This report provides an extensive analysis of the current & emerging market trends and dynamics of the global oil storage market.The other major players (not profiled in report) in the market include Ziemann Holvrieka GmbH, Snyder Industries, Tuffa Tank, Marquard & Bahls, and Royal Vopak N.V. The key players profiled in the report are ZCL Composites, Belco Manufacturing Company, Containment Solutions, Sunoco Logistics, Oiltanking GmbH, Columbian Steel Tank, Poly Processing, Synalloy Corporation, L.F.
In 2016, LAMEA dominated the global oil storage market, whereas Asia-Pacific is expected to witness the highest growth rate from 2017 to 2023, owing to the growth in economy and development of new refineries. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. Fixed roof tanks segment accounted for the largest market share in 2016, whereas floating roof tanks segment is expected to register the highest growth rate during the forecast period. Based on product design, it is divided into open top tank, fixed roof tank, floating roof tank, and others. On the basis of material, it is classified into steel, carbon steel, and fiberglass reinforced plastic (FRP). On the basis of type, it is categorized into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and liquefied petroleum gas (LPG). The global oil storage market is segmented into type, material, product design, and geography. However, decline on production and exploration activities, and rising inventory cost are expected to impede the market growth. Initiatives, such as strategic petroleum reserve for stockpiling large volumes of oil have enabled the government of the developed and the developing countries to protect the supply from price hike and stock out incident. The market is driven by the low crude oil prices, growth in need for mega refining hub, import or distribution type facilities, and high degree of product containment. Get more information on this report : Request Sample Pages Furthermore, increase in oil production has encouraged suppliers to improve their inventories and infrastructure to store large quantities of oil.
In addition, oil storage offers protection from short time supply fluctuations of crude oil and its derivative. Moreover, this storage can be for a short span of time as the oil could be transported for refinement process. Oil storage is a type of trade where vertically integrated companies purchase oil for immediate delivery and store until the price of oil increases. The global oil storage market was valued at $3,179 million in 2016, and is anticipated to reach at $4,306 million, growing at a CAGR of 4.4% from 2017 to 2023.
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