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Oil Storage Market To Perceive Substantial Growth During 2018 – 2024

Author : Rahul Sankrityayan | Published Date : 2019-07-02 

The qualitative research study introduced by Global Market Insights, Inc. on Oil Storage Market Report provides primary Data, surveys, Scope of the Product and vendor briefings. The market dynamic forces have been determined after conducting a detailed study of the industry.

Oil Storage Market is set to surpass 1.2 bcm by 2024. Growing spending toward development of storage facilities from petrochemical and refineries to fulfil the increased demand for refined products will drive oil storage Market. For Instance, Klaipeda terminal announced to construct six refined storage facilities of 20,000 cubic meters capacity with the investment of USD 42.9 million in 2017.Increasing focus toward construction and renovation of refinery units will further stimulate the business outlook.

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Volatile fossil fuel prices along with underperforming crude processing capacity and growing hydrocarbon production from countries including Nigeria, Iran and Libya will propel the oil storage market. According to Energy Information Administration (EIA), crude oil production increased by 42.3%in 2018 from 2017 level. The demand and supply gap, resulting in a global crude oil surplus will further fuel the industry landscape.

Ongoing development of unconventional hydrocarbon resources coupled with abundant O&G reserves will fuel the U.S. oil storage market. In 2017, According to EIA, oil production from unconventional reserves contributed for more than 50% of the U.S. crude production in 2017.

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Growth drivers

Global

  • Low crude oil prices

North America

  • Increasing energy production rate

Middle East & Africa

  • Ongoing expenditure toward O&G projects

Asia Pacific

  • Requirement of additional oil storage capacity

Europe

  • Increasing oil product trade movement

 Industry pitfalls & challenges

  • Involvement of high capex in E&P

South Africa oil storage Market is predicted to witness a substantiate growth on account of growing investment toward construction of modern storage facilities to improve their energy security.

Aviation fuel accounted for more than 10% of the global oil storage market in 2017. Growing transportation sector with several regional connectivity schemes including UDAN will augment the business outlook. For instance, in 2017, over 3 billion passengers/year travel by commercial planes worldwide.

Europe oil storage market is predicted to expand 2 % by 2024. Increasing inorganic growth venture activities among the giant players coupled with growing trade movement of crude oil and petroleum product will augment the business outlook. For instance, in 2017, Credit Agricole Assurances acquired over 40% share of MSSFH, to gain market share in France.

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Floating roof tank market is anticipated to gain over 3% by 2024. These are used to store low and medium flash point liquids including crude, aviation fuel and other middle distillates. Ability to offer lower particulate matter emissions and reduce petroleum product losses will enhance the product penetration.

Indonesia oil storage Market is predicted to witness a significant growth owing to availability natural resources. For instance, Indonesia held proven reserves of 7 billion of oil and over 150 trillion cubic feet of natural gas. Introduction of several initiatives to promote the development of undeveloped O&G field will further strengthen the business landscape. Government has introduced tax schemes and production sharing contracts to support the development of O&G field.

Major players across the industry include Waterford Tank & Fabrication, Roth, CST Industries, Sri Ranga Industries, Superior Tank, L.F. Manufacturing, Hydrotherm Engineering Services, Vopak, Elixir, Tianjin Anson International Company, ZCL Composites, Synalloy (Palmer), Denali and Ergil.

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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