Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 12,185.40 Million | USD 15507.584 Million | 4.5% | 2021 |
FrequentlyAsked Questions
The market is expected to be driven by an increase in oil and gas production activities and a surge in demand for crude oil in several end-use sectors. Due to rising crude oil demand and the need to store large amounts of crude oil, suppliers are concentrating on inventories and infrastructure development.
According to the Market Research report, the global market was worth around USD 12,185.40 million in 2021 and is estimated to grow to about USD 15507.58488 million by 2028, with a compound annual growth rate (CAGR) of approximately 4.10 percent over the forecast period.
Due to the sheer strong demand for oil storage across the region, North America held a substantial market share in 2021. The need for oil storage is directly influenced by rising exploration and production operations linked with shale gas reserves.
Some of the main competitors dominating the global Oil Storage market include - Vitol Tank Terminals International BV (VTTI); Koninklijke Vopak NV; Oiltanking GmbH; Shawcor Ltd.; Buckeye Partners, L.P.; Containment Solutions, Inc.; ZCL Composites; Belco Manufacturing; Zepnotek Storage; and Columbian Steel Tank.
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