San Francisco, 14
September 2018: The global oil storage market is
expected to reach 2.16 billion cubic meters by 2025, according to a new report
by Grand View Research, Inc. Ongoing revisions in energy security policies and
guidelines issued by International Energy Agency (IEA) has urged its member
countries to adhere to minimum oil stockholding rule.
Currently, India,
Australia, and Japan are the major countries with ample projects for enhancing
their Strategic Petroleum Reserve capacities over the next few years. Other
countries, such as Malaysia, China, and the UAE have adopted various measures
to expand the commercial and non-commercial storage tank facilities to ensure a
consistent supply for the downstream sectors in the respective regions. Asia
Pacific is anticipated to emerge as the fastest growing regional segment and
account for over 19.5% by 2025.
In addition to
regulatory norms, technological advancement is further anticipated to drive oil
storage demand over the next nine years. Key players such as Marquard &
Bahls AG and CST Industries have ventured into developing innovative product
designs that offer high durability and a high degree of product containment.
Columbian Steel Tank Company has announced investments in aluminum geodesic
dome design that minimizes UV degradation and environmental loss.
Access Research Report
of Oil Storage Market@ www.grandviewresearch.com/industry-analysis/oil-storage-market
Further key findings from the report suggest:
· Fixed roof tanks emerged as leading product
segment and accounted for over 45% of total volume in 2015. Increasing adoption
of tank designs with a low degree of contamination and minimum product losses
are expected to steer market growth over the forecast period.
· Crude oil emerged as the leading
application segment for oil storage in 2015. Crude oil forms a significant
source of power and energy sector. In addition, petrochemical refinery capacity
expansions in the Middle East and Asia Pacific regions are major drivers
contributing to market growth over the forecast period.
· The oil storage demand in the Middle East
& Africa is anticipated to grow at a CAGR of over 4.7% from 2016 to 2025.
Surging oil production coupled with ongoing tank projects are major factors
driving the market in the UAE, Nigeria, and Saudi Arabia
· Oil storage demand in North America is
anticipated to exceed 500 million cubic meters by 2025. Ongoing proposals for
enhancing domestic reservoir production rate, particularly in the U.S. is
driving growth in the region.
· Key industry participants include CST
Industries, Marquard & Bahls AG, LF Manufacturing, ZCL Composites, Belco,
Palmer, and Zepnotek Storage Tanks.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/power-generation-and-storage
Grand View Research has
segmented the oil storage market on the basis of product, application, and
region:
Product Outlook (Volume, Million Cubic Meters, 2014
- 2025)
·
Open top
·
Fixed roof
·
Floating roof
·
Others
Application Outlook (Volume, Million Cubic Meters, 2014
- 2025)
·
Crude Oil
·
Middle Distillates
·
Gasoline
·
Aviation Fuel
·
Others
Regional Outlook (Volume, Million Cubic Meters, 2014
- 2025)
·
North America
o
U.S.
·
Europe
o
Germany
o
Netherlands
o
Belgium
o
Spain
·
Asia Pacific
o
China
o
Indonesia
o
Singapore
·
Central & South America
·
Middle East & Africa
o
Saudi Arabia
o
UAE
Access Press Release of
Oil Storage Market@ www.grandviewresearch.com/press-release/global-oil-storage-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research reports, and consulting services. To help
clients make informed business decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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