Increasing production of crude oil will significantly stimulate the global oil storage market over the coming years. The prominent market players are investing in the expansion of their storage capacities to match the fuel requirements of the increasing population. Moreover, several countries have started the construction and maintenance of many strategic oil reserves to sustain during shortage situations, which notably improved the need for oil storage requirements, thus driving the oil storage market.
Growing investments in unconventional energy resources, attributed to the reduction in petroleum imports, particularly from the Asia Pacific region will surge the oil storage market size. In 2017, China Energy Investment Corporation announced its investment of nearly US$ 83 billion for the shale gas development in West Virginia. Rising need for expansion of current oil storage capacities due to unstable oil & gas production and prices will further enhance the market growth.
Rising CAPEX investment in the production of crude oil will majorly affect the growth of the oil storage market. Several key players in this market are focusing more on production expansion, and this is leading to rising exports of the crude oil produced. This might act as a significant restraint to the growth of oil storage market.
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Based on the type of reserve, the global oil storage market has been segmented into strategic petroleum reserve and commercial petroleum reserve. The strategic petroleum reserve held a major share in 2017. The strategic reserves store crude oil supplied by both private and public companies. Many governing bodies of the developing economies such as China and India are investing in improving the strategic reserves. For instance, the Government of India announced an investment of nearly US$ 767.0 million for building strategic reserves of the storage capacity of nearly 4.4 MT Odisha state.
By product, the global oil storage market has been segmented into floating roof storage, fixed roof storage, spherical storage, and others. Floating roof oil storage market is projected to grow on an account of rising demand for of large quantity storage of petroleum products having low, and medium flash points. Spherical oil storage market is predicted to grow on account of rising storage requirements of petroleum products with extremely low flash points. Some of the products which come into the category of extremely low flash points are LPG and LNG. Stringent regulations regarding the reduction of emissions from these products will propel the demand for spherical oil storage solutions.
Based on application, the oil storage market has been segmented into crude oil, gasoline, LNG, and LPG. Global oil storage market for crude oil is projected to have the highest market share, owing to the increasing need for high value-added petroleum products. These products find applications in various end-user industries as raw materials, intermediates, catalysts, etc. The increasing demand for those products will significantly increase the demand for oil storage market, over the entire projected period.
Asia Pacific oil storage market will have a significant share over the entire projected period. The region’s market share is majorly attributed to China. Increasing development projects for storage expansion by various local and foreign companies is expected to drive the market for oil storage in China. Moreover, the Government of China is also taking several initiatives to improve storage facilities. For instance, the Chinese Government declared to develop an additional 441.0 million barrels capacity of strategic reserves by the end of 2020. Rising emphasis on the refinery facilities’ expansion in China will further attribute the growing regional market.
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North America oil storage market is also predicted to have a significant market share over the forecast period. This is majorly attributed by the U.S. Increasing concerns regarding the development of advanced technology, coupled with the availability of resources such as skilled workforce and petroleum reserves will primarily augment the regional market growth. Moreover, the petroleum production in the U.S. is on the rise. According to the EIA, the dry gas derived from shale accounted for more than 60% of the entire U.S. dry natural gas produced.
Some of the prominent players in the global oil storage market include ZCL Composites, Inc., Denali Incorporated, LF Manufacturing, Elixir, Vopak, Ergil, Superior Product Company, Inc., and Synalloy Corporation among several others.
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