Oil Storage Market size in 2017 was over 1 billion cubic meters and is expected to grow over 3% by 2024.
Sellbyville, DE -- (SBWIRE) -- 03/27/2020 -- Oil Storage Market is set to surpass 1.2 bcm by 2024. Growing spending toward development of storage facilities from petrochemical and refineries to fulfil the increased demand for refined products will drive oil storage Market. For Instance, Klaipeda terminal announced to construct six refined storage facilities of 20,000 cubic meters capacity with the investment of USD 42.9 million in 2017.Increasing focus toward construction and renovation of refinery units will further stimulate the business outlook.
Volatile fossil fuel prices along with underperforming crude processing capacity and growing hydrocarbon production from countries including Nigeria, Iran and Libya will propel the oil storage market. According to Energy Information Administration (EIA), crude oil production increased by 42.3%in 2018 from 2017 level. The demand and supply gap, resulting in a global crude oil surplus will further fuel the industry landscape.
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Ongoing development of unconventional hydrocarbon resources coupled with abundant O&G reserves will fuel the U.S. oil storage market. In 2017, According to EIA, oil production from unconventional reserves contributed for more than 50% of the U.S. crude production in 2017.
The competitive landscape of oil storage market is inclusive of some heavy hitters such as CST Industries, Inc., Poly Processing, Snyder Industries, Red Ewald, Inc., Synalloy (Palmer), Assmann Polyethylene Tank, ZCL Composites Inc., Zepnotek Storage Tank, Belco Manufacturing Co Inc, L.F. Manufacturing, Inc., Containment Solutions, Inc, Polymaster, Holvrieka, Tuffa Tanks, and Vopak. The coming years will witness the key players adopting strategic alliances and mergers & acquisitions as a major part of their growth strategy.
Oil Storage Market Growth Drivers:
- Volatile crude oil prices
- North America
- Increasing energy production rate
- Increasing oil product trade movement
- Asia Pacific
- Requirement of additional storage capacity
- Middle East & Africa
- Ongoing expenditure toward O&G projects
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Additionally, core oil companies are expected to involve themselves in the massive expansion of their supply and storage infrastructure in order to outbid their rivals. A recent such move was Suncor Energy Inc. selling its oil storage stake to Fort McKay First Nation to strengthen its bond with aboriginal groups located close to the oil sands. Powered by the rising number of capital investments toward the development of storage units from domestic and foreign companies, in tandem with the growing demand for the refurbishment of existing storage units, oil storage industry size is anticipated to cross 1.2 billion cubic meters by 2024.
Partial Table of Contents (ToC) of the report:
Chapter 1. Methodology and Scope
1.2. Market definitions
1.3. Market estimation & forecast parameters
1.4. Data Sources
126.96.36.199. Paid Sources
188.8.131.52. Public Sources
Chapter 2. Executive Summary
2.1. Oil storage industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Reserve trends
2.1.3. Product trends
2.1.4. End Use trends
2.1.5. Regional Trends
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