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Bulk Petroleum And Chemical Storage Market to Record 7% CAGR Growth Through 2029 | Global Analysis Report
Bulk Petroleum And Chemical Storage
Bulk Petroleum And Chemical Storage Market Outlook: How is the Market Expected to Grow by 2025?
In recent years, there has been significant expansion in the market size for bulk petroleum and chemical storage. The market is forecasted to increase from $34.54 billion in 2024 to $36.87 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. The remarkable growth observed during the historic phase can be linked to factors such as worldwide economic progression and industrialization, an upswing in petroleum and chemical production, strategic petroleum stockpiles and reserves, the enlargement of refining and petrochemical sectors, and international trade and maritime transportation.
Bulk Petroleum And Chemical Storage Market Forecast: What Size Will It Reach By 2029?
The market size for bulk petroleum and chemical storage is projected to witness considerable growth in the coming years, advancing to $48.38 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 7.0%. The expected expansion during the forecast period can be ascribed to factors such as the switch to greener energy options, effective inventory control and enhancement of supply chain efficiency, heightened environmental regulation strictness, emphasis on safety measures and risk reduction, and demand surge from growing markets and areas. Key trends over the projected period include a shift towards eco-friendly storage methods, bolstered security measures, infrastructural flexibility in storage, strategic alliances and cooperative efforts, and development of robust plans to combat supply chain interruptions.
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Which Key Market Drivers Will Shape Bulk Petroleum And Chemical Storage Industry Trends in 2025-2029?
The surge in crude oil supply demand is predicted to stimulate expansion in the bulk petroleum and chemical storage market. Crude oil is a compound of hydrocarbons that exist in liquid form in natural underground reservoirs and remains in liquid state under atmospheric pressure after processing through surface separation facilities. The growing use of crude oil products like petroleum, oil, and gas has led to a rise in storage needs, therefore instigating demand for the bulk petroleum and chemical storage market. For instance, the US Energy Information Administration, a government agency, revealed in March 2023 that in 2022, US crude oil exports had an average of 3.6 million barrels per day (b/d). This implies a 22% (640,000 b/d) increase in US crude oil shipments compared to 2021. As such, a rise in the need for crude oil supply is expected to spur the growth of the bulk petroleum and chemical storage market.
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What Are the High-Growth 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)
Which Global Trends Are Driving Bulk Petroleum And Chemical Storage Market Expansion?
The bulk petroleum and chemical storage market is increasingly being shaped by technological innovations, a trend that's catching on quickly. To bolster their market positions, leading companies in this sector are striving to introduce ground-breaking solutions. Eddyfi Technologies, an advanced non-destructive testing (NDT) solutions firm based in Canada, launched FloormapX in November 2022. This state-of-the-art, multi-technology magnetic flux leakage (MFL) array scanner is hailed as the most effective tool for inspecting storage tank floors. It gives operators the ability to swiftly identify corrosion and pitting on both the top and bottom array tanks' floors. FloormapX excels at managing thick plates and coatings, providing an unparalleled probability of detection, even in critical areas. Additionally, it can serve full floor mapping or operate in Freescan mode, enhancing efficiency in inspecting tank bottoms like no other system in the market.
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Who Are the Fastest-Growing Companies in the Bulk Petroleum And Chemical Storage Industry?
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 Is the Regional Outlook for the Bulk Petroleum And Chemical Storage Market by 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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