San Francisco, 26 Nov 2018 - The global oil storage market is expected to reach 2.16 billion cubic meters by 2025, according to a new report by Grand View Research, Inc. Ongoing revisions in energy security policies and guidelines issued by International Energy Agency (IEA) has urged its member countries to adhere to minimum oil stockholding rule.
U.S. Oil Storage Market Volume By Product, 2014 - 2025 (Million Cubic Meters)
Currently, India, Australia, and Japan are the major countries with ample projects for enhancing their Strategic Petroleum Reserve capacities over the next few years. Other countries, such as Malaysia, China, and the UAE have adopted various measures to expand the commercial and non-commercial storage tank facilities to ensure a consistent supply for the downstream sectors in the respective regions. Asia Pacific is anticipated to emerge as the fastest growing regional segment and account for over 19.5% by 2025.
In addition to regulatory norms, technological advancement is further anticipated to drive oil storage demand over the next nine years. Key players such as Marquard & Bahls AG and CST Industries have ventured into developing innovative product designs that offer high durability and a high degree of product containment. Columbian Steel Tank Company has announced investments in aluminum geodesic dome design that minimizes UV degradation and environmental loss.
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Further key findings from the report suggest:
- Fixed roof tanks emerged as leading product segment and accounted for over 45% of total volume in 2015. Increasing adoption of tank designs with a low degree of contamination and minimum product losses are expected to steer market growth over the forecast period.
- Crude oil emerged as the leading application segment for oil storage in 2015. Crude oil forms a significant source of power and energy sector. In addition, petrochemical refinery capacity expansions in the Middle East and Asia Pacific regions are major drivers contributing to market growth over the forecast period.
- The oil storage demand in the Middle East & Africa is anticipated to grow at a CAGR of over 4.7% from 2016 to 2025. Surging oil production coupled with ongoing tank projects are major factors driving the market in the UAE, Nigeria, and Saudi Arabia
- Oil storage demand in North America is anticipated to exceed 500 million cubic meters by 2025. Ongoing proposals for enhancing domestic reservoir production rate, particularly in the U.S. is driving growth in the region.
- Key industry participants include CST Industries, Marquard & Bahls AG, LF Manufacturing, ZCL Composites, Belco, Palmer, and Zepnotek Storage Tanks.
Access More Reports Of The Same Category: www.grandviewresearch.com/industry/power-generation-and-storage
Grand View Research has segmented the oil storage market on the basis of product, application, and region:
Product Outlook (Volume, Million Cubic Meters, 2014 - 2025)
- Open top
- Fixed roof
- Floating roof
- Others
Application Outlook (Volume, Million Cubic Meters, 2014 - 2025)
- Crude Oil
- Middle Distillates
- Gasoline
- Aviation Fuel
- Others
Regional Outlook (Volume, Million Cubic Meters, 2014 - 2025)
- North America
- US.
- Europe
- Germany
- Netherlands
- Belgium
- Spain
- Asia Pacific
- China
- Indonesia
- Singapore
- Central & South America
- Middle East & Africa
- Saudi Arabia
- UAE
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-oil-storage-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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