Current Business Affairs Global Oil Storage Market 2018

Oil Storage Market Analysis, By Storage Type, By Product Type, By
Reserve Type and By Region Forecast, 2017 - 2025
Market Definition:
The global oil storage market was estimated as 1.4 Billion cubic meters in 2016 and is expected to reach 1.8 Billion cubic
meters by 2025, growing steadily with a CAGR of over 3.18% during the forecast period. Decrease in crude oil prices,
increasing need for oil refining hubs, unpredictable variations in global rates of natural gases and crude oil are the
factors encouraging the merchants to own fuel storage facilities and fueling the growth of oil storage market across the
globe.
Decrease in the prices of crude oil is motivating several merchants to own high quality of petroleum fuel and stock them
at storage facilities, so they can sell it at higher costs, when crude oil rates fluctuate or there is shortage of oil.
Moreover, stockpiling large volumes of oil have facilitated the government of the developing nations, to protect their
citizens and country from price hike and out of stock incidents. These are the major factors fueling the growth of oil
storage market across the globe.
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Market Analysis with Latest Growth Factors:
Oil storage facilities utilize tanks or terminals to store produced oil placed above or below ground surface. Oil storage is
a means of collecting products before being distributed to refineries and retailers. Oil processing is divided into three
streams, upstream, midstream and downstream. Oil is initially extracted in the upstream process, where the exploration
and production are conducted. The midstream sector involves the transportation, storage and wholesale marketing of
petroleum products following the upstream extraction process, whereas, downstream operations might also use storage
tanks to collect oil for further processing and marketing.
Oil storage tanks differ in capacity and design, as earlier storage tanks were built of metal and wood mounts that formed
large barrels. As technology advanced, storage tanks increased in size and capacity to store oil safely. The designs are
specifically preferred to handle high pressure conditions of the liquid stored, to manage ventilation and prevent leakage
and corrosion. Increase in adoption of alternative fuels for cleaner and greener transportation. Use of Liquefied Natural
Gas (LNG) to power marine containers and increase in LNG driven projects are the current trends in the global oil
storage market.
Major Key Players: