Oil Storage Market Trends 2016 - 2024 Nov 2016 | Page 2

Oil Storage Market REPORT DESCRIPTION Oil Storage Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 2024 The top five companies in the global oil storage market accounted for a combined share of just over 67% in 2014. These players are Royal Vopak N.V., Kinder Morgan Inc., Oiltanking GmbH, Buckeye Partners L.P., and NuStar Energy L.P. Transparency Market Research has found that the degree of competition in the increasingly capital-intensive oil storage market is extremely high and the threat of new entrants is likely to remain moderate throughout the forecast period. Complete Report with TOC : http://www.transparencymarketresearch.com/oil-storage-market.html Looking to strengthen their foothold in the global oil storage market, an increasing number of companies have been resorting to strategic alliances, partnerships, mergers, acquisitions, and joint ventures. “These strategies have enabled companies to raise funds for the development of new pipelines and storage facilities, the expansion of terminal networks, and the expansion of crude oil storage infrastructure,” the author of the TMR study states. Kinder Morgan is an excellent example. Currently focused on enhancing terminal and storage infrastructure across North America, the industry giant acquired Hiland Partners in February 2015 for US$3 bn. Ongoing Expansion of Oil Storage Capacities Driving Growth “The global supply of crude oil has surpassed its demand and this has resulted in the need for oil storage facilities,” a TMR analyst states. This changing trend in the oil industry has given rise to oil inventories over the years. Companies have been striving to expand storage capacity, especially refineries in Asia Pacific and Europe. In addition to this, the swift rise in road travel has spurred the demand for finished petroleum products, which, in turn, has fueled the need for future storage capacity expansions. This has given the global oil storage market a significant boost. For instance, in 2015, CLH Group invested over US$200 mn to build integrated storage and transportation networks, including thousands of kilometers of storage facilities. In contrast, TMR has observed that high initial investments and lengthy approval processes required for setting up and expansion oil storage facilities have restricted the growth of the global market. “However, higher return on investment in the long term is likely to give players in the oil storage market the push they need,” the author of the study predicts. Opportunities Galore in APAC Oil Storage Market The global oil storage market is poised to expand at a 4.73% CAGR by volume from 2016 to 2024, reporting a rise from 1,337 mn cubic meters in 2014 to 2,027 mn cubic meters by the end of the forecast period. The Middle East and Africa region is the leading contributor in the global oil storage market with a Transparency Market Research 2