Bulk Petroleum And Chemical Storage Market Forecast 2023-2032: Market Size, Drivers, And Trends

November 05, 2023

The Bulk Petroleum And Chemical Storage Global Market Report 2023, provides comprehensive information on the bulk petroleum and chemical storage market across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.

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The global bulk petroleum and chemical storage market size 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 Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. 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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Technological advancement is a key trend gaining popularity in the bulk petroleum and chemical storage market. Major companies operating in the bulk petroleum and chemical storage market are focused on developing innovative solutions to strengthen their position in the market. For instance, in November 2022, Eddyfi Technologies, a Canada-based advanced non-destructive testing (NDT) solutions company, launched FloormapX, the most efficient tool for storage tank floor inspection. It is the latest multi-technology magnetic flux leakage (MFL) array scanner that enables operators to rapidly spot corrosion and pitting on the floor of the top and bottom array tanks. It can brilliantly deal with thick plates and coatings and offers an unmatched chance of detection, including in the critical zone. Additionally, it can also be used in full floor mapping or FreescanTM mode, and it increases efficiency when inspecting tank bottoms like no other system.

The bulk petroleum and chemical storage market 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

Asia-Pacific was the largest region in the bulk petroleum and chemical storage market in 2022.

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