Prominent players involved in the development of oil storage , includes Synder , ZCL Composites , L . F . Manufacturing , Vopak , Superior Tank Company , Tianjin Anson International Company ( TICO ), CST Industries , Synalloy ( Palmer ), Elixir , Roth Industries , Ergil , Waterford Tank & Fabrication , Sri Ranga Industries and Hydrotherm Engineering Services ., among all the other players . ERGIL , in April , 2017 directed a comprehensive engineering , design , material supply , and fabrication of StorageTech tank products to Iraq ’ s largest oil field , named as Zubair for a renowned general contracting company in Iraq . Other players are similarly involved in research & development , acquisitions , expansions and collaboration for their strategic growth .
Market Segmentation :
The global oil storage market is bifurcated based on storage type , product type , reserve type and region . Based on the storage type , the market is segmented as open top tanks , fixed roof tanks , floating roof tanks and other storage facilities . Fixed roof tanks segment accounted for the largest market share in 2016 , whereas floating roof tanks segment is expected to account for the highest growth during the forecast period . This is owing to the increasing demand for the storage of large quantities of petroleum products . The storage tanks would be preferred over other alternatives , due to its ability to effectively minimize the unstable organic compound emissions and product losses .
Further bifurcation of the market is based on the product type , which includes crude oil , gasoline , aviation fuel and middle distillates . Crude oil storage market is projected to grow at the fastest rate over the forecast period . Rising infrastructure and industry projects , which are an integral part of the investment cycle , have increased the demand for crude oil . Renovation and development of oil refining facilities will further favor the business scenario .
The global oil storage market is segmented based on reserve type as strategic petroleum reserve and commercial petroleum reserve . Strategic petroleum reserves have dominated the market during 2017 and are anticipated to continue controlling the market over the forecast period . These reserves store crude supplies delivered by public and private companies for maintaining national security and protecting economy during energy crisis .
Obtain Report Details with technological advancement at https :// www . xpodenceresearch . com / Reports / Oil-Storage- Market
Region Analysis :
Middle East and African regions are projected to have the largest market share in the oil storage market across the globe . This is due to the fact that countries such as Qatar , Oman , Nigeria , UAE , Iran and Saudi Arabia have large scale of worlds proven oil reserves and ranked as the largest producer and exporter of oil in the world .
Asia Pacific region is also expected to grow at the fastest pace across the globe during the forecast period . China and India ’ s oil storage market are growing significantly on account of increasing capital investment towards the development of storage capacity from foreign and domestic companies . Moreover , the Government of China , in 2016 , had announced to build supplementary 441 million barrels of strategic petroleum reserves by 2020 . Growing focus towards the expansion of refinery facilities in the country is expected to further expand the market .
Major Points from Table of content :
• Executive Summary
• Research Methodology
• Market Dynamics