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Albany, New York, May 16, 2019 (GLOBE NEWSWIRE) -- The global oil storage market is considerably consolidated as the top five players, namely NuStar Energy L.P., Buckeye Partners L.P., Oiltanking GmbH, Kinder Morgan Inc., and Royal Vopak N.V. held over 67% of global market in 2014. Transparency Market Research (TMR) has estimated that the degree of competition will escalate due to increasing investments by some of the key market players. The threat from new entrants is expected to remain moderate in the coming years. To gain a stronger foothold, various companies are undertaking strategic collaborations and are involving in joint ventures, acquisitions, mergers, partnerships, and are searching for strategic alliances.
Oil is the most used natural resource and its by-products have found applications in various industries. Attributing to these factors the need to store oil has grown across the globe. Oil producing companies and regions where the demand for oil is higher are making efforts to come up with new ways of storing oil. These factors have led to an increased demand in the global oil storage market. This market is likely to witness a high growth by rising at 4.73% CAGR between 2014 and 2024. In terms of volume, the global oil storage market is projected to rise from 1,337 million cubic meters recorded in 2017 to about 2,027 million cubic meters by the end of 2024.
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Countries across the globe are taking significant efforts and high investments to enhance their oil storage capacity. For example, a North American energy infrastructure, Kinder Morgan acquired Hiland Partners in 2015 for about 3 bn US dollars. This acquisition will improve storage and terminal infrastructure across North America.
The Middle East and Africa are the dominant regions holding maximum share in the global oil storage market. But with increasing demand for oil in emerging economies in Asia Pacific, nations over here are taking improved initiatives for better storage facilities. China, Japan, South Korea, and Singapore are the leading countries in terms of volume of oil storage. Moreover, the rise in investments in petroleum reserves ha further led the demand in Asia Pacific oil storage market in recent times.
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Commercial Petroleum Reserves Expand at Rapid Pace Fueled by Deviations in Oil Prices
Based on type of reserve, the oil storage market is bifurcated into commercial petroleum reserve and strategic petroleum reserve. Accounting for a massive 79.21% share in 2015, strategic petroleum reserves were the key contributors toward the overall oil storage market. However, strategic petroleum reserves are growing at a gradual pace as the expansion of these reserves require large investments from governments.
Commercial petroleum reserves, on the other hand, are expected to expand at a CAGR of 7.80% from 2016 to 2024. Large deviations in oil prices have led to the growth in storage capacity expansion, driving the demand for commercial petroleum reserves. Oil storage in commercial petroleum reserves influences the prices and planning of future oil storage and this helps in formulating expansion strategies for oil storage facilities.
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Stockpiling Initiatives to Benefit Growth in Oil Storage Market
Key trends in the oil storage market involve stockpiling initiatives taken by various countries such as China, India, and the U.S. This initiative was brought into effect due to fluctuating oil prices and high chances of reducing the production of oil in Middle Eastern countries. Owing to these factors, the need for effective storage has resulted as a major growth driver in the global oil storage market. Besides, the governments’ endeavors to increase oil reserves to avert an economic crisis are also contributing to the growth of this market.
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This market can be segmented for the categories –
Oil Storage Market – Type of Storage Segment Analysis
Oil Storage Market – Product Type Segment Analysis
Oil Storage Market – Reserve Type Segment Analysis
Oil Storage Market – Regional Analysis
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