Petroleum Tank Cleaning Market is Expected to Grow with a High CAGR During the Forecast Period
Increasing production and
exploration activities in the oil & gas industry are expected to propel the
growth of the market during the forecast period.
According to TechSci Research
report, Petroleum Tank Cleaning Market – Global industry Size,
Share, Trend, Competition, Opportunity, and Forecast, 2018-2028F. The
global petroleum tank cleaning market is expected to grow during the forecast
period owing to the rising refineries operation and developing
industrialization.
Petroleum tank cleaning refers
to the process of removing thick layers of foreign particles such as debris,
sand, soil, and metal particles from the interior of petroleum tanks. Over
time, these foreign particles accumulate on the tank's bottom surface, forming
a dense, black, and gelatinous coating. The presence of these contaminants
poses significant risks, including limiting the tank's storage capacity and
compromising its security.
The market for petroleum tank
cleaning faces potential obstacles due to a substantial shift in consumer
preferences toward electric vehicles as a replacement for fuel-powered
vehicles. Additionally, the increasing number of research and development
initiatives aimed at identifying petroleum substitutes further threatens the
market's growth. However, despite these challenges, the market holds promising
opportunities for expansion in the coming years, primarily driven by the
escalating refinery activities across the world, particularly in the Asia
Pacific region.
In recent years, there has been
a noticeable increase in global refinery output that leads to major
collaborations and mergers to expand the oil & gas industry. For instance,
the Indian government plans to collaborate with Saudi Aramco, the world's
largest petroleum refinery firm, to establish the largest refinery project
globally. This project, scheduled to commence operations by 2024, will be
headquartered in Nanar, India, and is expected to produce 1.2 million barrels
per day.
Considering these factors, the
demand for petroleum tank cleaning services is projected to grow during the
forecast period. By addressing the critical need for thorough tank cleaning and
maintenance, companies in the petroleum tank cleaning industry can position
themselves to capitalize on the growing opportunities presented by the
expanding refinery sector.
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Figures spread through 110 Pages and an in-depth TOC on the “global
petroleum tank cleaning market."
The global petroleum tank
cleaning market is divided into type, application, and region. Based on
application, the market is divided into crude oil tank, refinery petroleum
product tank, depot & gas station, petroleum product trading tanks and
others. Based on type, the market is divided into manual, semiautomatic, and
automatic. Manual type is expected to dominate the market. Since manual tank
cleaning requires a crew that is naturally less experienced and requires
significantly less capital investment, it accounted for a larger share of the
global market in 2022. Additionally, automatic tank cleaning reduces labor
costs and offers better operational quality in less time, it is projected that
the automatic sector will show higher CAGR in the coming years.
Based on region, the market is
divided into North America, Asia-Pacific, Europe, South America, and Middle
East & Africa. Asia pacific held the first position in the market. The
market for petroleum tank cleaning is expected to rise considerably in the next
years due to the continually rising petroleum consumption in the region. In the
past few years, emerging economies such as China and India have seen a
phenomenal increase of oil demand owing to which the market is expected to grow
during the forecast period.
On the global market, North
America held the second position. Due to its rapid increase in crude oil
extraction and processing, the US, which has the greatest volume of crude oil
in the world, is anticipated to spur market expansion for petroleum tank
cleaning in the area. Additionally, the US shale oil industry's rapid expansion
has created a new growth opportunity for the petroleum tank cleaning market.
Operators of large crude oil
tank farms typically choose service providers that can also offer hazardous
material services alongside tank cleaning services since they are more likely
to get into a long-term contract with a single company that is reliable and has
the means to fulfill it. The identical situation applies to petroleum product
tank farm operators, which will rather enter into a single contract for a
variety of services with a single provider. General maintenance,
inspection, and corrosion protection services are few of the many services that
a contractor can provide. Such structural contract requirements prevent fair
competition and serve as a barrier for many small-scale cleaning service
companies.
Major market players in the
global petroleum tank cleaning market: -
- CLEAN HARBORS, INC
- TRADEBE
- Balmer Lawrie & Co. Ltd
- Enva Group
- Triumvirate Environmental
- DULSCO CORPORATE
- Heritage Environmental Services
- Intero Integrity Services
- ORECO A/S
- National Industrial Maintenance, Inc.
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“In response to the evolving
global geopolitical situation and fluctuations in crude oil prices, crude oil
refiners have adjusted their conventional procurement strategies and are now
adopting more flexible approaches to maintain or enhance their refining
margins. Refiners today are investing in refinery upgrades to enhance their
supply chain capabilities and bolster their ability to negotiate favorable
prices by processing a diverse range of crude oil types. This upward trend in
spot trading, coupled with industry regulations, is serving as a significant
catalyst for the growth of the petroleum tank cleaning market" said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
Petroleum Tank Cleaning
Market – Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2028.
Segmented By Type (Manual,
Semiautomatic, Automatic), By Application (Crude Oil Tank, Refinery Petroleum
Product Tank, Depot & Gas Station, Petroleum Product Trading Tanks and
Others), By Region, Competition has evaluated the future growth
potential of the global petroleum tank cleaning market and provides statistics
& information on market size, structure, and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities of the global petroleum tank cleaning market.
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