Increasing production and exploration activities in the oil and gas industry are set to drive market growth in the forecast period.
As per TechSci Research’s report “Petroleum Tank Cleaning Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the global petroleum tank cleaning market is expected to expand due to the growing operation of refineries and industrialization.
Petroleum tank cleaning involves removing layers of foreign particles like debris, sand, soil, and metal from tank interiors. These contaminants, if left unchecked, can reduce storage capacity and compromise tank security.
The market may face challenges from shifting consumer preferences toward electric vehicles and ongoing research into petroleum substitutes. However, opportunities for growth remain, primarily driven by increased refinery activities worldwide, notably in the Asia Pacific region.
Global refinery output has surged in recent years, leading to major collaborations and mergers in the oil and gas industry. For example, the Indian government plans to partner with Saudi Aramco to establish the world’s largest refinery project in Nanar, India, expected to produce 1.2 million barrels per day starting in 2024.
Given these trends, the demand for petroleum tank cleaning services is projected to rise. Companies in this sector can capitalize on opportunities by addressing the need for comprehensive tank cleaning and maintenance, aligning themselves with the expanding refinery sector.
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The global petroleum tank cleaning market is categorized by type, application, and region. Application-wise, it includes crude oil tanks, refinery petroleum product tanks, depot & gas stations, petroleum product trading tanks, and others. Types are manual, semiautomatic, and automatic, with manual type expected to dominate the market due to its lower capital investment and greater share in 2022. However, automatic tank cleaning is projected to exhibit a higher CAGR in the coming years, offering reduced labor costs and improved operational quality in less time.
Regionally, the market covers North America, Asia-Pacific, Europe, South America, and Middle East & Africa, with Asia-Pacific leading the market. The region is expected to witness substantial growth in the next few years due to rising petroleum consumption, particularly in emerging economies like China and India. North America holds the second position globally, with the US driving market expansion through rapid crude oil extraction and processing, especially in the shale oil industry.
Operators of large crude oil tank farms prefer service providers offering hazardous material services alongside tank cleaning, facilitating long-term contracts with reliable providers capable of fulfilling various needs. This trend applies to petroleum product tank farm operators as well, who seek single contracts for multiple services. However, such contract requirements may pose barriers for small-scale cleaning service companies, limiting fair competition.
Major market players in the global petroleum tank cleaning market: –
- CLEAN HARBORS, INC
- TRADEBE
- Balmer Lawrie & Co. Ltd
- Enva Group
- Triumvirate Environmental
- DULSCO CORPORATE
- Heritage Environmental Services
- Intero Integrity Services
- ORECO A/S
- National Industrial Maintenance, Inc.
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“In response to shifting global geopolitics and crude oil price fluctuations, crude oil refiners are adapting their procurement strategies, opting for more flexible approaches to maintain or improve refining margins. Refiners are investing in upgrades to enhance supply chain capabilities and negotiate favorable prices by processing diverse crude oil types. This shift toward spot trading, along with industry regulations, is driving significant growth in the petroleum tank cleaning market,” stated Mr. Karan Chechi, Research Director at TechSci Research.
The “Petroleum Tank Cleaning Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2028” report assesses the future growth potential of the global petroleum tank cleaning market. It provides insights into market size, structure, and future growth, aiding decision-makers in making informed investment decisions. Additionally, the report identifies and analyzes emerging trends, drivers, challenges, and opportunities in the global petroleum tank cleaning market.
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