openPR Logo
Press release

Oil Storage Market is predicted to grow over 3% by 2024 Notable industry players include Synder, Denali, ZCL Composites, L.F. Manufacturing, Vopak, Superior Tank Company, Tianjin Anson International Company (TICO)

10-27-2018 06:34 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Oil Storage Market

Oil Storage Market

The volatility of oil prices is a crucial factor that has tremendously impacted oil storage market in recent years. Indeed, oil prices have been a debatable topic over the last half a decade. The crude prices underwent a major decline from trading at USD 109.45/barrel in 2012 to USD 52.51/barrel in 2017, resulting in a supply-demand imbalance. The supply of crude oil has surpassed its demand leading to an overabundance of the crude oil worldwide. This has resulted in a surging demand for oil storage facilities across the globe, rapidly propelling oil storage market trends.

Get a Sample Copy of this Report: @ https://www.gminsights.com/request-sample/detail/803

The declining crude oil prices have also built a tough competitive scenario in the O&G market. In accordance, oil companies have been focusing toward expanding their operations to increase their supply and storage infrastructure – a move that will commendably impact global oil storage market growth. Having once been the monopoly of the Gulf countries, oil storage industry as on today has established its footprint across myriad geographies. The emerging economies, mainly the Asia Pacific in fact, have been particularly proactive across this business space. Heavy import of crude oil across this region has resulted in an upsurge in the demand for storage facilities. As per the National Bureau of Statistics, Asia held 191 barrels of crude in its petroleum reserve in the year 2015.

Regional governments across the APAC have also been taking initiatives to augment oil storage market outlook across the continent, taking into consideration the national economic security as these oil reserves can be used at the time of energy crisis, safeguarding the national economy. For instance, the Petroleum Ministry of India announced its decision to increase its oil storage capacity taking the advantage of the reduced crude oil prices. The Government of India has set up three strategic crude oil reserves, each of 5 MMT capacity in Mangalore, Vishakhapatnam, and Padur. Rajasthan and Odisha are also under the pipeline for this set-up. Initiatives such as the aforementioned are certain to stimulate India oil storage market share in the ensuing years, inherently leading to the growth of this vertical across the Asia Pacific.

It is noteworthy to mention that China has been a notable contributor toward APAC oil storage market. The country has been particularly keyed up with regards to crude storage and has been adopting various means to strengthen its stance in the geographical landscape of oil storage industry. In 2016 for instance, the Chinese government announced that it would be constructing additional 441 million barrels of strategic petroleum reserves by 2020. A year later, the China Energy Investment Corporation announced that it plans to invest more than USD 83 billion in the development of shale gas across West Virginia. This testifies that the increasing focus toward the expansion of refineries and the ongoing investments toward unconventional resources are certain to impel China oil storage market size.

Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/803

The competitive landscape of oil storage market is inclusive of some heavy hitters such as CST Industries, Inc., Poly Processing, Snyder Industries, Red Ewald, Inc., Synalloy (Palmer), Assmann Polyethylene Tank, ZCL Composites Inc., Zepnotek Storage Tank, Belco Manufacturing Co Inc, L.F. Manufacturing, Inc., Containment Solutions, Inc, Polymaster, Holvrieka, Tuffa Tanks, and Vopak. The coming years will witness the key players adopting strategic alliances and mergers & acquisitions as a major part of their growth strategy.

Additionally, core oil companies are expected to involve themselves in the massive expansion of their supply and storage infrastructure in order to outbid their rivals. A recent such move was Suncor Energy Inc. selling its oil storage stake to Fort McKay First Nation to strengthen its bond with aboriginal groups located close to the oil sands. Powered by the rising number of capital investments toward the development of storage units from domestic and foreign companies, in tandem with the growing demand for the refurbishment of existing storage units, oil storage industry size is anticipated to cross 1.2 billion cubic meters by 2024.

Browse key industry insights spread across 180 pages with 316 market data tables & 24 figures & charts from the report @ https://www.gminsights.com/industry-analysis/oil-storage-market

Report Content
Chapter 1. Methodology and Scope
1.1. Methodology
1.2. Market definitions
1.3. Market estimation & forecast parameters
1.4. Data Sources
1.4.1. Primary
1.4.2. Secondary
1.4.2.1. Paid Sources
1.4.2.2. Public Sources

Chapter 2. Executive Summary
2.1. Oil storage industry 3600 synopsis, 2013 - 2024
2.1.1. Business trends
2.1.2. Reserve trends
2.1.3. Product trends
2.1.4. End Use trends
2.1.5. Regional Trends

About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research

Contact Us:
Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
Phone: 1-302-846-7766
Toll Free: 1-888-689-0688
Email: sales@gminsights.com
Web: https://www.gminsights.com
Blog: https://gminsights.wordpress.com
Explore Our Blog @ http://algosonline.com/news

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Oil Storage Market is predicted to grow over 3% by 2024 Notable industry players include Synder, Denali, ZCL Composites, L.F. Manufacturing, Vopak, Superior Tank Company, Tianjin Anson International Company (TICO) here

News-ID: 1333163 • Views: 1093

More Releases from Global Market Insights, Inc.

Hypochlorite Bleaches Market to hit US$ 300 Mn 2025 | Top Key Players like Adity …
As per the research report by Global Market Insights, Inc., Global Hypochlorite Bleaches Market to cross USD 300 million by 2025 and grow at 3.4% CAGR from 2019 to 2025. It has been projected that the Global hypochlorite bleaches market is expected to reach a consumption of around 485-kilo tons by 2025. Water scarcity as well as rising water costs have led to more emphasis being laid on water recycling and
Feminine Hygiene Products Market: Growing awareness regarding intimate health in …
Global Market Insights, Inc., announces an ongoing comprehensive report on the Feminine Hygiene Products Market. One of the most hushed topics across the world is female hygiene, the negligence of which results in several diseases. Studies claim that nearly 30% to 60 % women across the globe develop urinary tract infection once in their lifetime, mainly due to negligence in proper intimate hygiene. Dearth of knowledge regarding the negative consequences of
Examination Gowns Market 2020 business trends & growth opportunities to 2026
Global Market Insights, Inc., announces an ongoing comprehensive report on the Examination Gowns Market. The exposure to various kinds of hospital acquired infections has led to a spate of health problems for the healthcare professionals as well has the patients. In this regard, experts have been massively shifting to adoption of personal protective equipment or clothing, examination gowns, protecting them from all kinds of infections. These gowns are present in the
Nonwoven Packaging Market to witness increased demand from pharmaceutical sector …
Global Market Insights, Inc., announces an ongoing comprehensive report on the Nonwoven Packaging Market. With the world struggling to fight against negative consequences of industrialization and increased carbon emissions, nonwovens or nonwoven fabrics have emerged as an intrinsic solution for all ecological imbalances across the globe. These fabrics are made from staple fiber and long fibers, merged together by chemical, heat, or mechanical treatment. These are generally used in textile manufacturing

All 5 Releases


More Releases for Oil

Oil Refining Pumps Market |
The global demand for oil refining pumps is expected to surpass 3 million tons by 2018 end, according to a latest Fact.MR report on oil refining pumps market. Rising oil and gas production, and increase in petroleum-based power generation are driving oil refining pumps demand. The oil supply has sharply increased from Russia, Middle East, and the US, compensating for fall in oil production in Iran and Venezuela. The demand for
Oil Sands - Thematic Research
Oil Sands - Thematic Research Summary Oil sands, an unconventional hydrocarbon resource, holds vast growth potential for crude oil production amid declining output from maturing conventional fields and slowing pace of new discoveries. The oil sands deposits in Alberta, which are among the world's largest hydrocarbon reserves, are playing an influential role in driving the oil and gas industry in Canada. Despite facing severe backlash from environmentalists around the world, there has
Gingelly oil Market
https://www.qandqmarketresearch.com/reports/7431261/gingelly-oil-market-48 The global Gingelly oil market is valued at million US$ in 2018 is expected to reach million US$ by the end of 2025, growing at a CAGR of during 20192025. This report focuses on Gingelly oil volume and value at global level, regional level and company level. From a global perspective, this report represents overall Gingelly oil market size by analyzing historical data and future prospect. Regionally, this report focuses on
Oil & Gas Explosion Lawyer
Concerns about gas and oil explosions and worker safety have been at the forefront of Oklahoma state officials’ minds as they continue to investigate a recent Pittsburg County explosion that left five workers dead and 17 with minor injuries. The explosion has shaken a state that is heavily invested in the fuel industry and has been said to be the worst incident of its kind since the Deepwater Horizon tragedy. Oklahoma
Cottonseed Oil Market
Global cottonseed oil market is expected to grow at a steady rate as the product is used in processing of many food & beverage products. It has neutral flavour and is said to enhance the natural taste of food products in which they are used. Thus, they are used extensively for frying and baking purposes. Margarines, whipped toppings, icings, salads, potato chips & french fries, cereals, baked goods, stir-fried and
Automotive Gear Oil Market
Automobile gears (or cogs) are rotating machine part having cut teeth, or cogs which mesh with another toothed part in order to transmit torque. The arrangement of two or more gears forms automotive transmission system. Automotive gear oil can be petroleum or synthetic based, used especially for lubricating automotive gears for all class of vehicles. It provide high transmission efficiency, reduce engine heating, provides proper clutch friction, insure better oxidation