Oil Storage Terminal Market Size Expected to Hit $42.13 Billion by 2029 | Fortune Business Insiights
Fortune Business Insights
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Fortune Business Insights
Global Oil Storage Terminal Market to Experience a Healthy CAGR of 4.4% during 2022-2029; Increasing Demand for Crude Oil Based Products to Boost the Market Growth: Fortune Business Insights™
Pune, India, Oct. 17, 2023 (GLOBE NEWSWIRE) -- The global oil storage terminal market is expected to rise during the forecast period owing to the rising demand for energy and increasing requirement of various crude oil end products in different applications. Fortune Business Insights™ shares this information in a report titled, "Oil Storage Terminal Market, 2022-2029". As per the report, the oil storage terminal market size was USD 30.15 billion in 2021. The market size is expected to rise from USD 31.14 billion in 2022 to USD 42.13 billion by 2029 at a CAGR of 4.4% during the forecast period.
Gain insights into the market's current state and future projections.
Understand the impact of the COVID-19 pandemic on Oil storage terminal Market.
Explore the latest Oil storage terminal Industry trends and technologies driving the market.
Learn about key factors driving market growth and potential challenges in Oil storage terminal market.
Stay informed about government policies and initiatives shaping the industry.
Discover the top industry players and their strategies.
Oil Storage Terminal Market Scope:
Report Coverage
Details
Forecast Period
2022-2029
Forecast Period 2022 to 2029 CAGR
4.4 %
2029 Value Projection
USD 42.13 billion
Base Year
2021
Market Size in 2021
USD 30.15 billion
Historical Data for
2018-2020
No. of Pages
220
Segments covered
By Type, Tank Type, Product, and Region
Growth Drivers
Rising Demand for Energy to Foster Industry Development
Rising Demand for Various Crude Oil derived products is supporting the growth of Terminals
Drivers and Restraints:
Increasing Utilization of Crude Oil Products to Propel Growth
The market is expected to witness positive growth due to increasing demand for energy and rapidly growing urbanization in developed and developing countries. Also, increasing population and energy consumption are likely to propel growth. Furthermore, increasing demand for various crude oil products is expected to ensure the global oil storage terminal market growth during the projected period. Majorly used products such as diesel, petroleum, aviation fuel, lubricants, and others are anticipated to propel growth.
However, increasing the adoption of renewable energy resources may hinder market growth.
COVID-19 Impact:
Lack of Storage Capacity Amid Pandemic To Hamper Market Growth
The COVID-19 pandemic affected oil & industry severely due to lockdown and stringent restrictions imposed by the government. It also affected the import/export activities and limited the storage capacity in the network. This lack of supply and storage directly impacted the market growth. The market is expected to witness slow growth once the restriction is completely or partially uplifted in the segmented regions. These factors have affected global market growth during the pandemic period.
Pyrolysis Segment Dominant Market Share Due to its Inexpensive and Convenient Aspects
On the basis of technology, the market is divided into pyrolysis and gasification. Pyrolysis is anticipated to dominate the market due to its widely preferred technology because it is convenient, inexpensive, and can handle various feedstocks.
The gasification segment is anticipated to witness significant growth during the forecast period. This technology produces smaller quantities of such char in a directly heated, air-introduced reaction vessel. Hence, the biochar market share is anticipated to grow during the forecast period.
Agriculture Segment to Dominate Market Share due to its Extensive Use in Agriculture for Fertilizer
Based on application, the biochar market is divided into Livestock, Agriculture, Power Generation, and others. The agricultural segment is expected to dominate the market. Such charcoal is used extensively in agriculture for fertilizer as it helps reduce agricultural waste and lowers greenhouse gas emissions from the soil.
Report Coverage:
The oil storage terminal market report provides factual and recent data regarding market growth and development during the forecast period. Also, drivers and restraints affecting market growth are highlighted further in this report. The study elaborates impact of COVID-19 pandemic on market expansion and global operations in the industry. Furthermore, recent development in the industry and prominent key players in the market are discussed.
Regional Insights: Asia Pacific Holds Highest Market Position Due to Excessive Energy Utilization
Asia Pacific dominates the global oil storage terminal market share during the projected period. The region stood at USD 10.20 billion in 2021 and is expected to grow at a higher CAGR due to expansion in energy and oil-based commodities in India and China.
Europe holds the second-highest global market position due to increasing demand for oil storage terminals and expanding storage capacities. The presence of key market players and industrial developments is expected to boost the market in coming years.
Expanding Production Capacity Allows Companies to Improve their Business
The companies ensure prominent business growth during the projected period by implementing various strategies such as forming partnerships, mergers, alliances, and acquisitions with several organizations operating in the industry. Also, developing a new product range and increasing their production rate will allow key players to enhance their product portfolio and expand their business globally.
Key Industry Development:
August 2021: Gibson Energy declared to build a 4,35,000 barrel crude storage tank to service a coming Trans Mountain Expansion pipeline at its Edmonton terminal. The 590,000 bbl/day expansion project will add 19 new storage tanks, 4 in Edmonton and 15 in BC's Lower Mainland. The Edmonton area is estimated to grow by almost 45 million barrels of its total storage capacity.
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