DUBLIN--(BUSINESS WIRE)--The "North America Oil Storage Market by Type, Material, and Product Design - Opportunity Analysis and Industry Forecast, 2017-2023" report has been added to ResearchAndMarkets.com's offering.
The North America oil storage market was valued at $667 million in 2016, and is projected to reach $931 million in 2023, registering a CAGR of 4.8% from 2017 to 2023.
Oil storage includes large tanks, sea tankers, and underground & above ground storage facilities to safely store various petroleum products. These products are majorly oil-based products, which are produced by distillation, and are used by industries other than the refining industry. Increase in oil production across the globe has encouraged suppliers to develop storage infrastructure and inventories for oil storage.
The major factors that drive the growth of the North America oil storage market include decrease in crude oil prices across North America, rise in need for mega refining hub, high degree of product containment, and increase in import or distribution facilities. However, decline in production & exploration activities and rise in inventory cost hamper the market growth.
The crude oil segment accounted for the largest share in 2016, owing to high usage, applicability, and large amount of production. Furthermore, the naphtha segment is expected to grow at the highest CAGR from 2017 to 2023, and is anticipated to continue its dominance during the forecast period.
- Royal Vopak N.V.
- Kinder Morgan, Inc.
- Oiltanking GmbH (Marquard & Bahls)
- Buckeye Partners L.P.
- NuStar Energy L.P.
- International-Matex Tank Terminals, Inc.
- Magellan Midstream Partners, L.P.
- Energy Transfer Partners, LP.
- Odfjell SE
Key Topics Covered:
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: North America Oil Storage Market, By Type
Chapter 5: North America Oil Storage Market, By Material
Chapter 6: North America Oil Storage Market, By Product Design
Chapter 7: Oil Storage Market, By Geography
Chapter 8: Company Profiles
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