DUBLIN--(BUSINESS WIRE)--The "Oil Storage Market by Type, Material, and Product Design - Global Opportunity Analysis and Industry Forecast, 2017-2023" report has been added to ResearchAndMarkets.com's offering.
The global oil storage market was valued at $3,180 million in 2016 which is growing at a CAGR of 4.4% from 2017 to 2023 to reach to reach at $4,307 million by 2023.
Oil storage refers to the mechanism used for the safe storage of different petroleum products. Oil storage is a type of trade in which vertically-integrated companies purchase oil for instant delivery, and store it till the oil price increases. The companies keep the oil in storage until the price of oil increases. The crude oil and natural gas are the naturally occurring petroleum resources and are known as refinery feedstocks, which requires appropriate storage. Petroleum products are transported to the storage facilities from oilfields and then to the refineries.
In 2016, LAMEA led the global market, owing to the presence of large oil reserves, and major export destinations such as Nigeria, Saudi Arabia, Iran, and UAE. In addition, introduction to newer refineries enables the rapid growth in demand for these products. The global market is driven by the growth in need for mega refining hub, import or distribution type facilities, and high degree of product containment. Initiatives, such as strategic petroleum reserve for stockpiling large volumes of oil have enabled the government of the developed as well as the developing countries to protect the supply from price hikes and stock out incidents. However, decline in exploration & production activities and decrease in production investment are expected to impede the market growth.
The global oil storage market is segmented based on type, material, product design, and geography. On the basis of type, it is divided into crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and liquefied petroleum gas (LPG). On the basis of material, it is categorized into steel, carbon steel, and fiber-reinforced plastic (FRP). Based on product design, it is classified into open top, fixed roof, floating roof, and others. Geographically, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
- ZCL Composites
- Belco Manufacturing Company
- Containment Solutions
- Sunoco Logistics
- Oiltanking GmbH
- Columbian Steel Tank
- Poly Processing
- Synalloy Corporation
- L.F. Manufacturing
- Red Ewald, Inc.
Key Topics Covered:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Global Oil Storage Market, By Type
Chapter 5: Global Oil Storage Market, By Material
Chapter 6: Global Oil Storage Market, By Product Design
Chapter 7: Global Oil Storage Market, By Geography
Chapter 8: Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/cbwjrr/global_oil?w=4