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Bulk Petroleum And Chemical Storage Market Size, Share, Trends, Future Challenges And Forecast To 2033
Bulk Petroleum And Chemical Storage Market
Bulk Petroleum And Chemical Storage Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $51.28 billion In 2028 At A CAGR Of 7.0%.
The bulk petroleum and chemical storage market size has grown strongly in recent years. It will grow from $36.44 billion in 2023 to $39.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to global economic growth and industrialization, rise in petroleum and chemical production, strategic petroleum reserves and stockpiling, expansion of refining and petrochemical industries, global trade and maritime transportation..
The bulk petroleum and chemical storage market size is expected to see strong growth in the next few years. It will grow to $51.28 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to transition to cleaner energy sources, strategic inventory management and supply chain optimization, increasing stringency of environmental regulations, focus on safety and risk mitigation, demand from emerging markets and regions.. Major trends in the forecast period include shift toward sustainable storage solutions, security enhancements, flexibility in storage infrastructure, strategic partnerships and collaborations, resilience planning for supply chain disruptions..
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Bulk Petroleum And Chemical Storage Market Major Segments
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
Key Driver - Rising Crude Oil Demand Drives Expansion In The Bulk Petroleum And Chemical Storage Market
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 2023, 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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Prominent Trend - Transforming The Bulk Petroleum And Chemical Storage Market With Advanced Technologies
Technological advancement is a key trend gaining popularity in the bulk petroleum and chemical storage market. Major companies operating in the bulk petroleum and chemical storage market are focused on developing innovative solutions to strengthen their position in the market. For instance, in November 2022, Eddyfi Technologies, a Canada-based advanced non-destructive testing (NDT) solutions company, launched FloormapX, the most efficient tool for storage tank floor inspection. It is the latest multi-technology magnetic flux leakage (MFL) array scanner that enables operators to rapidly spot corrosion and pitting on the floor of the top and bottom array tanks. It can brilliantly deal with thick plates and coatings and offers an unmatched chance of detection, including in the critical zone. Additionally, it can also be used in full floor mapping or FreescanTM mode, and it increases efficiency when inspecting tank bottoms like no other system.
Bulk Petroleum And Chemical Storage Market Players
Major companies operating in the bulk petroleum and chemical storage market report are 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., McDermott International 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 .
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Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the bulk petroleum and chemical storage market in 2023 and is expected to be the fastest-growing region in the bulk petroleum and chemical storage market report during the forecast period. The regions covered in the bulk petroleum and chemical storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Bulk Petroleum And Chemical Storage Market Report Structure
3. Bulk Petroleum And Chemical Storage Market Trends And Strategies
4. Bulk Petroleum And Chemical Storage Market - Macro Economic Scenario
5. Bulk Petroleum And Chemical Storage Market Size And Growth
…..
27. Bulk Petroleum And Chemical Storage Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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