Major players in the bulk petroleum and chemical storage market are Vitol Tank Terminals International BV (VTTI), 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., and McDermott International Inc.
The global bulk petroleum and chemical storage market is expected to grow from $33.87 billion in 2022 to $36.50 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The bulk petroleum and chemical storage market is expected to reach $47.72 billion in 2027 at a CAGR of 6.9%.
The bulk petroleum and chemical storage market includes of revenues earned by entities by providing supply chain services, warehousing, distribution, transportation, and inventory management services.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
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.
Asia-Pacific was the largest region in the bulk petroleum and chemical storage market in 2022, and is expected to be the fastest-growing region in the forecast period. The regions covered in bulk petroleum and chemical storage report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of materials used in bulk petroleum and chemical storage are metal, carbon fiber, and glass fiber.Metal is a sort of solid material that is typically hard and shiny and can conduct heat and electricity.
It includes various types of storage, that involved open-top tanks, fixed-roof tanks, and floating-roof tanks, which are used in several applications including fuel storage tanks and chemical storage tanks.
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.
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.
In June 2021, Energi Asia, a United Arab Emirates-based oil and gas infrastructure investment company, acquired the assets of Bulk Terminal Storage from Oiltanking for an undisclosed amount.With this acquisition, Energi Asia shows its continued dedication to improving its infrastructure on the African continent and serving customers with requirements for both conventional and alternative fuel storage.
Oiltanking is a Germany-based company that specializes in tank storage logistics services as a provider of tank terminals for petroleum products, chemicals, and gases.
The countries covered in the bulk petroleum and chemical storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The bulk petroleum and chemical storage market research report is one of a series of new reports that provides bulk petroleum and chemical storage market statistics, including bulk petroleum and chemical storage industry global market size, regional shares, competitors with a bulk petroleum and chemical storage market share, detailed bulk petroleum and chemical storage market segments, market trends and opportunities, and any further data you may need to thrive in the bulk petroleum and chemical storage industry. This bulk petroleum and chemical storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.