Asia Pacific Oil Storage Market Size – By Product, By End Use, Analysis, Share, Growth Forecast, 2025 – 2034

Asia Pacific Oil Storage Market Size

The Asia Pacific oil storage market size was valued at 396.2 million cubic meter capacity in 2024 and is estimated to grow at a CAGR of 2.9% from 2025 to 2034. The market is experiencing significant growth driven by rising energy demand, expanding refining capacity, and the region's strategic importance in global oil trade. Countries like China, India, and Japan are spearheading the market with large-scale investments in storage infrastructure to ensure energy security and manage fluctuating oil prices.
 

China's growing crude oil imports and its focus on expanding strategic petroleum reserves (SPR) underscore the need for robust storage facilities. Similarly, India’s ambitious energy policies, including increased refining capacity and the development of additional SPRs, are contributing to market expansion. Southeast Asian countries like Singapore, a major oil trading hub, and Malaysia are leveraging their geographical advantages to attract investments in commercial storage facilities.
 

Asia Pacific Oil Storage Market Trends

The regional market growth is fueled by advancements in storage technologies and materials that enhance efficiency and safety. Innovations such as floating roof tanks and automated monitoring systems are being widely adopted to reduce evaporation losses and comply with stringent environmental regulations. The shift towards renewable energy sources and cleaner fuels is also influencing the market with some storage facilities being repurposed or designed to handle biofuels and LNG, reflecting a gradual transition in energy portfolios.
 

Additionally, geopolitical factors and trade dynamics, including the region's pivotal role in global energy supply chains are prompting countries to enhance their oil storage capacities to hedge against supply disruptions and price volatility. Emerging economies in the region are also witnessing a rise in private and public investments to build integrated storage systems that cater to both domestic and export markets.
 

Asia Pacific Oil Storage Market Analysis

The floating roof segment is projected to surpass a capacity of 288 million cubic meters by 2034. These tanks are gaining widespread adoption due to their ability to significantly reduce evaporation losses and minimize environmental emissions. Additionally, they are extensively used for storing volatile liquids, including crude oil and refined petroleum products. Innovations in sealing technologies and advanced construction materials have enhanced their operational efficiency and reliability, ensuring superior compliance with stringent environmental regulations.
 

The oil storage market from crude oil segment is projected to expand at a CAGR of over 3% through 2034, driven by its pivotal role in managing production fluctuations and the rising demand for storing refined products. The increasing need for storage of refined fuels, including gasoline, diesel, and jet fuel is accelerating infrastructure upgrades to expand capacity.
 

These upgrades are integrating advanced monitoring technologies to improve operational safety and efficiency while ensuring adherence to stringent environmental and regulatory standards. This combination of capacity enhancement and technological innovation is reinforcing the growth trajectory of the market.
 

China oil storage market is set to reach over 452 million cubic meter by 2034, led by the country's growing energy demand, rising crude oil imports, and strategic focus on energy security. The government has been actively enhancing its Strategic Petroleum Reserve (SPR) capacity, aligning with its long-term energy policies to mitigate supply risks and stabilize oil prices.
 

Additionally, the growing footprint of independent refineries, also known as "teapots," is creating demand for commercial storage facilities. Innovations in storage technologies, including floating roof tanks and automated systems, are being widely adopted to reduce environmental impacts and enhance operational efficiency.
 

India's oil storage market is driven by its robust refining sector, expanding energy needs, and strategic initiatives to enhance its SPR. The Indian government is collaborating with private and international players to develop additional storage capacity, catering to growing domestic consumption and export demands. Refining capacity expansions and the shift towards cleaner fuels, including biofuels and LNG, are influencing the storage industry’s growth. Technological advancements are being embraced to ensure safety, minimize losses, and meet stringent environmental regulations.
 

Asia Pacific Oil Storage Market Share

The Asia Pacific oil storage industry is led by prominent players such as Royal Vopak, CST Industries, NOV Inc., China National Offshore Oil, NOV, Shawcor, among others. Strategic collaborations and joint ventures between domestic and international players are reshaping the competitive landscape. For instance, partnerships aimed at developing large-scale storage terminals and integrating them with transportation networks are enabling efficient oil distribution across the region. The growing role of independent storage operators, alongside national oil companies, is adding diversity to the market, fostering competition, and driving infrastructure upgrades.
 

Asia Pacific Oil Storage Market Companies

Major players operating in the Asia Pacific oil storage industry are:

• Anson International
• China National Offshore Oil
• CST Industries
• Ergil
• Indian Oil Corporation Ltd.
• Korea National Oil Corporation
• NOV
• Oil and Natural Gas
• Petron
• Reliance Industries
• Royal Vopak
• Shawcor
• Sinopec
• SK Energy
• Superior Tank
• T Bailey
• Waterford Tank & Fabrication
   

Asia Pacific Oil Storage Industry News

• In October 2024, State-owned Indian Strategic Petroleum Reserves Ltd (ISPRL), which operates India’s strategic crude oil storage decided to award by December to lease around 1 million tons of crude oil storage space (7.3 million barrels) at two of the country’s three existing Strategic Petroleum Reserves (SPRs), around a fifth of the total SPR capacity. This will enable the refilling of crude caverns even as escalating hostilities in the Gulf threaten disruptions in crude supplies.
   
• In July 2024, China has directed its state-owned oil enterprises to enhance its strategic oil reserves by adding 8 million metric tons, equivalent to nearly 60 million barrels to its emergency stockpiles. This initiative forms a critical component of China's broader strategy to strengthen energy security amidst fluctuating global markets and volatile oil prices. By prioritizing the expansion of emergency reserves, China aims to mitigate supply risks and stabilize its energy landscape which is expected to drive growth across the market.
   

This Asia Pacific oil storage market research report includes in-depth coverage of the industry with estimates & forecast in terms of capacity (million cubic meter) from 2021 to 2034, for the following segments:

Market, By Product

• Fixed roof
• Floating roof
• Spherical
• Others

Market, By End Use

• Crude oil
• Gasoline
• Aviation fuel
• Middle distillates
• LNG
• LPG

The above information has been provided for the following countries:

• China
• Japan
• South Korea
• Singapore
• Malaysia
• Indonesia