APAC Oil & Gas Storage Tank Market Size
| 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
*Disclaimer: Major Players sorted in no particular order |
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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 Market Trends
This section covers the major market trends shaping the APAC Oil & Gas Storage Tank Market according to our research experts:
LNG Expected to Witness Significant Growth
- Liquefied Natural Gas (LNG) is the product formed by the liquefaction of natural gas that comes after getting processed for purification at the processing plant. The Asia-Pacific region has around six countries involved in the LNG export trade, which includes Australia, Brunei, Indonesia, Malaysia, Papua New Guinea, and Vietnam. But the list is predicted to be stretched in the coming years due to the upcoming LNG projects in other Asian countries.
- In Australia, LNG exports have witnessed an increase of 15% on an average basis in the last decade. In 2021, the country exported around 4314PJ of LNG, as per the Australian Department of Climate, Energy, Environment, and Water. The country is anticipating higher levels of LNG production in the coming years due to the upcoming LNG export facility projects.
- For example, in August 2022, Woodside Energy and Bechtel Corporation kickstarted the construction of the Pluto-LNG train 2 project located in Western Australia. Bechtel was contracted as the EPC services provider for the project. Once operational, the plant may have an LNG production capacity of 5 million tonnes per annum.
- Furthermore, in December 2021, Vietnam planned an LNG export terminal to increase the LNG supply in the country. The project includes the construction of a 50,000 cubic meters storage tank capable of handling around 650,000 metric tonnes of LNG annually. JAPEX and ITECO JSC joined the project development plan, and more investors are yet to be added to the project.
- Owing to such developments, the LNG fuel storage tank market is projected to witness fast-paced growth in the coming years.
Australia Expected to Dominate the Market
- Australia has recently witnessed progressive developments in the energy sector, with an upsurge in the natural gas production levels and new equipment manufacturing facilities. The country has also envisaged an increase in energy consumption of the fuels like gasoline, diesel, etc.
- The LNG export volume in 2021 was recorded as 106,991 million cubic meters, a sharp escalation from 39,499 million cubic meters in 2016. The trend is also anticipated to continue in the coming years due to the country's newly tabled LNG plans.
- In April 2022, the Australian government planned a new LNG export terminal at Darwin, Northern Territory. The project was signed with a planned investment of USD 1.1 billion in the country. Along with LNG export, the terminal is also expected to be equipped with hydrogen export facilities.
- Furthermore, the country plans more storage tank manufacturing facilities for other gases. In 2022, Sydney-based CST Composites announced plans to establish a new hydrogen gas storage tank manufacturing facility in Australia in a joint venture with Optimum Composite Technologies.
- Such developments are predicted to make the country take over other Asian countries in the oil and gas storage tank market.
APAC Oil & Gas Storage Tank Industry Overview
The Asia-Pacific oil and gas storage tank market is fragmented. Some of the key players in the market (in no particular order) include Mcdermott International Ltd, DFC Pressure Vessels Manufacturer Co Ltd, CST Composites, Toyo Kanetsu K.K, and Beltecno Corporation.
APAC Oil & Gas Storage Tank Market Leaders
Mcdermott International Limited
DFC Pressure Vessel Manufacturer Co Ltd.
CST Composites
Toyo Kanetsu K.K
Beltecno Corporation
*Disclaimer: Major Players sorted in no particular order
APAC Oil & Gas Storage Tank Market News
- March 2022: Adani Ports and Special Economic Zone signed an agreement with Indian Oil Corporation to increase crude oil storage volumes in Mundra port. As per the agreement, the Indian Oil Corporation would build 12 tanks with a capacity of 7.2 lakh kiloliters. The total investment would be about USD 10 billion.
- October 2021: Chemie-Tech won the contract for the engineering, procurement, and construction of four double-wall storage tanks for the HPCL Rajasthan refinery, HRRL, in India. The 96000 cubic meters tanks (combined capacity) are expected to store the petroleum products like refrigerated ethylene and propylene.
APAC Oil & Gas Storage Tank Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD million, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product
5.1.1 Crude Oil
5.1.2 Liquefied Natural Gas (LNG)
5.1.3 Diesel
5.1.4 Gasoline
5.1.5 Kerosene
5.1.6 Liquefied Petroleum Gas (LPG)
5.1.7 Other Products
5.2 Material
5.2.1 Steel
5.2.2 Carbon Steel
5.2.3 Fiberglass-Reinforced Plastic
5.3 Geography
5.3.1 China
5.3.2 India
5.3.3 Japan
5.3.4 South Korea
5.3.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Mcdermott International Ltd.
6.3.2 DFC Pressure Vessel Manufacturer Co Ltd.
6.3.3 CST Composites
6.3.4 Toyo Kanetsu K.K
6.3.5 Beltecno Corporation
6.3.6 Wenzhou Ace Machinery Co Ltd.
6.3.7 Jiangsu Honggang Industries Co Ltd.
6.3.8 Yachiyo Industries Co Ltd.
6.3.9 Ness India Engineers
6.3.10 Fuelco Australia
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 |
APAC Oil & Gas Storage Tank Market Research FAQs
What is the current Asia-Pacific Oil and Gas Storage Tank Market size?
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)
Who are the key players in Asia-Pacific Oil and Gas Storage Tank Market?
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.
What years does this Asia-Pacific Oil and Gas Storage Tank Market cover?
The report covers the Asia-Pacific Oil and Gas Storage Tank Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Oil and Gas Storage Tank Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Oil and Gas Storage Tank Industry Report
Statistics for the 2024 Asia-Pacific Oil and Gas Storage Tank market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Oil and Gas Storage Tank analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
