Benzylamine Market to Rear Excessive Growth During 2026
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. These strategies are allowing the players to expand their
crude oil storage infrastructure and terminal networks, and raise
funds for the development of storage facilities and to build new
pipelines. For instance, Kinder Morgan, an energy infrastructure
company in North America acquired Hiland Partners for US$3 bn in
February 2015, to enhance storage and terminal infrastructure across
North America.
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In
the report, Transparency Market Research has estimated that in 2014
the market stood at 1,337 million cubic meter based on volume, which
is expected to reach the value of 2,027 million cubic meter by end of
2024, expanding at a steady CAGR of 4.73%.
Geographically,
the Middle East and Africa holds a dominating position in the global
market owing to the contribution of countries such as Nigeria, Qatar,
Oman, UAE, Iran, and Saudi Arabia. This region is expected to grow
with a healthy CAGR of 7.91% between 2014 and 2024.
Demand
for Steady Supply of Oil and Petroleum boosts the Market
Decline
in crude oil prices is one of the prominent factors resulting in
growth of the global oil storage market. The unpredictable variations
in global rates of natural gases and crude oil are motivating
numerous vendors to own high qualities of petroleum fuel and reserve
them at storage facilities. This practice allows them to sell their
stored fuel when the prices increases, which enables them to relish
high profits. Furthermore, as changing prices of crude oil affects
various product prices such as lubricants and gasoline, this trend of
supplying crude oil at the period of high profit is being followed by
numerous vendors. The other trend that has garnered significant
traction to the global oil and gas storage is the increase in
adoption of alternative fuels for cleaner and greener shipping.
Emergence of Liquefied Natural Gas (LNG) powered marine containers
due to increasing LNG projects is expected to expand the oil storage
market further.
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Increasing
Inventory Cost Could Hamper Market Growth of Oil Storage
Various
national and international regulations have resulted in decline in
the exploration and production activities of crude oil. These
regulations are further supported by several environmental
organizations. Such regulations aimed at reducing activities related
to fossil fuels is resulting in decrease in production investment in
this market. Furthermore, reduced consumption of fossil fuels and
increasing inventory have remained key concerns for the vendors. All
these trends could hamper the growth of the overall oil storage
market. Nevertheless, expansion of the strategic petroleum reserves
segment due to increasing investments is expected to help the market
grow at a positive rate over the forecast period. Furthermore,
factors such as high degree of product containment, increase in
import or distribution type facilities, and the growth in need for
mega refining hub are most likely to bolster the global oil storage
market.
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