LNG Storage Tank Market Report

Market Insights

LNG storage tank market is likely to witness an impressive CAGR of 6.9% during the forecast period. The demand for LNG storage tanks is driven mainly by the increasing demand for LNG in power, energy, and steel end-use industries.

Segment Analysis

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LNG Storage Tank Market Share: By Product Type

Based on the product type, the market is segmented as self-supporting and non-self–supporting. The self-supporting segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. The significant share of the self-supporting segment is attributed to the growing demand for LNG in the power and energy end-use industries.

LNG Storage Tank Market Share: By Material Type

Based on the material type, the market is segmented as steel, 9% nickel steel, aluminum alloys, and others. The steel segment accounted for the largest share in 2019 owing to its properties, such as corrosion resistance and durability. The steel segment is estimated to expand at a promising CAGR during the forecast period due to the rising demand for storage of liquefied natural gas as steel offers low thermal conductivity at cryogenic temperatures.

LNG Storage Tank Market Share: By Region

In terms of regions, Asia-Pacific is projected to be the largest and fastest-growing market for LNG storage tanks during the forecast period. The Asia-Pacific’s market is expected to grow with a lucrative CAGR due to the rising demand from various end-use industries, such as energy, power, and steel. High adoption from developing economies such as China and India are expected to boost the market in the Asia-Pacific region.

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Market Scope & Segmentation

LNG is an abbreviation for liquefied natural gas. Gases such as methane, ethane, etc. are cooled down to liquid form in order to safely store or transport them. A specialized type of storage tank used for the storage of LNG is called LNG storage tank. The tanks store LNG at very low temperatures. This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

The LNG storage tank market is segmented into the following categories. 

LNG Storage Tank Market Size, Share, & Forecast, by Product Type:

• Self-Supporting  
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Product Type Analysis: Single Containment Storage Tanks, Double Containment Storage Tanks, and Full Containment Storage Tanks)
• Non Self–Supporting
  • (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
  • (Product Type Analysis: Membrane Tanks)

LNG Storage Tank Market Size, Share, & Forecast, by Material Type:

• Steel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• 9% Nickel Steel (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Aluminum Alloys (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Others (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

LNG Storage Tank Market Size, Share, & Forecast, by Region:

• North America (Country Analysis: the USA, Canada, and Mexico) 
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Key Players

Some of the major LNG storage tank manufacturers are-

• Linde Plc
• Mcdermott International Inc.
• Wärtsilä
• IHI Corporation
• Air Water Inc.
• Cimc Enric
• Chart Industries
• Isisan A.S.
• Cryolor
• Inox India.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, material portfolio, material launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Research Methodology

This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Market Segmentation

• Current market segmentation of any one of the product types by material type.  

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected].