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LNG Storage Tank Market | Covid-19 Impact Analysis
The LNG Storage Tank Market is segmented by Product Type (Self-Supporting, Non-Self–Supporting Tanks), by Material Type (Steel, 9% Nickel Steel, Aluminum Alloys, and Others), and by Region (North America, Europe, Asia-Pacific, and Rest of the World)
Covid-19 has impacted the market dynamics, competition, and global supply chains. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
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.
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LNG Storage Tank Market – Snapshot |
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Growth |
6.9% for the next five years |
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Major Product Type |
Self-Supporting |
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Dominant Material Type |
Steel |
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Region with the highest demand |
Asia-Pacific |
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Key Players |
Linde Plc, Mcdermott International Inc., Wärtsilä, IHI Corporation, Air Water Inc., Cimc Enric, Chart Industries, Isisan A.S., Cryolor, and Inox India |
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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.
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.
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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Some of the major LNG storage tank manufacturers are-
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.
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LNG Storage Tank Market Research Report – Features |
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Market Segmentation |
3 |
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Regions Covered |
4 |
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Countries/Sub-Regions Covered |
17 |
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No. of Figures & Tables |
>150 |
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Company Profiles |
9 |
The LNG storage tank market is segmented into the following categories.
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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.
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:
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
Market Segmentation
Competitive Benchmarking
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].
The LNG storage tank market is expected to witness an impressive growth of 6.9% CAGR in the foreseeable future.
Linde Plc, Mcdermott International Inc., Wärtsilä, IHI Corporation, Air Water Inc., Cimc Enric, Chart Industries, Isisan A.S., Cryolor, and Inox India are among the key players in the LNG storage tank market.
Asia-pacific is expected to be the largest LNG storage tank market during the next five years.
The self-supporting segment is expected to remain dominant product type in the LNG storage tank market in the coming years.
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