Pune, India, Dec. 19, 2022 (GLOBE NEWSWIRE) -- The global oil storage terminal market is expected to rise during the forecast period owing to the rising demand for energy and increasing requirement of various crude oil products in different applications. Fortune Business Insights™ shares this information in a report titled, "Oil Storage Terminal Market, 2022-2029". As per the report, the oil storage terminal market size was USD 30.15 billion in 2021. The market size is expected to rise from USD 31.14 billion in 2022 to USD 42.13 billion by 2029 at a CAGR of 4.4% during the forecast period.
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. The increasing global demand for energy is expected to drive the market during the projected period.
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KEY INDUSTRY DEVELOPMENTS:
September 2021: Brooge Petroleum and gas investment company (BPGIC) a branch of Brooge energy, has started its phase 2 storage facility in the port of Fujairah, based in UAE. The site storing crude oil and clean petroleum products has completed all commissioning and testing approvals. With the phase 2 operations, BPGIC is the second largest storage operator in the region, with a storage capacity of approximately 1 million m3 (6.3 million bbl).
August 2021: The Fujairah Oil Terminal is planning to invest an estimated USD 45 million for upgrading its infrastructure at its storage facilities. The expansion of Fujairah Oil Terminal's will connect will connect its terminal to the Port of Fujairah's very large crude carrier (VLCC) loading facility and the Abu Dhabi Crude Oil. The project will give access to customers who wants to move crude oil through VLCCs, and it provides customers direct access to the ADCOP, which brings Abu Dhabi's Murban Crude into Fujairah.
Drivers & Restraints-
Rising Demand for Energy to Foster Industry Development
The rising demand for energy due to the rising populace and fast urbanization is an essential explanation that has affected the development of new terminals. As indicated in research reports by the United Nations (UN) Department of Economic and Social Affairs in June 2017, the total population is expected to be roughly 9.8 billion by 2050 and 11.2 billion by 2100. This growth factor will undoubtedly drive the development of these terminals by developed nations to cater to the domestic demand for oil, generating income by commercial utilization of the equivalent.
COVID-19 Impact:
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.
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REGIONAL ANALYSIS:
The oil storage terminal market is widespread across five regions which includes Asia Pacific, North America, Europe, Latin America and Middle East & Africa. The market size of an oil storage terminal in the Asia Pacific stood at USD 10.20 billion in 2021. The demand for energy and oil-based commodities has expanded in China and India. A significant piece of these nations' power and energy supply is finished by crude oil. South Korea and Singapore are central points for oil storage around here. Also, divestments exercises by a few organizations in the area will probably set off new extension designs and push the business standpoint. For instance, in December 2020, Bright oil Petroleum has sold around 90% of the offers in its Hong Kong-based division, incorporating the Zhoushan oil storage and terminal offices to Yantian Group.
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A list of prominent Oil Storage Terminal manufacturers operating in the global market:
- Belco Manufacturing (U.S.)
- Royal Vopak (Netherlands)
- Containment Solutions, Inc. (U.S.)
- Vitol (Switzerland)
- Oiltanking GmbH (Germany)
- Koole Terminals (Netherlands)
- Brooge Energy (UAE)
- Shell (Netherlands)
- LBC Tank Terminals (Belgium)
- Ergon International (U.S.)
- Olivia Petroleum, S.A.U. (Spain)
- Odfjell SE (Norway)
- Oman Tank Terminal Company (Oman)
- Puma Energy (Singapore)
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SEGMENTATION:
By Type
- Strategic Reserve
- Commercial Reserve
By Tank Type
- Fixed Roof
- Floating Roof
- Bullet Tank
- Spherical Tank
By Product
- Diesel
- Petrol
- Aviation Fuel
- Crude Oil
- Kerosene
- Others
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Insights on Regulatory Scenario
4.4. Porters Five Forces Analysis
4.5. List of Major Oil & Gas Terminals
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Oil Storage Terminal Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments by the Industry Players in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Oil Storage Terminal Market Analysis (USD Billion), Insights and Forecast, 2018-2029
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Type
6.2.1. Strategic Reserve
6.2.2. Commercial Reserve
6.3. Market Analysis, Insights and Forecast – By Tank Type
6.3.1. Fixed Roof Tank
6.3.2. Floating Roof Tank
6.3.3. Bullet Tank
6.3.4. Spherical Tank
6.4. Market Analysis, Insights and Forecast – By Product
6.4.1. Diesel
6.4.2. Petrol
6.4.3. Aviation Fuel
6.4.4. Crude oil
6.4.5. Kerosene
6.4.6. Others
6.5. Market Analysis, Insights and Forecast – By Region
6.5.1. North America
6.5.2. Europe
6.5.3. Asia Pacific
6.5.4. Latin America
6.5.5. Middle East & Africa
7. North America Oil Storage Terminal Market Analysis (USD Billion), Insights and Forecast, 2018-2029
7.1. Key Findings / Summary
7.2. Market Analysis, Insights and Forecast – By Type
7.2.1. Strategic Reserve
7.2.2. Commercial Reserve
7.3. Market Analysis, Insights and Forecast – By Tank Type
7.3.1. Fixed Roof Tank
7.3.2. Floating Roof Tank
7.3.3. Bullet Tank
7.3.4. Spherical Tank
7.4. Market Analysis, Insights and Forecast – By Product
7.4.1. Diesel
7.4.2. Petrol
7.4.3. Aviation Fuel
7.4.4. Crude oil
7.4.5. Kerosene
7.4.6. Others
7.5. Market Analysis, Insights and Forecast – By Country
7.5.1. United States Market Analysis, Insights and Forecast – By Product
7.5.1.1. Diesel
7.5.1.2. Petrol
7.5.1.3. Aviation Fuel
7.5.1.4. Crude oil
7.5.1.5. Kerosene
7.5.1.6. Others
7.5.2. Canada Market Analysis, Insights and Forecast – By Product
7.5.2.1. Diesel
7.5.2.2. Petrol
7.5.2.3. Aviation Fuel
7.5.2.4. Crude oil
7.5.2.5. Kerosene
7.5.2.6. Others
Continued...
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