According to the report, which surveyed the opinions of 171 key decision makers at businesses across the bulk liquid storage supply chain, 46% agree the skills shortage caused by aging workforces and a lack of fresh young talent is the biggest challenge facing the industry today.
Despite this, far more work is being done right now to maximise basic profit levers than to address upskilling and attracting the next generation of workers, leading the report to speculate that reducing costs and boosting capacity are relatively easy and short-term ways to solve the complex and abstract “people-problem”.
The report also identifies and explores trends like the growth of LNG and hydrogen, which is on the diversification agenda for more than half of storage terminal respondents, but only 22% and 6% are storing LNG and hydrogen respectively at present. The research also highlights the rise of niche storage areas expected to grow over the next two years, including chemical and speciality chemical storage according to 48% and 43% of respondents respectively, as well as the storage of biodiesels (43%) and vegetable oils (28%).
The research has directly informed the show’s conference programme, which will address all the issues raised, such as sustainability, digitalisation, IMO 2020, skills and the rise of new storage areas, head on.
Mark Rimmer, StocExpo Divisional Director, says, “StocExpo has always focused on providing value to the bulk liquid storage industry. That’s why it’s the main event for the sector.
“Our position naturally gives us a birds-eye-view of the industry and unique access to a huge number of bulk liquid storage’s best and brightest. Something we’ve leveraged to deliver even more value this year in the form of an Industry Trends Report.
“The report will offer intelligent insight into the commonalities among businesses in the supply chain and shine a light on the perceived challenges and opportunities. That, coupled with our conference programme of expert speakers who will be talking on all the issues raised, will hopefully give the industry a sense of solidarity, direction and confidence equipping it as it faces down a somewhat demanding future.”