Asia Pacific Oil And Gas Storage Tank Industry Research 2024-2029: Asia Pacific Leads Global Demand For Oil Storage As China's Crude Imports Soar

(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Jan. 08, 2025 (GLOBE NEWSWIRE) -- The "Asia Pacific Oil and gas Storage Tank Market, By Country, Competition, Forecast & Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
The Asia Pacific Oil and Gas Storage Tank market was valued at USD 3.72 Billion in 2023, and is expected to reach USD 5.80 Billion by 2029, rising at a CAGR of 7.53%. The Asia Pacific Oil and Gas Storage Tank Market is experiencing significant growth, driven by increasing energy demand, rapid industrialization, and the expansion of infrastructure projects across the region.

As economies in countries like China, India, and Southeast Asian nations continue to develop, the need for efficient and reliable storage solutions for oil and gas products has become paramount. Storage tanks play a critical role in ensuring a stable supply chain for crude oil, refined products, and natural gas, serving the upstream, midstream, and downstream sectors of the oil and gas industry. Asia Pacific is the largest importer of crude oil globally, with countries like China and India leading the demand. In 2023, China's crude oil imports reached approximately 11.3 million barrels per day (bpd), which was a 10% increase from 2022, creating substantial storage requirements.
The market is characterized by a diverse range of storage tank types, including above-ground storage tanks (ASTs) and underground storage tanks (USTs), made from various materials such as steel, fiberglass, and concrete. Above-ground tanks are preferred for their accessibility and ease of maintenance, while underground tanks are often used for their ability to minimize environmental risks and conserve space. The increasing focus on environmental sustainability and compliance with stringent regulations has led to innovations in storage tank design and materials, enhancing safety and efficiency.
The region is witnessing a surge in liquefied natural gas (LNG) storage facilities due to the growing shift towards cleaner energy sources. Countries like Japan, South Korea, and Australia are investing heavily in LNG infrastructure to meet their energy needs and reduce carbon emissions. The demand for floating roof tanks is also on the rise, particularly for crude oil storage, as they help minimize evaporation losses and comply with environmental regulations.
Market players are increasingly adopting advanced technologies, such as automation and digitalization, to enhance monitoring, management, and maintenance of storage facilities. This trend is expected to improve operational efficiency and reduce costs, making storage solutions more attractive to stakeholders in the oil and gas sector.
However, the market also faces challenges, including fluctuating oil prices, geopolitical tensions, and regulatory hurdles, which may impact investment decisions and infrastructure development. Despite these challenges, the Asia Pacific Oil and Gas Storage Tank Market is poised for growth, supported by the region's expanding energy landscape and the continuous need for effective storage solutions. As the demand for oil and gas persists, coupled with the ongoing transition to sustainable energy, the market is likely to evolve, offering new opportunities for innovation and investment.

Type Insights
Open Top segment dominates in the Asia Pacific Oil and Gas Storage Tank market in 2023, due to several key factors that cater to specific storage needs and operational efficiencies in the oil and gas industry. Open Top tanks offer distinct advantages for the storage of liquid commodities, particularly for products that require ventilation or need to maintain certain temperature conditions. This characteristic is essential for storing volatile substances or materials that can produce vapors, such as crude oil and certain chemicals.
The design of Open Top tanks facilitates easier venting, reducing pressure build-up and minimizing the risk of explosion or hazardous leaks, thereby ensuring safer operations. The flexibility and cost-effectiveness of Open Top tanks make them a popular choice among operators in the region. Their simpler construction design allows for quicker installation and lower upfront capital costs compared to other storage tank types, such as fixed-roof or floating-roof tanks. This affordability makes Open Top tanks particularly appealing to smaller companies and emerging markets within the Asia Pacific region, where budget constraints and the need for efficient storage solutions are paramount.
The rising demand for storage capacity driven by increasing oil and gas exploration and production activities in countries like Australia, India, and Indonesia further fuels the growth of Open Top tanks. The ongoing expansion of infrastructure and new projects in these markets necessitate scalable and adaptable storage solutions. The Open Top segment's ability to accommodate various liquid storage needs - from raw materials to finished products - aligns with the diverse requirements of the oil and gas sector. This versatility, combined with heightened safety considerations and cost-effectiveness, positions the Open Top segment as a dominant force in the Asia Pacific Oil and Gas Storage Tank market in 2023. As companies prioritize efficient and secure storage solutions, Open Top tanks are expected to remain a preferred option for operators across the region.
Country Insights
China dominates the Asia Pacific Oil and Gas Storage Tank market in 2023, due to several pivotal factors that reinforce its leading position in the industry. China is the largest consumer and producer of oil and gas in the Asia Pacific region. With a rapidly growing economy and an increasing demand for energy, the country has witnessed substantial investments in oil and gas infrastructure, including storage tanks. The Chinese government's initiatives to enhance energy security and reduce dependency on imported fuels have led to the expansion of domestic production capabilities, necessitating a corresponding increase in storage capacity.
The robust growth of the petrochemical industry in China contributes significantly to the demand for oil and gas storage tanks. As petrochemical production facilities expand, the need for efficient and reliable storage solutions to handle raw materials and finished products becomes critical. The Chinese government's support for the petrochemical sector, including favorable policies and incentives, further drives this demand. The ongoing urbanization and industrialization in China create a pressing need for efficient oil and gas distribution and storage systems. As cities expand and industries proliferate, there is a growing requirement for strategically located storage facilities to support the seamless supply chain of petroleum products.
China is investing heavily in upgrading and modernizing its existing storage infrastructure to meet international safety and environmental standards. This includes transitioning to more advanced storage solutions, such as double-walled tanks and automated monitoring systems, enhancing operational efficiency and safety. China's focus on renewable energy sources and sustainability initiatives also indirectly bolsters the oil and gas sector. As the country works towards balancing its energy portfolio, maintaining a reliable storage capacity for both fossil fuels and renewable energy sources is essential.

Key Attributes:

Report Attribute	Details
No. of Pages	134
Forecast Period	2023 - 2029
Estimated Market Value (USD) in 2023	$3.72 Billion
Forecasted Market Value (USD) by 2029	$5.8 Billion
Compound Annual Growth Rate	7.5%
Regions Covered	Asia Pacific

Report Scope:

Key Market Players

• Koninklijke Vopak N.V.
• Berkshire Hathaway Inc.
• LyondellBasell Industries Holdings B.V.
• Gibson Energy Inc.
• ONEOK, Inc.
• Oiltanking GmbH
• Intercontinental Exchange, Inc.
• Sunoco LP
• TGE Gas Engineering GmbH
• Hanson Tank
• McDermott International, Ltd
• Koch IP Holdings, LLC.

Asia Pacific Oil and Gas Storage Tank Market, By Type:

• Open Top
• Fixed Roof
• Floating Roof
• Others

Asia Pacific Oil and Gas Storage Tank Market, By Material:

• Steel
• Carbon Steel
• Fiberglass Reinforced Plastic
• Others

Asia Pacific Oil and Gas Storage Tank Market, By Fuel Type:

• Crude Oil
• Gasoline
• Diesel
• LPG
• Distillates
• Aviation Fuel
• Others

Asia Pacific Oil and Gas Storage Tank Market, By Country:

• China
• Japan
• South Korea
• India
• Malaysia
• Indonesia
• Vietnam
• Australia
• Thailand
• Philippines

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• Asian Pacific Oil and Gas Storage Tank Market

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