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Asia Pacific Oil Storage Market Trends

Report ID: GMI5682
Published Date: Dec 2024
Report Format: PDF

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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.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size for oil storage in Asia Pacific reached 396.2 million cubic meters in 2024 and is set to grow at a 2.9% CAGR from 2025 to 2034, driven by rising energy demand and expanding refining capacity.

The crude oil segment is expected to grow at a CAGR of over 3% through 2034, propelled by its pivotal role in managing production fluctuations and the rising demand for storing refined products.

China's market is set to reach over 452 million cubic meters by 2034, led by the country's growing energy demand, rising crude oil imports, and strategic focus on energy security.

The key players in the industry include 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, and Waterford Tank & Fabrication.