The information presented in this report will outline the present and upcoming trends in the market, analyst opinions and views, competitive landscapes, and key regions from a systematic perspective. This report on the Oil Storage Market provides an analysis of the key trends in business and forecasts the future directions of the market. The procedure and analysis used in this report assesses the strengths and weaknesses of market participants, key market drivers, and challenges. It identifies significant market players, provides split analyses, and forecasts, among other insights.

Market Insights

According to the present report, the Oil Storage market was estimated at USD 12.0 billion in 2021 and is likely to grow at a CAGR of 4.2% during 2022-2027 to reach USD 15.3 billion by 2027. 

Key players mentioned in the report are -

Some of the major players mentioned in the report are listed below-

  • Synder
  • Denali
  • ZCL Composites
  • Superior Tank Company
  • L.F. Manufacturing
  • Vopak
  • Elixir
  • Roth industries
  • Ergil
  • Waterford Tank & Fabrication
  • Tianjin Anson International Company.

Market Segments' Analysis

Based on product type, the market is segmented as fixed roof, floating roof, spherical, and Others. The floating roof segment is estimated to grow with the highest CAGR during the forecast period owing to increasing demand for low & medium-flash point hydrocarbon-related products.

Based on reserve type, the market is segmented into strategic reserves and commercial reserves. The commercial reserve segment is estimated to grow with the highest CAGR during the forecast period, driven by incessant soaring petroleum product demand on account of increasing urbanization.

In terms of regions, North America is estimated to be the largest market during the forecast period. The government and authority’s positive outlook toward the expansion of oil refining capabilities in the United States drives the market in the region. Europe and Asia-Pacific are also likely to offer substantial growth opportunities during the forecast period. 

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