What's driving the Oil Storage Market trends? Key Company Profiled ERGIL, Vopak, CST Industries, Inc., ZCL Composites Inc., Waterford Group
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Volatile fossil fuel prices along with underperforming crude processing capacity and growing hydrocarbon production from countries including Nigeria, Iran and Libya will propel the oil storage market. According to Energy Information Administration (EIA), crude oil production increased by 42.3%in 2018 from 2017 level. The demand and supply gap, resulting in a global crude oil surplus will further fuel the industry landscape.
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.
Ongoing development of unconventional hydrocarbon resources coupled with abundant O&G reserves will fuel the U.S. oil storage market. In 2017, According to EIA, oil production from unconventional reserves contributed for more than 50% of the U.S. crude production in 2017.
South Africa oil storage Market is predicted to witness a substantiate growth on account of growing investment toward construction of modern storage facilities to improve their energy security.
Aviation fuel accounted for more than 10% of the global oil storage market in 2017. Growing transportation sector with several regional connectivity schemes including UDAN will augment the business outlook. For instance, in 2017, over 3 billion passengers/year travel by commercial planes worldwide.
Europe oil storage market is predicted to expand 2 % by 2024. Increasing inorganic growth venture activities among the giant players coupled with growing trade movement of crude oil and petroleum product will augment the business outlook. For instance, in 2017, Cr?dit Agricole Assurances acquired over 40% share of MSSFH, to gain market share in France.
Floating roof tank market is anticipated to gain over 3% by 2024. These are used to store low and medium flash point liquids including crude, aviation fuel and other middle distillates. Ability to offer lower particulate matter emissions and reduce petroleum product losses will enhance the product penetration.
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Indonesia oil storage Market is predicted to witness a significant growth owing to availability natural resources. For instance, Indonesia held proven reserves of 7 billion of oil and over 150 trillion cubic feet of natural gas. Introduction of several initiatives to promote the development of undeveloped O&G field will further strengthen the business landscape. Government has introduced tax schemes and production sharing contracts to support the development of O&G field.
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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