Oil Storage Market size worth 2,298.3Mn m3 by 2025
Low crude prices coupled with increasing production rate will drive the global oil storage market size during the forecast period. Commercial reserves accounted for over 20% of volume share in 2015 owing to escalating petroleum product demand. Strategic reserves are developed and maintained by countries in order to overcome the emergency conditions and is anticipated to witness substantial growth.
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India is building underground storage tank to store 5.33 MT crude in Padur, Vishakhapatnam and Mangalore to overcome supply disruption and price shock in the near future. Carbon steel is favored for storing flammable liquids on account of its operating temperature range. Revenue for 2015 was valued over USD 3 billion and is expected to rise over 5.5% by 2025.
Fiberglass Reinforced Plastic are corrosion resistant, light weight and possess high strength to weight ratio and is estimated to reach over USD 3 billion by 2025. LNG commercial oil storage market size was valued at USD 1.9 billion in 2015 which is likely to be reach 35 MCM by 2025. Rising demand for natural gas from industrial and power sector will boost the demand for LNG storage.
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Rising exploration and production of shale gas will drive the U.S. oil storage market share. Mexico was valued over USD 370 million in 2015 and is likely to be reach over 13 million m3 by 2025 in term of volume.
Azerbaijan oil storage market was over 3 million m3 in 2015 and is anticipated to grow over 5% during forecast period. Azerbaijan has plan to develop storage capacity in Iran to meet the demand of crude during winter season. The country is also planning to increase gas storage capacity over 5 billion cubic meter.
Middle distillates demand was valued at 71 million m3 in 2015 and is anticipated to grow over 3.4% by 2025.
UAE is expected to witness a growth over 4% in forecast period. Adnoc, UAE entered into an agreement with India to store its surplus crude oil into strategic reserves. Steel tank was valued over USD 4 billion in 2015 and is predicted to grow over 4% during forecast period.
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Increasing crude demand from refiners will drive the China oil storage market size from 2015 to 2025. LPG commercial reserve was valued at 16.1 million m3 in 2015 and is expected to reach over 3.7% in term of revenue by 2025.
Increasing oil production may favor the growth of Russia crude oil storage market share during forecast period.
CST Industries, Inc, Synalloy (Palmer), Assmann Polyethylene Tank, ZCL Composites, Inc, Containment Solution, Holvrieka, Vopak, Poly Processing, Enduro, Tuffa Tank, Snyder Industries, Inc., Belco Manufacturing Company, Red Ewald, Inc., Polymaster, Zepnotek Storage Tank, L.F. Manufacturing are major industry companies.
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