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