Oil Exploration Activities to Trigger Need for Oil Storage Facilities

Published Date : May 08, 2017

ALBANY, New York, May 08, 2017: MarketResearchReports.biz has stated the addition of a new market research report to its report repository. The research publication is titled, “Global Oil Storage Market Research Report 2017.” The research report offers an exhaustive outlook of the dynamics that are controlling the changes that are occurring in the global market and further assesses them painstakingly The effect of some progressive and regressive elements has also been taken into consideration with equal significance in the market intelligence report. It also delivers data on the marketing and publicity strategies, shares, and merchandises of the top drawer companies.

With the overall supply of crude oil surpassing its demand, the need for oil storage facilities has increased significantly. This dynamic trend has thus led to the set-up of oil inventories over the last couple of years. Companies operating in this market have been striving in order to expand their storage capacity, mainly the refineries situated in Europe and Asia Pacific. Additionally, the surge in road travel has also triggered the demand for fine petroleum products, thus in turn augmenting the requirement for future expansions in storage capacity. However, the growth of the global oil storage market is likely to be restricted by lengthy approval processes and high initial investments needed for putting up and expanding oil storage facilities. Nevertheless, the players can seek long term growth opportunities from high return on investment in this market.

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 The global market for oil storage might also witness colossal growth owing to rise in exploration and production across the globe. Rising production of crude oil along with decreasing prices are expected to drive the growth of the global market for oil storage. Ongoing exploration activities from unconventional sources is anticipated to trigger expansion of the present oil storage refineries, thus leading to a rise in the demand for oil storage units. Commercial petroleum reserves are likely to gain prominence over the coming years owing to capacity expansions being done by large refineries due to substantially effective deviations in the prices of oil.

Fuels such as gasoline, LNG, and aviation fuel among others are the ones which are likely to be stored in oil storage facilities in high quantities. As gasoline is low in price and supports a good economic growth, it is used in large quantities. Thus, with its consumption rising, its production will also increase, this fueling the need to expand storage units. Materials that are likely to be prominently used for manufacturing storage tanks are FRP or fiber reinforced plastic and carbon steel.

Region-wise, the report segments the global oil storage market into North America, Europe, China, Japan, Southeast Asia, and India in particular. The companies analyzed in the report are Buckeye Partners, CIM-CCMP Group, CLH Group, Horizon Terminals, Ghazanfar Group, Kinder Morgan, Odfjell Terminal, and Royal Vopak, among several others.

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