Top Emerging Trends Of Oil Storage Market Progress Forecast 2025Posted by Mrudula Anil Karmarkar on May 17th, 2022 The global oil storage market is expected to reach 2.16 billion cubic meters by 2025, according to a new report by Grand View Research, Inc. Ongoing revisions in energy security policies and guidelines issued by International Energy Agency (IEA) has urged its member countries to adhere to minimum oil stockholding rule. Currently, India, Australia, and Japan are the major countries with ample projects for enhancing their Strategic Petroleum Reserve capacities over the next few years. Other countries, such as Malaysia, China, and the UAE have adopted various measures to expand the commercial and non-commercial storage tank facilities to ensure a consistent supply for the downstream sectors in the respective regions. Asia Pacific is anticipated to emerge as the fastest growing regional segment and account for over 19.5% by 2025. Key companies operating in the global oil storage market include ZCL Composites, Zepnotek Storage Tanks, Marquard & Bahls AG, LF Manufacturing, Columbian Steel Tank, Belco, and Palmer. Marquard & Bahls offers a broad range of tank designs that cater to crude oil, biodiesel, bioethanol, vegetable fats, and middle distillates storage requirements across the five regions. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/oil-storage-market/request/rs4 In addition to regulatory norms, technological advancement is further anticipated to drive oil storage demand over the next nine years. Key players such as Marquard & Bahls AG and CST Industries have ventured into developing innovative product designs that offer high durability and a high degree of product containment. Columbian Steel Tank Company has announced investments in aluminum geodesic dome design that minimizes UV degradation and environmental loss. Further key findings from the report suggest:
In addition to pricing, it also offers protection from short time supply fluctuations of crude and its derivatives. Various countries including the U.S., China, and India have adopted stockpiling initiatives to minimize the price volatility and ensure consistent supply to the end-use sectors. The U.S. government has remained favorable for domestic players in the upstream sector. Initiatives such as Strategic Petroleum Reserve for stockpiling large volumes of oil enable the government to protect the supply from price spikes and stock out incidents. As it forms a significant source of energy and power, its availability and distribution contribute to the achievement of sustainable targets. As oil leakage has steered various revisions in regulations, storage equipment vendors have made ample investments regarding economy and manpower for fabricating steel tanks. There are two forms of material used in this process, namely, carbon steel and stainless steel. Among various forms of carbon steel namely, low, mild, and high carbon steel tanks have witnessed significant prominence among others. Grand View Research has segmented the oil storage market on the basis of product, application, and region: Product Outlook (Volume, Million Cubic Meters, 2014 - 2025)
Application Outlook (Volume, Million Cubic Meters, 2014 - 2025)
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