Global Petroleum Tank Cleaning Market

Global Petroleum Tank Cleaning Market Size Set to Touch USD 1.44 Billion by 2029

Published | 07 September 2023

Global petroleum tank cleaning market is flourishing because of an increasing focus on health and safety while transporting oil and gas and rising petroleum consumption.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global petroleum tank cleaning market size at USD 1.12 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global petroleum tank cleaning market size to grow at a CAGR of 4.28% reaching a value of USD 1.44 billion by 2029. Major growth drivers for the global petroleum tank cleaning market include increasing refinery activities, surging crude oil consumption, and the continuous expansion of industrialization worldwide. The automotive sectors of major economies, such as China, India, and Indonesia, have demonstrated remarkable growth in recent years. The transportation industry's prospects are closely tied to the expansion of the petroleum sector, given that a significant portion of petroleum products is utilized as fuel for transportation. Also, the thriving petroleum-based industries, including petroleum refining, plastics, fertilizers, pharmaceuticals, cosmetics, solvents, and pesticides, have contributed to the growth of the petroleum tank cleaning market. Another driving force for the global petroleum tank cleaning market is the set of benefits it stands to gain from increased refinery activities worldwide, particularly in the Asia-Pacific region, offering numerous growth opportunities in the years to come. Refinery output has seen a rise, reaching nearly 81.9 million barrels per day in 2017, compared to around 80.3 million barrels per day in 2016. Also, the Indian government, in collaboration with Saudi Aramco, the world's largest petroleum refinery company, is planning to launch the largest refinery project in Nanar, India, by 2024. This ambitious project aims to deliver an output of 1.2 million barrels per day, further contributing to the dynamic growth of the petroleum industry. However, the high initial cost is anticipated to restrain the overall market growth during the forecast period.

Global Petroleum Tank Cleaning Market – Overview

The global petroleum tank cleaning market refers to the industry that provides cleaning and maintenance services for various types of petroleum storage tanks, including crude oil tanks, fuel storage tanks, and other petrochemical product storage facilities. This market involves specialized companies and service providers that offer tank cleaning solutions to remove sediments, sludge, and impurities that accumulate over time in these storage tanks. Petroleum tank cleaning is essential to maintain the quality and integrity of stored products, prevent contamination, and ensure safe and efficient storage operations. The market caters to a wide range of industries, including oil refineries, petrochemical plants, storage terminals, and transportation companies involved in the handling and distribution of petroleum products. The demand for petroleum tank cleaning services is influenced by factors such as increasing petroleum consumption, growing refinery activities, industrialization, and strict regulations related to environmental and safety standards. As the global demand for petroleum products continues to rise, the need for efficient and reliable tank cleaning services is expected to remain significant.

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Impact of COVID-19 on Global Petroleum Tank Cleaning Market

COVID-19 pandemic adversely affected the global petroleum tank cleaning market. Widespread lockdowns, travel restrictions, and economic slowdown resulted in reduced petroleum consumption and storage demands. Many industries scaled back operations, leading to decreased tank utilization and a decline in demand for cleaning services. Moreover, safety protocols and health concerns affected the availability of skilled personnel for on-site cleaning. However, as economies gradually recovered and petroleum demand rebounded, the market began to regain momentum. The focus on maintaining clean and safe storage facilities to mitigate future disruptions is expected to continue driving the market's resurgence.

Global Petroleum Tank Cleaning Market – By Application

Based on application, the global petroleum tank cleaning market is divided into Crude Oil Tank, Refinery Oil Tank, and Depot and Gas Station segments. The crude oil tank segment held the highest share in the global petroleum tank cleaning market by application due to their significant role in the oil supply chain. These tanks are crucial for storing and transporting crude oil before refining or distribution. Regular cleaning is essential to maintain the quality and integrity of stored crude oil, driving the demand for cleaning services in this segment. Refinery oil tank segment expected to witness the fastest growth rate during the forecast period due to increasing refinery activities worldwide. As refineries expand and upgrade to meet rising demand for petroleum products, the need for efficient cleaning and maintenance of these tanks becomes paramount, driving the growth in the refinery oil tank cleaning market.

Competitive Landscape

Major players operating in the global petroleum tank cleaning market include Clean Harbors, Inc., Tradebe, Balmer Lawrie & Co. Ltd, Enva Group, Triumvirate Environmental, DULSCO CORPORATE, Heritage Environmental Services, Intero Integrity Services, ORECO A/S, and National Industrial Maintenance, Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Petroleum Tank Cleaning Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Petroleum Tank Cleaning Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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