PUBLISHER: The Business Research Company | PRODUCT CODE: 1662904
PUBLISHER: The Business Research Company | PRODUCT CODE: 1662904
Bulk petroleum and chemical storage involve the accumulation, containment, and handling of petroleum products and chemicals before distribution to end-users. The choice of storage tank structure and materials is contingent upon the intended purpose and aligning with environmental, safety, and regulatory requisites of the storage site.
The primary materials utilized in bulk petroleum and chemical storage encompass metal, carbon fiber, and glass fiber. Metal refers to a solid substance typically known for its durability, shiny appearance, and conductivity of heat and electricity. Various types of storage tanks are constructed using these materials, such as open-top tanks, fixed-roof tanks, and floating-roof tanks. These tanks find applications across fuel storage and chemical storage purposes.
The bulk petroleum and chemical storage market research report is one of a series of new reports from The Business Research Company 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.
The bulk petroleum and chemical storage market size has grown strongly in recent years. It will grow from $39.77 billion in 2024 to $42.9 billion in 2025 at a compound annual growth rate (CAGR) of 7.9%. The growth in the historic period can be attributed to global economic growth and industrialization, rise in petroleum and chemical production, strategic petroleum reserves and stockpiling, expansion of refining and petrochemical industries, global trade and maritime transportation.
The bulk petroleum and chemical storage market size is expected to see strong growth in the next few years. It will grow to $55.48 billion in 2029 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to transition to cleaner energy sources, strategic inventory management and supply chain optimization, increasing stringency of environmental regulations, focus on safety and risk mitigation, demand from emerging markets and regions. Major trends in the forecast period include shift toward sustainable storage solutions, security enhancements, flexibility in storage infrastructure, strategic partnerships and collaborations, resilience planning for supply chain disruptions.
The anticipated increase in crude oil demand is poised to drive the growth of the bulk petroleum and chemical storage market. Crude oil, a mixture of hydrocarbons found in liquid form in underground reservoirs, remains liquid at atmospheric pressure post-surface separating processes. The rising consumption of crude oil products, including petroleum, oil, and gas, is leading to an increased need for storage solutions. In March 2023, the US Energy Information Administration reported that US crude oil exports averaged 3.6 million barrels per day in 2022, representing a 22% increase (640,000 b/d) compared to 2021. This surge in crude oil demand underscores the role of the bulk petroleum and chemical storage market in meeting the growing storage requirements.
The growing demand for energy is expected to be a key driver for the bulk petroleum and chemical storage market. As industries expand, economies grow, and energy demand rises, there is an increasing need for efficient storage solutions for petroleum and chemical products. Bulk storage facilities play a crucial role in meeting this escalating demand by providing secure and organized storage for large quantities of these essential commodities. According to the Energy Information Administration, energy usage in the US industrial sector was projected to rise by 5% to 32% between 2022 and 2050, emphasizing the role of bulk storage in supporting the energy sector's storage needs.
Technological advancement emerges as a notable trend in the bulk petroleum and chemical storage market, with major companies focusing on innovative solutions to strengthen their market positions. In November 2022, Eddyfi Technologies, a Canada-based advanced non-destructive testing (NDT) solutions company, introduced FloormapX. This advanced tool for storage tank floor inspection is a multi-technology magnetic flux leakage (MFL) array scanner, providing efficient detection of corrosion and pitting on the floors of top and bottom array tanks. FloormapX is designed to handle thick plates and coatings, offering unmatched detection capabilities, including in critical zones. Its versatility in full floor mapping or Freescan mode enhances efficiency during tank bottom inspections, marking a significant technological advancement in the bulk petroleum and chemical storage market.
Prominent companies in the bulk petroleum and chemical storage market are placing a strategic focus on innovative products, with a notable example being the integration of autonomous robots for tank inspections. Autonomous robots are advanced robotic systems designed for in-service above-ground storage tank inspections, providing a cutting-edge solution for the industry. In September 2023, Square Robot, Inc., a US-based leader in robotic tank inspections, introduced its Autonomous robot. This innovative robotic technology has significantly enhanced the efficiency and reliability of tank inspections in the petroleum and chemical storage sector. By utilizing autonomous robots, Square Robot achieved a noteworthy environmental benefit, preventing the production of nearly six tons of carbon dioxide (CO2) that would typically be emitted when a fuel oil tank needs to be taken out of operation for inspection. This underscores the environmental sustainability and operational advantages offered by autonomous robot technology in tank inspections.
In June 2022, Kenan Advantage Group (KAG), a US-based provider of logistics and transportation services, acquired PetroLog for an undisclosed amount. This acquisition allows KAG Logistics to enhance its service offerings, broaden its geographic reach, and improve operational efficiencies. PetroLog, also a US-based company, specializes in storage solutions specifically designed for the oil and gas 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
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
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, Canada, Italy, Spain.
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.
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.
Bulk Petroleum And Chemical Storage Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on bulk petroleum and chemical storage market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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 historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.