Asia Pacific is also a key market for oil storage and the region is projected to expand at the fastest CAGR of 8.22% from 2016 to 2024. China, South Korea, Japan, and Singapore are the leading countries in terms of volume of oil storage in this region, fueled by the rise in investments in petroleum reserves.

Albany, NY -- (SBWire) -- 09/12/2016 --Petroleum products are produced through rigorous operations such as identification of oil reserve, exploration, production, refining or processing operations, storage and logistics of supplying petroleum products to end-users. Oil production has been increasing steadily across the globe. The supply of oil in the market has surpassed the demand and consumption of oil. This has created a favorable market for oil storage which can be consumed in future. Oil storage products primarily consist of crude oil, gasoline, aviation fuel, and middle distillates (e.g. diesel, naphtha, kerosene, fuel oil, petrol, marine bunker fuels, and gas oil). Middle East and Africa dominates the global market for oil storage. This report by Transparency Market Research analyzes, estimates, and forecasts demand for oil storage on the global and regional level for an eight-year period from 2016 to 2024 in terms of volume. The study also provides information on drivers, opportunities and restraints along with their impact on the overall market during the forecast period. The report segments the market based on type of storage, product type, reserves type, and geography and provides estimates and forecast of the oil storage market for each segment.

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The study analyzes the product value chain, beginning with upstream exploration & production up to end-users. Additionally, it evaluates the market based on Porter's Five Forces model, which analyzes the degree of competition in the market by considering factors such as bargaining power of buyers and suppliers, threat from substitute products, and new entrants. The report includes a detailed competitive landscape of the oil storage market including company market share analysis and profiles of key market participants.

The report provides a decisive view of the oil storage market by segmenting the market based on type of storage, product type, and reserves type. Type of storage segments analyzed in the report include open top tanks, fixed top tanks, floating roof tanks, and other storage facilities. Based on product type, the market is segmented into crude oil storage, aviation fuel storage, gasoline storage, and middle distillates storage. Reserves type segments analyzed in the report include commercial petroleum reserves and strategic petroleum reserves. All the segments have been analyzed based on present and future trends, and the market has been estimated from 2016 to 2024. Floating roof tanks are the most widely used type of storage facility across the globe. Other storage facilities are also used on a large scale. The floating roof tanks segment has the highest growth rate in the oil storage market. This growth is attributed to the inbuilt advantage of these tanks which helps prevent breathing losses. These losses are a major concern due to strict environmental emission norms across the globe.

The oil storage market has been segmented based on geography into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. Demand for each segment of oil storage facilities in terms of volume for each of these regions has been forecast in the report for the period from 2016 to 2024.

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Leading manufacturers profiled in the report include Royal Vopak N.V., Kinder Morgan Inc., Oiltanking GmbH, Buckeye Partners L.P., NuStar Energy L.P., Vitol Tank Terminals International B.V, CIM-CCMP Group, CLH Group, Ghazanfar Group, Horizon Terminals Ltd., International-Matex Tank Terminals, Inc., Magellan Midstream Partners L.P., and Sunoco Logistics Partners L.P.

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