Global Oil Storage Fee Rental Market to Reach $13.7 Billion, Globally, by 2032 at 4.1% CAGR: Allied Market Research

News provided by

Jul 18, 2023, 12:08 ET

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.

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/54100

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
Restraints	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.

Procure Complete Report (350 Pages PDF with Insights, Charts, Tables, and Figures) @ https://www.alliedmarketresearch.com/checkout-final/oil-storage-fee-rental-market

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.

For Purchase Inquiry: https://www.alliedmarketresearch.com/global-oil-storage-fee-rental-market/purchase-options

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.

Trending Reports in Oil Storage Fee Rental Industry (Book Now with 10% Discount):

SIJORI Oil Storage Fee Rental Market: Opportunity Analysis and Industry Forecast, 2023-2032

Oil Storage Market: Global Opportunity Analysis and Industry Forecast, 2021-2030

Oil and Gas Storage and Transportation Market: Analysis and Industry Forecast, 2023-2032

Oilfield Equipment Rental Market: Analysis and Industry Forecast, 2023-2032

Oilfield Auxiliary Rental Equipment Market: Global Analysis and Industry Forecast, 2020-2030

About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact us:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
USA/Canada (Toll Free): +1-800-792-5285, +1-503-894-6022
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1(855)550-5975
[email protected]
Web: https://www.alliedmarketresearch.com/reports-store/energy-and-power