Global Oil Refining Market Set for Rapid Growth, Global Consumption to Surpass 100 MBPD by 2024 | ERGIL, Vopak, CST Industries, Inc., ZCL Composites Inc., Waterford Group

Essentially, Oil in its crude form is not much beneficial but needs to be separated and refined for use in fuels and lubricants, while the byproducts of the refining process are vital in manufacturing petrochemical products like plastics and foams. The oil refining industry has majorly been stimulated by the increasing production of marketable and high-performance fuels for automobiles, airplanes and marine vessels. Furthering the market scope is the exponential rise in number of vehicles being made across the world, from private cars and commercial trucks to heavy industrial handling machines. Referring to the data issued by the International Organization of Motor Vehicle Manufacturers, over 97 million vehicles were produced worldwide in 2017 and the figures are expected to jump up every year with a respective increase in fuel consumption.

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Growing concerns regarding environmental degradation and global warming has put major communities into high gears for implementing control on the release of greenhouse gases (GHGs) arising from the transportation sector. Oil and gas consumers are expressing the need for producing more refined products that have lower carbon emissions, driving the technological and chemical innovations in the oil refining industry. Since emissions are still amplifying despite better efficiency of new vehicles, a European Union legislation aimed at improving the fuel quality requires that the GHG emissions from on road vehicle fuels should be cut by 10% by 2020, demonstrating a prolific future for the oil refining market.

Saudi Arabia oil refining market is anticipated to value over USD 150 Billion by 2024. Increasing focus to achieve diversified economic growth and employment opportunity will complement the business outlook. Rising population, improving living standards and economic growth are some of the factors responsible for encouraging petroleum product demand across the nation. Growing demand to process heavy crude and fuel oil into light distillates will further boost the industry.

Speaking of efforts taken for improving the quality of fuel, a public consultation initiated by the U.K. government is underway for introducing a new fuel to cut down on CO2 emissions. The current generation of petrol in U.K., termed as E5, has five percent bioethanol and the government plans to launch new E10 petrol consisting of double the concentration of biofuel, the Department of Transport had revealed. While the E10 will not be able to fuel around one million petrol vehicles in U.K., the government has also proposed establishing a E5 protection grade that would ensure the availability of standard petrol at reasonable price.

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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

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