Asia Pacific Oil Storage Industry Report 2024: $5.9 Billion Market Trends, Country Insights Competitive Landscape, Forecasts & Opportunities, 2019-2023 & 2024-2029

Dublin, Jan. 22, 2025 (GLOBE NEWSWIRE) — The “Asia Pacific Oil Storage Market, By Country, Competition, Forecast & Opportunities, 2019-2029F” report has been added to ResearchAndMarkets.com’s offering.

The Asia Pacific Oil Storage Market was valued at USD 4.15 Billion in 2023, and is expected to reach USD 5.90 Billion by 2029, rising at a CAGR of 5.89%.

The Asia Pacific oil storage market is a vital component of the region’s energy infrastructure, driven by increasing demand for oil and gas, rapid industrialization, and the growing need for strategic reserves. As one of the fastest-growing regions globally in terms of energy consumption, Asia Pacific is witnessing a surge in oil storage capacities to meet the rising needs of various sectors, including refining, petrochemicals, and transportation.

With countries like China, India, and Japan leading the charge, the market is characterized by significant investments in both new storage facilities and the expansion of existing ones. The demand for above-ground storage tanks (AGST) remains dominant, given their flexibility and capacity to store large volumes of crude oil and refined products. Innovations in smart storage solutions, integrating Internet of Things (IoT) technology for enhanced monitoring and management, are becoming increasingly popular, enabling operators to optimize their storage capabilities and ensure safety compliance.

Geographically, North Asia, particularly China, is the largest market for oil storage, driven by its status as the world’s largest oil importer and its strategic initiatives to build strategic petroleum reserves (SPR). Meanwhile, Southeast Asia is also emerging as a key player, fueled by increasing consumption and investment in refining capacities. Countries like India and Indonesia are ramping up their storage capabilities to support domestic demand and enhance energy security. The market is also influenced by regulatory frameworks aimed at ensuring environmental sustainability and safety standards. As governments focus on reducing carbon footprints, the oil storage sector is evolving to incorporate greener practices.

The Asia Pacific oil storage market faces challenges such as fluctuating oil prices, geopolitical tensions, and regulatory hurdles that can impact investment decisions. Nevertheless, the overall outlook remains positive, with forecasts indicating continued growth driven by the region’s economic expansion and energy needs. The increasing adoption of advanced technologies, coupled with ongoing infrastructure development, positions the Asia Pacific oil storage market as a critical player in the global energy landscape, ensuring the region’s energy security and supporting its economic growth. As the market evolves, stakeholders will need to adapt to the changing dynamics and invest strategically to capitalize on emerging opportunities.

Segmental Insights

Type Insights

Open Top segment dominated in the Asia Pacific Oil Storage market in 2023, primarily due to its suitability for various operational needs and economic advantages. Open top tanks are characterized by their simplicity in design and construction, allowing for easy maintenance and inspection, which significantly reduces operational downtime. This accessibility is particularly beneficial in regions with high storage turnover, where efficiency is crucial to managing fluctuating oil prices and demand.

Open top tanks are versatile and can accommodate different types of crude oil and refined products, making them an attractive option for oil companies aiming to optimize their storage capabilities. The ability to quickly adapt to changing market conditions and storage needs gives businesses a competitive edge, especially in fast-growing markets like India and China, where oil consumption is on the rise.

The Asia Pacific region is experiencing an increase in the demand for storage facilities due to growing industrialization and urbanization, further driving the popularity of open top tanks. These tanks are particularly effective in areas with high evaporation rates, as they allow for gas emissions to escape without pressure buildup, thus minimizing the risk of vapor-related incidents. Many countries in the region are implementing safety regulations that favor open top designs, as they facilitate better monitoring and control of potential hazards.

The cost-effectiveness of open top tanks plays a significant role in their dominance. Lower initial investment and maintenance costs compared to other tank types make them an appealing option for operators looking to maximize their return on investment. As the Asia Pacific oil storage market continues to evolve, the open top segment is poised to remain at the forefront, driven by its operational efficiency, adaptability, and economic viability.

Country Insights

China dominated the Asia Pacific Oil Storage market in 2023, can be attributed to several key factors that position the country as a critical player in the global energy landscape. As the world’s largest importer of crude oil, China has a pressing need for extensive oil storage facilities to manage its growing energy demands and ensure supply security. This high level of import reliance necessitates a robust and well-developed storage infrastructure, which China has been actively expanding through significant investments in both strategic reserves and commercial storage capacities. The Chinese government has prioritized the establishment of Strategic Petroleum Reserves (SPR) to enhance national energy security amid global market volatility.

By aiming to increase its SPR capacity to cover several months of oil consumption, China not only safeguards itself against supply disruptions but also stabilizes domestic prices during times of crisis. This proactive approach to energy security is a critical driver of the oil storage market’s growth in the country. Rapid industrialization and urbanization in China continue to boost oil consumption across various sectors, including transportation, manufacturing, and petrochemicals. As these industries expand, the demand for efficient and reliable oil storage solutions rises correspondingly, further solidifying China’s market position.

Advancements in technology and infrastructure, including the implementation of smart storage systems, have allowed Chinese companies to optimize operations and improve safety standards. These innovations enhance the efficiency of oil handling and monitoring processes, making China’s storage facilities more competitive. China’s strategic location as a key hub in the Asia Pacific region facilitates trade and logistics, further enhancing its attractiveness for oil storage investments. This combination of strategic initiatives, technological advancements, and a robust demand framework ensures that China remains the dominant force in the Asia Pacific oil storage market in 2023 and beyond.

Key Attributes:

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Asia Pacific Oil Storage Market.

• 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 Storage Market, By Type:

• Open Top
• Fixed Roof
• Floating Roof
• Others

Asia Pacific Oil Storage Market, By Material:

• Steel
• Carbon Steel
• Fiberglass Reinforced Plastic
• Others

Asia Pacific Oil Storage Market, By Fuel Type:

• Crude Oil
• Diesel Fuel
• Kerosene
• Others

Asia Pacific Oil Storage Market, By Country:

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

For more information about this report visit https://www.researchandmarkets.com/r/h8jviz

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• Asian Pacific Oil Storage Market