According to The Insight Partners’ research, the global LNG storage tank Market was valued at US$ 8,205.84 million in 2020 and is projected to be worth US$ 14,224.27 million by 2028, growing at 7.9% CAGR during 2021–2028. Rising LNG trade across the globe and presence of large number of market players are the key factors credited for market expansion.
The LNG storage tank can efficiently store LNG at a very low temperature, i.e., -260 F. At present, the US is the largest producer of natural gas across the world. A large volume of LNG is transported through the sea route, where LNG is loaded onto double-hulled ships and the gas is off-loaded to well-insulated storage tanks. Later, it is re-gasified for admission into the pipeline distribution network. Moreover, LNG is shipped in smaller quantities, generally for shorter ocean distances. The LNG in small-scale shipments is commonly transported in same containers used on trucks for international trade, particularly outfitted with cryogenic tanks. It was announced that the Asian requirement for LNG was anticipated to drive the growth of the market in 2021. Therefore, this rise in the LNG trade is driving the growth of the LNG storage tanks market.
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The LNG storage tanks market players are experiencing significant demand for their product owing to rise in LNG carriers and LNG fueled carriers for the transportation of LNG from one place to other. The ship building industry in China is enormous; thus, the Chinese LNG storage tanks market players observe continuous demand for their products. Apart from China, Japanese and South Korean LNG storage tanks manufacturers also enjoy sufficient order volumes year-on-year, which supports the growth of the LNG storage tanks market in APAC. The US has noteworthy number of LNG storage tanks manufacturers as well as LNG carriers and owners. Also, the number of marine ports in the country is higher than Canada and Mexico. The higher number LNG storage tanks suppliers and end users is one of the critical factors propelling the market growth.
Based on configuration, the market is bifurcated into self-supporting tanks and non-self-supporting tanks. Among these, the non-self-supporting tanks segment held 91.1% of the market share in 2020. The segment was appraised at US$ 7,476.83 million in 2020 and is slated to expand at 7.6% CAGR during 2021–2028 to reach US$ 12,708.48 million by 2028.
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On the other hand, the high installation and maintenance cost will likely hinder market growth.
As per type, the global LNG storage tank market is split into LNG carrier and LNG fueled vessel. Of these, the LNG fueled vessel segment accounted for 86.40% of the market share in 2020. The segment was gauged at US$ 1,112.13 million in 2020 and is projected to grow at 10.0% CAGR between 2021 and 2028 to reach US$ 2,273.00 million by 2028.
Our regional analysis states that Asia pacific held a significant share in the global LNG storage tank market in 2020. The regional market was evaluated at US$ 2,807.04 million in 2020 and is anticipated to be worth US$ 5,456.70 million by 2028, recording 9.5% CAGR between 2021 and 2028. This growth is attributed to the vast initiatives and investments made by the major companies of the region. For instance, in 2020, NOXCVA announced partnership with Shell Energy India for LNG distribution.
Moving on to material, the market is arrayed into stainless steel, aluminum alloy, 9% nickel steel, Invar alloy, and C-MN steel. Among these, the stainless steel segment accounted for 36.9% of the market share in 2019. The segment was assessed at US$ 3,028.27 million in 2020 and is expected to expand at 7.0% CAGR over 2021–2027 to be valued at US$ 4,909.98 million by 2027.
Leading players contributing to the global LNG storage tank market valuation are hart Industries, Inc.; CIMC ENRIC Holdings Limited; CRYOLOR; IHI Corporation; INOX India Limited; ISISAN, McDermott International, Inc.; Wärtsilä Corporation; Linde plc; and AIR WATER INC., among others.
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