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
Market Size Value in US$ 8,346.93Million in 2021 Market Size Value by US$ 14,224.27 Million by 2028 Growth rate CAGR of 7.9% from 2022-2028 Forecast Period 2022-2028 Base Year 2022
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LNG Storage Tank Market: Strategic Insights
| Market Size Value in | US$ 8,346.93Million in 2021 |
| Market Size Value by | US$ 14,224.27 Million by 2028 |
| Growth rate | CAGR of 7.9% from 2022-2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
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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
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
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Configuration , Type , and Material
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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