The implementation of strict regulations to prevent potential hazards is anticipated to fuel market growth in the Asia-Pacific region. Moreover, heightened concerns about energy security and environmental protection will further enhance market prospects through the forecast period. For instance, India’s government has established the Oil Industry Safety Directorate (OISD), which is responsible for formulating self-regulatory safety measures at oil terminals. The oil and gas industry is expected to register the highest growth, with a CAGR of 6.25% during the forecast period.
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Asia-Pacific Storage Tank Market Dynamics:
The Asia-Pacific region is home to the world’s second-largest population and key oil and gas-producing economies. The enforcement of strict regulatory measures to prevent collateral damage is expected to increase demand for maintenance and cleaning services for oil storage tanks.
In Singapore, the oil storage tank service industry is projected to grow at a rate of over 6% by 2025. The rising net crude imports, coupled with significant refining infrastructure, has boosted demand for storage facilities and related services. According to the Energy Market Authority of Singapore, the country’s total crude oil imports reached 57,954.2 kilotons of oil equivalent (ktoe). Additionally, increasing trade flows, along with strategic initiatives to expand current reserve capacities, are set to accelerate the storage tank market in the region between 2024 and 2030.
The water industry vertical was valued at US$ XX Mn in 2023 and is expected to grow at a CAGR of 5.01% by 2030.
The Asia-Pacific region offers substantial growth potential for the water storage tank market due to rising water demand for daily use. China holds the largest market share, followed by Japan, South Korea, Taiwan, and India. Water scarcity and depleting groundwater resources in the region are further driving demand for water storage tanks across Asian countries.
Asia-Pacific Storage Tank Market Segment Analysis:
By Product
Hazardous
Non-Hazardous
By Material
Steel
Concrete
Polyethylene
Others
By Industry Vertical
Oil And Gas
Chemical
Water
Food And Beverage
Others
Country Scope
China
India
Japan
South Korea
Australia
ASEAN
Rest of APAC
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Market Key Players:
ZCL Composites Inc
CST Industries, Inc
Tank Connection
Crom Corporation
Snyder Industries Inc
Sintex Industries Limited
Toyo Kanetsu K.K.
Wuxi Xinkaihe tank
CIMC
McDermott
Ishii Iron Works Co. Ltd
Storewel
Vetcus
Penguin
DFC Pressure Vessel Manufacturer
SEKISUI
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Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2023)
- Past Pricing and price curve by region (2018 to 2023)
- Market Size, Share, Size & Forecast by Different Segment | 2024-2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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