Market Size of Asia Pacific Tank Protection Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 3.20 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia Pacific Tank Protection Market Analysis
The Asia Pacific Tank protection market is estimated to be at USD 700 million by the end of this year and is projected to reach USD 819.40 million in the next five years, registering a CAGR of over 3.2% during the forecast period.
- Increasing investment in the downstream sector and rising offshore Oil exploration activities are major factors expected to drive the market's growth.
- On the other hand, Volatile raw material prices and the rising adoption of cleaner alternatives are the major restraints for the market.
- Nevertheless, the growing demand for automation in the control process is expected to create an excellent opportunity for the market players in the forecast period, as these projects are paving the way for the line pipe industry to grow more.
- China fastest growing region in the Tank protection market and is also likely to witness the highest CAGR during the forecast period.
Asia Pacific Tank Protection Industry Segmentation
Oil storage provides containment to petroleum products and other oils in large, specialized containers for long periods. These containers, or tanks, help to facilitate the safe, efficient, and reliable storage of crude oil and other petrochemical products. Storage tank protection is needed to avoid dangerous situations and spare the environment. The tank protection equipment is designed to protect the climate and public health by ensuring that tank oil meets specific safety standards. These equipment are used to prevent spills and leaks that can cause harm to people or the environment.
The tank protection market is segmented by oil and gas sector, application, equipment, and region. By oil and gas sector, the market is segmented into upstream, midstream, and downstream. The market is segmented by application into new projects (new orders) and existing projects (replacement orders). By equipment, the market is segmented into valves, vents, and flame arrestors. The report also covers the market size and forecasts for the Tank protection market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Oil & Gas - Sector | |
| Upstream | |
| Downstream | |
| Midstream |
| Application | |
| New Project (New Orders) | |
| Existing Project (Replacement Orders) |
| Equipment | |
| Valves | |
| Vents | |
| Flame Arrestors |
| Geography | |
| India | |
| China | |
| Japan | |
| Australia | |
| South Korea | |
| Rest of Asia Pacific |
Asia Pacific Tank Protection Market Size Summary
The Asia Pacific tank protection market is poised for growth, driven by increased investments in the downstream sector and a surge in offshore oil exploration activities. The market is expected to expand steadily over the forecast period, despite challenges such as volatile raw material prices and the shift towards cleaner energy alternatives. The demand for automation in control processes presents significant opportunities for market players, particularly as these advancements support the growth of the line pipe industry. China is emerging as the fastest-growing region within this market, anticipated to experience the highest growth rate during the forecast period.
The market's expansion is further supported by strategic initiatives and investments in the oil and gas sector across the region. In India, efforts to boost the chemical sector's contribution to GDP are expected to drive infrastructure development, thereby increasing the demand for tank protection systems. Similarly, China's investment in new refineries and the transformation of its refinery industry to meet rising LNG demand underscore the region's commitment to enhancing its oil and gas capabilities. Key players in the fragmented market include Emerson Electric Co., L&J Technologies Inc., and others, who are well-positioned to capitalize on these growth opportunities.
Asia Pacific Tank Protection Market Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Increasing investment in the downstream sector
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1.5.1.2 Rising offshore Oil exploration activities
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1.5.2 Restraints
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1.5.2.1 Rising adoption of cleaner alternatives
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1.5.3 Oppurtunities
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1.5.3.1 Growing demand for automation in the control process
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1.6 Supply Chain Analysis
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1.7 Porter's Five Force Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Oil & Gas - Sector
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2.1.1 Upstream
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2.1.2 Downstream
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2.1.3 Midstream
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2.2 Application
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2.2.1 New Project (New Orders)
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2.2.2 Existing Project (Replacement Orders)
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2.3 Equipment
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2.3.1 Valves
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2.3.2 Vents
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2.3.3 Flame Arrestors
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2.4 Geography
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2.4.1 India
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2.4.2 China
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2.4.3 Japan
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2.4.4 Australia
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2.4.5 South Korea
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2.4.6 Rest of Asia Pacific
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Asia Pacific Tank Protection Market Market Size FAQs
What is the current Asia Pacific Tank Protection Market size?
The Asia Pacific Tank Protection Market is projected to register a CAGR of 3.20% during the forecast period (2024-2029)
Who are the key players in Asia Pacific Tank Protection Market?
Emerson Electric Co, L&J Technologies Inc, Zhejiang Zhenchao Petroleum And Chemical Equipment Co., Ltd and Oil Conservation Engineering Company (OCECO), are the major companies operating in the Asia Pacific Tank Protection Market.
