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2025-2034 Bulk Petroleum And Chemical Storage Market Evolution: Disruptions, Innovations, and Untapped Opportunities
Bulk Petroleum And Chemical Storage Market
What Is the Expected CAGR for the Bulk Petroleum And Chemical Storage Market Through 2025?
The market size for bulk petroleum and chemical storage has experienced substantial growth in the past few years. The market is projected to increase from $39.77 billion in 2024 to $42.9 billion in 2025, witnessing a compound annual growth rate (CAGR) of 7.9%. The growth observed in the historic period is a result of global economic growth and industrialization, an increase in petroleum and chemical production, a rise in strategic petroleum reserves and stockpiling, an expansion in the refining and petrochemical industries, along with the growth in global trade and maritime transportation.
What's the Projected Size of the Global Bulk Petroleum And Chemical Storage Market by 2029?
The market size of the bulk petroleum and chemical storage industry is forecasted to witness robust growth in the forthcoming years, expanding to $55.48 billion in 2029 with a compound annual growth rate (CAGR) of 6.6%. The projected growth during this period can be traced to the shift towards cleaner energy sources, advanced inventory management and supply chain fine-tuning, intensifying environmental guidelines, prioritization of safety and risk containment, and demand from budding markets and regions. Predominant trends expected in this period include a lean towards environmentally friendly storage solutions, enhancements in security, malleability in storage infrastructure, strategic alliances and teamwork, and contingency planning for supply chain disruptions.
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Top Growth Drivers in the Bulk Petroleum And Chemical Storage Industry: What's Accelerating the Market?
The bulk petroleum and chemical storage market's growth is projected to be fueled by a surge in the need for crude oil supply. Crude oil is a combination of hydrocarbures found in the liquid state in naturally existing underground reservoirs and remains in liquid form after being processed through surface separating facilities at atmospheric pressure. The escalating consumption of crude oil products such as petroleum, oil, and gas is leading to a rise in the need for storage, thereby enhancing the demand for the bulk petroleum and chemical storage market. For example, the US Energy Information Administration, a government agency based in the US, revealed in March 2023 that in 2022, the US exported an average of 3.6 million barrels of crude oil per day. This represents a 22% rise (640,000 b/d) over the 2021 figures. Thus, a heightened demand for crude oil supply will propel the bulk petroleum and chemical storage market.
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What Trends Will Shape the Bulk Petroleum And Chemical Storage Market Through 2029 and Beyond?
Advancements in technology are becoming a pivotal trend in the bulk petroleum and chemical storage market. Key players in this market are prioritizing the creation of groundbreaking solutions to cement their market dominance. In a recent development from November 2022, Eddyfi Technologies, a company that specializes in advanced non-destructive testing (NDT) solutions based in Canada, introduced FloormapX, a high-performance instrument for storage tank floor analysis. This cutting-edge multi-technology magnetic flux leakage (MFL) array scanner enables operators to quickly identify corrosion and pitting on tank floors in a top and bottom array configuration. Its unique ability to handle thick plates and coatings, as well as its unparalleled detection capabilities - even in priority areas - set it apart. This system can also be used for full floor mapping or Freescan mode, enhancing efficiency in tank bottom inspections in a way that no other system can.
What Are the Main Segments in the Bulk Petroleum And Chemical Storage Market?
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 Top Companies are Driving Growth in 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
Which Regions Will Dominate the Bulk Petroleum And Chemical Storage Market Through 2029?
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
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