The global oil storage markets stood at 1392.52 Mn CBM in 2015 and is expected to expand at a CAGR of 4.73% to reach 2100.25 Mn CBM in 2024. The global oil storage market has been segmented on the basis of type of storage, product type, and reserves type.
Oil prices have been declining since 2014. Various countries across different geographies plan to take advantage of lower oil prices and are working toward increasing their strategic petroleum reserves. This has led to increase in volume of oil storage across the globe. Increase in oil production is a major driving factor for the increased demand for oil storage. However, high initial investment required for oil storage expansion could hamper the growth of oil storage market.
On the basis of type of storage, other storage facilities is the largest segment and accounted for 36.70% market share. These storage facilities are naturally available and thus favored over open top tanks, fixed top tanks, and floating roof tanks. This segment is expected to expand at a CAGR of 4.64% from 2016 to 2024. The floating roof tanks segment has the highest growth rate in the oil storage market. This growth is attributed to the inbuilt advantage of these tanks which helps prevent breathing losses. These losses are a major concern due to strict environmental emission norms across the globe.
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By product type, crude oil storage held the largest share (36.81%) of the market in 2015 and the segment is expected to expand at a CAGR of 4.79% from 2016 to 2024. The crude oil storage segment is expected to continue holding the highest market share since crude oil can be converted to desired products as per market demand. Middle distillates includes products such as diesel, naphtha, kerosene, fuel oil, petrol, marine bunker fuels, and gas oil. Middle distillates storage segment is expected to grow at the fastest rate at a CAGR of 4.78% from 2016 to 2024 owing to higher demand for these products across the globe.
On the basis of reserves type, strategic petroleum reserves held the largest market share (79.21%) in 2015 and the segment is expected to expand at a CAGR of 3.72% from 2016 to 2024. Strategic petroleum reserves are growing slowly as investments from governments are required to expand these reserves. Commercial petroleum reserves segment is expected to expand at a CAGR of 7.80% from 2016 to 2024. Commercial petroleum reserves increased in 2015 due to large deviations in oil prices which led to the growth in storage capacity expansion. Oil storage in commercial petroleum reserves is a major factor which influences the prices and planning of future oil storage and this helps in formulating expansion strategies for oil storage facilities.
In recent years, the global oil storage landscape is witnessing increased storage offerings and storage capacity by various market participants, including Royal Vopak N.V., Kinder Morgan Inc., Oiltanking GmbH, Buckeye Partners L.P., NuStar Energy L.P., Vitol Tank Terminals International B.V, CIM-CCMP Group, CLH Group, Ghazanfar Group, Horizon Terminals Ltd., International-Matex Tank Terminals, Inc., Magellan Midstream Partners L.P., and Sunoco Logistics Partners L.P.
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The global oil storage market is anticipated to expand at a CAGR of 4.73% during
the forecast period to reach 2100.25 Mn CBM in volume by 2024. Oil storage facilities
are expected to witness enhanced demand due to factors such as increasing production of
oil and increasing demand for petroleum products owing to increase in road