Asia Pacific Oil Storage Tank Service Market Size

Asia Pacific Oil Storage Tank Service Market Size

Asia Pacific Oil Storage Tank Service Market size was valued over USD 165 million in 2018 and is expected to grow over 3.5% by 2025.

Oil storage maintenance and service primarily includes periodic inspection, cleaning, and protection of the storage facilities. Flammable materials accumulated in extreme weather conditions leads to stress-induced corrosion in steel plates, joints, and weld-structures thereby impacting the overall tank integrity. Therefore, terminal operators need to follow pro-active protocols to ensure the proper safety and reliability of the facilities. The regular inspection by complying all relevant local and international standards helps the companies to avoid potential disasters and mitigate associate business risks.  The study incorporates a detailed analysis of oil storage tank service market across Asia Pacific region bifurcated on a country basis. Furthermore, the estimates and forecasts are aligned with data represented by governing authorities including the IEA, API and associated company press releases and regional regulatory bodies.
 

Over the years, investment towards the expansion of refining throughput capacity has increased significantly on account of growing application for various petrochemical products. Ethanol, epoxy and butane are few of the end products currently undergoing a strong demand, which has strengthened the focus toward the maintenance & development of oil tanks. For instance, as per the International Energy Forum, China’s refining throughput capacity was estimated 12.1 Mb/d in 2018 and in the same year the country’s crude oil import dependency reached 70.8%. Increasing application of these products in several manufacturing operations are facilitating the demand for high capacity oil terminals. Rise in the refinery production is further necessitating the requirement for more storage spaces with high safety index. This in turn will positively impact the oil storage tank service market outlook.