Oil Storage Market size comprises of company’s manufacture and individual owner participants which may positively impact on oil storage demand, trade between terminal, and countries. Oil storage are canister or reservoir used to store petroleum products. These storage tanks contain biological liquid, non-biological liquid used for oil processing for products such as petrol, diesel oil, paraffin and others at different stages. These are broadly classified into two different categories atmospheric and pressurized, where atmospheric pressure is high in Atmospheric tanks (AST) which holds liquid at atmospheric pressure, liquid which evaporate are stored in Pressurized Tanks (PST).
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Furthermore, product segmentation is categorized as fixed roof oil tanks (FRT), floating roof oil tanks, horizontal cylindrical oil tanks, spherical oil tanks, and others are some of the types of oil storage which are widely used among the different end use industries. Fixed roof tank is cone or domed shape steel shell which is permanently mounted on tank shell, used to store biological liquids owing to its clog preventing properties. Floating roof storage tanks are cylindrical in shape and having floating roof which rises or fall according to the change in level of liquid and used to store the product having vapor pressure greater than 0.5 psia and less than 11 psia.
Horizontal storage tanks are constructed in such a way that length of storage tank is equal to or less than six times of its diameter and specifically used to store most refined oil products. Oil storage tanks is being used in various industries like petrochemical and chemical manufacturing, steel industry, mechanical industries, bulk storage and transfer operation, automobile industries, petroleum producing and refining and others, for different uses.
Demand supply mismatch in oil and gas industry, where production is more than demand, would increase the demand for oil storage during the forecast period. Consolidation has absolutely redefined the oil and gas industry, which have seen several large mergers such as BP-Amoco and Exxon-Mobil. Consolidation has been largely concentrated in North America with major drivers dealing for strengthening competitive positioning, shareholder value, cost savings, access to technology. This idea invited a strong breed of stronger, integrated, bigger and more aggressive players. Refining scope has been concentrated and rationalized, both in USA and Europe. Consolidated players have dominated sub-segments in oilfield services. With future liberalization and deregulation sector worldwide, more consolidation is expected, chiefly in Asia Pacific.
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Global Oil Storage Market is broadly segmented into five different regions which includes North America, Europe, Asia-Pacific, Middle East and Africa, Latin America. Asia pacific, middle east and north America have witness construction of oil storage tank by 2019. These regions are expecting collectively spending of around US$37 billion to build oil storage, for minimizing supply risk and to aid their export. Storage capacity of Asia alone is set to increase by 368, MMbbl about 50% of the global capacity growth by 2019. Asia pacific, led by Singapore had the largest share about 41% of oil storage market in 2015 followed by China, Malaysia, south Korea, India, Japan, are major crude oil carriers.
The increasing demand for crude oil in some countries of South East Asia led by Indonesia would drive the oil storage market. Major oil storage hubs in world are Jurong island(Singapore), Rotterdam (Netherlands) had highest oil storage position in market as trading place and due to specialized storage, Fujairah (United Arab Emirates). In Asia Jurong island(Singapore) is situated between Pacific and Indian Ocean and is the most strategic location for refinery hubs.
Followed by some other oil terminals Jiangyin, Shanghai, Sao Paulo, Houston, Amsterdam, China, Oklahoma. By products stored in storage tanks are divided in market as: Crude oil, Brent crude oil, Aviation fuel, Diesel, Gasoline, Gas oil, Kerosene, Liquefied Natural Gas, Liquefied Petroleum Gas, vegetable oils, synthetic oils, biodegradable oils, solid hydrocarbon products, like bitumen, aromatic hydrocarbons.
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Global Oil storage tanks market share includes, Dalian Port and SUMED, Buckeye, Vitol (VTTI), Sunoco, IMTT, Vopak, Oiltanking, CLH, CIM, Megallan Midstream, Kinder Morgan, Odfjell, Nustar. Vopak is the leading oil storage tank independently, Bahamas oil refining company is captured by Buckeye.
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