Oil Storage Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

Oil Storage Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019

Global oil storage market is composed of many small independent owners and will experience growth in the coming future. This can be attributed to the demand for oil storage which is rising at the major global supply hubs because of increased trade between countries and is expected to continue with the leading terminals worldwide as the major beneficiaries. The global market for oil storage has seen a rapid growth due to increasing oil prices over the last few years. The rise in demand for oil in some of the countries in South East Asia is likely to propel the oil storage market in the region. Countries such as China have lack of robust storage infrastructure which is propelling the need for storage system which is driving the market for oil storage systems. Some other factors such as to secure future oil needs for the country is driving oil storage market in many regions. The tank cleaning process generates oil sludge as residue which requires cleaning under certain regulations such as Solid Waste Disposal Act before releasing into environment. Also the storage tanks have potential of soil contamination in the plant and storage sections of refinery such as underground storage tanks and pipelines. Some of the major oil storage choke points and terminals in the world are Singapore, Fujairah (United Arab Emirates) and Rotterdam (The Netherlands). Rotterdam has a strong position in oil storage market as a trading place due to the blending capacity and specialized storage. Singapore is one of Asia’s major petrochemical and refining hubs due to its strategic location between the Pacific and Indian Ocean. Fujairah port is also expected to rise with the growing demand in the Middle East countries. On the basis of geography global oil storage market is segmented as: North America Europe Asia-Pacific Rest of World Other storage terminals include Amsterdam, Hamburg,...