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Comprehensive Bulk Petroleum And Chemical Storage Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Bulk Petroleum And Chemical Storage Market Size
The bulk petroleum and chemical storage market is predicted to witness growth due to anticipated higher demand for crude oil supply. Defined as a blend of hydrocarbons found in liquid form in naturally occurring underground reservoirs, crude oil remains liquid at atmospheric pressure following passage through surface separation facilities. The escalating consumption of crude oil products, including petroleum, oil, and gas, is sparking an elevated need for storage, which will subsequently augment the demand in the bulk petroleum and chemical storage market. For example, the U.S. Energy Information Administration, a government agency, revealed in March 2023 that US crude oil exports in 2022 averaged 3.6 million barrels per day (b/d). This is a 22% (640,000 b/d) rise compared to 2021, indicating that the escalating demand for crude oil supply will act as a catalyst for the growth in the bulk petroleum and chemical storage market.
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How will the growth rate of the bulk petroleum and chemical storage market shape industry trends by 2034?
The market size of the bulk petroleum and chemical storage segment has seen a significant surge in recent times. The market, from $39.77 billion in 2024, is set to rise to $42.9 billion in 2025, representing a compound annual growth rate (CAGR) of 7.9%. This robust growth observed in the past period is due to a number of factors, including global economic growth and industrialisation, an increase in petroleum and chemical production, strategic petroleum stockpiling, expansion of refining and petrochemical industries, and worldwide trade and maritime transportation.
It is anticipated that the market size of bulk petroleum and chemical storage will experience robust growth in the coming years, expanding to $55.48 billion in 2029, with a compound annual growth rate (CAGR) of 6.6%. This projected growth during the forecast period can be credited to the shift towards more environmentally friendly energy sources, enhanced inventory management strategies and optimization of the supply chain, increasing environmental regulation stringency, emphasis on safety and risk reduction, and rising demand from emerging markets and regions. Key trends during this forecast period will involve a move towards sustainable storage solutions, security upgrades, increased adaptability in storage infrastructure, strategic alliances and cooperation, and strategic planning for potential supply chain disruptions.
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What trends are poised to drive the future success of the bulk petroleum and chemical storage market?
The growth of technology is a significant trend gaining momentum in the bulk petroleum and chemical storage sector. Many leading companies in this sector are concentrating on the creation of novel solutions to fortify their market presence. Take, for example, Eddyfi Technologies, an advanced non-destructive testing (NDT) solutions firm based out of Canada, who in November 2022, introduced FloormapX, the most proficient tool for inspecting storage tank flooring. The device, which is a cutting-edge multi-technology magnetic flux leakage (MFL) array scanner, allows operators to quickly identify corrosion and pitting on both the top and bottom array tanks' floors. It is highly capable of handling thick plates and coatings while providing an unparalleled detection opportunity, even in crucial areas. Furthermore, it can also be utilized for full floor mapping or in Freescan mode, significantly increasing efficiency during tank bottom inspections unlike any other system available.
Which primary segments of the bulk petroleum and chemical storage market are driving growth and industry transformations?
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
Subsegments:
1) By Metal: Carbon Steel, Stainless Steel, Aluminum, Other Alloys
2) By Carbon Fiber: Reinforced Carbon Fiber, Composite Structures
3) By Glass Fiber: Glass Reinforced Plastic (GRP), Fiber Reinforced Polymer (FRP)
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Which geographical regions are pioneering growth 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 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
Who are the influential players reshaping the bulk petroleum and chemical storage market landscape?
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
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What Is Covered In The Bulk Petroleum And Chemical Storage Global Market Report?
• Market Size Forecast: Examine the bulk petroleum and chemical storage market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the bulk petroleum and chemical storage market for a structured understanding.
• Key Players Overview: Analyze major players in the bulk petroleum and chemical storage market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the bulk petroleum and chemical storage market.
• Segment Contributions: Evaluate how different segments drive overall growth in the bulk petroleum and chemical storage market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the bulk petroleum and chemical storage market.
• Industry Challenges: Identify potential risks and obstacles affecting the bulk petroleum and chemical storage market.
• Competitive Landscape: Review strategic developments in the bulk petroleum and chemical storage market, including expansions, agreements, and new product launches.
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