Bulk petroleum and chemical storage refers to the facilities and infrastructure designed to store large quantities of petroleum products and chemicals. The storage tanks used for bulk petroleum and chemical storage are typically constructed to stringent safety standards to prevent leaks, spills and other environmental hazards.
The bulk petroleum and chemical storage market consists of sales by entities (organizations, sole traders and partnerships), of bulk petroleum and chemical storage for large quantities of petroleum products and various chemicals.
The global bulk petroleum and chemical storage market was valued at $28,845.6 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 4.0%.
Increasing Industrialization
During the historic period, increasing industrialization and growth in the manufacturing sector supported the growth of the bulk petroleum and chemical storage market. As nations underwent rapid industrial expansion, there was a parallel surge in the production and consumption of petroleum products and chemicals across diverse sectors such as manufacturing, transportation and others. This heightened industrial activity necessitated efficient and reliable storage solutions to accommodate the growing volumes of petroleum and chemicals. For instance, according to the United Nations Industrial Development Organization (UNIDO), global manufacturing production increased by 9.4% in 2021. Further, according to Goldman Sachs, a US-based investment banking company, the Indian manufacturing sector experienced growth of 210% in the fiscal year 2021-2022, compared to the fiscal year 2020-21, as well as a substantial increase in new investment and ordering activity. Compared to 2019-20, the manufacturing sector saw a 460% increase in 2021-22. Therefore, increasing industrialization drove the growth of the bulk petroleum and chemical storage market.
Focus On Using Sensors For Monitoring Storage Tanks
Companies operating in the bulk petroleum and chemical storage market are focusing on using sensors for monitoring storage tanks. The sensors are used to gather real-time data on various parameters such as temperature, pressure, level and density of stored liquids. This data enables operators to monitor the condition of tanks, detect potential leaks or malfunctions and optimize inventory management. For instance, in April 2024, Anova, a US-based company that provides remote monitoring of industrial assets, launched its new tank monitor, with a radar-level sensor. This cutting-edge technology is gaining traction in the industrial sector, particularly among companies handling liquids in intermediate bulk containers (IBCs). It is anticipated to drastically reduce container waste, while streamlining tracking and management processes.
The global bulk petroleum and chemical storage market is concentrated, with a small number of large players dominating the market. The top ten competitors in the market made up 41.72% of the total market in 2022.
Bulk Petroleum And Chemical Storage Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global bulk petroleum and chemical storage market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for bulk petroleum and chemical storage? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The bulk petroleum and chemical storage market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider bulk petroleum and chemical storage market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics- Brief introduction to the segmentations covered in the market, definitions, and explanations about the segment by material type, by application and by storage type market.
- Key Trends- Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macro-Economic Scenario- The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the bulk petroleum and chemical storage market.
- Global Market Size And Growth- Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis- Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation- Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by material type, by application and by storage type in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size and Growth- Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
- Competitive Benchmarking- Briefs on the financials comparison between major players in the market.
- Competitive Dashboard- Briefs on competitive dashboard of major players.
- Key Mergers and Acquisitions- Information on recent mergers and acquisitions in the market is covered in the report. This section gives key financial details of mergers and acquisitions which have shaped the market in recent years.
- Market Opportunities And Strategies- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations- This section includes recommendations for bulk petroleum and chemical storage providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Material Type: Metal; Carbon Fiber; Glass Fiber; Other Material Types
- 2) By Application: Fuel Storage Tank; Chemical Storage Tank
- 3) By Storage Type: Open Top Tanks; Fixed Roof Tanks; Floating Roof Tanks; Other Storage Types
- Companies Mentioned: Vitol Tank Terminals International BV; Oiltanking GmbH; BASF SE; Phillips 66 Company; Shawcor Ltd
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; Italy; Spain; UK; Russia
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; bulk petroleum and chemical storage indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.