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Oil Storage Terminal Market to Reach USD 37.52 Billion by 2027; Increasing Demand for Crude Oil Derivatives Will Aid Growth, says Fortune Business Insights™

Written by Customer Service on . Posted in Mergers And Acquisitions.

Pune, July 28, 2020 (GLOBE NEWSWIRE) — The global oil storage terminal market size is projected to reach USD 37.52 billion by the end of 2027. The rising demand for oil and gas resources across the world will bode well for the growth of the overall market in the coming years. According to a report published by Fortune Business Insights, titled “Oil Storage Terminal Market Size, Share & COVID-19 Imapct Analysis, By Type (Strategic Reserve, Commercial Reserve) By Tank Type (Fixed Roof, Floating Roof, Bullet Tanks, Spherical Tanks), By Product (Diesel, Petrol, Aviation Fuel, Crude Oil, Kerosene, Others), and Regional Forecast, 2020-2027,” the market was worth USD 27.40 billion in 2019 and will exhibit a CAGR of 4.9% during the forecast period, 2020-2027.Covid-19 Pandemic to Halt Trade Activities Associated with Oil and GasThe recent coronavirus outbreak has created major economic crises across the world. Due to the measures taken to control the spread of the disease, several business operations have been forced to shut down, not just temporarily, but also on a permanent basis. With bans on international travels and flights, global trade activities have been put on hold for the time-being. This has had an adverse effect on the companies in the oil storage terminal market. Furthermore, given the manner of unlock procedures in several countries; the market will take a long time to recover these losses.
To get to know more about the short-term and long-term impacts of COVID-19 on this market,The report encompasses several factors that have contributed to the growth of the overall market in recent years. Among all factors, the increasing number of company mergers and collaborations has made the highest impact on the growth of the market. In November 2019, Royal Vopak announced that it has bagged a contract from the Gulf Coast Growth Ventures (GCGV). This is a petrochemical joint venture between ExxonMobil and SABIC. The contract states that all liquid products under this venture will be handled by Vopak’s new terminal which holds a capacity of around 130,000 cbm tankage. This contract is also aimed at the development of pipelines connecting the terminal to the cracker complex. Royal Vopak’s huge contract with the Gulf Coast Growth Ventures will not just help the company but will also give hope to the SMEs in this sector; subsequently aiding the growth of the market.The report analyses the ongoing market trends across five major regions, including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, the market in Asia Pacific is projected to emerge dominant in the coming years. The rising demand for oil and gas resources, coupled with the increasing population in countries such as India and China will bode well for the growth of the regional market. The rising trade activities from countries in the Middle East will create several growth opportunities for the companies in this market. Majority of the energy and power supply is done through crude oil in several countries in this region. As of 2019, the market in Asia Pacific was worth USD 9.22 billion and this value is projected to increase further in the coming years. The market in North America will derive growth from the rising efforts put in by major countries to improve storage capacities.
List of the Leading Companies Operating in the Oil Storage Terminal Market are:Belco Manufacturing (Texas, US)Royal Vopak (Rotterdam, Netherlands)Containment Solutions, Inc.  (Texas, US)Vitol (Geneva, Switzerland)Oiltanking GmbH (Hamburg, Germany)CST Industries, Inc.  (Missouri, US)LF Manufacturing (Texas, US)Red Ewald (Texas, US)Superior Tank Co., Inc. (Bakersfield, US)Puma Energy (Singapore)HMT Tank (Texas, US)Tank Connection (Parsons, US)January 2020: Brooge Petroleum and Gas Investment Co. announced its plans to expand its crude-storage capacity. The company will increase the storage capacity at the Middle Eastern port of Fujairah. Through this step, the company’s storage capacity will rise by 6 times and is said to be around 3.5 million cubic meters (22 million barrels) for crude oil at Fujairah.
Quick Buy:IntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesKey Developments: Merger & Acquisition, Partnership, etc.Latest Technological AdvancementRegulatory LandscapePorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Oil and Gas MarketSteps Taken by the Government to Overcome the ImpactKey Developments by the Industry Players in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakList of Major Oil & Gas TerminalsFacility NameStorage CapacityLocationOperatorGlobal Oil Storage Terminal Market Analysis (USD Billion), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By TypeStrategic Reserve Commercial ReserveMarket Analysis, Insights and Forecast – By Tank TypeFixed Roof  Floating Roof Bullet TankSpherical TankMarket Analysis, Insights and Forecast – By Product Diesel Petrol Aviation Fuel Crude Oil Kerosene OthersMarket Analysis, Insights and Forecast – By RegionNorth AmericaEuropeAsia PacificLatin AmericaMiddle East & AfricaTOC Continued.!!!

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