LNG Storage Tank Market Strategies, Top Players, Growth Opportunities, Analysis and Forecast by 2031

LNG Storage Tank Market Size and Forecast (2021 - 2031), Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Configuration (Self-Supporting Tank and Non-Self-Supporting Tank), Type (LNG Carrier and LNG Fueled Vessel), and Material (Stainless Steel, Aluminum Alloy, 9% Nickel Steel, Invar Alloy, C-MN Steel) and Geography

  • Report Code : TIPRE00009161
  • Category : Manufacturing and Construction
  • No. of Pages : 150
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LNG Storage Tank Market Growth Report 2021 to 2031

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The LNG storage tank market size is projected to reach US$ 17,753.41 million by 2031 from US$ 9,149.91 million in 2023. The market is expected to register a CAGR of 8.6% during 2023–2031. The growing number of LNG trades globally is likely to remain a key trend in the market.

LNG Storage Tank Market Analysis

LNG-fueled vessels are gaining attraction in the current scenario owing to the fact that LNG is the cleanest form of any ship and vessel fuel available in the market space. The orderbook of LNG-fuelled vessels continues to grow as the shippers are increasingly emphasizing procuring newly built LNG-fuelled vessels or converting conventional vessels to LNG-fuelled vessels, which is one of the major drivers for the market.

LNG Storage Tank Market Overview

The LNG Storage tanks market primarily comprises key stakeholders, namely raw material suppliers, LNG storage tank manufacturers, regulators/shipping container authorities, and end users. The raw material suppliers associated with the LNG storage tanks offer different materials used for the manufacturing of LNG tanks/carriers offered to the manufacturers. The LNG storage tank manufacturers design, install, engineer, maintenance, and deploy the LNG tanks/carriers to meet the requirements of the end-user. The manufacturers have to adhere to various regulations set by the government before manufacturing these tanks. The LNG storage tank provider essentially possesses the technical expertise to provide an efficient and reliable LNG carrier, and LNG fuelled vessels to the shipping industry. Finally, the end-users, such as shipbuilders and ship owners, install these tanks on the ship and offer reliable LNG trade services.

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LNG Storage Tank Market: Strategic Insights

LNG Storage Tank Market

  • CAGR (2023 - 2031)
    8.6%
  • Market Size 2023
    US$ 9,149.91 Million
  • Market Size 2031
    US$ 17,753.41 Million

Market Dynamics

GROWTH DRIVERS
  • Presence of Large Number of Market Players
FUTURE TRENDS
  • Adoption of High Manganese Steel
OPPORTUNITIES
  • Growing Application of Floating Storage Regasification Unit (FSRU)

Key Players

  • Air Water Inc.
  • Chart Industries
  • Inc.
  • CIMC Enric Holding Ltd.
  • Cryolor (Air Liquide SA)
  • IHI Corporation
  • India Inox Pvt. Ltd.
  • Isisan AS
  • Linde Plc
  • McDermott International Inc.

Regional Overview

  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Configuration
  • Self-Supporting Tank and Non-Self-Supporting Tank
Type
  • LNG Carrier and LNG Fueled Vessel
Material
  • Stainless Steel
  • Aluminum Alloy
  • 9% Nickel Steel
  • Invar Alloy
  • C-MN Steel
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

LNG Storage Tank Market Drivers and Opportunities

The presence of a Large Number of Market Players to Favor Market

The higher number of LNG storage tank suppliers along with end users is one of the critical factors propelling the market growth. Some of the leading LNG storage tank market players globally are Chart Industries, Inc.; McDermott International, Inc.; Corban Energy Group; TransTech Energy LLC; and Maverick Engineering, Inc., among others. In APAC, Air Water Inc., CIMC Enric Holding Ltd., IHI Corporation, are some of the major manufacturers of LNG storage tanks. China holds for the largest sea trade business in the region, holding approximately ~60% of the sea trade business in Asia Pacific. Japanese and South Korean LNG storage tank companioes are also have sufficient order volumes year-on-year, which helps in the growth of the LNG storage tanks market in the Asia Pacifc. Product innovation, design and a strong supply chain are some of the major factors driving the LNG storage tanks market globally.

Acceptance of High Manganese Steel

The insulation material procured by the manufacturers is to cover an outer fire-resistant cladding, that generates a hard outer surface. At present, the LNG storage tank manufacturers are procuring high manganese steel, which is considered a new type of steel, i.e., fabricated by adding 3%–27% of manganese to steel. The high manganese steel does not break at an extremely low temperature, which is as low as -196°C. The high manganese steel is much cheaper compared to conventional steel and helps reduce the material and welding costs. Thus, the growing trend of adopting high-manganese steel for the manufacturing of LNG storage tanks is supporting the market growth.

LNG Storage Tank Market Report Segmentation Analysis

Key segments that contributed to the derivation of the LNG storage tank market analysis are configuration, type, and material.

  • Based on the configuration, the LNG storage tank market is divided into a self-supporting tank and a non-self-supporting tank. The non-self-supporting tank segment held a larger market share in 2023.
  • Based on the type, the LNG storage tank market is divided into LNG carriers and LNG-fueled vessels. The LNG carrier segment held a larger market share in 2023.
  • Based on the material, the LNG storage tank market is divided into stainless steel, aluminum alloy, 9% nickel steel, invar alloy, and c-mn steel. The stainless steel segment held a larger market share in 2023.

LNG Storage Tank Market  Share Analysis by Geography

The geographic scope of the LNG Storage Tank market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

The scope of the LNG storage tank market report encompasses North America (the US, Canada, and Mexico), Europe (Russia, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, India, Australia, Japan, China, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Argentina, Brazil, and the Rest of South & Central America). In terms of revenue, Asia Pacific dominated the LNG storage tank market share in 2023. North America is the second-largest contributor to the global LNG storage tank market, followed by Europe.

LNG Storage Tank Market Report Scope

Report Attribute Details
Market size in 2023 US$ 9,149.91 Million
Market Size by 2031 US$ 17,753.41 Million
Global CAGR (2023 - 2031) 8.6%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Configuration
  • Self-Supporting Tank and Non-Self-Supporting Tank
By Type
  • LNG Carrier and LNG Fueled Vessel
By Material
  • Stainless Steel
  • Aluminum Alloy
  • 9% Nickel Steel
  • Invar Alloy
  • C-MN Steel
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Air Water Inc.
  • Chart Industries
  • Inc.
  • CIMC Enric Holding Ltd.
  • Cryolor (Air Liquide SA)
  • IHI Corporation
  • India Inox Pvt. Ltd.
  • Isisan AS
  • Linde Plc
  • McDermott International Inc.
    • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.

    LNG Storage Tank Market News and Recent Developments

    The LNG Storage Tank Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the LNG Storage Tank Market    are listed below:

    • Air Water Inc. has acquired M1 Engineering (M1), which is a major global provider of specialized cryogenic distribution equipment based in Bradford, West Yorkshire (England). (Source: Air Water Inc., Press Release, April 2023)
    • CIMC Enric Holdings Limited and its subsidiaries announced that its subsidiary, Zhangjiagang CIMC Sanctum Cryogenic Equipment Co., Ltd. and Shijiazhuang Enric Gas Equipment Co., Ltd., secured over RMB400 million (US$ 55.3 million) new orders for LNG on-vehicle cylinders. (Source CIMC Enric Holdings Limited, Press Release, October 2023)

    LNG Storage Tank Market Report Coverage and Deliverables

    The “LNG Storage Tank Market    Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

    • LNG storage tank market  size and forecast at global, regional, and country levels for all the key market segments covered under the scope
    • LNG storage tank market trends as well as market dynamics such as drivers, restraints, and key opportunities
    • Detailed PEST and SWOT analysis
    • LNG storage tank market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
    • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the LNG storage tank market
    • Detailed company profiles
    Report Coverage
    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered
    Segment Covered

    Configuration , Type , and Material

    Regional Scope
    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope
    Country Scope

    Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States

    Frequently Asked Questions


    Which region dominated the LNG storage tank market in 2023?

    Asia Pacific dominated the LNG storage tank market in 2023.

    What are the future trends of the LNG storage tank market?

    The growing application of floating storage regasification units (FSRU) is the future trend of the LNG storage tank market.

    Which are the leading players operating in the LNG storage tank market?

    Air Water Inc., Chart Industries, Inc., CIMC Enric Holding Ltd., Cryolor (Air Liquide SA), IHI Corporation, India Inox Pvt. Ltd., Isisan AS, Linde Plc, McDermott International Inc. are some of the leading players in the market.

    What would be the estimated value of the LNG storage tank market by 2031?

    US$ 17,753.41 million estimated value of the LNG storage tank market by 2031.

    What is the expected CAGR of the LNG storage tank market?

    8.6% is the expected CAGR of the LNG storage tank market.

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