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Oil Storage Market from Floating roof tank to grow at 3% CAGR by 2024

Author : Rahul Sankrityayan | Published Date : 2019-08-21 

The oil storage market report research highlights key dynamics of the global sector. The potential of the industry has been investigated along with the key challenges. The current market scenario and prospects of the sector has also been studied.

Floating roof tank oil storage market is predicted to grow over 3% by 2024. Ability to offer minimized petroleum product losses and lower Volatile Organic Compounds (VOC) emissions will strengthen the product adoption. These tanks are suitable to store medium and low flash point products including aviation fuel, crude, and other middle distillates.

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In the last few years, the oil & gas industry has been a subject of constant turbulence, given the sharp drop in oil prices. Oil storage market, in this regard, seems to have weathered the storm of the 2015 plummet and has bounced back with considerable accomplishments.

As a result of the global supply-demand imbalance and overabundance of crude oil, oil storage industry has witnessed a dramatic surge that has led to massive investment trends in this business sphere. According to reliable reports, the global oil storage market size was recorded at over 1 billion cubic meters in 2017 and is anticipated to grow at a CAGR of 3% over 2018-2024.

Quite overtly, the tremendous volatility of oil prices has been the prime factor that has been driving industry players to invest in oil storage facilities. The increased hydrocarbon production from Iran, Nigeria, Libya and the prolonged demand-supply mismatch have critically affected international crude oil trade. For the record, in November 2017, domestic crude oil production recorded its highest level in the U.S. history. Moreover, the average annual OPEC crude price underwent a dramatic decline from USD 109.45/barrel in 2012 to USD 52.51/barrel in 2017. This significant collapse of crude prices in the recent times has given a boost to the financial dynamics of this business space and has further attracted a plethora of development plans.

Citing an instance, one of the largest midstream oil & gas operators of Canada, Keyera has recently announced that it will be developing a crude oil storage terminal ‘Wildhorse’ in Cushing, Oklahoma. Keyera has been expanding its midstream infrastructure in the U.S., which is touted to be one of the largest crude oil storage & trading hubs in North America. It has been reported that the Wildhorse terminal will help Keyera in strengthening its footprints across the U.S. oil storage market, while providing the company with an extended crude oil value chain. Experts speculate that the move will offer the company ample opportunities to capture business & marketing margins across the U.S.

Taking into account the overall debatable scenario of the crude oil industry, Russia is another prominent nation making forays into the oil storage market. Rigorous R&D activities pertaining to the development of oil & gas fields have significantly propelled Russia oil storage market to witness notable growth prospects. For the record, the country holds around 680 Tcf of reserves in Russian subsoil, of which 75% accounts for hydrates, 7% CBM, 15% tight gas, and 3% accounts for shale gas. The government of Russia has also been opening its domestic marketplace for global investors to develop their O&G projects. Analysts deem that with a mean daily output of 11 million barrels/day Russia will emerge as a rewarding oil storage hub in the following years. The region is also forecast to be a lucrative investment destination for oil storage market players, leading to phenomenal growth of the regional industry. 

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Related Report:

Heat Pump Market 2019

https://www.marketwatch.com/press-release/heat-pump-market-2019-industry-size-trends-and-growth-by-2025-2019-08-18

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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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