The production of oil has reached to the highest level and there is a high requirement of oil storage vessels. The constant fluctuation in oil prices has lead to heavy storage of the crude which has forced the suppliers to develop high volume oil storage infrastructure. Oil leakage incidents has steered various oil producing countries to adopt high standard and quality for manufacturing oil storage equipment. Small bolted and welded tanks are considered as a full proof solution in terms of production fields, refineries around the globe. The installation of oil storage is decided based on the location it can be either underground or above the surface. Some of the parameters that are kept in mind before designing and manufacturing include corrosion, pressure handling capacity, handling fumes and ventilation, and leakage free.

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Oil Storage Market : Segmentation

The global oil storage market is broadly segmented based on, reserve, storage and product. Focusing on reserve type, the global oil storage market is segmented as strategic and commercial. Further based on the product form oil storage market can be bifurcated gasoline, middle distillates, crude oil, and aviation fuel. In addition, based on the storage, the oil storage market is broadly diversified as open top tanks, floating roof tanks, and fixed roof tanks.

Oil Storage Market : Growth Factors

Growing oil leakage incidents has made the regulatory policies more stringent and has forced to implement more revisions in the policies. This has forced the fabricators and vendors to increase the manpower and investment, resulting in high standard development of the storage equipments. Availability of advanced products and growing investment respective to new rules has also created huge demand for the oil storage equipment and simultaneously driving the growth of the global oil storage market. Complication in transportation and failing to develop standard oil storage equipments has restrained the growth of the global oil storage market.

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Oil Storage Market : Regional Analysis

Regionally, Middle East with ample of oil reserves dominates the overall oil storage market. High demand for distillates and petroleum products in various commercial and industrial segments has created a huge demand for storage vessel. North America on the other side is also considered among the leading region in oil producing. The region is at present focusing on stockpiling owing to which the demand for the huge reserve tanks is escalating. Moreover, Asia-Pacific region is witnessing a significant demand for the storage equipment and driving the growth of oil storage market.

Oil Storage Market : Competitive Players

Some of the leading key players that have upheld the oil storage market Columbian Steel Tank, ZCL Composites, Containment Solutions, Sunoco Logistics, Belco Manufacturing Company, Oiltanking GmbH, Poly Processing, L.F. Manufacturing, Synalloy Corporation, and Red Ewald. While some of the other key names contributing their efforts in the oil storage market include Inc. Ziemann Holvrieka GmbH, Royal Vopak N.V, Snyder Industries, Marquard & Bahls, and Tuffa Tank.

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