Global Oil Storage Market is expected to reach 2.16 billion cubic meters by 2025
The
global oil storage market is expected to reach 2.16
billion cubic meters by 2025, according to a new report by Grand View Research,
Inc. Ongoing revisions in energy security policies and guidelines issued by
International Energy Agency (IEA) has urged its member countries to adhere to
minimum oil stockholding rule.
U.S. Oil Storage Market Volume By Product, 2014 - 2025 (Million Cubic Meters) |
Currently,
India, Australia, and Japan are the major countries with ample projects for
enhancing their Strategic Petroleum Reserve capacities over the next few years.
Other countries, such as Malaysia, China, and the UAE have adopted various
measures to expand the commercial and non-commercial storage tank facilities to
ensure a consistent supply for the downstream sectors in the respective
regions. Asia Pacific is anticipated to emerge as the fastest growing regional
segment and account for over 19.5% by 2025.
In addition
to regulatory norms, technological advancement is further anticipated to drive
oil storage demand over the next nine years. Key players such as Marquard &
Bahls AG and CST Industries have ventured into developing innovative product
designs that offer high durability and a high degree of product containment.
Columbian Steel Tank Company has announced investments in aluminum geodesic
dome design that minimizes UV degradation and environmental loss.
Full
Research Report On Global Oil Storage Market Analysis:
www.grandviewresearch.com/industry-analysis/oil-storage-market
www.grandviewresearch.com/industry-analysis/oil-storage-market
Further
key findings from the report suggest:
- Fixed roof tanks emerged
as leading product segment and accounted for over 45% of total volume in
2015. Increasing adoption of tank designs with a low degree of contamination
and minimum product losses are expected to steer market growth over the
forecast period.
- Crude oil emerged as the
leading application segment for oil storage in 2015. Crude oil forms a
significant source of power and energy sector. In addition, petrochemical
refinery capacity expansions in the Middle East and Asia Pacific regions
are major drivers contributing to market growth over the forecast period.
- The oil storage demand in
the Middle East & Africa is anticipated to grow at a CAGR of over 4.7%
from 2016 to 2025. Surging oil production coupled with ongoing tank
projects are major factors driving the market in the UAE, Nigeria, and
Saudi Arabia
- Oil storage demand in
North America is anticipated to exceed 500 million cubic meters by 2025.
Ongoing proposals for enhancing domestic reservoir production rate,
particularly in the U.S. is driving growth in the region.
- Key industry participants
include CST Industries, Marquard & Bahls AG, LF Manufacturing, ZCL
Composites, Belco, Palmer, and Zepnotek Storage Tanks.
View more
reports of this category by Grand View Research at:
www.grandviewresearch.com/industry/power-generation-and-storage
www.grandviewresearch.com/industry/power-generation-and-storage
Grand View Research has segmented the oil storage market on the basis of
product, application, and region:
Product
Outlook (Volume, Million Cubic Meters, 2014 - 2025)
- Open
top
- Fixed
roof
- Floating
roof
- Others
Application
Outlook (Volume, Million Cubic Meters, 2014 - 2025)
- Crude
Oil
- Middle
Distillates
- Gasoline
- Aviation
Fuel
- Others
Regional
Outlook (Volume, Million Cubic Meters, 2014 - 2025)
- North
America
- U.S.
- Europe
- Germany
- Netherlands
- Belgium
- Spain
- Asia
Pacific
- China
- Indonesia
- Singapore
- Central
& South America
- Middle
East & Africa
- Saudi
Arabia
- UAE
View press
release of this research report by Grand View Research:
www.grandviewresearch.com/press-release/global-oil-storage-market
www.grandviewresearch.com/press-release/global-oil-storage-market
About Grand
View Research
Grand View Research, Inc. is a U.S.
based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting
services. To help clients make informed business decisions, we offer market
intelligence studies ensuring relevant and fact-based research across a range
of industries, from technology to chemicals, materials and healthcare.
For more
information: www.grandviewresearch.com
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