Aviation Fuel
  • Crude Oil
  • Kerosene
  • Others

     Oil Storage Terminal, Regional Outlook (Revenue - USD Billion, 2019 – 2032)

  • North America
  • U.S.
  • Canada
  • Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Latin America
  • Argentina
  • Brazil
  • Mexico
  • Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa