Press release
Oil Storage Market Future Growth and Market Insights - 2024 by CST Industries, Vopak, ZCL Composites Inc., Snyder Industries Inc., Denali Incorporated, LF Manufacturing, Superior Products, ERGIL
Oil Storage Market
Oil Storage Market will surpass 1.2 billion cubic meters by 2024, as reported in the latest study by Global Market Insights, Inc. Volatile crude oil prices along with increasing O&G production from geopolitically unstable countries including Iran, Libya and Nigeria will stimulate the market size. For instance, Iran’s crude production in 2018 has risen by 1 % from 2017 and is approaching a nine-year high. The continued mismatch between supply and demand resulting in a global hydrocarbon surplus will further favor the business scenario.
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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.
Increasing investments toward the development of additional storage capacity from refineries to cater the increased demand for high value-added products will propel the market. For instance, in 2017, Klaipeda terminal announced to invest USD 42.9 million to construct six refined oil storages with a capacity of 20,000 cubic meters. Positive outlook toward refurbishment and construction of refinery units will further propel industry growth.
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The U.S. market size is anticipated to witness an appreciable growth on account of abundant O&G reserves along with ongoing development of unconventional hydrocarbon resources. According to the Energy Information Administration (EIA), production from unconventional oilfields accounted for over 50% of the total U.S. crude output in 2017.
Aviation fuel in 2017, accounted for over 10% of the overall market. Introduction of several regional connectivity schemes along with growing demand for aviation fuels will propel the industry landscape. According to International Energy Agency (IEA), over 3.5 billion passengers travel annually by commercial planes worldwide. Rapid economic growth coupled with expanding middle-class base, primarily across Asia Pacific will further complement the business outlook.
Oil Storage Market Competitive Market Share & Forecast, 2018 – 2024 in detail along with the table of contents @ https://www.gminsights.com/industry-analysis/oil-storage-market
Abundant natural resources along with growing initiatives toward the exploration and development of undeveloped reserves will fuel the Indonesia market. In 2017, Indonesia held proven reserves of over 150 tcf of natural gas and 7 billion barrels of oil. Introduction of production sharing contracts and tax schemes to support petroleum investments will further strengthen the industry growth.
Industry participants across the oil storage market include
• CST Industries, Inc.
• ZCL Composites Inc.
• Snyder Industries, Inc.
• Denali Incorporated
• LF Manufacturing
• Superior Products
• ERGIL
• Vopak
• Waterford Group
• Hydrotherm Engineering Services
• Tianjin Anson International Co. Ltd (TICO)
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 methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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: http://allnewsmyway.com/
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