The UAE oil storage terminal market size is expected to reach $541.97 million by 2027 while exhibiting a CAGR of 2.6 percent between 2020 and 2027.
This is attributable to the increasing oil trade activities and the growing chemical sector that is likely to propel the demand for the UAE oil storage terminal.
This information is published by Fortune Business Insights 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 observes that the market stood at $115.51 million in 2019 and is expected to gain momentum during the forecast period.
The lockdown announced by the UAE government has led to the suspension of several industrial activities in the country. Several oil & gas projects have been either stopped or postponed leading to a negative impact on the market.
For instance, in March 2020, UAE’s Sharjah National Oil Company (SNOC) reported that the impact of the coronavirus is likely to delay the production of its Mahani gas exploration project by a couple of months. Such instances may lead to slow growth before the market catches up during the forecast period.
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