Ocean View, Delaware, Dec. 01, 2016 (GLOBE NEWSWIRE) -- “Global oil storage industry size worth 1400 million cubic meters in 2015, is estimated to register a CAGR of 4% over 2016-2025, hitting 2298 million cubic meters by 2025,” according to a recent study on Global Oil Storage Market - Estimations and Forecast, 2016-2025 by Global Market Insights, Inc. Declining crude prices, which has led to higher supply vs demand ratio is a major factor contributing towards global oil storage industry growth. The crude oil prices went through a major drop from trading at USD 105 per barrel in 2012 to USD 43.11 per barrel in 2016. This led to huge crude production rates, which in turn generated heavy demands for increasing oil storage capacities globally.
Rising concerns towards energy security coupled with exploration of unconventional resources will also positively impact oil storage industry share. The government is focusing towards increasing oil reserves to safeguard national economy during energy crisis. For instance, petroleum ministry of India stated about increasing its oil storage capacity taking advantage of the condensed crude oil prices. The Government of India has set up three strategic crude oil reserves, each of 5 MMT capacity in Vishakhapatnam, Mangalore, and Padur. Rajasthan and Odisha will also be included in this setup.
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Emerging economies will be a lucrative ground for the oil storage industry growth. Asia Pacific market will witness heavy growth over the coming years, owing to massive imports of crude oil across this region. China crude imports have witnessed a rise of 16% in 2016, which will significantly contribute towards APAC market share. US oil storage market size will witness substantial gains over the coming years, primarily driven by the shale revolution. As per the estimates, Asia Pacific, particularly India and China coupled with US have plans to invest over USD 35 billion on oil storage infrastructure.
Oil Storage market report analyses the industry in terms of reserves, materials, fuels, regions, and competition.
Key industry insights from the report include:
Oil storage Market: Reserves Trends
- Commercial oil storage reserves market share is estimated to surpass USD 18 billion by 2025, mainly driven by escalating petroleum demand
- Strategic reserves market share will increase significantly over the forecast period, owing to storage needs mostly by government bodies to ensure national economic security during energy crisis
Oil storage Market: Materials Trends
- FRP or Fiberglass Reinforced Plastic material oil storage market size is estimated to surpass USD 3 billion by 2025. Properties such as corrosion resistance, high strength, and light-weight of these materials will drive the market size.
- Steel tank market worth USD 4 billion in 2015, is predicted to grow at a CAGR of 4% during the forecast period.
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Oil Storage Market: Fuel Trends
- Gasoline commercial oil storage market is estimated to witness a CAGR of 4.9% over 2016-2025
- LNG commercial reserves market worth USD 19 million cubic meters in 2015, is estimated to surpass USD 2.9 billion by 2025. Escalating demand for natural gas from power and industrial sectors will catalyze the industry growth
- LPG commercial reserves market is projected to surpass USD 2.5 billion by 2025
Oil Storage Market: Regional Trends
- US market is estimated to register a CAGR of 4.5% over the period of 2016-2025
- UAE market is anticipated to witness a CAGR of 4% over the forecast timeframe
- Mexico market was worth approximately USD 370 million in 2015 and is estimated to reach a volume of over 13 million m3 by 2025
- China oil storage market is forecast to record a CAGR of 5% over 2016-2025
Oil Storage Market: Competitive Trends
- Key market players include Containment Solutions, Inc, CST Industries, Inc., Snyder Industries, Poly Processing, Assmann Polyethylene Tank, Red Ewald, Inc., Synalloy (Palmer), Polymaster, Zepnotek Storage Tank, Belco Manufacturing Co Inc, ZCL Composites Inc., L.F. Manufacturing, Inc., Tuffa Tanks, Holvrieka, and Vopak.
Browse key industry insights spread across 170 pages with 308 market data tables & 10 figures & charts from the report, “Oil Storage Market Size By Reserve (Commercial Reserve, Strategic Reserve), By Material (Steel, Carbon Steel, Fiberglass Reinforced Plastic), By Fuel (Crude Oil, Gasoline, Aviation Fuel, Middle Distillates, LNG, LPG) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, Netherland, Spain, Belgium, Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan, Azerbaijan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, China, Japan, South Korea, Singapore, UAE, Saudi Arabia, Iran, Egypt, South Africa, Brazil, Argentina) Estimated to Reach 2,298.3 million cubic meter by 2025. Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/oil-storage-market
Scope of the report:
- Global Oil Storage Reserves Analysis: Commercial Petroleum Reserves; Strategic Petroleum Reserves
- Global Oil Storage Material Analysis: Steel; Carbon Steel; Fiberglass Reinforced Plastic
- Global Oil Storage Fuel Analysis: Crude Oil; Aviation Fuel; Middle Distillates; Gasoline; LNG; and LPG
Global Oil Storage Regional Analysis: North America; Asia Pacific; Europe; Latin America; MEA
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