PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1682824
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1682824
The LNG Storage tank market is estimated at USD 14.64 billion in 2024 and is projected to reach USD 21.22 billion by 2029, at a CAGR of 7.7% from 2024 to 2029. Steel is a preferred material in the manufacturing of LNG storage tanks due to its durability, strength, and ability to withstand the extreme temperatures and pressures required for storing LNG. The increasing demand for LNG as a cleaner energy source has driven the need for reliable and secure storage soluions made from materials like steel.
Scope of the Report | |
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Years Considered for the Study | 2021-2029 |
Base Year | 2023 |
Forecast Period | 2024-2029 |
Units Considered | Value (USD Million), Volume (Million Square Meter) |
Segments | By Material, By Type, By End-Use Industry, and By Region |
Regions covered | Europe, North America, Asia Pacific, Middle East & Africa, and Latin America |
Materials like high-manganese steel and 9% Nickel steel are also gaining attention as a less expensive, robust alternative to traditional steel. Advancements are taking place in the LNG storage tank market which is driving the companies to compete with each other to garner a higher market share and make LNG storage tanks with best possible materials and technologies.
''In terms of value, self-supporting segment accounted for the largest share of the overall LNG Storage tank market.''
In 2023, self-supporting segment accounted for the largest share of 74.7%, in terms of value. Self-supporting LNG storage tanks are favored due to their enhanced safety, reliability, and versatility. Unlike non-self-supporting tanks, self-supporting tanks do not rely on the container structure for support. These tanks can withstand extreme temperatures and pressures required for LNG storage, making them suitable for various applications, including onshore, offshore, and marine environments.
Self-supporting tanks are often used for large-scale LNG storage applications such as LNG terminals, LNG vessels, and LNG fueling stations. These tanks are typically large, cylindrical, and constructed with materials and designs that can withstand the extremely low temperatures and high pressures associated with LNG storage.
''In terms of value, transportation & logistics segment accounted for the second-largest share of the overall LNG Storage tank market.''
LNG is increasingly recognized as a cleaner alternative to traditional fossil fuels like coal and oil. This shift is driven by global initiatives aimed at reducing carbon emissions and transitioning to sustainable energy sources. LNG storage tanks are used in the energy & power industry for several key purposes like peak shaving, backup fuel, energy storage, remote power generation and various other applications. Power plants use LNG storage for "peak shaving", where they liquefy natural gas from pipelines and store it in cryogenic tanks. This LNG is then regasified and burned to generate electricity when demand is high or when pipeline delivery is insufficient. LNG serves as a backup fuel for power plants. Many plants store LNG on site in cryogenic tanks to ensure a reliable fuel supply. LNG is also a cleaner-burning alternative to fuels like fuel oil, and it doesn't degrade during storage.
"During the forecast period, the LNG Storage tank market in Asia Pacific region is projected to be the largest."
Asia Pacific is the largest market for LNG Storage tank because of its strong demand from energy & power, industrial, and transportation & logistics end-use industries, which is a driving factor for storage solutions of LNG such as LNG Storage tank. Firstly, the region has presence of many companies like Indian Oil, Hindustan Petroleum, JGC Holdings Corporation, and many more that are using LNG Storage tanks for storing and transporting LNG. Secondly, Asia Pacific has presence of major LNG Storage Tank manufacturing companies such as Air Water Inc. (Japan), CIMC Enric Holdings Limited (China), and INOX India Limited (India) that drives the demand and potentially expands its market shares.
Prominent companies in the LNG storage tanks market include Linde PLC (Ireland), McDermott (US), Wartsila (Finland), IHI Corporation (Japan), Air Water Inc. (Japan), CIMC Enric Holdings Limited (China), Chart Industries (US), ISISAN A.S. (Turkey), Cryolor (France), INOX India Limited (India), and VINCI Construction (France).
Research Coverage
This research report categorizes the LNG Storage Tank Market, By Material (Steel, 9% Nickel Steel, Aluminum, Other Materials), Type (Self-Supporting, Non-Self-Supporting), End-use Industry (Energy & Power, Industrial, and Transportation & Logistics), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America). The scope of the report includes detailed information about the major factors influencing the growth of the LNG Storage tank market, such as drivers, restraints, challenges, and opportunities. A thorough examination of the key industry players has been conducted to provide insights into their business overview, solutions, and services, key strategies, contracts, partnerships, and agreements. Product launches, mergers and acquisitions, and recent developments in the LNG Storage tank market are all covered. This report includes a competitive analysis of upcoming startups in the LNG Storage tank market ecosystem.
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall LNG Storage tank market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.