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Albany, NY, April 26, 2019 (GLOBE NEWSWIRE) -- The competitive landscape of the global oil storage market is considerably consolidated in nature, says Transparency Market Research (TMR). Although, top five players currently operate the market, TMR has estimated that the level of competition will escalate in the future. This is because of the rapid positioning of the new entrants in the global oil storage market. The top five companies in the global oil storage market include Buckeye partners, Oiltanking GmbH, Kinder Morgan Inc., Royal Vopak N.Vand NuStar Energy L.P.
The players in the global oil storage market are highly investing to enhance oil storage to sustain the competition. However, the threat from the new vendors is expected to remain moderate during the forecast period. To achieve a top spot in the global oil storage market, these renowned five companies are undertaking several strategic collaborations. Such strategies allow the leading players in expanding their crude oil storage infrastructure and also raising funds for manufacturing of storage facilities. Players are also focusing on building new pipelines to strengthen their position in the global oil storage market. Apart from these strategies, topmost players are highly involving themselves in mergers and acquisitions and joint ventures to remap their geographical boundaries.
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Experts from TMR reveals that the growth of the global oil storage market is expected to occur at a promising 4.73% CAGR during the assessment period. On the basis of volume, the market stood at 1,337 million cubic meter in 2014. The valuation is expected to touch 2,027 million cubic meter by 2024-end.
Strategic petroleum reserves are the key contributors and are expected to fuel growth of the global oil storage market during the forecast period. This segment accounted for a massive 79.21% share in 2015 and is expected to remain dominant in the coming years. Region wise, the Middle East and Africa is a leading regions in the global oil storage market and is anticipated to retain the lead throughout the assessment period. This region is majorly driven by the surging oil production.
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Soaring Demand for Steady Oil and Petroleum Supply to Fuel Market’s Growth
Oil storage is mainly a type of trade, in which several vertically integrated companies purchase petroleum and oil for immediate store and delivery until the oil price increases. Additionally, such storage can be for a short duration of time, since the oil could be transported for several refinement processes. Oil storage is highly advantageous as it offers protection from short time supply instabilities of crude petroleum and oil and its other derivatives. Such USPs are majorly fueling growth in the global oil storage market.
Furthermore, rising oil production has encouraged numerous suppliers in improving their infrastructure and inventories for storing huge quantities of petroleum and oil. However, the expansion of the global oil storage market is propelled by a high degree of product containment, and extensive distribution of imported facilities. Along with these, several initiatives in strategic petroleum reserves to stockpile a large volume of oil have led governments from various countries to protect the supply from stock out incident. Such initiatives are providing a major impetus to the growth of the global oil storage market.
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Rising Inventory Costs may Hamper Market’s Growth
Rapidly declining production and exploration activities and rising inventory costs are highly impeding the growth of the global oil storage market. Moreover, reduced fossil fuel consumption is also a concerning factor for several key vendors in the global oil storage market. Nonetheless, factor such as the rapid growth in mega oil refining hub is believed to help underpin the growth momentum in the global oil storage market.
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The review is based on a market research report by TMR, titled, “Oil Storage Market (Storage - Open Top Tanks, Fixed Roof Tanks, and Floating Roof Tanks; Product - Crude Oil, Gasoline, Aviation Fuel, and Middle Distillates; Reserve - Strategic and Commercial) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024”.
The segmentation of global oil storage market is based on:
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