Press release
Bulk Petroleum And Chemical Storage Market to Record 7% CAGR Growth Through 2029 | Global Analysis Report
Bulk Petroleum And Chemical Storage
Bulk Petroleum And Chemical Storage Market Outlook: How is the Market Expected to Grow by 2025?
In recent years, there has been significant expansion in the market size for bulk petroleum and chemical storage. The market is forecasted to increase from $34.54 billion in 2024 to $36.87 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. The remarkable growth observed during the historic phase can be linked to factors such as worldwide economic progression and industrialization, an upswing in petroleum and chemical production, strategic petroleum stockpiles and reserves, the enlargement of refining and petrochemical sectors, and international trade and maritime transportation.
Bulk Petroleum And Chemical Storage Market Forecast: What Size Will It Reach By 2029?
The market size for bulk petroleum and chemical storage is projected to witness considerable growth in the coming years, advancing to $48.38 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 7.0%. The expected expansion during the forecast period can be ascribed to factors such as the switch to greener energy options, effective inventory control and enhancement of supply chain efficiency, heightened environmental regulation strictness, emphasis on safety measures and risk reduction, and demand surge from growing markets and areas. Key trends over the projected period include a shift towards eco-friendly storage methods, bolstered security measures, infrastructural flexibility in storage, strategic alliances and cooperative efforts, and development of robust plans to combat supply chain interruptions.
Explore The Complete Report Now:
https://www.thebusinessresearchcompany.com/report/bulk-petroleum-and-chemical-storage-global-market-report
Which Key Market Drivers Will Shape Bulk Petroleum And Chemical Storage Industry Trends in 2025-2029?
The surge in crude oil supply demand is predicted to stimulate expansion in the bulk petroleum and chemical storage market. Crude oil is a compound of hydrocarbons that exist in liquid form in natural underground reservoirs and remains in liquid state under atmospheric pressure after processing through surface separation facilities. The growing use of crude oil products like petroleum, oil, and gas has led to a rise in storage needs, therefore instigating demand for the bulk petroleum and chemical storage market. For instance, the US Energy Information Administration, a government agency, revealed in March 2023 that in 2022, US crude oil exports had an average of 3.6 million barrels per day (b/d). This implies a 22% (640,000 b/d) increase in US crude oil shipments compared to 2021. As such, a rise in the need for crude oil supply is expected to spur the growth of the bulk petroleum and chemical storage market.
Get Free Sample Report Here:
https://www.thebusinessresearchcompany.com/sample.aspx?id=9785&type=smp
What Are the High-Growth Segments in the Bulk Petroleum And Chemical Storage Market?
The bulk petroleum and chemical storage market covered in this report is segmented -
1) By Material Type: Metal, Carbon Fiber, Glass Fiber
2) By Storage Type: Open Top Tanks, Fixed Roof Tanks, Floating Roof Tanks
3) By Application: Fuel Storage Tank, Chemical Storage Tank
Subsegments:
1) By Metal: Carbon Steel, Stainless Steel, Aluminum, Other Alloys
2) By Carbon Fiber: Reinforced Carbon Fiber, Composite Structures
3) By Glass Fiber: Glass Reinforced Plastic (GRP), Fiber Reinforced Polymer (FRP)
Which Global Trends Are Driving Bulk Petroleum And Chemical Storage Market Expansion?
The bulk petroleum and chemical storage market is increasingly being shaped by technological innovations, a trend that's catching on quickly. To bolster their market positions, leading companies in this sector are striving to introduce ground-breaking solutions. Eddyfi Technologies, an advanced non-destructive testing (NDT) solutions firm based in Canada, launched FloormapX in November 2022. This state-of-the-art, multi-technology magnetic flux leakage (MFL) array scanner is hailed as the most effective tool for inspecting storage tank floors. It gives operators the ability to swiftly identify corrosion and pitting on both the top and bottom array tanks' floors. FloormapX excels at managing thick plates and coatings, providing an unparalleled probability of detection, even in critical areas. Additionally, it can serve full floor mapping or operate in Freescan mode, enhancing efficiency in inspecting tank bottoms like no other system in the market.
Customize Your Insights And Get The Full Report Here:
https://www.thebusinessresearchcompany.com/customise?id=9785&type=smp
Who Are the Fastest-Growing Companies in the Bulk Petroleum And Chemical Storage 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
What Is the Regional Outlook for the Bulk Petroleum And Chemical Storage Market by 2029?
