Locked and Loaded: Oil Storage Terminal Market Gains Momentum Amidst Growing Concerns Over Supply Chain Disruptions and Shortages
SkyQuest's Oil Storage Terminal market report is excellent information for individuals interested in gaining insight into the valuable data, trends, and opportunities in a rapidly growing industry. Additionally, the report is written clearly and concisely, making it accessible to various audiences, from industry experts to market readers. Finally, one can gain an in-depth understanding of the primary and secondary market drivers, providing them with a comprehensive outlook of the current market situation and future projections.
Westford, USA, April 19, 2023 (GLOBE NEWSWIRE) -- The forecasted period (2023-2030) is expected to witness the Oil Storage Terminal market grow at a CAGR of 4.7% and reach a market size of USD 41.16 billion by 2030. The growth of the market can be attributed to several factors, such as increasing demand for petroleum products, geopolitical tensions and supply disruptions, strategic location and proximity to major markets, technological advancements, and increasing investments in the oil and gas industry.
The oil and gas industry continues to receive significant investments, which is driving the growth of the oil storage terminal market. According to SkyQuest's report, the global capital expenditure in the oil and gas industry is expected to reach $1.8 trillion by 2025.
SkyQuest's latest research findings also highlight the importance of the location of oil storage terminals near major markets, as it reduces transportation costs and improves supply chain efficiency by minimizing the time and distance required to transport oil to consumers. The International Energy Agency (IEA) has emphasized the significance of the location of oil storage terminals near major markets. The IEA notes that the growth in demand for petroleum products in Asia has resulted in an increase in the construction of oil storage terminals in the region to ensure reliable and efficient supply chains.
*Browse in-depth TOC on "Oil Storage Terminal Market" *
· Pages - 237
· Tables - 149
· Figures - 77
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In today's time, oil storage terminals ensure a reliable and efficient supply chain of crude oil and petroleum products to meet the growing energy demands worldwide. These terminals offer a strategic location for the storage and distribution of oil, allowing suppliers to respond promptly to changing market conditions. They are also crucial in maintaining a stable energy supply and safeguarding against supply chain disruptions caused by geopolitical events, natural disasters, or other emergencies.
*Prominent Players in Oil Storage Terminal Market*
· Vopak
· Oiltanking
· Royal Dutch Shell
· Kinder Morgan
· Magellan Midstream Partners
· Buckeye Partners
· NuStar Energy
· Inter Pipeline
· Pembina Pipeline
· Enbridge
· TransCanada
· China National Petroleum Corporation (CNPC)
· PetroChina
· Sinopec
· Abu Dhabi National Oil Company (ADNOC)
· Kuwait National Petroleum Company (KNPC)
· Saudi Arabian Oil Company (Saudi Aramco)
· ExxonMobil
· Chevron Corporation
· Total SA
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*Crude Oil Segment to Drive Higher Sales Due to the Increasing Demand for Crude Oil From Industries*
The increasing demand for crude oil from industries such as transportation, power generation, and manufacturing has made the Crude Oil Segment a significant contributor to the growth of the Oil Storage Terminal market, according to recent analysis. This trend is expected to continue from 2022 to 2030 due to the need for safe storage and transportation of crude oil, along with its growing production. SkyQuest forecasts global crude oil demand to reach 104.1 million barrels per day in 2026, indicating a rising demand for oil storage terminals to store and transport crude oil safely.
North America is expected to become a dominant player in the Oil Storage Terminal market from 2022 to 2030, according to research analysis. SkyQuest has projected a CAGR of 3.82% for the region during the forecast period, driven by the presence of major oil-producing countries, increasing investments in the construction of new storage facilities, and growing demand for crude oil.
*Floating Roof Type Segment to Exhibit Strong Growth Due to its Ability to Store Large Volumes of Crude Oil and Petroleum Products*
The demand for Floating Roof Type tanks has propelled it to be the dominant method in the Oil Storage Terminal market, and it is projected to remain so from 2022 to 2030. The increasing need for this tank type stems from its ability to store large volumes of crude oil and petroleum products while reducing emissions and evaporation losses. According to data from SkyQuest, 60% of planned oil storage terminal investments in the next five years will be in floating roof tanks, indicating a strong demand for this type of oil storage solution.
The Asia Pacific region has also emerged as a significant player in the Oil Storage Terminal market, and it is poised to maintain its leadership position by 2030. SkyQuest has projected substantial growth in the Oil Storage Terminal market for the Asia Pacific region, with a projected CAGR of 5.97% during the forecast period. This growth is attributable to the rising demand for oil and petroleum products, increasing investments in oil and gas infrastructure, and the expanding energy sector in the region. Additionally, the recent initiative by the Indian government to enhance the country's strategic petroleum reserves is expected to further fuel growth in the oil storage terminal market in the region.
A comprehensive analysis of the major players in the Oil Storage Terminal market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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*Key Developments in Oil Storage Terminal Market*
· Adani Ports and Special Economic Zone Ltd (APSEZ) announced its acquisition of a 49.38% equity stake in Indian Oiltanking Ltd (IOTL), a third-party liquid tank storage player, for ₹1,050 crore. APSEZ has signed a definitive agreement with Oiltanking India GmbH and Oiltanking GmbH for the acquisition of the stake in IOTL and an additional 10% equity stake in IOT Utkal Energy Services Ltd, a subsidiary of IOTL. Oiltanking India GmbH is a wholly-owned subsidiary of Oiltanking GmbH.
· Montfort Group has successfully acquired equity in Matola Terminal de Armazenamento de Petróleos SA, a company that operates an oil tanking storage terminal in the Port of Matola, The Republic of Mozambique. The acquisition aligns with the company's strategic expansion plans in the African continent, and it will own, develop, and operate the terminal in partnership with Energi Asia. The terminal has over 58,000m3 of clean product storage capacity and utilizes the latest technologies, enabling Montfort to trade its petroleum products across six inland neighboring countries, including Mozambique.
*Key Questions Answered in Oil Storage Terminal Market Report*
· What specific growth drivers are projected to impact the market during the forecast period?
· Can you list the top companies in the market and explain how they have achieved their positions of influence?
· In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?
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