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PUBLISHER: Polaris Market Research | PRODUCT CODE: 1507184
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1507184
LNG Storage Tank Market Share, Size, Trends, Industry Analysis Report, By Product Type (Self-Supporting Tanks, Non-Self-Supporting Tanks); By Material Type; By Region; Segment Forecast, 2024 - 2032
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The global LNG storage tank market size is expected to reach USD 28,723.26 Million by 2032, according to a new study by Polaris Market Research. The report "LNG Storage Tank Market Share, Size, Trends, Industry Analysis Report, By Product Type (Self-Supporting Tanks, Non-Self-Supporting Tanks); By Material Type; By Region; Segment Forecast, 2024 - 2032" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global demand for liquefied natural gas (LNG) has experienced a notable increase, primarily propelled by its environmentally friendly combustion characteristics in comparison to traditional fossil fuels. This surge in demand is intimately tied to an increasing global focus on mitigating greenhouse gas emissions and transitioning towards cleaner energy sources. While LNG has conventionally been utilized for large-scale power generation, its adoption as an alternative transport fuel for shipping, trains, and trucks and as a power source for remote small-scale grids presents a promising avenue for sustained demand growth.
Over the past decade, intensified industrialization and urbanization have led to a significant uptick in carbon dioxide and greenhouse gas emissions globally. In response, governments worldwide are actively advocating for the use of natural gas in power generation and as a fuel for vehicles to curb emissions. To incentivize the transition, various governments are formulating supportive policies, including subsidies and tax exemptions for both automobile manufacturers and consumers, to boost the adoption of compressed natural gas (CNG) and LNG-based vehicles.
The global momentum towards achieving a more sustainable and low-carbon energy mix is a key driver behind increased investments in natural gas as a transitional fuel. According to the International Energy Agency (IEA), there is a projected 60% increase in global renewable electricity capacity by 2026 compared to 2020 levels, reaching over 4800 GW. Renewables are anticipated to contribute nearly 95% of the increment in global power capacity through 2026, with solar photovoltaics alone accounting for more than half. LNG, recognized for its versatility and cleaner attributes within the natural gas spectrum, is gaining prominence in steering away from more carbon-intensive fuels.
LNG Storage Tank Market Report Highlights
In the global market, self-supporting tanks became the leading segment in 2023. These tanks are widely utilized for diverse industrial applications and provide a flexible and effective storage solution for liquids, especially Liquefied Natural Gas (LNG).
The steel industry is expected to experience significant growth in the coming years as the global transition to cleaner energy sources drives demand for LNG as a viable substitute for traditional fossil fuels.
The Asia Pacific region held the largest revenue share in the global market, primarily due to a significant increase in energy demands. Governments in this region are proactively pursuing energy mix diversification and aiming to decrease dependence on conventional fossil fuels.
The global key market players include Chart Industries, Inc., Corban Energy Group, CRYOCAN, Cryolor, IHI Corporation, INOX India Limited, ISISAN A.S., Linde plc, Luxi Group, McDermott International Ltd, Shijiazhuang Enric Gas Equipment Co., Ltd., TransTech Energy, LLC, etc.
Polaris Market Research has segmented the LNG storage tank market report based on product type, material type, and region:
LNG Storage Tank, Product Type Outlook (Revenue - USD Million, 2020 - 2032)
- Self-Supporting Tanks
- Non-Self-Supporting Tanks
LNG Storage Tank, Material Type Outlook (Revenue - USD Million, 2020 - 2032)
- Steel
- 9% Nickel Steel
- Aluminum Alloys
- Other
LNG Storage Tank, Regional Outlook (Revenue - USD Million, 2020 - 2032)
- North America
- U.S.
