Bulk Petroleum and Chemical Storage Global Market Report 2024

The bulk petroleum and chemical storage market size has grown strongly in recent years. It will grow from $36.44 billion in 2023 to $39.11 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed in the historical period can be attributed to several factors, including global economic expansion and industrialization, an increase in petroleum and chemical production, the establishment of strategic petroleum reserves and stockpiling initiatives, the expansion of refining and petrochemical industries, and the growth in 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 $51.28 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. Anticipated growth in the upcoming period can be attributed to several factors, notably the transition towards cleaner energy sources, strategic management of inventories and optimization of supply chains, the heightened stringency of environmental regulations, a significant emphasis on safety measures and risk mitigation strategies, and growing demand from emerging markets and regions. Key trends expected in the forecast period encompass a shift towards sustainable storage solutions, enhancements in security measures, increased flexibility in storage infrastructure, the formation of strategic partnerships and collaborations, and the development of resilience plans to address potential disruptions in the supply chain.

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 2021, Energi Asia, a United Arab Emirates-based oil and gas infrastructure investment company, executed a strategic acquisition by purchasing the assets of Bulk Terminal Storage from Oiltanking for an undisclosed amount. This move exemplifies Energi Asia's ongoing commitment to enhancing infrastructure on the African continent and catering to customer needs for both conventional and alternative fuel storage. Oiltanking, the seller in this transaction, is a Germany-based company specializing in tank storage logistics services and is recognized as a provider of tank terminals for petroleum products, chemicals, and gases. This acquisition further positions Energi Asia as a key player in the bulk petroleum and chemical storage market, aligning with the company's strategic goals for expansion and service diversification.

Major companies operating in the bulk petroleum and chemical storage market report are 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., McDermott International 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 2023 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 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 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 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.


This product will be delivered within 3-5 business days.