Oil Storage Market size in 2017 was over 1 billion cubic meters and is predicted to grow over 3% by 2024
Global oil storage market will witness an appreciable growth on account of continued volatility of oil & gas prices and resultant severe oil glut.
(EMAILWIRE.COM, August 08, 2018 ) Global Oil Storage Market is projected to grow over 4% and exceed 2,200 million m3 by 2025. Growing measures towards energy security coupled with rise in production of crude oil will drive the oil storage market share. As per BP statistical review, global crude oil production was 4.2 billion tons in 2014 which increased to 4.3 billion tons in 2015. Oil production has observed a substantial growth as compared to demand from application sector which will also enhance the product penetration. U.S. has the world’s largest storage reserves of 727 million barrels spread across various locations in the country.
Fluctuating crude oil prices coupled with protection from short term supply shocks of crude oil and its derivatives will further propel the oil storage market. In 2012, crude oil was trading at over USD 103 and fell to around USD 47.13 by 2016. Countries including U.S., China and India have started stockpiling the product to minimize the price volatility in the market. In 2017, India signed a contract with UAE for storing crude oil exported.
Commercial reserves oil storage market will grow over 6% owing to rise in consumption of petroleum products. Global consumption of oil 1.4 billion tons in 2014 and increased to 1.5 billion tons in 2015. Strategic petroleum reserves will grow at a substantial rate owing to various government initiatives for protecting supply and energy security during emergencies and energy crisis.
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Oil storage market from fiberglass reinforced plastic (FRP) material was valued over USD 2.0 billion in 2015 owing to its high tensile strength, corrosion resistance and light weight characteristics. Further FRP storage tanks are less costly, economic and are non-conductive to electricity.
Carbon steel oil storage market will also witness a substantial growth as they are less costly, harder than steel and are resistant to corrosion. Steel segment will grow above 4% from 2016 to 2024 as they are widely used material for storing petroleum products.
Oversupply of petroleum products coupled with decrease in demand from application sector will drive the oil storage market. Gasoline value surpassed USD 2 billion in 2015. Low gasoline prices and strong economic growth will increase the consumption of gasoline. As per the American Petroleum Institute, the U.S. domestic demand of gasoline was 9.6 million barrels per day in 2016.
Aviation fuel accounted for above 10% market share in 2015. Growing aviation sector coupled with increasing customer base will propel the demand of ATF. Environment friendly fuel, economical and safe in transportation will fuel the demand of LNG in the forecasted period. Rise in demand of LPG from household and commercial sector specifically in Asia Pacific region will propel the oil storage market share.
Asia Pacific oil storage market accounted for over 13% in 2015. Increasing demand for crude oil from refineries and rise in consumption will drive the product penetration. LPG reserves in China accounted for over 16 million m3 in 2015. Rise in strategic petroleum reserves in Japan will favor the product penetration. Japan has 583 million barrels of SPR in 2015 at various locations which are held by both government and private companies.
EURASIA oil storage market is projected to witness a growth rate of above 4% by 2024. Increasing O&G production will boost the regional industry outlook. Russia oil production was 5.3 billion tons in 2014 and increased to 5.4 billion tons by 2015.
Key participants in oil storage market include Containment Solution, Belco Manufacturing, ZCL Composites, Zepnotek Storage Tank, Snyder Industries, Poly Processing, Synalloy (Palmer), CST Industries. Other prominent players include Snyder Industries, Enduro, Assmann Polyethylene Tank, Tuffa Tank, Vopak, Containment Solution and L.F. Manufacturing.
Fluctuating crude oil prices coupled with protection from short term supply shocks of crude oil and its derivatives will further propel the oil storage market. In 2012, crude oil was trading at over USD 103 and fell to around USD 47.13 by 2016. Countries including U.S., China and India have started stockpiling the product to minimize the price volatility in the market. In 2017, India signed a contract with UAE for storing crude oil exported.
Commercial reserves oil storage market will grow over 6% owing to rise in consumption of petroleum products. Global consumption of oil 1.4 billion tons in 2014 and increased to 1.5 billion tons in 2015. Strategic petroleum reserves will grow at a substantial rate owing to various government initiatives for protecting supply and energy security during emergencies and energy crisis.
Request for Sample Copy of this research report @ https://www.gminsights.com/request-sample/detail/803
Oil storage market from fiberglass reinforced plastic (FRP) material was valued over USD 2.0 billion in 2015 owing to its high tensile strength, corrosion resistance and light weight characteristics. Further FRP storage tanks are less costly, economic and are non-conductive to electricity.
Carbon steel oil storage market will also witness a substantial growth as they are less costly, harder than steel and are resistant to corrosion. Steel segment will grow above 4% from 2016 to 2024 as they are widely used material for storing petroleum products.
Oversupply of petroleum products coupled with decrease in demand from application sector will drive the oil storage market. Gasoline value surpassed USD 2 billion in 2015. Low gasoline prices and strong economic growth will increase the consumption of gasoline. As per the American Petroleum Institute, the U.S. domestic demand of gasoline was 9.6 million barrels per day in 2016.
Aviation fuel accounted for above 10% market share in 2015. Growing aviation sector coupled with increasing customer base will propel the demand of ATF. Environment friendly fuel, economical and safe in transportation will fuel the demand of LNG in the forecasted period. Rise in demand of LPG from household and commercial sector specifically in Asia Pacific region will propel the oil storage market share.
Asia Pacific oil storage market accounted for over 13% in 2015. Increasing demand for crude oil from refineries and rise in consumption will drive the product penetration. LPG reserves in China accounted for over 16 million m3 in 2015. Rise in strategic petroleum reserves in Japan will favor the product penetration. Japan has 583 million barrels of SPR in 2015 at various locations which are held by both government and private companies.
EURASIA oil storage market is projected to witness a growth rate of above 4% by 2024. Increasing O&G production will boost the regional industry outlook. Russia oil production was 5.3 billion tons in 2014 and increased to 5.4 billion tons by 2015.
Key participants in oil storage market include Containment Solution, Belco Manufacturing, ZCL Composites, Zepnotek Storage Tank, Snyder Industries, Poly Processing, Synalloy (Palmer), CST Industries. Other prominent players include Snyder Industries, Enduro, Assmann Polyethylene Tank, Tuffa Tank, Vopak, Containment Solution and L.F. Manufacturing.
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Global Market Insights, Inc.
Arun Hegde
Tel: 1-888-689-0688
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Global Market Insights, Inc.
Arun Hegde
Tel: 1-888-689-0688
Email us
----
This press release is posted on EmailWire.com -- a global newswire that provides Press Release Distribution Services with Guaranteed Results