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-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.
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.
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.
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.
Key segments that contributed to the derivation of the LNG storage tank market analysis are configuration, type, and material.
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.
The regional trends and factors influencing the LNG Storage Tank Market throughout the forecast period have been thoroughly explained by the analysts at 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.
| 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
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The LNG Storage Tank Market 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.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the LNG Storage Tank Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
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:
The “LNG Storage Tank Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
Asia Pacific dominated the LNG storage tank market in 2023.
The growing application of floating storage regasification units (FSRU) is the future trend of 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.
US$ 17,753.41 million estimated value of the LNG storage tank market by 2031.
8.6% is the expected CAGR of the LNG storage tank market.