Oil & Gas Storage Services Market 2018-2025: Trends, Size and Forecasts

According to TechSci Research report, “Global?Oil & Gas Storage Services Market?By Service, By Product Type, By End User, By Region, Competition, Forecast & Opportunities,?2025”,?the global oil & gas storage services market is forecast to surpass $ 1.34 billion by 2025 due to increase in oil & gas consumption coupled with expanding oil and gas pipeline network, globally. The global crude oil consumption stood at 99.97 million barrels per day in 2018 and increased to 100.75 million barrels per day in 2019. In 2020, global crude consumption is expected to decline to 95.52 million barrels per day by 2020, due to the economic slowdown and stay-at-home order implemented by various countries.

The petroleum industry relies on oil storage tanks for the production, refining, and distribution of petroleum products. Small bolted tanks are suitable for production fields, while larger welded storage tanks are used in refineries and distribution terminals worldwide. Selecting the appropriate tank involves considering factors such as storage capacity, product operating conditions, and specific design issues.

As the industry has shifted towards using different products to feed refineries globally, the storage tank industry faces new challenges due to changes in product, physical, and chemical properties. Environmental and safety requirements also remain a significant factor in the selection and design of storage tanks.

Atmospheric storage tanks come in various types, such as open top tanks, fixed-roof tanks, external floating-roof tanks, internal floating-roof tanks, and even closed floating-roof tanks depending on the product. The market for oil storage is expected to grow due to an increase in oil and gas production and a surge in demand for crude oil in various end-use sectors. Suppliers are focusing on inventories and infrastructure development to meet the rising demand and store crude oil in large quantities.

Furthermore, fluctuating crude oil prices have led oil-importing countries to enhance their energy security by safeguarding their reserves through increased oil storage. The growing trend for strategic petroleum reserves across several countries is also expected to positively impact the market's growth.

The global oil & gas storage services market is categorized into storage services, throughput services and ancillary services, and the storage services segment is expected to hold the largest share until?2025 as it includes the fee paid to store crude oil or petroleum products in?storage space in tanks and to compensate for handling up to a fixed amount of product volume. Nevertheless, the throughput and ancillary service are also expected to grow as these segments includes delivery and third party mixing and blending of the products.?The oil & gas storage services market can be bifurcated in crude oil, gasoline, diesel, jet fuel, LPG, heavy fuel oil (residual), other distillates & others in terms of product type. The?crude oil segment holds largest share in the market, accounting for around 48% in 2019.

Browse 123 market data Figures spread through?120 Pages and an in-depth TOC on??"Global Oil & Gas Storage Services Market 2025"

https://www.techsciresearch.com/report/oil-and-gas-storage-services-market/4822.html

In terms of end users, the oil & gas storage services market is categorized into refinery, merchant traders and distributors. The refinery segment will be leading the market as major part of the storage services market is captured by refinery and majority of refined products are stored in storage tanks in refinery itself.?Some of the major players operating in the?global oil & gas storage service?market are Buckeye Partners L.P., Royal Vopak, Vitol, Magellan Midstream Partners L.P., Oiltanking GmbH, Kinder Morgan Inc., Nustar Energy L.P, International Matex Tank Terminal, Clean Harbors Inc., Odfjell SE, among others.

Download Sample Report?@?https://www.techsciresearch.com/sample-report.aspx?cid=4822

Customers can also request for 10% free customization on this report.

“Expanding oil and gas pipeline network across the globe for transferring crude oil & petroleum products is expected to positively influence the global oil & gas storage services market in the coming years. Moreover, growing global population and consumption rate of oil & gas are anticipated to fuel the market until 2025.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.?However, the global economic slowdown and?COVID–19 outbreak poses a huge challenge that can hamper the growth of market over the next couple of years. Additionally, the rising adoption of electric?vehicles?is the major restraint for the global oil & gas storage services market.

“Global Oil & Gas Storage Services Market By Service, By Product Type, By End User, By Region, Competition, Forecast & Opportunities, 2025”?has analyzed the potential of oil & gas storage services market across the globe, and provides statistics and information on market sizes, shares and trends.?The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.