North America LNG Storage Tank Market Growth and Recent Trends by 2028

Historic Data: 2019-2020 | Base Year: 2021 | Forecast Period: 2022-2028

North America LNG Storage Tank Market Forecast to 2028 - COVID-19 Impact and Regional Analysis 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, and C-MN Steel)

Report Date : Aug 2021
Report Code : TIPRE00024118

Category : Manufacturing and Construction
Status : Published

Available Report Formats :
No. of Pages : 125

Page Updated: Aug 2021

Analysis Strategic Insights Market Drivers Regional Insights Report Scope Recent Developments FAQs

The LNG storage tank market in North America is expected to grow from US$ 2,816.14 million in 2021 to US$ 3,539.85 million by 2028; it is estimated to grow at a CAGR of 7.1% from 2021 to 2028.

The US, Canada, and Mexico are major economies in North America. Rising LNG trade across North America is the major factor driving the growth of the North America LNG storage tank market. At present, the US is the largest producer of natural gas across the world. In the US, natural gas supplies nearly one third of the primary energy and is one of the key heating fuels for almost half of US households. 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 also shipped in smaller quantities, generally for shorter ocean distances. The growing LNG trade in small-scale shipments is commonly transported in the same containers used on trucks for international trade, particularly outfitted with cryogenic tanks. Additionally, Shell published that the North America LNG trade will be increased to 360 Mt by 2021 from 358 Mt in 2020. Therefore, this rise in the international LNG trade is driving the growth of the LNG storage tanks market.

Owing to favorable government policies to boost innovation and reinforce infrastructure capabilities, North America have the highest acceptance and development rate of emerging technologies. Any impact on industries is therefore projected to have a negative influence on the region's economic development. Currently, due to the COVID-19 outbreak, the US is the world's worst affected country, thus affecting the sudden stands still across all the industries present in the region.In North America, especially the US, witnessed an unprecedented rise in number of COVID cases, which disrupted its LNG trade activities in the oil & gas sector and subsequently impacted the demand for LNG storage tank in 2020 and is expected to continue in 2021. Additionally, as per the US Energy Information Administration (EIA) due to COVID-19, ~175 US LNG cargoes were cancelled in October 2020, out of which around 80% of the LNG cargoes cancelled, which are scheduled for the summer months. The EIA anticipated that demand of LNG will slowly increase by the end of 2021. Moreover, the considerable decline in overall global gas prices further restricted the oil & gas related projects and other activities that negatively influenced the demand for LNG storage tank. Similar trend was witnessed in other North American countries such as Canada and Mexico. However, the countries are expected to overcome the swift drop in demand as the countries continue to open their economic activities especially in the recent months for revival of business activities. However, the demand for the same could not be catered by the country due to the temporary shutdown of transportation facilities across the region, which has negatively hindered the LNG trade cross-border. Thus, owing to the above-mentioned factors, LNG storage tank market is said to be negatively affected owing to the outbreak of the COVID-19 across the region

This FREE sample will include data analysis, ranging from market trends to estimates and forecasts.

North America LNG Storage Tank Market Segmentation

North America LNG Storage Tank Market – By Configuration

Self-Supporting Tank
Non-Self-Supporting Tank

North America LNG Storage Tank Market – By Type

LNG Carrier
LNG Fueled Vessel

North America LNG Storage Tank Market – By Material

Stainless Steel
Aluminum Alloy
9% Nickel Steel
Invar Alloy
C-MN Steel

North America LNG Storage Tank Market, by Country

US
Canada
Mexico

North America LNG Storage Tank Market - Companies Mentioned

Air Water Inc.
Chart Industries, Inc.
CIMC Enric Holding Ltd.
Cryolor
IHI Corporation
India Inox Pvt. Ltd.
ISISAN AS
Linde Plc
Wartsila Corporation

North America LNG Storage Tank Report Scope

Report Attribute	Details
Market size in 2021	US$ 2,816.14 Million
Market Size by 2028	US$ 3,539.85 Million
CAGR (2021 - 2028)	7.1%
Historical Data	2019-2020
Forecast period	2022-2028
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
Market leaders and key company profiles	Air Water Inc. Chart Industries, Inc. CIMC Enric Holding Ltd. Cryolor IHI Corporation India Inox Pvt. Ltd. ISISAN AS Linde Plc Wartsila Corporation

Research Manager

Nivedita Upadhyay

Manager,
Market Research & Consulting

Nivedita is an accomplished research professional with over 9 years of experience in Market Research and Business Consulting. Currently serving as a Project Manager in the ICT domain at The Insight Partners, she brings deep expertise in managing and executing Syndicated, Custom, Subscription-based, and Consulting research assignments across diverse technology sectors.

With a proven track record of delivering data-driven analysis and actionable insights, Nivedita has been a key contributor to several critical projects. Her work involves end-to-end project execution—right from understanding client objectives, analyzing market trends, to deriving strategic recommendations. She has collaborated extensively with leading ICT companies, helping them identify market opportunities and navigate industry shifts.

Nivedita holds an MBA in Management from IMS, Dehradun. Prior to joining The Insight Partners, she gained valuable experience at MarketsandMarkets and Future Market Insights in Pune, where she held various research roles and built a strong foundation in industry analysis and client engagement.

What are the North America LNG Storage Tank Market report deliverables?

Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
PEST and SWOT Analysis
Market Size Value / Volume - Regional, Country
Industry and Competitive Landscape
Excel Dataset

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