Bulk Petroleum and Chemical Storage Global Market Opportunities and Strategies to 2033

This report describes and explains the bulk petroleum and chemical storage market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global bulk petroleum and chemical storage market reached a value of nearly $36.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 4.7% since 2018. The market is expected to grow from $36.4 billion in 2023 to $51.6 billion in 2028 at a rate of 7.2%. The market is then expected to grow at a CAGR of 6.5% from 2028 and reach $70.7 billion in 2033.

Growth in the historic period resulted from the increasing industrialization, increased production and consumption of chemicals, growth of the transportation sector and strong economic growth in emerging markets. Factors that negatively affected growth in the historic period were overcapacity and market volatility.

Going forward, the increase in demand for crude oil, growing demand for energy production, increasing international trade and increasing infrastructure investment will drive the market. Factors that could hinder the growth of the bulk petroleum and chemical storage market in the future include environmental concerns.

The bulk petroleum and chemical storage market is segmented by material type into metal, carbon fiber, glass fiber and other material types. The metal market was the largest segment of the bulk petroleum and chemical storage market segmented by material type, accounting for 61.2% or $22.2 billion of the total in 2023. Going forward, the other material types segment is expected to be the fastest growing segment in the bulk petroleum and chemical storage market segmented by material type, at a CAGR of 9.6% during 2023-2028.

The bulk petroleum and chemical storage market is segmented by application into fuel storage tank and chemical storage tank. The fuel storage tank market was the largest segment of the bulk petroleum and chemical storage market segmented by application, accounting for 66% or $24 billion of the total in 2023. Going forward, the chemical storage tank segment is expected to be the fastest growing segment in the bulk petroleum and chemical storage market segmented by application, at a CAGR of 8% during 2023-2028.

The bulk petroleum and chemical storage market is segmented by storage type into open top tanks, fixed roof tanks, floating roof tanks and other storage types. The fixed roof tanks market was the largest segment of the bulk petroleum and chemical storage market segmented by storage type, accounting for 48.4% or $17.6 billion of the total in 2023. Going forward, the floating roof tanks segment is expected to be the fastest growing segment in the bulk petroleum and chemical storage market segmented by storage type, at a CAGR of 8.7% during 2023-2028.

Asia-Pacific was the largest region in the bulk petroleum and chemical storage market, accounting for 37.2% or $13.5 billion of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the bulk petroleum and chemical storage market will be South America and Africa, where growth will be at CAGRs of 14.4% and 11.7% respectively. These will be followed by the Middle East and Asia-Pacific, where the markets are expected to grow at CAGRs of 11.6% and 7.1% respectively.

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. Vitol Tank Terminals International BV was the largest competitor with a 37.40% share of the market, followed by Oiltanking GmbH with 2.41%, BASF SE with 1.05%, Phillips 66 Company with 0.33%, Shawcor Ltd. with 0.14%, Kinder Morgan Inc. with 0.13%, Schneider National Inc. with 0.09%, Buckeye Partners L.P. with 0.07%, Inter Pipeline Ltd. with 0.07% and NuStar Energy L.P. with 0.04%.

The top opportunities in the bulk petroleum and chemical storage market segmented by material type will arise in the metal segment, which will gain $8.1 billion of global annual sales by 2028. The top opportunities in the bulk petroleum and chemical storage market segmented by storage type will arise in the fixed roof tanks segment, which will gain $6.5 billion of global annual sales by 2028. The top opportunities in the bulk petroleum and chemical storage market segmented by application will arise in the fuel storage tank segment, which will gain $9.5 billion of global annual sales by 2028. The bulk petroleum and chemical storage market size will gain the most in the USA at $3.4 billion.

Market-trend-based strategies for the bulk petroleum and chemical storage market include focus on using sensors for monitoring storage tanks, strategic collaborations and partnerships and focus on capacity expansion and optimization efforts in storage facilities.

Player-adopted strategies in the bulk petroleum and chemical storage market include focus on enhancing operational capabilities through expanding storage capacities, advancing storage operations through strategic acquisitions and enhancing operational capabilities through production capacity expansions.

To take advantage of the opportunities, the analyst recommends bulk petroleum and chemical storage companies to focus on sensor technology for enhanced storage monitoring, focus on investment in new storage facilities for market expansion, focus on metal and carbon fiber segments, focus on floating roof tanks, expand in emerging markets, focus on strategic collaborations for market expansion, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on crude oil companies.