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What's Driving the Asia Pacific Oil Storage Tank Service Market Trends?John Wood Group PLC, Swire Oilfield Services Ltd, Scanjet Systems AB, Cyntech, Veolia, SUEZ Environment

04-14-2020 12:30 AM CET | Energy & Environment

Press release from: Global Market Insights, Inc.

What's Driving the Asia Pacific Oil Storage Tank Service Market

Singapore oil storage tank service market share is slated to register more than 6% growth up to 2025. This has been primarily attributed to the rise in the net crude import coupled with the major refining infrastructure. The trends have impacted the demand for storage facilities as well as other related services. As per the Energy Market Authority of Singapore, the total amount of crude oil that had been imported in Singapore reportedly reached 57, 964.2 ktoe in the year 2017 from 46,324.2 ktoe back in 2011.

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Growth Drivers:

Volatile crude oil prices
Expansion of oil storage capacity
Growing stringency in tank cleaning market

Strict regulatory norms and mandates to prevent collateral damage will drive Asia Pacific oil storage tank service market share over the next few years. The midstream and the downstream sectors have increasingly been demanding for oil storage services owing to the higher investments in the expansion of refining capacity.

There has been a steady improvement in crude oil prices that has led to an increase in crude oil production. This has majorly influenced the expansion and up-gradation of numerous depots, terminals and tank farms.Few players involved in the Asia Pacific (APAC) oil storage tank service industry involve MISTRAS Group, Zaopin Technologies and John Wood Group among others. These firms have created digitally-integrated solutions to monitor and diagnose those tanks to be able to secure a competitive edge over other companies within the market.

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Oil storage tank services are seemingly being supported by the government authorities as they have introduced multiple amendments that relate to cleaning, maintenance and inspection of the already existing storage facilities. APAC oil storage tank service industry size has been expected to surpass USD 210 million by the year 2025. There has been a rise in the investments in order to offer major protection and security against extreme conditions to prevent multiple technical losses.

The midstream and downstream sectors have increasingly accepted and adopted facilities equipped with high technologies. This is due to their properties of high efficiency and corrosion resistivity. Booming demand for crude oil of high value has coerced the authorities to ensure regular inspection of the storage depots, supporting the adoption of tank cleaning services and fueling APAC oil storage tank service market trends.

Chapter 4 Asia Pacific Oil Storage Tank Service Market, By Country

4.1 Asia Pacific oil storage tank service market share by country, 2018 & 2025

4.2 China

4.2.1 China market, 2014 - 2025

4.3 India

4.3.1 India market, 2014 - 2025

4.4 Indonesia

4.4.1 Indonesia market, 2014 - 2025

4.5 Malaysia

4.5.1 Malaysia market, 2014 - 2025

4.6 Singapore

4.6.1 Singapore market, 2014 - 2025

4.7 Thailand

4.7.1 Thailand market, 2014 - 2025

4.8 South Korea

4.8.1 South Korea market, 2014 - 2025

4.9 Japan

4.9.1 Japan market, 2014 - 2025

4.10 Australia

4.10.1 Australia market, 2014 - 2025

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About DEC Research:, powered by Global Market Insights, is an online aggregator of information on market research reports. The website provides comprehensive information as well as a detailed 'Table of Contents' for reports being regularly published by GMI.

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