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Top 10 Global Oil and Chemicals Storage Markets: Capacity Growth, Market Analysis and Competitive La
Top 10 Global Oil and Chemicals Storage Markets: Capacity Growth, Market Analysis and Competitive La
The Top Ten Storage Markets Account for More Than Two Thirds of Global Oil and Chemicals Storage Capacity
Hyderabad,
AP,
India
(prbd.net)
31/03/2010
"Top 10 Global Oil and Chemicals Storage Markets: Capacity Growth, Market Analysis and Competitive Landscape"
The top ten oil and chemicals storage markets in the world - the US, China, Japan, Republic of Korea, Saudi Arabia, Indonesia, Spain, the Netherlands, Germany and Brazil account for 66.6% of global storage capacity. In 2009, these markets had a total storage capacity of 330,854 Thousand M3.
The Republic of Korea aims to emerge as the new storage hub in North Asia. Building on its potential advantages such as its geographic proximity to China and Japan’s industrial sectors, and laying astride the North Pacific’s shipping route and the availability of two ports, the country plans to emerge as a key storage hub. The country is planning to construct a 950 Thousand M3 storage terminal at Yeosu.
As the current demand for oil is low in Japan and most of its storage terminals are being operated at low occupancy rates, Japan is leasing out part of its storage capacity to companies from the Middle East. In return, these countries give priority of sale to Japan in case of supply disruptions. This will increase the supply security of Japan in the medium to long term.
An increasing number of countries across the globe are expanding their Strategic Petroleum Reserves (SPRs) to defend themselves against oil price fluctuations. Recent hikes in oil prices have prompted most countries to develop their own SPRs to increase energy security. Countries plan to construct a sufficient amount of storage infrastructure to shield themselves from any supply disruptions and price fluctuations. China, the second largest storage market in the world plans to build a strategic oil stock before 2020, which will be capable of meeting 90 to 100 days of its domestic oil consumption.
Despite being the second largest oil and chemicals storage market in the world, China is aggressively expanding its storage infrastructure. Between 2009 and 2013, the country is expected to add 27,430 Thousand M3 storage capacity through new terminals and existing terminal expansions. Increasing domestic demand for crude oil and petroleum products is enabling storage companies in China to expand their storage infrastructure. Furthermore, China’s plan to build storage equivalent to 100 days of net imports by 2020 is also fuelling growth in the market.
GlobalData, the industry analysis specialist, has released its latest research, “Top 10 Global Oil and Chemicals Storage Markets: Capacity Growth, Market Analysis and Competitive Landscape” which provides key data, information and analysis on the top 10 global oil and chemicals storage markets. The global oil storage industry has witnessed rapid progress in the last few years due to the increase in oil prices. However, the global economic meltdown followed by the decline in oil prices has changed the dynamics within the industry. The change in supply, demand scenario and declining investments has challenged the storage industry. The increase in demand especially from emerging economies is driving new terminal installations in the storage industry. Despite the recession, China, the largest consumer of energy has seen growth in storage capacity. Emerging markets like Africa and Central America have also witnessed investments in the storage industry. These emerging markets will play an important role in the storage market in the years to come.
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