The Bulk Petroleum And Chemical Storage by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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In accordance with The Business Research Company’s comprehensive analysis of the Bulk Petroleum and Chemical Storage sector, the market has witnessed robust growth in recent years, surging from $36.44 billion in 2024 to an anticipated $39.11 billion in the same year, marking an impressive compound annual growth rate (CAGR) of 7.3%. This expansion is primarily attributed to global economic upswings, industrialization, increased production of petroleum and chemicals, strategic petroleum reserves, refining and petrochemical industry expansion, and heightened global trade and maritime transportation.
Projections for the upcoming years paint a compelling picture for the bulk petroleum and chemical storage market, foreseeing a substantial rise to $51.28 billion by 2028, boasting a CAGR of 7.0%. Anticipated growth drivers encompass a shift towards cleaner energy sources, strategic inventory management, supply chain optimization, tightening environmental regulations, emphasis on safety and risk mitigation, burgeoning demand from emerging markets, and various regions. Key trends in the forecast period encompass a pivot toward sustainable storage solutions, security enhancements, flexible storage infrastructure, strategic collaborations, and resilience planning to counteract supply chain disruptions.
An increase in the demand for crude oil supply is expected to propel the growth of the bulk petroleum and chemical storage market going forward. Crude oil refers to a mixture of hydrocarbons that is present in the liquid phase in naturally occurring underground reservoirs and stays liquid at atmospheric pressure after passing through surface separating facilities. Due to increasing consumption of crude oil products such as petroleum, oil, and gas the demand for its storage is rising which will increase the demand for bulk petroleum and chemical storage market. For instance, in March 2024, according to reports shared by the US Energy Information Administration, a US-based government agency, in 2022, US crude oil exports averaged 3.6 million barrels per day (b/d), and in comparison, to 2021, US crude oil shipments increased by 22% (640,000 b/d). Therefore, an increase in the demand for crude oil supply will drive the bulk petroleum and chemical storage market.
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The bulk petroleum and chemical storage market covered in this report is segmented –
1) By Material Type: Metal, Carbon Fiber, Glass Fiber
2) By Storage Type: Open Top Tanks, Fixed Roof Tanks, Floating Roof Tanks
3) By Application: Fuel Storage Tank, Chemical Storage Tank
Top 5 Major Players:
- Vitol Tank Terminals International BV
- Royal Vopak N.V
- Buckeye Partners
- Shawcor Ltd
- Containment Solutions Inc
Within this dynamic landscape, technological advancement emerges as a pivotal trend shaping the bulk petroleum and chemical storage market. Major industry players are actively engaged in developing innovative solutions to fortify their market standing. A noteworthy example is Eddyfi Technologies, a Canada-based leader in advanced non-destructive testing (NDT) solutions. In November 2022, the company unveiled FloormapX, an exceptionally efficient tool for inspecting storage tank floors. This cutting-edge multi-technology magnetic flux leakage (MFL) array scanner, designed for both top and bottom array tanks, swiftly identifies corrosion and pitting, even in critical zones. Its capabilities extend to handling thick plates and coatings, offering unparalleled detection precision. Operating in full floor mapping or FreescanTM mode, FloormapX significantly enhances efficiency in tank bottom inspections, demonstrating its prowess in the industry’s relentless pursuit of innovation and excellence.
The bulk petroleum and chemical storage market report table of contents includes:
1. Executive Summary
2. Bulk Petroleum And Chemical Storage Market Characteristics
3. Bulk Petroleum And Chemical Storage Market Trends And Strategies
4. Bulk Petroleum And Chemical Storage Market – Macro Economic Scenario
5. Global Bulk Petroleum And Chemical Storage Market Size and Growth
….
31. Global Bulk Petroleum And Chemical Storage Market Competitive Benchmarking
32. Global Bulk Petroleum And Chemical Storage Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Bulk Petroleum And Chemical Storage Market
34. Bulk Petroleum And Chemical Storage Market Future Outlook and Potential Analysis
35. Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Bulk Petroleum And Chemical Storage Market, Segmentation By Material Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Bulk Petroleum And Chemical Storage Market, Segmentation By Storage Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Bulk Petroleum And Chemical Storage Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
….
Table 74: Vitol Tank Terminals International BV Financial Performance
Table 75: Royal Vopak N.V. Financial Performance
Table 76: Buckeye Partners Financial Performance
Table 77: Shawcor Ltd. Financial Performance
Table 78: Containment Solutions Inc. Financial Performance
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