Oil Storage Tank Services Market size Asia Pacific to exceed $210mn by 2025
Published Date: November 1, 2019 Authors: Ankit Gupta, Aditya Singh Bais
Asia Pacific Oil Storage Tank Services Market size is expected to surpass USD 210 Million by 2025, as reported in the latest study by Global Market Insights, Inc.
Demand for tank services are witnessing noteworthy growth on account of rapidly growing application of crude oil and other petroleum products. Irregular maintenance and corrosion resulting from extreme weather conditions have significantly raised the issue of product losses across various terminal facilities. This in turn led the operators to look for various periodic maintenance services which mainly include manual and automated systems. As a result, adoption of technically advanced storage systems on account of their superior efficiency and high corrosion resistivity are gaining wide acceptance across the industry. In the coming years, increasing demand for high value hydrocarbon products will lead the operators to regularly inspect their respective storage facilities which in turn will enhance the business landscape.
Stringent environmental codes stimulating the industry outlook
Over the last decade regulators across the Asia Pacific have introduced several stringent measures to check the oil spill and enhance the terminal protection. These regulations are specifically designed to promote the safe handling of various combustible and flammable liquids which mainly comprises hazardous petrochemical products. Regular inspection of the facilities help the operators to avoid any potential disasters and mitigate business risks relating to the tank reliability and safety. For instance, American Petroleum Institute (API) has laid down certain standards regarding the inspection, cleaning, and maintenance of storage facilities. Introduction of such government measures to avoid potential hazard and explosion will positively drive the oil storage tank service market over the forecast period.
Browse key industry insights spread across 160 pages with 25 market data tables & 30 figures & charts from the report, “Asia Pacific Oil Storage Tank Services Market Size, Industry Analysis Report, Country Outlook (China, India, Indonesia, Malaysia, Singapore, Thailand, South Korea, Japan, Australia), Competitive Market Share & Forecast, 2019 – 2025”in detail along with the table of contents:
Soaring refinery throughput escalating terminal maintenance
Surge in the regional population has positively impacted the demand for various petrochemical products across Asia Pacific. Soaring usage of these products have made the operators to enhance their existing refinery throughput. For instance, in 2018, the refinery capacity across China and India witnessed a growth of 2.8% and 5.8% respectively, when compared to previous year. As a result, concentration of the storage and terminal systems have witnesses substantial growth. Increase in the terminal figures have direct impact in oil storage tank service market industry which is set to expand significantly over the forecast time frame.
Strong focus toward enhancing the tank lifespan driving the industry growth
Development of new storage facility require substantial investments with lot of regulatory clearances. Therefore, operators across region are taking measures to enhance the lifespan of their existing tank facilities rather than constructing the new one. Therefore, the demand for regular and effective maintenance services are gaining wide traction across the industry. Periodic cleaning and maintenance not only protect the tanks systems from harsh weather conditions but also reduced the associated technical losses. In the coming years, introduction of remotely operated smart monitoring and control systems will enhance the Asia Pacific oil storage tank service industry growth.
Notable industry participants in Asia Pacific oil storage tank services market include Veolia, John Wood Group PLC, Matrix Service, SUEZ Environment, Zaopin Technologies, SP Nanibame, China Oil HBP Group, NCH Corporation, MISTRAS Group, System Kikou Co., Ltd. (SKK), Oil Field Warehouse & Services Limited, and Petros amongst other. Intensifying efforts toward the development of new technologies coupled with the introduction of economically viable service packages have substantially accelerated the regional business growth.