Asia-Pacific Oil Storage Tank Service Market: Current Analysis and Forecast (2022-2028)

Report Description

Asia-Pacific Oil Storage Tanks Service Market is expected to grow at a significant rate of around 4% during the forecast period. Oil storage tanks are widely used in the oil & gas industry for the bulk transportation of liquid fuels at different stages within the refinery and around the continent. Oil storage tanks are used for the storage, transportation, and distribution of different types of fuel. These services, along with others like cleaning, recurring inspections, and storage protection, are primarily facilitated by the oil storage tank service. Due to the rising demand for liquid fuel in a variety of industrial verticals, including the automobile industry, aviation industry, and manufacturing industry the oil storage tank service market has recently seen significant demand on the continent. This increased need for storage, transportation, and distribution facilities leads to an increase in the demand for oil storage tank services.

SP Nanibame, John Wood Group PLC, Matrix Service, Veolia, Zaopin Technologies, MISTRAS Group Inc., China Oil HBP Group, NCH Corporation, System Kikou Co., Ltd., and Oil Field Warehouse & Services Limited are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product, the fixed roof oil storage tanks services category to witness higher growth during the forecast period”

Based on the product, the market is segmented into floating roofs, fixed roofs, spherical, and others. The fixed roof segment is expected to witness significant demand during the forecast period owing to the lower installation cost and high level of contamination tolerance of the fixed roof tanks which minimize the risk of the fire accident.   The additional vents or openings that the fixed roof tank features enable it to function under difficult circumstances such as high-pressure flow and enable it to be used for both underground and above-ground services. Additionally, the market expansion in the near future is anticipated to be supported by reduced production and operational costs compared to the floating roof and the spherical roof.

“Amongst service, the cleaning segment to hold a significant share in the market in 2020”

Based on service, the market is segmented into cleaning, periodic inspection, storage protection, and others. The requirement of extensive cleaning services to remove the sludge from crude oil, which is made up of 67% oil, 25% solids, and 8% water, the cleaning segment is predicted to grow significantly throughout the forecast period. Also, the cleaning services ensure hydrocarbon recovery along with less wastage and identify leak detection, recover storage capacity, coat the floor, and inspection which is expected to support the market. Additionally, the oil storage tank cleaning service ensures lower air emissions, reduces labor costs, and provides an oil-free surface & gas-free environment for operational activity and propels the market in the future ahead.

“China to hold a significant share in the market”

In 2020, China held a significant share of the oil storage tank service market. This is mainly due to the rising demand for oil and gas in the area, the rapid construction of oil and gas refineries, and the increase in production capacity, China is predicted to have considerable market growth over the projection period. The demand for oil storage tank services in the region is also anticipated to increase due to the growing industrialization and demand from end-user industries including the automobile, aviation, rail, and other sectors. During the projection period, it is also anticipated that technological improvements such as guided drones for cleaning and inspection services, robotics, corrosion detection services, and growing investment in the oil and gas industry will help market expansion. Furthermore, the presence of several oil reservoirs and new oil field discoveries along with the exploration & production activities in the region are expected to support market growth during the forecast period. For instance, the presence of the oil reserves and quantities of crude oil for the major countries in the region as of 2021 were attributed to China 26.02 billion barrels, India 4.6 billion barrels, Vietnam 4.4 billion barrels, and Malaysia 3.6 billion barrels.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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Research Methodology

Research Methodology for the Asia-Pacific Oil Storage Tanks Service Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the Asia-Pacific oil storage tanks service market were the three major steps undertaken to create and analyze the adoption of Asia-Pacific oil storage tanks services in major regions. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Asia-Pacific oil storage tanks service market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Asia-Pacific oil storage tanks service market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Asia-Pacific oil storage tanks service market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as product, end-use, and service. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Asia-Pacific oil storage tanks service market. Further, we conducted factor analysis using dependent and independent variables such as various products, end-use, and services of Asia-Pacific oil storage tanks Services. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Asia-Pacific oil storage tanks service market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Asia-Pacific oil storage tanks service market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets in the region. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Asia-Pacific oil storage tanks service market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Asia-Pacific oil storage tanks service market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the Asia-Pacific oil storage tanks service market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, end-use, and service in the Asia-Pacific oil storage tanks service market.

The main objective of the Asia-Pacific Oil Storage Tanks Service Market Study

The current & future market trends of the Asia-Pacific oil storage tanks service market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Asia-Pacific oil storage tanks service market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of product, end-use, and service.
• Define and analysis of the regulatory framework for the Asia-Pacific oil storage tanks service
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Asia-Pacific oil storage tanks service market for the major region.
• Major countries of regions studied in the report include China, India, Vietnam, Malaysia, and the rest of the Asia-Pacific.
• Company profiles of the Asia-Pacific oil storage tanks service market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry.

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