Press release
Oil Storage Market Growth By Leading Key Players CST Industries, Sri Ranga Industries, Superior Tank, L.F. Manufacturing, Hydrotherm Engineering Services
Oil Storage Market
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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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.
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, Klaip?da 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.
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.
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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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.
Table of Content
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Oil Storage Industry Insights
Chapter 4. Oil Storage Market, By Reserve (Strategic Reserve, Commercial Reserve)
Chapter 5. Oil Storage Market, By End Use (Crude Oil, Gasoline, Aviation Fuel, Middle Distillates, LNG, LPG)
Chapter 6. Oil Storage Market, By Product (Fixed Roof, Floating Roof, Spherical, Others)
Chapter 7. Oil Storage Market, By Region
Chapter 8. Company Profiles
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