Press release
What's Driving the Oil Storage Market Trends? CST Industries, ZCL Composites, Synder Industries, Denali Incorporated, Synalloy Corporation, Elixir, Vopak, Waterford
The latest report on Oil Storage Market Added by DEC Research provides a concise analysis of the industry size, revenue forecast and regional spectrum of this business. The report further illustrates the major challenges and the latest growth strategies adopted by key players who are a part of the dynamic competitive spectrum of this industry.Request a sample of this research report @ https://www.decresearch.com/request-sample/detail/803
The size of Oil Storage Market was registered at 1 BCM (Billion Cubic Meter) in the year 2017 and is anticipated to cross 1.3 BCM (Billion Cubic Meter) by 2024. Between the period 2018-2024, the Oil Storage Market is expected to register a CAGR of 3.4%.
The declining crude oil prices have also built a tough competitive scenario in the O&G market. In accordance, oil companies have been focusing toward expanding their operations to increase their supply and storage infrastructure - a move that will commendably impact global oil storage market growth. Having once been the monopoly of the Gulf countries, oil storage industry as on today has established its footprint across myriad geographies. The emerging economies, mainly the Asia Pacific in fact, have been particularly proactive across this business space. Heavy import of crude oil across this region has resulted in an upsurge in the demand for storage facilities. As per the National Bureau of Statistics, Asia held 191 barrels of crude in its petroleum reserve in the year 2015.
Leading Key Players in Oil Storage Market are:
o CST Industries
o ZCL Composites Inc.
o Synder Industries
o Denali Incorporated
o Synalloy Corporation
o LF Manufacturing
o Superior Product Company Inc.
o Tianjin Anson International Co. Ltd.
o Elixir
o Roth Industries Company
o Ergil
o Vopak
o Waterford Product & Fabrication
o Sri Ranga Industries
o Hydrotherm Engineering Services
It is noteworthy to mention that China has been a notable contributor toward APAC oil storage market. The country has been particularly keyed up with regards to crude storage and has been adopting various means to strengthen its stance in the geographical landscape of oil storage industry. In 2016 for instance, the Chinese government announced that it would be constructing additional 441 million barrels of strategic petroleum reserves by 2020. A year later, the China Energy Investment Corporation announced that it plans to invest more than USD 83 billion in the development of shale gas across West Virginia. This testifies that the increasing focus toward the expansion of refineries and the ongoing investments toward unconventional resources are certain to impel China oil storage market size.
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Additionally, core oil companies are expected to involve themselves in the massive expansion of their supply and storage infrastructure in order to outbid their rivals. A recent such move was Suncor Energy Inc. selling its oil storage stake to Fort McKay First Nation to strengthen its bond with aboriginal groups located close to the oil sands. Powered by the rising number of capital investments toward the development of storage units from domestic and foreign companies, in tandem with the growing demand for the refurbishment of existing storage units, oil storage industry size is anticipated to cross 1.2 billion cubic meters by 2024.
Table of content:
Chapter 4. Oil Storage Market, By Reserve
4.1. Oil storage market share by reserve, 2017 & 2024
4.2. Strategic
4.2.1. Market estimates and forecast, 2013-2024
4.2.2. Market estimates and forecast, by region, 2013 - 2024
4.3. Commercial
4.3.1. Market estimates and forecast, 2013-2024
4.3.2. Market estimates and forecast, by region, 2013 - 2024
Chapter 5. Commercial Oil Storage Market, By Product
5.1. Commercial oil storage market share by product, 2017 & 2024
5.2. Fixed roof
5.2.1. Market estimates and forecast, 2013-2024
5.2.2. Market estimates and forecast, by region, 2013 - 2024
5.3. Floating roof
5.3.1. Market estimates and forecast, 2013-2024
5.3.2. Market estimates and forecast, by region, 2013 - 2024
5.4. Spherical
5.4.1. Market estimates and forecast, 2013-2024
5.4.2. Market estimates and forecast, by region, 2013 - 2024
5.5. Others
5.5.1. Market estimates and forecast, 2013-2024
5.5.2. Market estimates and forecast, by region, 2013 - 2024
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