Pune, India -- (SBWIRE) -- 04/05/2019 -- The latest report has been added to the wide database of Oil Storage Market by Infinium Global Research. This report studies the Oil Storage Market by Material (Steel, Carbon Steel, Fiberglass Reinforced Plastic), by Type (Crude Oil, Gasoline, Aviation Fuel, Naphtha, Diesel, Kerosene and LPG), by Product Design (Open Top, Fixed Roof, Floating Roof) market status and outlook of global and major regions, from manufacturers, and end industries. The objective of the study is to identify market sizes of different segments & countries in recent years and to forecast the values for the next six years. Oil Storage Market provides opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape, latest trends, and product offerings of the major companies in the Oil Storage Market. The global oil storage market is expected to grow at a CAGR of 4.2% over the forecast period of 2017 - 2023.

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Oil Storage Market: Industry Insights

The oil storage market implies the storage of a large amount of crude oil for future purpose. It facilitates the storage of different type of oil as gasoline, crude oil, diesel, kerosene, aviation fuel oil, marine bunker fuel for domestic consumption or export purpose. The oil storage helps to maintain a proper reserve of oils to escape any short-term price fluctuation or short-term scarcity of oil in the international market.

Oil Storage Market: Drivers and Restraints

Every nation wants a proper supply of fossil fuel like oil, to support its economy. The continuous growing fossils fuel consumption around the globe is necessitating the storage of oils and fuel by every nation. Additionally, fluctuating prices and geopolitical factors are motivating every country to store a proper amount of oil and fuel to avoid unwanted situations. Several developing economies as India and China, are mainly dependent on the import of fossil fuels, which cost them a lot to their exchequer. Any slight increase in the price of fossil fuel forced them to pay more to other nation in the foreign currency, hence, to avoid this situation, they are increasing the fossil fuel storage capacity to store a proper amount of oil for future purpose. Further, geopolitics is a major influencing factor to determine the supply of fossil fuel including oil. Recently, many nations including China and India were warned by the U.S. to stop purchasing of oil from Iran, which caused a price increase of fossil fuels in the international market. Hence, major oil importing countries are focusing to build oil storage to escape this type of situation in the future. Further, the continuous growing economic activities around the globe are expected to boost the growth of this market.

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Oil Storage Market: Segmentation

The oil storage market is divided into material, type, and product design. By oil storage market by material, the market is segmented into steel, carbon steel, and FRP (Fiberglass Reinforced Plastic). On the basis of the oil storage market by type, the market is segmented in the crude oil, gasoline, aviation fuel, naphtha, diesel, kerosene, and LPG. On the basis of the product design, the market is divided into open top, fixed roof, floating roof, and others. The fixed roof holds a significant share in the oil storage market by product design in 2018. The growing demand for zero evaporation loss fuel and oil is helping to grow the demand for fixed roof oil storage market.

Oil Storage Market: Regional Insights

Among the geographic region, the MEA region dominates the global oil storage market, owing to continue growing production capacity, is necessitating them to store a large amount of crude oil before export. Additionally, the presence of several oil storage manufacturing companies is helping to grow this market. North America and Europe follow the MEA in terms of the oil storage market. The growing import of fossil fuels in developing countries is necessitating them to increase oil storage capacity. Hence, the Asia-Pacific is expected to grow at the highest CAGR in the global oil storage market.

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Oil Storage Market: Competitive Analysis

The global oil storage market is full of competition. The prominent players in the global creatinine market are Sunoco Logistics, Containment Solutions, Belco Manufacturing Company, L.F. Manufacturing, Columbian Steel Tank, Zcl Composites, Poly Processing, Oiltanking Gmbh, Red Ewald, Inc., and Synalloy Corporation. Product innovation and acquisitions & mergers are the key parameters to remain competitive and to gain greater market share.

Reasons to Buy this Report:

- Comprehensive analysis of global as well as regional markets of the Oil Storage.

- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2023.

- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.

- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.