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Rising Demand For Crude Oil Drives Growth In Oil Storage Market
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The growing demand for crude oil and improvements in product innovation has been driving the significant development of the global oil storage market in recent years. The market is anticipated to maintain its upward trend and expand at a Compound Annual Growth Rate (CAGR) of 4.9% to $11.94 billion by 2027.
Oil Storage Market Growth Enabling Factors
- Strong Regional Push- North America emerged as the largest region in the oil storage market in 2022, with other regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa also contributing to the market’s expansion. India, in particular, is experiencing rapid growth in natural gas consumption and oil demand, which is expected to drive the need for increased oil storage capacity in the coming years.
- Product Innovation- One of the key trends gaining traction in the oil storage market is product innovation. Companies are focusing on developing new products to expand their portfolios and capture additional revenue. For instance, in 2020 South Africa’s integrated energy and chemical firm Sasol from launched TERRAVIS PI. This one-of-a-kind product enhances the flowability of crude oil, specifically in colder environments. It does so by decreasing insulation, utility, solvent, and mechanical removal costs.
Recent Industry Developments
The assets of Bulk Terminal Storage were purchased by Oiltanking in June 2021 and transferred to Energi Asia, a UAE-based oil and gas infrastructure financing firm. With this acquisition, Energi is demonstrating its dedication to developing its infrastructure in the African continent and serving customers with requirements for both conventional and alternative fuel storage.
Insight
The global oil storage market outlook remains positive, with rising demand for crude oil and product innovation driving growth. As the industry continues to evolve, companies will need to focus on expanding their portfolios and adopting innovative solutions to meet the growing demand for efficient and cost-effective oil storage solutions.
Read More – Energy Sector Of China: An Overview
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