Oil Storage Terminal Market to Grow at a CAGR of 4.4% During 2022-2029; Harvestone Acquired Gateway Terminals LLC to Expand their Operational Platforms

The global oil storage terminal market size was USD 30.15 billion in 2021. The market is projected to grow from USD 31.14 billion in 2022 to USD 42.13 billion by 2029 at a CAGR of 4.4% during the 2022-2029 period.

Fortune Business Insights™ published this information in its report, titled, “Oil Storage Terminal Market Size, Share & COVID-19 Impact Analysis, By Type (Strategic Reserve and Commercial Reserve), By Tank Type (Fixed Roof, Floating Roof, Bullet Tank, and Spherical Tank), By Product (Diesel, Petrol, Aviation Fuel, Crude Oil, Kerosene, and Others), and Regional Forecast, 2022-2029.”

According to the researchers, this market is expected to witness significant growth during the forecast period due to the increasing demand for energy in developed and developing countries. Also, to propel growth, companies focus on adopting technological advancements to develop and design new products. Furthermore, the key players implement various business expansion strategies such as mergers, acquisitions, partnerships, and alliances with other companies. These practices allow the companies to expand their business and attract clients overseas.        

COVID-19 Impact: Revised Import/Export Policies to Restrict Market Growth    

The outbreak of COVID-19 virus created a negative impact on various industries, and the oil & gas industry is one of those affected industries. The global market has witnessed a sudden decline in production and sales rate due to various restrictions imposed by the government. Also, the government restricted import/export activities among partnering countries to limit the virus spread. These revised policies affected the petroleum sector, which is dominant in the oil & gas industry. Lack of supply chain and production created a negative impact on the market growth during the pandemic. 

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/oil-storage-terminal-market-100433

Harvestone Acquires Gateway Terminals LLC

Harvestone acquires Gateway Terminal LLC, a bulk liquid complex located at the Mississippi River in Illinois, U.S. This acquisition will allow Harvstone to expand its trading, logistics, and marketing platform to ensure effective operations. The terminal holds 400,000 bbl of tank capacity, which was originally installed in 2008. This facility includes barge, rail, truck loading and unloading capabilities, and the access of various Class I railroads.     

Increasing Demand for Crude Oil Products to Propel Market Growth

The oil storage terminal market growth relies on increasing energy utilization and consumption demand in developing and developed countries. Also, rising demand for several crude oil products is expected to drive the market during forecast period. Furthermore, the growing population and urbanization in segmented regions will likely boost the market due to excessive energy consumption. Increasing investments in strategic petroleum reserves and a rise in oil trade agreements among different countries are anticipated to ensure market growth.          

Key Players Maintain their Market Position by Acquiring other Companies   

The key market players form strategic alliances and acquire supporting companies to expand their business globally. This also allows companies to attract global customers by acquiring segmented regions during the forecast period. Implementing innovative ideas to build new products allow key players to propel growth and enhance their product portfolio.     

Industry Development

• August 2021: Harvestone Group announced the ongoing expansion of its trading, logistics, and marketing platform with the acquisition of a bulk liquid terminal complex, Gateway Terminals LLC, based on the banks of the Mississippi River in Illinois, U.S. The terminal included 400,000 bbl of tank capacity and was originally built in 2008. The facility consists of barge, rail, and truck loading and unloading capabilities with access to various Class I railroads

List of Key Players Covered in the Report for Oil Storage Terminal:

• Belco Manufacturing (U.S.)


• Royal Vopak (Netherlands)


• Containment Solutions, Inc. (U.S.)


• Vitol (Switzerland)


• Oiltanking GmbH (Germany)


• Koole Terminals (Netherlands)


• Brooge Energy (UAE)


• Shell (Netherlands)


• LBC Tank Terminals (Belgium)


• Ergon International (U.S.)


• Olivia Petroleum, S.A.U. (Spain)


• Odfjell SE (Norway)


• Oman Tank Terminal Company (Oman)

• Puma Energy (Singapore)

Further Findings

• Asia Pacific held USD 10.20 billion in 2021 and dominated the global oil storage terminal market share due to increasing urbanization in this region. Also, increasing demand for energy commodities is likely to ensure the region’s dominance throughout the forecast period.


• The market is divided into the fixed roof, floating roof, bullet tank, and spherical tank based on the tank type. Among these tank types, a floating roof tank is expected to be in demand during the projected period due to its operational advantages.

Table of Segmentation