Who are the key manufacturers in the Oil Storage market?

-

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.
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.
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.

Comments

Post a Comment

Popular posts from this blog

Global Differential Thermal Analyzer Industry Sales & Share by Company, 2019 - 2024

-
The 'Global Differential Thermal Analyzer (DTA) Market Outlook 2019-2024' offers detailed coverage of differential thermal analyzer industry and presents main market trends. The market research gives historical and forecast market size, demand, end-use details, price trends, and company shares of the leading differential thermal analyzer producers to provide exhaustive coverage of the market for differential thermal analyzer. The report segments the market and forecasts its size, by volume and value, on the basis of application, by products, and by geography. Download free sample copy of "Global Differential Thermal Analyzer (DTA) Market" report @  https://www.radiantinsights.com/research/global-differential-thermal-analyzer-dta-market-outlook-2019-2024/request-sample The report has been prepared based on an in-depth market analysis with inputs from key industry participants. The global differential thermal analyzer market has been segmented into five major regi...
Read more

Global Incident Response System Market Key factors of long term success

-
Incident Response System market, analyzes and researches the Incident Response System development status and forecast in United States, EU, Japan, China, India and Southeast Asia.  Get free request sample copy @  https://www.radiantinsights.com/research/global-incident-response-system-market-size-status-and-forecast-2022/request-sample This report focuses on the top players in global market, like •  Amazon.com • Cisco • ESRI • Honeywell • IBM • Lockheed Martin • Rockwell Collins • Acronis • Asigra • Fujitsu • Nasuni • NetApp • DFLabs • Hexadite • FireEye • HP • Veritas Technologies • Commvault Market segment by Regions/Countries, this report covers • United States • EU • Japan • China • India • Southeast Asia Market segment by Type, Incident Response System can be split into • Geospatial Technologies • Backup and Disaster Recovery Solutions • Threat Management Systems • Surveillance Systems Market segment...
Read more

Robotic General Surgery Market Share And Industry Trends, Forecasts Till, 2023 to 2028: Innovation Market Research

-
Innovation Market Research, offers a comprehensive analysis of key market trends in the global  Robotic General Surgery market . It also includes discussion on historical trends, current market status, competitive landscape, growth opportunities and challenges which are backed by factful feedbacks. Global markets continue to sink as the coronavirus spreads, reaching over 200 countries in total by the end of March. Now the outbreak continued to grow, as the number of cases in USA, Italy, Spain, Germany, France all spiked, Europe and USA have now become the epicenter of the outbreak, Cases in China appear have steadied in April, but there’s growing concern about the overall impact to the global market. In China market, which experienced a difficult 2019 due to slowing domestic consumption and the impact of the Sino-US trade war, is once again facing more disruption and uncertainty at the hands of the coronavirus pandemic. Sales and consumption all fell in the first quarter of 2020, c...
Read more