Key Manufacturers in Oil Storage Market Industry Improvement Status and Outlook by 2030

Oil Storage Market: Prominent Regions

Asia Pacific dominated the global oil storage market in 2019. It is likely to be a highly attractive region of the global oil storage market during the forecast period. The oil storage market in the region is estimated to expand at a significant pace between 2020 and 2030, due to the rise in urbanization and globalization. In Asia Pacific, China has the largest commercial and strategic oil storage facilities. It is followed by Japan. Japan provides oil storages facilities on lease to various petroleum companies. India, Malaysia, and South Korea are expanding their existing oil storage facilities. The price of crude oil has reduced marginally due to sudden drop in global consumption. This, in turn, has led to an increase in demand for storage facilities across the globe.

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The U.S. held major share of the oil storage market in North America in 2019. The country is anticipated to continue its dominance of the oil storage market in the region in the near future, primarily due to the presence of key oil & gas players. Furthermore, investments in oil & gas exploration activities is high in the U.S. The country is also one of the largest exporters of crude oil in the world. This is propelling the oil storage market in the country.

Oil Storage Market: Prominent Players

• Key players operating in the global oil storage market are Royal Vopak N.V., Vitol, Oiltanking GmbH, Ghazanfar Group, NuStar Energy L.P., Magellan Midstream Partners L.P., International-matex Tank Terminals Inc, Horizon Terminals Ltd, CLH Group, CIM-CCMP Group, and Buckeye Partners L.P.

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Global Oil Storage Market: Segmentation

Oil Storage Market, by Storage Type

• Open Top Tanks
• Fixed Roof Tanks
• Floating Roof Tanks
• Others (including Cylindrical Tanks and Horizontal Tanks)

Oil Storage Market, by Product Type

• Crude Oil
• Gasoline
• Aviation Fuel
• Middle Distillates

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