The global oil storage fee rental market is experiencing growth due to factors such as an inclination towards fossil fuel consumption, growth in industrialization, a rise in the import and export of crude oil, and an increase in the production capacity of refineries.
PORTLAND, Ore., July 18, 2023 /PRNewswire/ -- Allied Market Research published a report titled, "Global Oil Storage Fee Rental Market by Rent Rates (Daily, Weekly, Monthly), by Capacity (300 Gal. to 2,999 Gal., 3,000 Gal. to 5,999 Gal., 6,000 Gal. to 8,999 Gal., and Above 9,000 Gal.), by Tank Location (Above Ground Indoor Storage Tanks, Above Ground Outdoor Storage Tanks, and Underground Storage Tanks), by Fuel Type (Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene, and Liquefied Petroleum Gas): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global oil storage fee rental industry generated $9.3 billion in 2022 and is anticipated to generate $13.7 billion by 2032, witnessing a CAGR of 4.1% from 2023 to 2032.
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Prime Determinants of Growth:
The global oil storage fee rental market is experiencing growth due to factors such as an inclination towards fossil fuel consumption, growth in industrialization, a rise in the import and export of crude oil, and an increase in the production capacity of refineries. However, the rapid expansion of logistics and pipeline transport and the high costs associated with oil storage tanks restrain market growth to some extent. Nevertheless, the increasing oil trading business is expected to provide ample growth opportunities throughout the forecast period.
Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $9.3 Billion |
Market Size in 2032 | $13.7 Billion |
CAGR | 4.1 % |
No. of Pages in Report | 350 |
Segments Covered | Rental Rates, Capacity, Tank Location, Fuel Type, and Region |
Drivers | Increase in demand for oil & gas across the world |
Seasonal demand management | |
Increase refineries operations | |
Opportunities | Increase in oil trading business |
Restraints | Rapid expansion in logistics and pipeline transport |
High cost associated with oil storage tanks |
COVID-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the global oil storage fee rental market. Due to the subsequent global lockdowns across the world.
- However, as the global situation returned to normal, the demand for petroleum products was restored. This, in turn, presented various growth opportunities for companies operating in the global oil storage fee rental market.
The monthly segment is expected to maintain its leadership throughout the forecast period-
Based on rental rates, the monthly segment held the highest market share in 2022, accounting for nearly three-fifths of the global oil storage fee rental market revenue, and is expected to maintain its leadership throughout the forecast period. The same segment is projected to manifest the highest CAGR of 4.3% from 2023 to 2032. Monthly rental rates for oil storage tanks may vary depending on factors such as tank size, duration of rental, location, and additional services or features provided. Rates may be negotiable, particularly for longer rental periods or larger storage volumes. Moreover, usage of oil storage tanks on monthly basis is high in many industries such as oil & gas, crude oil and other chemicals & lubricants companies which may act as the major driving factor for the market.
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The above 9000 GAL segment is expected to maintain its lead position throughout the forecast period-
Based on capacity, the above 9000 GAL segment accounted for the largest share in 2022, contributing to more than half of the global oil storage fee rental market revenue, and is expected to maintain its lead position throughout the forecast period. The same segment would also display the fastest CAGR of 4.4% from 2023 to 2032. Rapid expansion of oil depot, industrial and commercial fuel storage, refineries, and petrochemical plants across the globe led to increase the demand for oil storage tank with capacity above 9,000 gallons which may act as the major driving factor for the market. In addition, rise in power plants in developing countries led to increase the demand for oil storage tank with capacity 6000 GAL to 8999 Gal which may create lucrative opportunities for the market. Moreover, rising demand for superstructures led to an increase in the construction activities which in turn increased the demand for such storage tanks and may create positive trends for the market.
The crude oil segment is expected to maintain its dominance throughout the forecast period-
Based on fuel type, the crude oil segment accounted for the largest share in 2022, more than one-fourth of the global oil storage fee rental market revenue, and is expected to maintain its dominance throughout the forecast period. The same segment would also portray the fastest CAGR of 5.4% from 2023 to 2032. Due to an increased need for energy to fuel industries, transportation, and infrastructure development as economies expand. Rise demand for crude oil in energy and transportation may act as the major driving factor for the market.
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North America to rule the roost by 2032-
Based on region, North America held the highest market share in terms of revenue in 2022, garnering more than one-third of the global oil storage fee rental market, and is projected to rule the roost by 2032. Moreover, the same region is expected to witness the fastest CAGR of 4.5% from 2023 to 2032. North America is key to global energy trade as the region has petroleum refining, storage, and distribution infrastructure. U.S. is a leading manufacturer and operator of advanced floating production, storage, and offloading (FPSOs) conversions. Thus, this is projected to fuel the growth of the oil storage fee rental market plant in North America.
Leading Market Players: -
- PSA International
- Royal Vopak
- Singapore Petroleum Company Limited.
- HORIZON TERMINALS
- Jurong Port Universal Terminal Pte. Ltd.
- Feoso Group
- VTTI.
- Oiltanking GmbH
- Sinopec Kantons Holdings Limited
- PT Pertamina(Persero)
- Dialog Group Berhad.
The report provides a detailed analysis of these key players in the global oil storage fee rental market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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