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Oil Storage Tank Service Market Segmentation by Product Type (Aviation Fuel, Gasoline, Middle Distillates, and Crude Oil); by Material (Steel, Carbon Steel, and Fiberglass Reinforced Plastic); and by Tank Design (Open Top, Fixed Roof, and Floating Roof) – Global Demand Analysis & Opportunity Outlook 2030

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • May 2021- Mistras Group joined Engineering Equipment and Materials Users Association (EEMUA) as an associate to extend the company’s operations in the UK, Netherlands, Belgium, Germany and France.

  • May 2020- As all the onshore storage options in India ran out, refiners devised a unique way for storing cheap oil by using floating storage method. State-run and private processors now hold 7 million tons of oil in on-board tankers out at sea.

Global Oil Storage Tank Service Market Highlights 2022 – 2030

The global oil storage tank service market is estimated to garner a hefty revenue by growing at a robust CAGR over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the expansion of oil storage capacity across the globe, and increasing demand for crude oil in various end user industries. As of March 2020, combined capacity of onshore crude oil storage in the world was calculated to be more than 1.5 billion barrels. Whereas, capacity worth more than 7 billion barrels is already used for storing onshore and floating crude oil.

Along with these, growing government initiatives towards the storage of oil to protect the national economy during energy crisis, and escalating investments in development of oil storage facilities are also expected to drive market growth in the forthcoming years. Furthermore, oil storage tank provides protection from short term supply fluctuations of crude oil and its derivative. This in turn is projected to offer profitable opportunities for market growth in the near future.

Oil Storage Tank Service Market

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The market is segmented by product type into aviation fuel, gasoline, middle distillates, and crude oil, out of which, the crude oil segment is anticipated to hold the largest share in the global oil storage tank service market. This can be accounted to the growing production of crude oil. Apart from these, declining crude oil prices is also predicted to drive the growth of the market segment as consumer only stores large volumes of oil when the prices are low. Additionally, on the basis of tank design, the fixed roof segment is predicted to acquire the largest share during the forecast period owing to the high degree of containment of this type of tank in minimizing risks of a fire incident, and low cost of installing fixed roof designs. 

Major Macro-Economic Indicators Impacting the Market Growth

Electricity-Consumption Graph

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.

Global Oil Storage Tank Service Market Regional Synopsis

On the basis of geographical analysis, the global oil storage tank service market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in Asia Pacific is estimated to witness noteworthy growth over the forecast period on the back of the increasing oil and gas demand from India and China, and growing investments in offshore and onshore operations in the region. Moreover, the market in the Middle East & Africa is anticipated to gather the largest share during the forecast period owing to the high refinery throughput and proliferation of oil production in the region. About 40 percent of crude oil globally is produced by majority of Middle Eastern states or the Organization of the Petroleum Exporting Countries (OPEC) as of September 2021. Saudi Arabia is the largest producer, accounting for more than 12 million barrels per day. In addition, rising demand for petroleum and distillates in industrial and commercial sectors is also projected to boost market growth in the region in the coming years. 

Oil Storage Tank Service Market Share

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The global oil storage tank service market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook

Market Segmentation

Our in-depth analysis of the global oil storage tank service market includes the following segments:

By Product Type

  • Aviation Fuel
  • Gasoline
  • Middle Distillates
  • Crude Oil

By Material

  • Steel
  • Carbon Steel
  • Fiberglass Reinforced Plastic

By Tank Design

  • Open Top
  • Fixed Roof
  • Floating Roof

Growth Drivers

  • Expansion of Oil Storage Capacity Globally
  • Increasing Demand for Crude Oil in Various End User Industries

Challenges

  • High Cost of Deploying Oil Storage Tank Service

Top Featured Companies Dominating the Market

  • John Wood Group PLC
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis 
  • MISTRAS Group, Inc
  • NCH Corporation
  • Oil Field Warehouse & Services Limited
  • System Kikou Co., Ltd.
  • Veolia Environnement S.A.
  • SUEZ Group
  • China Oil HBP Group
  • SP Nanibame
  • Petroleum Sarawak Berhad

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