Oil Storage Market: Snapshot

The beginning of 2016 marked a historic drop in oil prices, hitting a 12-year low. The plummeting prices reflected the drastic change in oil trends, wherein the global supply of crude oil surpassed its demand. The downturn in oil prices resulted in a severe oil glut, creating a storage crunch. Considering that more crude oil was being stored rather than sold or refined, the demand for oil storage facilities has surged over the past few months.

Fluctuating oil prices have led to the expansion in oil storage facilities and the overall market. An increasing number of companies are not only offering a host of value-added services but also including logistics services in addition to storage facilities.The several opportunities that players have in the global oil storage market are likely to drive the market volume from 1,337 million cubic meter in 2014 to 2,027 million cubic meter by 2024 at a 4.73% CAGR therein.

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Massive Oil Production Driving Need for Oil Storage in MEA

Geographically, the global oil storage market comprises North America, Asia Pacific, Europe, South and Central America, and the Middle East and Africa (MEA).

The Middle East and Africa region is the key contributor in the global oil storage market and is expected to expand at a strong CAGR of 7.91% from 2016 to 2024 to retain its lead throughout the forecast period. Saudi Arabia, Iran, UAE, Oman, Qatar, and Nigeria are some of the prominent countries in the MEA oil storage market. This region is primarily driven by the surging oil production and declining oil prices.

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The North America oil storage market was next in line, accounting for a share of around 23.90% in 2015. The market in this region is fueled by the rising need for additional oil storage space. The demand for increased storage capacity is the result of the shale revolution. The revolution has stimulated growth in crude oil production and is the primary reason for crude oil oversupply in North America. High investment in the expansion of storage capacity is expected to boost the oil storage market in North America during the forecast period.

Asia Pacific is also a key market for oil storage and the region is projected to expand at the fastest CAGR of 8.22% from 2016 to 2024. China, South Korea, Japan, and Singapore are the leading countries in terms of volume of oil storage in this region, fueled by the rise in investments in petroleum reserves.

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