LNG Storage Tank Market Trends and Analysis by 2031

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 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 Regional Insights

The regional trends and factors influencing the LNG Storage Tank Market throughout the forecast period have been thoroughly explained by the analysts at The Insight Partners. This section also discusses LNG Storage Tank Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

LNG Storage Tank Market Report Scope

LNG Storage Tank Market Players Density: Understanding Its Impact on Business Dynamics

The LNG Storage Tank Market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

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