Oil Storage Market Size, Industry Analysis Report 2016-2024

Oil Storage Market size comprises of company’s manufacture and individual owner participants which may positively impact on oil storage demand, trade between terminal, and countries.

Oil storage are canister or reservoir used to store petroleum products. These storage tanks contain biological liquid, non-biological liquid used for oil processing for products such as petrol, diesel oil, paraffin and others at different stages. These are broadly classified into two different categories atmospheric and pressurized, where atmospheric pressure is high in Atmospheric tanks (AST) which holds liquid at atmospheric pressure, liquid which evaporate are stored in Pressurized Tanks (PST).

Furthermore, product segmentation is categorized as fixed roof oil tanks (FRT), floating roof oil tanks, horizontal cylindrical oil tanks, spherical oil tanks, and others are some of the types of oil storage which are widely used among the different end use industries. Fixed roof tank is cone or domed shape steel shell which is permanently mounted on tank shell, used to store biological liquids owing to its clog preventing properties. Floating roof storage tanks are cylindrical in shape and having floating roof which rises or fall according to the change in level of liquid and used to store the product having vapor pressure greater than 0.5 psia and less than 11 psia.

Horizontal storage tanks are constructed in such a way that length of storage tank is equal to or less than six times of its diameter and specifically used to store most refined oil products. Oil storage tanks is being used in various industries like petrochemical and chemical manufacturing, steel industry, mechanical industries, bulk storage and transfer operation, automobile industries, petroleum producing and refining and others, for different uses.

Demand supply mismatch in oil and gas industry, where production is more than demand, would increase the demand for oil storage during the forecast period....