How Is The Bulk Petroleum And Chemical Storage Market Evolving?
The bulk petroleum and chemical storage market size has shown strong growth in recent years. It is set to grow from $39.77 billion in 2024 to $42.9 billion in 2025 reflecting a CAGR of 7.9%. This growth is attributed to global economic growth and industrialization, rise in petroleum and chemical production, strategic petroleum reserves and stockpiling, expansion of refining and petrochemical industries, and global trade and maritime transportation.
By 2029, the market size is forecasted to reach $55.48 billion with a CAGR of 6.6%. This future growth is driven by the transition to cleaner energy sources, strategic inventory management and supply chain optimization, increasing environmental regulations, focus on safety and risk mitigation, and demand from emerging markets and regions. Key forecast trends include a shift toward sustainable storage solutions, security enhancements, flexible storage infrastructure, strategic partnerships and collaborations, and resilience planning for supply chain disruptions.
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What Are The Key Drivers Of Bulk Petroleum And Chemical Storage Market Growth?
The bulk petroleum and chemical storage market is expected to be driven by an increased demand for crude oil supply. Demand for crude oil products such as petroleum, oil, and gas is rising, leading to an increased need for storage, thus driving the bulk petroleum and chemical storage market. For instance, the US Energy Information Administration reported that in 2022, US crude oil exports averaged 3.6 million barrels per day (b/d), a 22% increase from 2021. This growing demand for crude oil supply is set to drive the market growth.
What Are The Major Segments Of The Bulk Petroleum And Chemical Storage Market?
The market is segmented by:
1) Material Type: Metal, Carbon Fiber, Glass Fiber
2) Storage Type: Open Top Tanks, Fixed Roof Tanks, Floating Roof Tanks
3) Application: Fuel Storage Tank, Chemical Storage Tank
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Which Companies Are Driving The Bulk Petroleum And Chemical Storage Market?
Major companies operating in the bulk petroleum and chemical storage market include Vitol Tank Terminals International BV, Royal Vopak N.V., Buckeye Partners, Shawcor Ltd., Containment Solutions Inc., CST Industries Inc., Superior Tank Inc., Delta Oil B.V, L.F. Manufacturing Inc., Synalloy Corporation, Ziemann Holvrieka GmbH, ZCL Composites Inc., Denali Incorporated, Snyder Industries Inc., Kinder Morgan Inc., Oiltanking GmbH, Magellan Midstream Partners L.P., NuStar Energy L.P., Inter Pipeline Ltd., Plains All American Pipeline L.P., Enterprise Products Partners L.P., Sunoco Logistics Partners L.P., Valero Energy Corporation, Marathon Petroleum Corporation, Phillips 66 Company, Chevron Corporation, Royal Dutch Shell plc, China Petroleum & Chemical Corporation., Sinochem Group Co. Ltd., Zhejiang Rongsheng Holding Group Co Ltd, TotalEnergies SE, Occidental Petroleum Corporation.
What Emerging Trends Are Influencing The Bulk Petroleum And Chemical Storage Market?
A key trend in the bulk petroleum and chemical storage market is the technological advancements. Companies are focused on developing innovative solutions to strengthen their position. For instance, Canada-based Eddyfi Technologies launched FloormapX in November 2022. This innovative tool aids in the inspection of storage tank floors. FloormapX is a multitech magnetic flux leakage (MFL) array scanner that detects corrosion and pitting on top and bottom array tank floors efficiently.
Which Region Is The Fast-Growing In The Bulk Petroleum And Chemical Storage Market?
Asia-Pacific was the largest region in the bulk petroleum and chemical storage market in 2024 and is forecasted to be the fastest-growing region. The report covers regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Bulk Petroleum And Chemical Storage Market Report 2025 Offer?
Bulk petroleum and chemical storage refers to the gathering, storage, and processing of petroleum products and chemicals before they are transported to end users. The structure and materials of these storage tanks depend on their intended use and the environmental, safety, and other legal requirements of the storage location. The Bulk Petroleum And Chemical Storage Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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