New York, NY, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Petroleum Tank Cleaning Market By Type (Manual and Automatic) and By Application (Crude Oil Tank, Refinery Oil Tank, Depot & Gas Station, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global petroleum tank cleaning market was USD 895 million in 2018 and is expected to reach around USD 1,592 million by 2025, growing at a CAGR of 3.9% between 2019 and 2025.

Petroleum tank cleaning is a sequence of processes to clean thick layers of foreign particles (debris, sand, soil, and metal particles) settled on the inner part of petroleum tanks. These foreign particles form a thick, dark gelatinous layer on the bottom surface and get thicker with time. Eventually, it reduces the tank’s storage capacity and poses a threat to its safety due to the hazardous nature of foreign debris.

Browse through 37 Tables & 21 Figures spread over 110 Pages and in-depth TOC on “Global Petroleum Tank Cleaning Market: By Industry Type, Applications, Market Size, Share, Trends and Forecast, 2018–2025”.

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The petroleum tank cleaning market is likely to experience significant growth over the forecast time period, owing to the consistently rising petroleum consumption worldwide. Emerging economies of China, India, and Indonesia have exhibited unprecedented growth in the automotive sector over the last few years. The transportation sector has growth prospects that are directly proportionate to the growth of the petroleum industry, as a large share of the petroleum products market is utilized as fuel by the transportation industry. Flourishing petroleum-based industries, such as petroleum refining, plastic, fertilizer, pharmaceuticals, cosmetics, solvents, and pesticides, have also triggered the petroleum tank cleaning market. However, a significant shift of consumers from fuel-run vehicles to electric vehicles and the growing number of R&D projects to find petroleum alternatives may impede the petroleum tank cleaning market. Furthermore, elevated refinery activities globally, especially in the Asia Pacific, will provide the market with innumerable growth opportunities in the upcoming years. Moreover, gross refinery output increased to almost 81.9 million barrels per day in 2017 from about 80.3 million barrels per day in 2016. Furthermore, the Indian government is planning, in coordination with Saudi Aramco, the largest petroleum refinery company in the world, to commence the functioning of the proposed largest refinery project in the world by 2024. The project is scheduled to be based in Nanar, India, and deliver an output of 1.2 million barrels per day.

The petroleum tank cleaning market is mainly segmented into type and application. By type, the petroleum tank cleaning market includes manual and automatic. In 2018, the manual segment held a larger share of the global market, as manual tank cleaning requires significantly less capital investment and inherently less skilled level of workforce. The automatic segment is projected to show a higher CAGR in the years ahead, as automatic tank cleaning reduces labor cost and delivers an improvised quality of operations within a shorter timeframe.

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By application, the petroleum tank cleaning market includes crude oil tank, depot and gas station, refinery oil tank, and others. In 2018, the crude oil tank segment held the largest share of the global market. The refinery oil tank segment is projected to show the highest CAGR in the future, owing to an exponential growth of oil refineries across the globe, especially in the emerging economies.

The Asia Pacific was the leader in the global petroleum tank cleaning market in 2018 and is estimated to sustain its leadership in the future as well. This regional dominance can be attributed to the growing crude oil exports to the region, new planned refinery projects, consistently developing automobile industry, increasing the capacity of existing refineries, and flourishing regional petroleum-based industries. The emerging economies of China, India, and Indonesia have significantly contributed to this regional market. Amplified export of crude oil to the region has performed efficiently for the growth of the market. The region has witnessed the commencement of several new petroleum refineries in recent past. For instance, the Indian government is planning, in coordination with Saudi Aramco, the largest petroleum refinery company in the world, to commence the functioning of proposed largest refinery project in the world by 2024. The project is scheduled to be based in Nanar, India, and deliver an output of 1.2 million barrels per day.

Browse the full “Petroleum Tank Cleaning Market By Type (Manual and Automatic) and By Application (Crude Oil Tank, Refinery Oil Tank, Depot & Gas Station, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/petroleum-tank-cleaning-market

North America held the second position in the global market. The U.S. possesses the largest crude oil volume at the global level and is expected to boost the region’s petroleum tank cleaning market growth due to its steep rise in extraction and refinement of crude oil. Furthermore, the exponential growth of shale oil production in the U.S. has provided a new growth opportunity for the petroleum tank cleaning market.

Europe accounted for the third spot in the petroleum tank cleaning market in 2018 globally. Russia, Germany, and the U.K. have a prominent role in the region’s petroleum cleaning tank market growth. Russia holds the second-largest volume of crude oil, after the U.S., globally and is expected to increase its crude oil production in the future. Germany contributes to technological up-gradation related to automatic tank cleaning.

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The Middle East and Africa is historically a distinguished petroleum supplier globally, and hence it is considered as an important region in the petroleum tank cleaning market. The region is projected to exhibit significant market growth, owing to the consistently increasing production and export of crude oil and the rising use of crude oil for power generation.

Latin America is expected to exhibit comparatively modest growth in the petroleum tank cleaning market in the future, owing to the growing foreign investments in the regional refineries and the expansion of the petroleum-based product market.

Some major players of the petroleum tank cleaning market are Clean Harbors, Tradebe, Balmer Lawrie, Enva Group, Triumvirate Environmental, Dulsco Corporate, Heritage Environmental Services, Intero Integrity, Oreco, National Industrial Maintenance.

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This report segments the global petroleum tank cleaning market into:

Global Petroleum Tank Cleaning Market: Type Analysis

Global Petroleum Tank Cleaning Market: Application Analysis

Global Petroleum Tank Cleaning Market: Regional Analysis

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