Oil Storage Market to grow at a CAGR of 4.4% till 2023

Increase in oil demand, reduction in crude oil prices across the region, and high demand for mega refining hubs are the major factors that boost the growth of the global oil storage market. Moreover, development of strategic petroleum reserves has facilitated commercial supply of oil and further provides lowest cost storage option for crude oil, which propels the market growth.

The global oil storage market was valued at $3,180 million in 2016, and is estimated to reach at $4,307 million by 2023, registering a CAGR of 4.4% from 2017 to 2023. In terms of volume, the market accounted for 257,307 thousand CBM in 2016, and is projected to reach 341,527 thousand CBM in 2023, registering a CAGR of 4.1% from 2017 to 2023.

Get PDF Sample of this Report: https://www.alliedmarketresearch.com/request-sample/2217

Initiatives such as strategic petroleum reserve for stockpiling large volumes of oil have enabled the government of the developed and the developing countries to protect the supply from price hike and stock out incident. However, decline in exploration & production activities and decrease in production investment are expected to hamper the market growth. The crude oil segment dominated the market in 2016, and is expected to continue this trend during the forecast period.

Key Findings of the Oil Storage Market:

In 2016, LAMEA dominated the global market with half share in the overall market. The naphtha segment is estimated to grow at the highest CAGR from 2017 to 2023. The fiber reinforced polymer (FRP) segment is estimated to grow at the highest CAGR during the forecast period. The crude oil segment led in in 2016, and accounted for more than half share in total market. Asia-Pacific is expected to grow at the highest CAGR during the forecast period.

Access full summary of this Report: https://www.alliedmarketresearch.com/oil-storage-market

Key Players of the Oil Storage Market:

The key players of the Oil Storage Market are ZCL Composites, Belco Manufacturing Company, Containment Solutions, Sunoco Logistics, Oiltanking GmbH, Columbian Steel Tank, Poly Processing, Synalloy Corporation, L.F. Manufacturing and Red Ewald Inc.

About Us

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

Shriram Dighe
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1⟨855⟩550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com

This release was published on openPR.