Growing crude oil production along with rising exploration activities to explore renewable energy sources will stimulate oil storage market size over the coming eight years. According to the Global Market Insights, Inc., “Global oil storage market volume was more than 1400 million cubic meters in 2015 and will exhibit a CAGR of over 4% over the period of 2016 to 2025.” The industry players are expanding their oil storage capacities and improving road infrastructure facilities to match the petroleum requirements of the global population. In addition to this, many countries have constructed and maintained strategic oil reserves for sustaining itself during emergencies which has notably enhanced the global oil storage industry trends.
U.S. Oil storage Market size, by fuel, 2013 - 2025 (Million Cubic Meter)
Taking into account the various types of fuels, oil storage market in mainly segmented into LPG, LNG, gasoline, middle distillates, aviation fuel, and crude oil. LNG commercial reserves in oil storage market are anticipated to collect a revenue of over USD 2.9 billion by 2025. High popularity of LNG reserves can be attributed to its eco-friendly and safe features plus its cost-effectiveness. Gasoline commercial reserve in the oil storage industry will exhibit an annual growth rate of more than 4.9% over the coming period of 2016 to 2025, mainly driven by its rising demand across the automotive sector. Aviation and LPG segments will also contribute lucratively towards the market growth.
Based on reserves, oil storage market is mainly divided into strategic and commercial reserves. Strategic reserves market is projected to grow significantly over the coming years, owing to its enhanced use by private firms in inventory storage along with its growing acceptance by government to fulfill the rising energy needs of the population during energy crisis. The commercial oil reserves industry will surpass a revenue of USD 18 billion by 2025, driven by the high demand for petroleum products.
Below are the regional highlights pertaining to the global oil storage industry:
The notable industry players include Snyder Industries, Inc., CST Industries, Inc., Assmann Corporation, Poly Processing, Red Ewald, Inc., ZCL Composites, Inc., Vopak, Belco Manufacturing Company, Tuffa Tank, Containment Solution, Ziemann Holvrieka Gmbh, L. F. Manufacturing, Inc., and Polymaster Group.
Written By : Sunil Hebbalkar