Global Oil Storage Market: Mounting Oil Surplus Boosting Demand, finds TMR
Transparency Market Research (TMR) has detected that these prominent market players operate across all geographies and majority of these companies have their own logistics services to serve the end-customers. Royal Vopak N.V., which held the maximum market share in 2014 at 20.68%, is anticipated to continue at its leading position during the forecast period as it has oil storage terminals across major ports spread in different geographies around the globe. According to the TMR report, the global oil storage market had a volume of 1,337.52 mn cubic meter in 2014, and rising at a CAGR of 4.3% during the forecast period of 2016 to 2024, it is estimated to reach a volume of 2,027 mn cubic meter by the end of 2024.
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Crude Oil Remains Most Prominent Product Type
The report segments the global market for oil storage on the basis of storage type, product type, reserve type, and geographically. By storage type, the market is segmented into open top tanks, fixed roof tanks, floating roof tanks, and other storage facilities. In 2014, floating roof tanks accounted for the maximum demand at 463.21 mn cubic meter and is expected to sustain the demand during the forecast period. By reserve type, the market has been segmented into strategic petroleum reserve, which remains most in demand, and commercial petroleum reserve. By product type, the market has been divided into crude oil, gasoline, aviation fuel, and middle distillates. In 2014, crude oil was evaluated as the most in-demand product type.
Geographically, the report segments the global oil storage market into North America, Asia Pacific, Europe, the Middle East and Africa, and South and Central America. Currently, the growth potential of the market seems to be shifting from North America to Europe, followed by the Middle East and Africa.
Demand for Finished Petroleum Products Surging
The global market for oil storage is primarily driven by the increased demand for oil storage across the global. The report observes that oil supply has surpassed the demand for more than a period of two years since 2016, which is a result of production pattern pertaining to rising oil inventories since 2014. Asia and European refineries have seen higher demand for petroleum products, which has led to the increase in its storage capacity. It has also been detected that the growth of the oil storage market is putting downward price pressure on near-term futures contracts, since the inventories are high and building. Additionally, the demand for finished petroleum product is expanding due to increase in road travel. This factor is attributed to the rising population, lower cost of fuel available, and changes in annual disposable incomes that are favorable to own a vehicle. Conversely, the report the high initial investment required for oil storage expansion is seen as the primary factor that will hinder the growth rate of the market during the forecast period.
According to the author of the report, “Oil surplus will provide profitable investment options in oil storage business. The mounting oil surplus will boost the demand for oil storage facilities and push in profitable deals for the oil storage market opportunists such as trades and independent oil storage companies.”
Browse Report with Full TOC at : http://www.transparencymarketresearch.com/oil-storage-market.html
The information presented in this review is based on a Transparency Market Research report, titled, “Oil Storage Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.”
Key Segments of the Global Oil Storage Market
Oil Storage Market – Type of Storage Segment Analysis
Open Top Tanks
Fixed Roof Tanks
Floating Roof Tanks
Other Storage Facilities
Oil Storage Market – Product Type Segment Analysis
Oil Storage Market – Reserve Type Segment Analysis
Strategic Petroleum Reserve
Commercial Petroleum Reserve
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