Asia-Pacific Storage Tank Market: Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Product, Material, Industry Vertical and Region

Asia-Pacific Storage Tank Market Overview & Dynamics:

Asia-Pacific region is expected to hold the largest growth rate during the forecast period thanks to the developing manufacturing industry and growing population. The growing adoption of storage tanks in India and China is because of the growth of infrastructure for transporting LNG, growing demand for plastic water tanks, water storage tanks and growing food and beverage sectors.

The introduction of stringent mandates to avoid potential hazards will drive the Asia Pacific market growth for the storage tank. Furthermore, increasing concerns towards energy security and environment protection will further expand the industry outlook during 2018-2022. For example, the Indian Government has established an oil industry safety directorate (OISD) which is responsible for formulating self-regulatory measures towards increasing terminal safety.

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The oil And Gas industry vertical is expected to grow at the largest CAGR of 6.25% during the forecast period.

Asia-Pacific constitutes the world’s 2nd most populated economy as well as prominent oil & gas producing economies across the region. Acceptance of stringent regulatory orders to avoid collateral damage will positively impact the demand for the services pertaining to maintenance & cleaning of oil storage tanks.

Singapore oil storage tank service industry is expected to witness growth above 6% by 2025. The rising net crude import along with major refining infrastructure has positively influenced the demand for storage facilities and related services. Such as, consistent with the Energy Market Authority of Singapore, the total crude oil imported in Singapore has reached 57,954.2 ktoe. Moreover, growing trade flows with exclusive strategic measures to develop the current reserve capacity will accelerate the storage tank market during 2024-2030.

Water Industry Vertical segment was valued US$ XX Mn in 2023 and is expected to reach at US$ XX Mn. by 2030 at a CAGR of 5.01% over forecast period.

APAC offers strong potential for the storage tank market for water. Owing to rising water demand in day to day life water tank sector is increasing at a faster rate. China accounts for the major share followed by Japan, South Korea, Taiwan, and India in the water storage tank industry. Water scarcity and the reducing groundwater resources in the APAC will also drive the storage tank market for water in Asian countries.

Countries such as India are facing severe water scarcity in APAC, growing the demand for water storage systems in the region. The growth of the storage tank market for water can also be attributed to the vast oil & gas production activities that need freshwater and also re-use.

At present strategic partnership & investments in the R&D activities are some of the key strategies adopted by the leading industry player in the APAC storage tank market. Some of the prominent players operating across the industry include ZCL Composites Inc, CST Industries, Tank Connection, Crom Corporation, Snyder Industries, Sintex Industries Limited, Toyo Kanetsu K.K., McDermott, Wuxi Xinkaihe tank, CIMC and amongst others.

For example, the McDermott International CB&I Storage Solutions division has won a contract to build an LNG import plant in Batangas, Philippines. Atlantic Gulf and Pacific (AG&P) Company was awarded the contract. It is for the procurement, design, and building of a gas storage tank for AG&P's LNG import and regasification terminal in the Philippines. The capacity will have a capacity of up to 3 million tonnes per annum of regasified LNG at first. It will also have an accessible onshore regasification ability of 420 mmscfd and a storage capacity of nearly 200,000 cbm.

The objective of the report is to present a comprehensive analysis of the Asia-Pacific Storage Tank Market to the stakeholders in the industry. The report provides trends that are most dominant in the Asia-Pacific Storage Tank Market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Asia-Pacific Storage Tank Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

The qualitative and quantitative data provided in the Asia-Pacific Storage Tank Market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Asia-Pacific Storage Tank Market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Asia-Pacific Storage Tank Market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals are existing, who they are, and how their product quality is in the Market. The report also analyses if the Asia-Pacific Storage Tank Market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly if the market is dominated by a few players, etc.

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Asia-Pacific Storage Tank Market is aided by legal factors.

Asia-Pacific Storage Tank Market Scope:

Major players in APAC Storage Tank Market:

• ZCL Composites Inc
• CST Industries, Inc
• Tank Connection
• Crom Corporation
• Snyder Industries Inc
• Sintex Industries Limited
• Toyo Kanetsu K.K.
• Wuxi Xinkaihe tank
• CIMC
• McDermott
• Ishii Iron Works Co. Ltd
• Storewel
• Vetcus
• Penguin
• DFC Pressure Vessel Manufacturer
• SEKISUI