Asia-Pacific Oil and Gas Storage Tank Market Size (2024 - 2029)

The Asia-Pacific oil and gas storage tank market is anticipated to experience growth over the forecast period, driven by increasing consumption of petroleum products and heightened LNG production. Despite the challenges posed by environmental and safety concerns, the market has rebounded to pre-pandemic levels and continues to expand, particularly due to rising energy demands from residential and industrial sectors in developing Asian countries. Australia is expected to lead the region in market size, benefiting from advancements in storage tank manufacturing and LNG developments.

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Market Size of Asia-Pacific Oil and Gas Storage Tank Industry

Asia-Pacific Oil and Gas Storage Tank Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 3.00 %
Market Concentration Low

Major Players

Asia-Pacific Oil and Gas Storage Tank Market Major Players

*Disclaimer: Major Players sorted in no particular order

APAC Oil & Gas Storage Tank Market Analysis

The Asia-Pacific oil and gas storage tank market is expected to register a CAGR of over 3% during the forecast period.

The market was negatively impacted by COVID-19 in 2020. Presently the market has reached pre-pandemic levels.

  • Over the medium term, the factors like growing consumption of petroleum products and increased LNG production are expected to facilitate the growth of the oil and gas storage tank market in the Asia-Pacific region.
  • On the other hand, the environmental and safety issues associated with the oil and gas storage tanks can hamper the market growth in the near future.
  • Nevertheless, factors like growing energy needs with the residential and industrial development in the Asian developing countries place many opportunities for market growth.
  • Australia is projected to take over other Asian countries in the oil and gas storage tank market due to the expansion in the storage tank manufacturing facilities and LNG developments.

APAC Oil & Gas Storage Tank Industry Segmentation

The oil and gas storage tanks are used for the storage of crude oil, petroleum products, and LNG. 

The Asia-Pacific oil and gas storage tank market is segmented by product, material, and geography. By product, the market is segmented into crude oil, liquefied natural gas (LNG), diesel, gasoline, kerosene, liquefied petroleum gas (LPG), and other products. By material, the market is segmented into steel, carbon steel, and fiberglass-reinforced plastic. For each segment, the market sizing and forecasts have been done based on revenue (USD million).

Product
Crude Oil
Liquefied Natural Gas (LNG)
Diesel
Gasoline
Kerosene
Liquefied Petroleum Gas (LPG)
Other Products
Material
Steel
Carbon Steel
Fiberglass-Reinforced Plastic
Geography
China
India
Japan
South Korea
Rest of Asia-Pacific
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Asia-Pacific Oil and Gas Storage Tank Market Size Summary

The Asia-Pacific oil and gas storage tank market is poised for growth, driven by increasing consumption of petroleum products and a surge in liquefied natural gas (LNG) production. The market has rebounded to pre-pandemic levels after the setbacks caused by COVID-19. However, environmental and safety concerns related to storage tanks pose challenges to market expansion. Despite these hurdles, the burgeoning energy demands from residential and industrial development in developing Asian countries present significant opportunities for market growth. Australia is expected to lead the region's market due to its advancements in storage tank manufacturing and LNG developments, positioning itself ahead of other Asian nations.

The region's involvement in the LNG export trade is expanding, with countries like Australia, Brunei, Indonesia, Malaysia, Papua New Guinea, and Vietnam playing key roles. Australia's LNG exports have seen substantial growth, with new projects like the Pluto-LNG train 2 set to enhance production capacity. Similarly, Vietnam is developing an LNG export terminal to boost its supply capabilities. These developments are anticipated to drive rapid growth in the LNG fuel storage tank market. Additionally, Australia's plans for new LNG export terminals and hydrogen gas storage facilities underscore its commitment to expanding its energy sector, further solidifying its leadership in the Asia-Pacific oil and gas storage tank market. The market remains fragmented, with key players including Mcdermott International Ltd, DFC Pressure Vessels Manufacturer Co Ltd, CST Composites, Toyo Kanetsu K.K, and Beltecno Corporation, actively contributing to its development.

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Asia-Pacific Oil and Gas Storage Tank Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD million, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Product

      1. 2.1.1 Crude Oil

      2. 2.1.2 Liquefied Natural Gas (LNG)

      3. 2.1.3 Diesel

      4. 2.1.4 Gasoline

      5. 2.1.5 Kerosene

      6. 2.1.6 Liquefied Petroleum Gas (LPG)

      7. 2.1.7 Other Products

    2. 2.2 Material

      1. 2.2.1 Steel

      2. 2.2.2 Carbon Steel

      3. 2.2.3 Fiberglass-Reinforced Plastic

    3. 2.3 Geography

      1. 2.3.1 China

      2. 2.3.2 India

      3. 2.3.3 Japan

      4. 2.3.4 South Korea

      5. 2.3.5 Rest of Asia-Pacific

Asia-Pacific Oil and Gas Storage Tank Market Size FAQs

The Asia-Pacific Oil and Gas Storage Tank Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)

Mcdermott International Limited, DFC Pressure Vessel Manufacturer Co Ltd., CST Composites, Toyo Kanetsu K.K and Beltecno Corporation are the major companies operating in the Asia-Pacific Oil and Gas Storage Tank Market.

Asia-Pacific Oil and Gas Storage Tank Report Snapshots

Asia-Pacific Oil and Gas Storage Tank Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)