Press release
Oil Storage Market 2019 | Top Players are L.F. Manufacturing, Hydrotherm Engineering Services, Vopak, Elixir, Tianjin Anson International Company, ZCL Composites
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.
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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.
Oil Storage Market, By Reserve
• Strategic
• Commercial
Commercial Oil Storage Market, By Product
• Fixed roof tank
• Floating roof tank
• Spherical tank
• Others
Oil Storage Market, By End Use
• Crude oil
• Gasoline
• Aviation fuel
• Middle distillates
• LNG
• LPG
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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.
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.
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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.
Major players across the industry include Waterford Tank & Fabrication, Roth, CST Industries, Sri Ranga Industries, Superior Tank, L.F. Manufacturing, Hydrotherm Engineering Services, Vopak, Elixir, Tianjin Anson International Company, ZCL Composites, Synalloy (Palmer), Denali and Ergil.
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