Press release
How Oil Storage Terminal Market will Grow at Highest CAGR
Oil Storage Terminal Market
For More Information and Detailed Scope of this Report, Visit @ https://www.fortunebusinessinsights.com/industry-reports/oil-storage-terminal-market-100433
Some of the notable companies in global oil storage terminal market are ZCL Composites, Belco Manufacturing Company, Containment Solutions, Sunoco logistics, Oiltanking Gmbh, Columbian Steel Tank, Poly Processing, Synalloy Corporation, L.F Manufacturing, Red Ewald, Synder, Denali, Vopak, Superior Tank Company, and CST Industries.
“Improvements in Oil Inventories and Infrastructure Will Facilitate Growth”
On the basis of reserve type, the global oil storage terminal market is segmented into commercial reserves and strategic reserves. The rising demand to build additional storage capacity due to the increasing oil production around the world is encouraging the growth of commercial reserves.
Furthermore, the global oil storage terminal market on the basis of tank-type is segmented into a floating roof tank, fixed roof tank, spherical tank and bullet tank. The floating roof tanks segment is predicted to grow due to the increasing demand for storage of medium and low flash point products.
The global oil storage terminal market on the basis of product is segmented into gasoline, crude oil, middle distillates, aviation fuel, and others. The increasing production of oil all over the globe is further encouraging suppliers to improve their inventories and infrastructure to store a large quantity of oil. This factor will, in turn, boost the global oil storage terminal revenue. In addition, the growing need for large backup oil storage due to the changing seasonal demands of oil is likely to favor the growth of the global oil storage terminal market.
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However, the high cost of construction and maintenance required before and after building an oil storage terminal is a factor likely to hamper the growth of the global oil storage terminal market. Likewise, large area requirement for oil terminal construction is also expected to restrict the oil storage terminal growth.
“Existing Large Strategic Oil Storage Capacity Will Boost the Market in The US”
Geographically, the global oil storage terminal market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is predicted to dominate the global oil storage terminal market owing to the existing large strategic oil storage capacity in the US. Further, North America being the key exporter of natural gas and crude oil, this factor is also likely to propel growth in the region. Europe is expected to grow significantly, owing to the strategic oil reserves in the European Union. Further, the increasing demand for oil terminals is also enabling growth in the region. Asia Pacific is also expected to witness high growth during the forecast period owing to the maximum number of oil storages in a country such as China. The developing and expanding oil storage in nations such as India, Japan, Australia and others is also predicted to aid growth to the Asia Pacific market.
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