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.
Major Key Players of the Oil Storage Market are:ZCL Composites, Belco Manufacturing Company, Containment Solutions, Sunoco Logistics, Oiltanking , Columbian Steel Tank, Poly Processing, Synalloy Corporation, L.F. Manufacturing, Red Ewald, Inc.
Read More @ https://www.openpr.com/news/2025710/oil-storage-market-forecasts-to-2023-regional-development
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.
Major Key Players of the Oil Storage Market are:ZCL Composites, Belco Manufacturing Company, Containment Solutions, Sunoco Logistics, Oiltanking , Columbian Steel Tank, Poly Processing, Synalloy Corporation, L.F. Manufacturing, Red Ewald, Inc.
Read More @ https://www.openpr.com/news/2025710/oil-storage-market-forecasts-to-2023-regional-development
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