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Asia-Pacific Oil Storage Tank Service Market is expected to foresee significant growth. China to lead the growth!

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. The oil storage tank service is primarily used to facilitate these services along with the cleaning, periodic inspection, and storage protection among other services. In recent times, the oil storage tank service market witnessed significant demand in the continent owing to the increasing demand for liquid fuel coupled with the increasing demand from various industry verticals such as automotive. Additionally, the increasing demand for crude oil in the continent to meet the end-user industry requirement forces the government to the strategic reservoir which in turn increases the demand for the storage, transportation, and distribution facility and subsequently creates the demand for the oil storage tanks services.

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The Asia-Pacific Oil Storage Tank Service Market is expected to grow at a steady rate of around 4% owing to the increasing demand for crude oil coupled with the rapid industrialization and increasing demand from the automotive industries, power generation & nuclear power industries along with the increasing disposable income. Major companies in the market are focusing to provide oil storage tank services with technologically advanced features along with product launches, collaboration, and mergers & acquisitions. For instance, MISTRAS Group Inc. provides the oil storage tank protection solution with tank-specific inspection data management software and non-destructive testing inspection solution along with a 3D laser scanner, edge settlement, and 3D magnetic flux leakage mapping service.

For a detailed analysis of the Asia-Pacific Oil Storage Tanks Service Market browse through – https://univdatos.com/report/asia-pacific-oil-storage-tank-service-market/

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. Additionally, the fixed roof tank has the additional vent or hatches which makes them suitable to work under critical conditions such as excessive pressure flow and could be operated for both underground and above-ground services. Moreover, the lower manufacturing and operational cost compared to the floating roof and the spherical roof is expected to support market growth in the coming time.

Based on the end-use, the market is segmented into gasoline, crude oil, aviation fuel, and others. The crude oil segment is expected to register a significant CAGR during the forecast period owing to the increasing demand for crude oil by the end-use industry for energy generation. Also, the increasing production of crude oil and fluctuation in crude oil prices force the refineries to facilitate storage capacity. For instance, in the year 2021, China imports crude oil worth USD 229.3 billion whereas India and Japan imported USD 106.4 billion, and USD 63.1 billion worth of crude oil respectively.

For a better understanding of the market adoption of the Asia-Pacific oil storage tank service industry, the market is analyzed based on its continental presence in the countries such as China, India, Malaysia, Singapore, Thailand, South Korea, Indonesia, and others. 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.   

Some of the major players operating in the market include SP Nanibame, John Wood Group PLC, Matrix Service, Veolia, HANGZHOU ZAOPINST CO., LTD., MISTRAS Group, China Oil HBP Group, NCH Corporation, System Kikou Co., Ltd., and Oil Field Warehouse & Services Limited

Asia-Pacific Oil Storage Tanks Service Market Segmentation

Market Insight, by Product

  • Floating Roof
  • Fixed Roof
  • Spherical
  • Others

Market Insight, by End-Use

  • Gasoline
  • Crude Oil
  • Aviation Fuel
  • Others

Market Insight, by Service

  • Cleaning
  • Periodic Inspection
  • Storage Protection
  • Others

Market Insight, by Region

  • China
  • India
  • Malaysia
  • Singapore
  • Thailand
  • South Korea
  • Indonesia
  • Rest of Asia-Pacific

Top Company Profiles

  • SP Nanibame
  • John Wood Group PLC
  • Matrix Service
  • Veolia
  • HANGZHOU ZAOPINST CO., LTD.
  • MISTRAS Group
  • China Oil HBP Group
  • NCH Corporation
  • System Kikou Co., Ltd.
  • Oil Field Warehouse & Services Limited
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