Bulk Petroleum and Chemical Storage Market 2024-2029: Growth Trends and Forecast Overview
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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