Asia Pacific Oil Storage Market Analysis

Asia Pacific Oil Storage Market Analysis

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The market volume from the floating roof is slated to display a growth of 3% CAGR between 2023 and 2032. The growing requirement for robust storage solutions for medium and low flash point petroleum is a prominent factor driving product demand. Advantages associated with these storage containers will thus amplify product installation in oil refineries. Moreover, the primary purpose of a floating roof tank is to minimize evaporation loss of the stored product and prevent the emission of volatile organic compounds (VOCs) into the atmosphere.
 

The oil storage market volume in Asia Pacific from the middle distillates segment was over 78 million cubic meters in 2022. High demand for jet oil used in aircraft engines, commercial and domestic heating, and transportation is one of the main factors driving the need for middle distillation oil storage tanks. In addition, government agencies aim for an uninterrupted supply of middle distillate refined oil in the global fuel trading market.
 

The oil storage industry volume from the LPG end-use segment is poised to attain 1.8% gains through 2032. A strong focus on expanding oil refineries to address issues such as rising oil prices, especially in India & China, is increasing the use of LPG tanks. Furthermore, discoveries of offshore oil fields also increase the rate at which oil is refined and subsequently increase the production of LPG storage over the forecast timeline.
 

Due to the high demand for oil in the region, there is a significant need for oil storage facilities. In addition, trends including the use of technology to improve the efficiency of oil storage facilities is further anticipated to benefit the industry scenario. For example, companies are implementing advanced monitoring and control systems to optimize the operation of their oil storage tanks and prevent leaks or spills.
 

The China oil storage market is expected to foresee 3% growth through 2032. China is the world's second-largest consumer of oil after the United States, and it has been rapidly increasing its oil storage capacity in recent years to meet its growing demand for oil. China has been investing heavily in building new oil storage facilities, both onshore and offshore, as well as expanding its existing ones.
 

Moreover, with the ongoing shift towards cleaner energy sources and the increasing adoption of electric vehicles, it is uncertain how long the demand for oil will continue to grow. However, China has been expanding its storage capacity to accommodate not just oil but also other fuels like liquefied natural gas (LNG) and liquefied petroleum gas (LPG).