Recent Development, industry analysis on "Oil Storage Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast, 2013 - 2019"
Albany, NY -- (SBWIRE) -- 04/24/2017 -- Global oil storage market is composed of many small independent owners and will experience growth in the coming future. This can be attributed to the demand for oil storage which is rising at the major global supply hubs because of increased trade between countries and is expected to continue with the leading terminals worldwide as the major beneficiaries.
The global market for oil storage has seen a rapid growth due to increasing oil prices over the last few years. The rise in demand for oil in some of the countries in South East Asia is likely to propel the oil storage market in the region. Countries such as China have lack of robust storage infrastructure which is propelling the need for storage system which is driving the market for oil storage systems. Some other factors such as to secure future oil needs for the country is driving oil storage market in many regions. The tank cleaning process generates oil sludge as residue which requires cleaning under certain regulations such as Solid Waste Disposal Act before releasing into environment. Also the storage tanks have potential of soil contamination in the plant and storage sections of refinery such as underground storage tanks and pipelines.
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Some of the major oil storage choke points and terminals in the world are Singapore, Fujairah (United Arab Emirates) and Rotterdam (The Netherlands). Rotterdam has a strong position in oil storage market as a trading place due to the blending capacity and specialized storage. Singapore is one of Asia's major petrochemical and refining hubs due to its strategic location between the Pacific and Indian Ocean. Fujairah port is also expected to rise with the growing demand in the Middle East countries. On the basis of geography global oil storage market is segmented as:
Rest of World
Other storage terminals include Amsterdam, Hamburg, Houston, Sao Paulo, Shanghai, Shandong, Dalian and Jiangyin. The storage systems can be used to store the bi-products from the refinery; it can store both refined and un-refined products. On the basis of product type stored in the storage systems the global oil storage market is segmented as:
Liquefied Natural Gas
Liquefied Petroleum Gas
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Crude oil is transported by two basic means:
Once the oil has been separated from natural gas it is transported through pipelines to the refinery. The petroleum products travel through tankers to the end user such as different countries or their coasts. Tankers like ships and barges are used to supply vast volume of liquid cargoes.
Some of the key players in the oil storage market are Vopak, Oiltanking, Kinder Morgan, Nustar, Magellan Midstream, Buckeye, Vitol (VTTI), CLH, IMTT, Sunoco, CIM, Horizon, Odfjell, SUMED and Dalian Port. Vopak is one of the world's largest independent tank storage service provider it operates nearly 84 terminals. The company specializes in storage and handling of gases, chemicals and oil products. Oiltanking is headquartered in Germany and it owns around 73 terminals in about 22 countries within Middle East, Europe, North and South America. There are two major acquisitions recently in the global oil storage market, in 2012, Oiltanking has acquired Helios Terminal Corporation for USD 285 million and in 2010 Buckeye acquired Bahamas Oil Refining Company for USD 1.7 billion.
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