Transparency Market Research has published a new report "Oil Storage Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019 " to its report store.
Albany, NY -- (SBWIRE) -- 12/23/2015 -- The global oil storage market is constituted of many small and large independent owners and is expected to exhibit sturdy growth in the coming years. Increased oil trading activities happening between various countries, with leading oil supplying hubs expanding operations for higher supply volume, are expected to propel the global oil storage market.
In-depth research report on Oil Storage Market with Full TOC at:
Over the last few years, oil prices have increased, which has impacted the oil storage market positively. Due to the increasing demand for oil in countries in southeast Asia, the oil storage market is benefitted. In some countries in the region, such as China, where there is inadequate storage infrastructure for commodities such as oils, gases, and chemicals, the need for an adequate storage facility is propelling the oil storage market. The added benefit of securing future oil needs is also propelling the oil storage market in the region.
Oil storage units are subject to regulations that are in the interest of environment protection. During the cleaning process of oil storage tanks, the sludge that is released as a residue has to undergo cleaning under certain regulations, such as the Solid Waste Disposal Act, prior to release into the environment. Oil storage tanks have the potential to cause soil contamination at the operation site and the storage sections of the refinery through underground storage tanks and pipelines, which are subject to environment protection mandates as well.
World's Leading Oil Storage Terminals - a Snapshot
Singapore, Rotterdam (the Netherlands), and Fujairah (the United Arab Emirates) are some of the world's important oil storage choke points and terminals. Rotterdam is an important trading place in the global oil storage market; the blending capacity and specialized storage of the terminal are the reasons for this.
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Singapore stands as the major petrochemical and refining hub in Asia due to its strategic location between the Indian and Pacific Oceans. Fujairah is also an important oil storage terminal and will emerge as an important oil storage terminal in the coming years thanks to the increasing oil trading activities in the Middle East countries.
Some other terminals that have a major presence in the oil storage market are Amsterdam, Houston, Shanghai, Dalian, Hamburg, Sao Paulo, Shandong, and Jiangyin.
Specialty Tankers Transport Petroleum Byproducts across Oceans
On the basis of product, the global oil storage market is segmented into crude oil, gasoline, naphtha, kerosene, liquefied petroleum gas, gas oil, aviation fuel, diesel, and liquefied natural gas. In natural gas exploration, crude oil, once separated from natural gas, is transported to refineries through pipelines. The fractional distillation of crude oil results in several products such as petrol, diesel, etc. that are transported through tankers to end users. Special tankers are used for the supply of large volumes of liquid cargoes.
Some of the key players that operate in the global oil storage market are Vopak, Kinder Morgan, Magellan Midstream, Vitol (VTTI), IMTT, CIM, Odfjell, Dalian Port, Oiltanking, Nustar, Buckeye, CLH, Sunoco, Horizon, and SUMED. Of these, Vopak is one of the largest independent tank storage service providers in the world and has operations in nearly 84 terminals. Vopak specializes in the storage and handling of chemicals, gases, and oil products.
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