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The global oil storage market exhibited moderate growth during 2015-2020. Oil storage refers to tanks and terminals used in oil and gas supply chains for storing processed oil in under or above-ground facilities. Some of the commonly used oil storage tanks include open-top, fixed roof, floating roof, single skin and double skin and bundled tanks. These oil storage tanks are usually manufactured using stainless steel, plastic, carbon steel and reinforced concrete material and act as a reservoir for gasoline, aviation fuel, naphtha, liquified petroleum gas (LPG), crude oil, petrol, diesel and other derivatives. As a result, they find extensive applications across various industries, including transportation, automotive and oil and gas.
Significant growth in the oil and gas industry across the globe is one of the key factors creating a positive outlook for the market growth. With the increasing requirement for mega refining hubs, import and distribution-related facilities, there is a rising demand for efficient oil storage facilities, especially in the developing economies. Furthermore, widespread utilization of strategic petroleum reserves (SPRs) by government organizations for maintaining oil reserves in large volumes and ensuring constant energy supply are providing a thrust to the market growth. With the rising off-shore and on-shore exploratory activities, there is a significant increase in the demand for oil storage installations. Additionally, the utilization of advanced technologies for fabricating more durable steel tanks to prevent and minimize oil leakages during storage is contributing to the market growth. Other factors, including the implementation of favorable government policies, along with cross-border oil trade activities, are anticipated to drive the market further. Looking forward, IMARC Group expects the global oil storage market to grow at a CAGR of around 5% during the next five years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global oil storage market report, along with forecasts for growth at the global, regional and country level from 2021-2026. Our report has categorized the market based on region, material, product and application.
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The competitive landscape of the industry has also been examined along with the profiles of the key players being Buckeye Partners L.P., CST Industries Inc., Denali Incorporated (NOV Inc.), Energy Transfer LP, LF Manufacturing, Oiltanking GmbH (Marquard & Bahls), Royal Vopak N.V., Shawcor Ltd., Synalloy Corporation, Snyder Industries LLC, VTTI B.V. and Ziemann Holvrieka GmbH.
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