Commodity Online Surge in crude oil storage capacity in emerging markets will help lift global average annual growth rate (AAGR) in oil storage capacity by 4.9% during 2009-15. Emerging markets constitute 26% of the global storage capacity, according to an analysis by Research and Markets.
The fastest growing oil storage markets - China, the United Arab Emirates, India, Canada, the Islamic Republic of Iran, the Netherlands, France, Poland, Singapore and the Republic of Korea - constituted 26% of the global storage capacity in 2009. Driven by the rising demand for oil and petroleum products, increased port trade and oil supply security, the storage markets are likely to grow at an Average Annual Growth Rate (AAGR) of 4.9% during 2009-2015. The emerging markets will add a capacity of 44.43 MMcm to the storage capacity of 128.93 MMcm in 2009 to reach 173.36 MMcm in 2015.
China is the major contributor to the growth in emerging markets and is growing at an AAGR of 8 % and accounts for 8.8% of the global storage capacity. It is followed by the UAE constituting 1.6% of the global storage capacity and growing at an AAGR of 10.5% in 2009-2015. India is the third fastest growing market with an AAGR of 3% during 2009-2015 and a global market share of 1.6%.
The import dependent, developing Asian countries - China, India, the Republic of Korea and Singapore - are driving the growth of the oil storage industry in emerging markets. Together these markets account for nearly two-thirds of the oil storage capacity in emerging markets with a storage capacity of 84.60 MMcm in 2009. Anticipated to grow at an AAGR of 5.33 % during 2009-2015 these markets will add another 31.87 MMcm of storage capacity by 2015, Research and Markets report said.