UAE Oil Storage Terminal Market Size to Hit $541.97 Million by 2027; Increasing Focus to Build Strategic Petroleum Reserves (SPR) to Stimulate Growth

The global UAE oil storage terminal market size is expected to showcase exponential growth by reaching USD 541.97 million by 2027. The growth is attributable to the increasing investment by major companies to build strategic petroleum reserves (SPR) that is likely to boost the adoption of storage tanks favoring the UAE oil storage terminal segment during the forecast period. Fortune Business Insights published this information in its latest report, titled, “UAE Oil Storage Terminal Market Size, Share and 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 Forecasts, 2020-2027.” The report further mentions that the market stood at USD 115.51 million in 2019 and is projected to exhibit a CAGR of 2.6% between 2020 and 2027.

ADNOC Announces Strategic Investment in VTTI to Access Key Storage Facilities Globally

In August 2019, the Abu Dhabi National Oil Company (ADNOC) announced an investment in the global oil storage terminal operator, VTTI. As per the agreement, ADNOC will hold a 10% equity stake in VTTI. An independent global owner, VTTI owns about 15 hydrocarbon storage terminals spread over 14 countries across Europe, Africa, and Asia regions.

The strategic investment by ADNOC is likely to benefit the UAE oil storage terminal category as it gives them access to several oil storage terminals across different countries. Additionally, the acquisition is expected to secure additional facilities at the port of Fujairah in UAE. The growing focus to gain a competitive edge over their rivals by the major companies is expected to boost the market for UAE oil storage terminals in the forthcoming years.

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Increasing Focus to Build Advanced SPR to Accelerate Growth

According to the Federal Competitiveness and Statistics Authority (FCSA), the UAE's overall crude oil reserves were estimated to reach around 97.8 billion barrels in 2019. Although a diversified economy, the country is very much reliant on oil as it plays a central part in its economy. To prevent any shortcoming in the supply of oil, the companies are investing in developing advanced strategic petroleum reserves (SPR) to ensure sufficient oil storage to cater to the growing industrial demand. This is driving the demand for innovative storage tanks that will favor the UAE oil storage terminals.

The capability to handle high-pressure conditions by the storage terminals is further expected to contribute to the UAE oil storage terminal market growth during the forecast period.

Key Players Focus on Investments in R&D Activities to Consolidate Their Positions

The UAE oil storage terminal market comprises a limited number of companies striving to maintain their presence and further expand their portfolio in the UAE oil storage terminal category. These companies are focusing on investing in R&D activities to develop advanced storage tanks to cater to the growing demand from the oil & gas sector. This is expected to boost market growth during the forecast period.  

Industry Development:

• April 2020 - Brooge Petroleum and Gas Investment Company FZE, a wholly-owned subsidiary of Brooge Energy Limited, announced the appointment of MUC Oil & Gas Engineering Consultancy to complete the basic design for the 180,000 bpd refinery. The company is undertaking construction activities under its planned Phase III development of oil storage terminals across Fujairah.

List of the Companies Profiled in the Global Market for UAE Oil Storage Terminal:

• VTTI


• GPS Chemoil


• Brooge Energy Limited


• Royal Vopak


• GP Global


• Horizon Terminals

Further Report Findings:

• The floating roof segment, based on tank type, held a market share of about 36.6% in 2019 and is expected to gain momentum during the forecast period. This is ascribable to factors such as the growing demand for floating roof tanks due to their efficient design that significantly reduces corrosion and evaporative losses of the liquids.


• The commercial reserve segment, based on type, is expected to dominate the market owing to the high demand for crude oil across several end-user applications between 2020 and 2027.

Table of Segmentation: