The global LNG storage tank market size is expected to grow from USD 14.5 billion in 2022 to USD 20.8 billion by 2027, at a CAGR of 7.5% during the forecast period. Large-scale development of LNG infrastructure in Japan, India, and Indonesia is also expected to boost the demand for LNG storage tanks. However, the high installation cost of these tanks is a restraint in the market.
“Non-self-supporting Type is the fastest-growing Type of LNG storage tank, in terms of value.”
Non-self-supporting tanks are also called integral tanks because they form an integral part of a ship’s hull structure and are influenced by the same load as that of the overall hull structure of the ship. The most commonly used non-self-supporting tanks are membrane tanks. These tanks must always be supported by secondary containment to ensure the safety of the total system in case the primary barrier fails to contain the liquid. This type is also classified as membrane tank.
“9% nickel steel is the second fastest-growing product type of LNG storage tank, in terms of value.”
The increase in the global demand for LNG in the power and energy industries led to an increase in the construction of LNG storage tanks. 9% nickel steel is the most common material used in the construction of inner tanks for above-the-ground LNG storage tanks. 9% nickel steel was developed by the International Nickel Company and is the most used material for LNG storage tanks worldwide for the past 50 years. It has excellent cryogenic fracture toughness and corrosion resistance at low temperatures.
“APAC is the fastest-growing LNG storage tank market.”
APAC is expected to be the largest market for LNG storage tank during forecasted years. The market in Asia Pacific is mainly dominated by the growing import of small-scale LNG, and significant developments in energy and power industries, which are witnessing a significant demand for LNG, which, in turn, will drive the market for LNG storage tanks in the region. Furthermore, the growing steel industry in China is expected to drive the global LNG storage tank market during the forecast period. Industrial developments in China, India, the US, Japan, Mexico, among other countries driving the LNG storage tank market in these regions.
This study has been validated through primaries conducted with various industry experts, globally. These primary sources have been divided into the following three categories:
- By Company Type- Tier 1- 60%, Tier 2- 20%, and Tier 3- 20%
- By Designation- C Level- 33%, Director Level- 33%, and Managers- 34%
- By Region- North America- 20%, Europe- 25%, APAC- 25%, Latin America-10%, MEA-20%,
This report covers the global LNG storage tank market and forecasts the market size until 2027. The report includes the market segmentation –Type (self-supporting, and non-self-supporting), Material Type (steel, 9% nickel steel, aluminum alloy, and Others), and Region (Europe, North America, APAC, South America, and MEA). Porter’s Five Forces analysis, along with the drivers, restraints, opportunities, and challenges, are discussed in the report. It also provides company profiles and competitive strategies adopted by the major players in the global LNG storage tank market.
Key benefits of buying the report:
The report will help market leaders/new entrants in this market in the following ways:
- This report segments the global LNG storage tank market comprehensively and provides the closest approximations of the revenues for the overall market and the sub-segments across different verticals and regions.
- The report helps stakeholders understand the pulse of the LNG storage tank market and provides them with information on key market drivers, restraints, challenges, and opportunities.
- This report will help stakeholders to understand competitors better and gain more insights to better their position in their businesses.
- The competitive landscape section includes the competitor ecosystem, new product development, agreement, and acquisitions.
Reasons To Buy the report:
The report will help market leaders/new entrants in this market by providing them with the closest approximations of the revenues for the overall LNG storage tank market and the sub-segments. This report will help stakeholders to understand the competitive landscape and gain more insights and position their businesses and market strategies in a better way. The report will also help stakeholders understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.