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
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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
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