The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

An increase in crude oil supply demand is likely to stimulate innovation in bulk petroleum and chemical storage production, propelling the market during the forecast period.

The global bulk petroleum and chemical storage market is expected to grow from $33.87 billion in 2022 to $36.50 billion in 2023 at a compound annual growth rate (CAGR) of 7.8%. The global bulk petroleum and chemical storage market size is expected to reach $47.72 billion in 2027 at a CAGR of 6.9%.

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Global Bulk Petroleum And Chemical Storage Market Segments Include:

• By Material Type: Metal, Carbon Fiber, Glass Fiber
• By Storage Type: Open Top Tanks, Fixed Roof Tanks, Floating Roof Tanks
• By Application: Fuel Storage Tank, Chemical Storage Tank
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global bulk petroleum and chemical storage market in 2021.

Major Market Players in the bulk petroleum and chemical storage market include Vitol Tank Terminals International BV (VTTI), Royal Vopak N.V., Buckeye Partners, Shawcor Ltd., Containment Solutions Inc., CST Industries Inc., Superior Tank Inc.

Technological progress is a prevalent trend in the bulk petroleum and chemical storage sector. Major players in the bulk petroleum and chemical storage markets are focusing on developing novel solutions to increase their market position. Eddyfi Technologies, a Canada-based advanced non-destructive testing (NDT) solutions firm, for example, launched FloormapX, the most efficient tool for storage tank floor inspection, in November 2022. It is the most recent multi-technology magnetic flux leakage (MFL) array scanner, allowing operators to quickly detect corrosion and pitting on the top and bottom array tanks’ floors. It works well with thick plates and coatings and provides an unrivalled possibility of detection, even in vital zones. It can also be used in complete floor mapping or FreescanTM mode, increasing efficiency while inspecting tank bottoms like no other system.

The Bulk Petroleum And Chemical Storage Global Market Report 2023 provides a bulk petroleum and chemical storage market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The bulk petroleum and chemical storage market forecast analyzes bulk petroleum and chemical storage market size, bulk petroleum and chemical storage market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Bulk petroleum and chemical storage is the collection, storage, and processing of petroleum products and chemicals prior to their delivery to end consumers. The structure and materials of these storage tanks are determined by their intended usage as well as the storage location’s environmental, safety, and other legal requirements.

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