Global Oil Storage Market Market Insights Covering Market Dynamics and Competitive Scenario through 2024

In order to study the various trends and patterns prevailing in the overall market for Oil Storage, Market Research Reports Search Engine (MRRSE) has included a new report titled “Oil Storage Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.

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The global oil storage market is considerably consolidated as the top five players, namely NuStar Energy L.P., Buckeye Partners L.P., Oiltanking GmbH, Kinder Morgan Inc., and Royal Vopak N.V. held over 67% of global market in 2014. MRRSE has estimated that the degree of competition will escalate due to increasing investments by some of the key market players. The threat from new entrants is expected to remain moderate in the coming years. To gain a stronger foothold, various companies are undertaking strategic collaborations and are involving in joint ventures, acquisitions, mergers, partnerships, and are searching for strategic alliances. These strategies are allowing the players to expand their crude oil storage infrastructure and terminal networks, and raise funds for the development of storage facilities and to build new pipelines. For instance, Kinder Morgan, an energy infrastructure company in North America acquired Hiland Partners for US$3 bn in February 2015, to enhance storage and terminal infrastructure across North America.

In the report, MRRSE has estimated that in 2014 the market stood at 1,337 million cubic meter based on volume, which is expected to reach the value of 2,027 million cubic meter by end of 2024, expanding at a steady CAGR of 4.73%.

Geographically, the Middle East and Africa holds a dominating position in the global market owing to the contribution of countries such as Nigeria, Qatar, Oman, UAE, Iran, and Saudi Arabia. This region is expected to grow with a healthy CAGR of 7.91% between 2014 and 2024.

Demand for Steady Supply of Oil and Petroleum boosts the Market

Decline in crude oil prices is one of the prominent factors resulting in growth of the global oil storage market. The unpredictable variations in global rates of natural gases and crude oil are motivating numerous vendors to own high qualities of petroleum fuel and reserve them at storage facilities. This practice allows them to sell their stored fuel when the prices increases, which enables them to relish high profits. Furthermore, as changing prices of crude oil affects various product prices such as lubricants and gasoline, this trend of supplying crude oil at the period of high profit is being followed by numerous vendors. The other trend that has garnered significant traction to the global oil and gas storage is the increase in adoption of alternative fuels for cleaner and greener shipping. Emergence of Liquefied Natural Gas (LNG) powered marine containers due to increasing LNG projects is expected to expand the oil storage market further.

Increasing Inventory Cost Could Hamper Market Growth of Oil Storage

Various national and international regulations have resulted in decline in the exploration and production activities of crude oil. These regulations are further supported by several environmental organizations. Such regulations aimed at reducing activities related to fossil fuels is resulting in decrease in production investment in this market. Furthermore, reduced consumption of fossil fuels and increasing inventory have remained key concerns for the vendors. All these trends could hamper the growth of the overall oil storage market. Nevertheless, expansion of the strategic petroleum reserves segment due to increasing investments is expected to help the market grow at a positive rate over the forecast period. Furthermore, factors such as high degree of product containment, increase in import or distribution type facilities, and the growth in need for mega refining hub are most likely to bolster the global oil storage market.

Complete Report details with List of Tables and Figures @ https://www.mrrse.com/oil-storage-market

The report provides a decisive view of the oil storage market by segmenting the market based on type of storage, product type, and reserves type. Type of storage segments analyzed in the report include open top tanks, fixed top tanks, floating roof tanks, and other storage facilities. Based on product type, the market is segmented into crude oil storage, aviation fuel storage, gasoline storage, and middle distillates storage. Reserves type segments analyzed in the report include commercial petroleum reserves and strategic petroleum reserves. All the segments have been analyzed based on present and future trends, and the market has been estimated from 2016 to 2024. Floating roof tanks are the most widely used type of storage facility across the globe. Other storage facilities are also used on a large scale. The floating roof tanks segment has the highest growth rate in the oil storage market. This growth is attributed to the inbuilt advantage of these tanks which helps prevent breathing losses. These losses are a major concern due to strict environmental emission norms across the globe.

The oil storage market has been segmented based on geography into North America, Europe, Asia Pacific, Middle East & Africa, and South and Central America. Demand for each segment of oil storage facilities in terms of volume for each of these regions has been forecast in the report for the period from 2016 to 2024.

Leading manufacturers profiled in the report include Royal Vopak N.V., Kinder Morgan Inc., Oiltanking GmbH, Buckeye Partners L.P., NuStar Energy L.P., Vitol Tank Terminals International B.V, CIM-CCMP Group, CLH Group, Ghazanfar Group, Horizon Terminals Ltd., International-Matex Tank Terminals, Inc., Magellan Midstream Partners L.P., and Sunoco Logistics Partners L.P. These companies have been profiled in detail with features such as company overview, financial overview, business strategies, employee strength, and recent developments.

Oil Storage Market – Type of Storage Segment Analysis

Open Top Tanks
Fixed Roof Tanks
Floating Roof Tanks
Other Storage Facilities

Oil Storage Market – Product Type Segment Analysis

Crude Oil
Gasoline
Aviation Fuel
Middle Distillates

Oil Storage Market – Reserve Type Segment Analysis

Strategic Petroleum Reserve
Commercial Petroleum Reserve

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This release was published on openPR.