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
Speak With Our Expert:
Saumya Sahay,
Americas: +1 310-496-7795,
Asia: +44 7882 955267 & +91 8897263534,
Europe: +44 7882 955267,
Email: saumyas@tbrc.info
The Business Research Company - www.thebusinessresearchcompany.com
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Bulk Petroleum And Chemical Storage Market to Record 7% CAGR Growth Through 2029 | Global Analysis Report here
News-ID: 4258332 • Views: …
More Releases from The Business Research Company
Key Strategic Developments and Emerging Changes Shaping the Transport Market Lan …
The transport industry is set for considerable expansion over the coming years, driven by several global economic and technological factors. As urban areas grow and environmental priorities shift, this sector is adapting rapidly to meet new demands and opportunities. Let's explore how the transport market is expected to evolve, the key players involved, emerging trends, and the major segments shaping its future.
Projected Growth and Scale of the Transport Market …
Future Prospects: Key Trends Shaping the Electrolyzers Market Until 2029
The electrolyzers market is positioned for remarkable expansion in the coming years, driven by several emerging sectors and technological innovations. As the global focus on sustainable energy intensifies, electrolyzers are becoming increasingly critical in various applications, paving the way for substantial growth and development in this industry. Let's explore the market's size, the key players involved, prevailing trends, and the segmentation shaping its future.
Projected Growth and Market Size of the…
Emerging Sub-Segments Transforming the Commercial Catering Equipment Market Land …
The commercial catering equipment market is gearing up for considerable growth as demand intensifies across various sectors of the food service industry. With evolving consumer preferences and technological advancements, this market is set to expand significantly, providing new opportunities and innovations that cater to modern commercial kitchen needs. Let's explore the market size, key players, prevailing trends, and the leading segments shaping this sector.
Projected Market Growth and Size for Commercial…
Market Trend Analysis: The Impact of Recent Innovations on the Land Survey Equip …
The land survey equipment market is on track for significant expansion, driven by growing infrastructure needs and technological advancements. As urban areas develop and environmental concerns become more prominent, this market is expected to evolve rapidly. Below, we explore its current size, key players, influential trends, and detailed segmentation to provide a comprehensive view of this dynamic industry.
Projected Growth Trajectory of the Land Survey Equipment Market
The land survey…
More Releases for Petroleum
Green Petroleum Coke and Calcined Petroleum Coke Market : An Overview
Introduction:
Green petroleum coke (GPC) and calcined petroleum coke (CPC) are key by-products of the oil refining process. GPC, a carbon-rich material, is used primarily as a fuel in industries such as power generation and cement manufacturing. When subjected to high temperatures, GPC is transformed into CPC, which finds applications in aluminum smelting, steel manufacturing, and titanium dioxide production. Both materials are critical in various industrial processes due to their high…
Green Petroleum Coke and Calcined Petroleum Coke Market : An Overview
Introduction:
The green petroleum coke (GPC) and calcined petroleum coke (CPC) market is a critical segment of the global energy and materials industries. Green petroleum coke, a byproduct of crude oil refining, is an unprocessed carbon material used in various industrial applications. Calcined petroleum coke, produced by heating GPC at high temperatures, is primarily used in aluminum smelting, steel manufacturing, and chemical processes. With increasing demand for energy and industrial materials,…
Petroleum Jelly Petroleum Jelly Market Innovative Strategy by 2031 | Major Giant …
Petroleum Jelly Market: Introduction
Transparency Market Research delivers key insights on the global petroleum jelly market. In terms of value, the global petroleum jelly market is expected to expand at a CAGR of 4.26% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global petroleum jelly market.
Get a Sample Copy of the Report: https://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=72726
Petroleum jelly is used in the…
Global Liquefied Petroleum Gas Market 2020 Business Strategies – Chevron Corpo …
The market report titled “Liquefied Petroleum Gas Market By Source (Refinery, Associated Gas, and Non-Associated Gas) and By End-User (Residential & Commercial, Petrochemical & Refineries, Industrial, and Transportation): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” and published by Zion Market Research will put forth a systematizedevaluation of the vital facets of the global Liquefied Petroleum Gas Market market. The report willfunction as a medium for the better assessment of…
Natural Gas Market to Witness Huge Growth by 2025 | Qatar Petroleum, Sempra Ener …
The Global Natural Gas Market has witnessed continuous growth in the past few years and may grow further during the forecast period (2019-2025). The assessment provides a 360° view and insights, outlining the key outcomes of the industry, current scenario witnesses a slowdown and study aims to unique strategies followed by key players. These insights also help the business decision-makers to formulate better business plans and make informed decisions for…
Petroleum Coke Market Players British Petroleum, Marathon Petroleum Corporation
Introduction:
Petroleum coke or petcoke, a solid rock material is a byproduct of crude oil refining and other cracking processes. Although a refining byproduct, petroleum coke is considered as a valued commodity since 2008, all over the world. Crude oil remained after separating other valuable petroleum products from refining process such as diesel, lubricants, waxes, etc. can be processed further in cokers or other cracking processes to produce petroleum coke. Different…
