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Oil Storage Market volume to cross 1.1 Bn cubic meters by

#Oil #Storage #Market #volume #cross #cubic #meters

Selbyville, Delaware, Oct. 12, 2022 (GLOBE NEWSWIRE) —

The oil storage market is expected to exceed 1.1 billion cubic meters volume by 2030, according to a new research report by Global Market Insights Inc. Rapid urbanization and the rise in spending on petrochemical projects are some of the key reasons fostering crude oil storage tank requirements.

In developing nations, oil and gas companies have been making significant investments to set up new petrochemical facilities. Such initiatives will promote the construction of efficient storage systems for liquid petroleum gas and other petrochemical feedstocks. In addition, governments are making strategic investments in oil reserves to enhance security and cater to emergencies. These projects are predicted to contribute to the expansion of oil refining capacities and consequently support the need for bulk oil storage and transportation.

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Shifting preference for non-fossil fuel based products to boost spherical oil storage demand

Based on the product, the oil storage market from the spherical segment is poised to register substantial revenue by 2030. The report cites that the introduction of stringent norms to curb greenhouse gas emissions will drive product installation, to store liquid natural gas and other non-fossil fuel based products. A strong focus of fertilizer companies on the development of ammonia plants will also augment the requirement for spherical oil storage tanks. These containers are ideal for below-ambient temperature liquid and gas storage applications.

Strong focus on energy stockpiling to foster crude oil storage industry trends

The crude oil end-use segment held more than 34% share of the oil storage market in 2021, with the increased reliance on crude oil exports, especially from non-OPEC countries. Several nations are also emphasizing the stockpiling of oil as a part of their…

Read on GNW: Oil Storage Market volume to cross 1.1 Bn cubic meters by

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