Asia Pacific Oil Storage Market Size

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.

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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.