Global Oil Storage Market to Gain Significantly from Oversupply of Crude Oil

According to a new study, recently added to the repository of Market Research Reports Search Engine (MRRSE), the severe oil glut, created by the decline in oil prices that caused crude oil supply surpassing its demand, has boosted the global oil storage market substantially in the recent times. The research report, titled “Oil Storage Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024,” is published by Market Research Reports Search Engine (MRRSE) and provides an unbiased analysis of the worldwide market. 

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As per the study, the global market for oil storage stood at 1.3 bn cubic meters in 2014. Rising at a CAGR of 4.73% between 2016 and 2024, it is likely to reach 2.0 bn cubic meters by the end of the forecast period. In this report, the global market for oil storage has been evaluated on four fronts: the type of storage, type of product, type of reserve, and the geography. Based on the type of storage, the market has been classified into floating roof tanks, fixed roof tanks, open top tanks, and other storage facilities. Among these, the floating roof tanks segment leads the overall market.

Based on product type, the market has been categorized into gasoline storage, crude oil storage, middle distillates storage, and aviation fuel storage. The crude oil storage segment is expected to emerge as the key contributor to this market in the coming years.

By reserve type, the market has been segmented into commercial petroleum reserves and strategic petroleum reserves. Among the two, the strategic petroleum reserves segment dominated the global market in 2015. However, the commercial petroleum reserves segmented is anticipated to report a rise at a higher CAGR of 7.80% over the forecast period, notes the research study.

View Complete TOC with Tables and Figures at: https://www.mrrse.com/oil-storage-market

North America, South and Central America, Asia Pacific, Europe, and the Middle East and Africa have been identified as the key regional segmented of the worldwide oil storage market in this research report. The Middle East and Africa leads the demand for oil storage across the world and is expected to retain its position during the forecast period.

Vitol Tank Terminals International B.V., Sunoco Logistics Partners L.P., Royal Vopak N.V., Oiltanking GmbH, Odfjell Terminal B.V., NuStar Energy L.P., Magellan Midstream Partners L.P., Kinder Morgan Inc., International-Matex Tank Terminals Inc., Horizon Terminals Ltd., Ghazanfar Group, CLH Group, CIM-CCMP Group, and Buckeye Partners L.P. are some of the key players in the global oil storage market, states the research report.

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This release was published on openPR.