Oil Storage Market : Latest Research Report to Share Market Insights and Dynamics of Profiled Key Players
Seattle, WA -- (SBWIRE) -- 11/11/2019 -- Oil storage is a type of trade where vertically integrated companies purchase oil for immediate delivery and store until the price of oil increases. Moreover, this storage can be for a short span of time as the oil could be transported for refinement process. In addition, oil storage offers protection from short time supply fluctuations of crude oil and its derivative. Furthermore, increase in oil production has encouraged suppliers to improve their inventories and infrastructure to store large quantities of oil.
Declining crude prices, high demands for increasing oil storage capacities globally, rising concerns towards energy security, exploration of unconventional resources, government of various countries are focusing towards increasing oil reserves to safeguard national economy during energy crisis are some factors, which are expected to boost the oil storage market globally.
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Continuous increase in the energy outlook coupled with growing concern towards the fulfillment of emergency crude oil supply will drive the global oil storage industry over the forecast period. Growing apprehension towards the protection from short term supply fluctuation of crude oil and other related products will further drive the industry demand.
The global oil storage market is segmented into type, material, product design, and geography. On the basis of type, it is categorized into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and liquefied petroleum gas (LPG).
On the basis of material, it is classified into steel, carbon steel, and fiberglass reinforced plastic (FRP). Based on product design, it is divided into open top tank, fixed roof tank, floating roof tank, and others. 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.
Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2016, LAMEA dominated the global oil storage market, whereas Asia-Pacific is expected to witness the highest growth rate from 2017 to 2027, owing to the growth in economy and development of new refineries.
Surging oil production coupled with increasing refinery throughput in the Middle East has attributed to the significant share in the global market. Countries such as Saudi Arabia, Kuwait, and the UAE were the major countries leading the market in 2015. Surging demand for petroleum, distillates, and fuel in various industrial and commercial sectors has played a major role in driving tank demand in the region.
CST Industries, Marquard & Bahls AG, LF Manufacturing, ZCL Composites, Belco, Palmer, Zepnotek Storage Tanks
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