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Global Oil Storage Market Set for Rapid Growth, anticipated at a CAGR 3% by2024 Key Companies Profiled ERGIL, Vopak, CST Industries, Inc., ZCL Composites Inc., Waterford Group

02-21-2019 07:47 PM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

Oil Storage Market

Oil Storage Market

The oil & gas industry has been a subject of constant turbulence, given the sharp drop in oil prices. Oil storage market, in this regard, seems to have weathered the storm of the 2015 plummet and has bounced back with considerable accomplishments. As a result of the global supply-demand imbalance and overabundance of crude oil, oil storage industry has witnessed a dramatic surge that has led to massive investment trends in this business sphere. According to reliable reports, the global oil storage market was recorded at over 1 billion cubic meters in 2017 and is anticipated to grow at a CAGR of 3% over 2018-2024.

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Emerging demand to store liquified gases including LPG & LNG having extremely low flash points will stimulate the spherical oil storage market. Introduction of stringent government norms to reduce environmental pollution is one of the key factors propelling the demand for LNG, which in turn will complement the industry outlook.

Floating roof oil storage market is set to grow on account of increasing demand for the storage of large quantities of low and medium flash point petroleum products. Ability to effectively minimize the volatile organic compound emissions and product losses will make the adoption of these tanks preferable over other alternates.

Considering that oil & gas industry is currently facing major headwinds, the growth prospects of oil storage market seem quite positive. Industry experts predict the future of oil & gas market to be less volatile in the coming years, owing to significant capitalization on shale resources that can feed the changing demand. Obviously, the robust growth of battery-operated electric vehicles has posed major risks to the dynamics of the oil & gas industry, however, these vehicles will take a significant amount of time for mass acceptance.

The U.S. oil storage market, in 2017 was over 80 million cubic meters. Positive outlook toward the development of unconventional O&G fields along with availability of resources including advanced technology and skilled manpower will augment the industry growth. In 2017, according to EIA, dry gas produced from shale accounted for over 60% of the U.S. dry natural gas production.

Analysts deem that with a mean daily output of 11 million barrels/day Russia will emerge as a rewarding oil storage hub in the following years. The region is also forecast to be a lucrative investment destination for oil storage market players, leading to phenomenal growth of the regional industry.

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Taking into account the overall debatable scenario of the crude oil industry, Russia is another prominent nation making forays into the oil storage market. Rigorous R&D activities pertaining to the development of oil & gas fields have significantly propelled Russia oil storage market to witness notable growth prospects. For the record, the country holds around 680 Tcf of reserves in Russian subsoil, of which 75% accounts for hydrates, 7% CBM, 15% tight gas, and 3% accounts for shale gas. The government of Russia has also been opening its domestic marketplace for global investors to develop their O&G projects.

Industry participants across the oil storage market include
• CST Industries, Inc.
• ZCL Composites Inc.
• Snyder Industries, Inc.
• Denali Incorporated
• LF Manufacturing
• Superior Products
• ERGIL

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://global4energy.com/

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