Volatile crude oil price trends along with government initiatives to protect national economy during energy crisis will drive Oil Storage Market in the future. Oil reservoirs are maintained to address the rising demand during the emergency period. Crude oil abundance clubbed with a sharp decrement in the oil prices in recent years will also boost oil storage industry expansion. According to Global Market Insights, Inc.,” Oil Storage Market share exceeded 1,400 million cubic meters in 2015 and is anticipated to grow at a CAGR of 4% over the period 2016-2025.” US two-fold domestic production of crude oil is estimated to be one of the prime reasons for the sudden decrease in oil prices across the globe.
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Based on fuel trends, oil storage industry is segmented into crude oil reserve, gasoline commercial oil storage, LPG & LNG commercial reserves, and aviation fuel storage. Low gasoline prices leading to high fuel consumption in the automotive sector will propel gasoline commercial reserve oil storage market. It is estimated that gasoline fuel demand will grow lucratively at an annual growth rate of 4.9% over 2016-2025.
LPG commercial reserve accounted for 16.1 million cubic meters in 2015 and is projected to register a revenue worth USD 2.5 billion growing at a CAGR of 3.7% over the period 2016-2025. Steady demand for refined petroleum products has substantially increased the production of LPG, thereby stimulating the overall industry expansion.
Aviation oil storage market will also witness heavy gain over the coming eight years owing to the rising middle-class base in emerging economies.
China oil storage industry size registered 13.25 million cubic meters in 2015 and is forecast to witness substantial growth at an annual rate of 5% over 2016-2025. China crude oil import has ascended 16% in 2016, which is a positive indicator for regional growth.
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Increasing oil storage requirement influenced by the recent shale revolution in the U.S. will stimulate oil storage market growth. The industry size was 62.8 million cubic meters in 2015 and is poised to grow significantly at a CAGR of 4.5% over 2016-2025.
Azerbaijan oil storage market is set to grow noticeably at an annual rate of more than 5% over 2016 to 2025. Azerbaijan’s plan to install oil storage reserves in Iran to meet the crude oil demand in winter will further influence the overall industry trends.
The Indian government has also taken initiatives in this regard by planning to develop strategic crude oil reserves in Padur, Mangalore, and Visakhapatnam.
CST Industries, Inc, Synalloy (Palmer), Inc, Assmann Polyethylene Tank, ZCL Composites, Containment Solution, and ZCL Composites are the notable players in the oil storage industry.
Browse key industry insights spread across 170 pages with 308 market data tables & 10 figures & charts from the report, “Oil Storage Market Size By Reserve (Commercial Reserve, Strategic Reserve), By Material (Steel, Carbon Steel, Fiberglass Reinforced Plastic), By Fuel (Crude Oil, Gasoline, Aviation Fuel, Middle Distillates, LNG, LPG) Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Germany, Netherland, Spain, Belgium, Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan, Azerbaijan, Moldova, Tajikistan, Turkmenistan, Ukraine, Uzbekistan, China, Japan, South Korea, Singapore, UAE, Saudi Arabia, Iran, Egypt, South Africa, Brazil, Argentina) Estimated to Reach 2,298.3 million cubic meter by 2025. Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2025” in detail along with the table of contents:
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