Global oil storage market set to reach US$17.22bn by 2023: TMR

TMRThe global oil storage market is set to become more competitive, according to TMR. (Image cap: Sergiy Serdyuk/Adobe Stock)The global oil storage market is expected to reach US$17.22bn at a compound annual growth rate (CAGR) of 4.2 per cent from 2017 to 2023, mainly due to burgeoning investments by major market players, according to Transparency Market Research (TMR)

The Middle East and Africa (MEA) region holds a dominating position in the global oil storage market due to the contribution of Oman, the UAE, Iran, Saudi Arabia and Nigeria to the sector. This region is expected to post a CAGR of 7.91 per cent between 2014 and 2024.

Various industry players are undertaking strategic collaborations including joint ventures, acquisitions, mergers and partnerships in order to establish a stronger market position, said the report.

The stiffening competition in the oil trading market is prompting the players to expand their crude oil storage infrastructures and terminal networks, and invest in the development of storage facilities and new pipelines.

According to the report, fluctuations in global rates of natural gases and crude oil are prompting vendors to own high qualities of petroleum fuel and reserve them at storage facilities.

“Increase in oil production is another factor that has encouraged suppliers to improve their inventories and infrastructure to store large quantities of oil. The emergence of Liquefied Natural Gas (LNG)-powered marine containers due to proliferation of LNG projects is expected to further expand the oil storage market,” TMR noted.

TMR is a provider of syndicated research, customised research and consulting services. It’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, consumer goods and others.

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