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Austria
- Netherlands
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Indonesia
- Malaysia
- Australia
- Rest of APAC
- Latin America
- Argentina
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- UAE
- Saudi Arabia
- Israel
- South Africa
- Rest of MEA
Product Code: PM3072
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
- 2.1. Market Highlights
3. Research Methodology
- 3.1. Overview
- 3.1.1. Data Mining
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global LNG Storage Tank Market Insights
- 4.1. LNG Storage Tank Market - Industry Snapshot
- 4.2. LNG Storage Tank Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Advances in LNG storage tank technologies
- 4.2.1.2. Increasing demand for LNG and expansion of LNG infrastructure drives the LNG storage tank market
- 4.2.2. Restraints and Challenges
- 4.2.2.1. The construction of LNG storage tanks involves significant capital expenditure
4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.2.1. Drivers and Opportunities
- 4.4. PESTLE Analysis
- 4.5. LNG Storage Tank Industry trends
- 4.6. Value Chain Analysis
- 4.7. COVID-19 Impact Analysis
5. Global LNG Storage Tank Market, by Product Type
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global LNG Storage Tank, by Product Type, 2019-2032 (USD Million)
- 5.3. Self-Supporting Tanks
- 5.3.1. Global LNG Storage Tank Market, by Self-Supporting Tanks, by Region, 2019-2032 (USD Million)
- 5.4. Non-Self-Supporting Tanks
- 5.4.1. Global LNG Storage Tank Market, by Non-Self-Supporting Tanks, by Region, 2019-2032 (USD Million)
6. Global LNG Storage Tank Market, by Material Type
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 6.3. Steel
- 6.3.1. Global LNG Storage Tank Market, by Steel, by Region, 2019-2032 (USD Million)
- 6.4. 9% Nickel Steel
- 6.4.1. Global LNG Storage Tank Market, by 9% Nickel Steel, by Region, 2019-2032 (USD Million)
- 6.5. Aluminum Alloys
- 6.5.1. Global LNG Storage Tank Market, by Aluminum Alloys, by Region, 2019-2032 (USD Million)
- 6.6. Other
- 6.6.1. Global LNG Storage Tank Market, by Other, by Region, 2019-2032 (USD Million)
7. Global LNG Storage Tank Market, by Geography
- 7.1. Key findings
- 7.2. Introduction
- 7.2.1. LNG Storage Tank Market Assessment, By Geography, 2019-2032 (USD Million)
- 7.3. LNG Storage Tank Market - North America
- 7.3.1. North America: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.3.2. North America: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.3.3. LNG Storage Tank Market - U.S.
- 7.3.3.1. U.S.: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.3.3.2. U.S.: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.3.4. LNG Storage Tank Market - Canada
- 7.3.4.1. Canada: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.3.4.2. Canada: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.4. LNG Storage Tank Market - Europe
- 7.4.1. Europe: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.4.2. Europe: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.4.3. LNG Storage Tank Market - UK
- 7.4.3.1. UK: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.4.3.2. UK: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.4.4. LNG Storage Tank Market - France
- 7.4.4.1. France: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.4.4.2. France: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.4.5. LNG Storage Tank Market - Germany
- 7.4.5.1. Germany: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.4.5.2. Germany: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.4.6. LNG Storage Tank Market - Italy
- 7.4.6.1. Italy: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.4.6.2. Italy: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.4.7. LNG Storage Tank Market - Spain
- 7.4.7.1. Spain: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.4.7.2. Spain: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.4.8. LNG Storage Tank Market - Netherlands
- 7.4.8.1. Netherlands: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.4.8.2. Netherlands: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.4.9. LNG Storage Tank Market - Russia
- 7.4.9.1. Russia: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.4.9.2. Russia: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.5. LNG Storage Tank Market - Asia Pacific
- 7.5.1. Asia Pacific: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.5.2. Asia Pacific: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.5.3. LNG Storage Tank Market - China
- 7.5.3.1. China: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.5.3.2. China: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.5.4. LNG Storage Tank Market - India
- 7.5.4.1. India: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.5.4.2. India: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.5.5. LNG Storage Tank Market - Malaysia
- 7.5.5.1. Malaysia: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.5.5.2. Malaysia: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.5.6. LNG Storage Tank Market - Japan
- 7.5.6.1. Japan: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.5.6.2. Japan: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.5.7. LNG Storage Tank Market - Indonesia
- 7.5.7.1. Indonesia: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.5.7.2. Indonesia: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.5.8. LNG Storage Tank Market - South Korea
- 7.5.8.1. South Korea: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.5.8.2. South Korea: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.6. LNG Storage Tank Market - Middle East & Africa
- 7.6.1. Middle East & Africa: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.6.2. Middle East & Africa: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.6.3. LNG Storage Tank Market - Saudi Arabia
- 7.6.3.1. Saudi Arabia: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.6.3.2. Saudi Arabia: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.6.4. LNG Storage Tank Market - UAE
- 7.6.4.1. UAE: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.6.4.2. UAE: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.6.5. LNG Storage Tank Market - Israel
- 7.6.5.1. Israel: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.6.5.2. Israel: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.6.6. LNG Storage Tank Market - South Africa
- 7.6.6.1. South Africa: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.6.6.2. South Africa: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.7. LNG Storage Tank Market - Latin America
- 7.7.1. Latin America: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.7.2. Latin America: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.7.3. LNG Storage Tank Market - Mexico
- 7.7.3.1. Mexico: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.7.3.2. Mexico: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.7.4. LNG Storage Tank Market - Brazil
- 7.7.4.1. Brazil: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.7.4.2. Brazil: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- 7.7.5. LNG Storage Tank Market - Argentina
- 7.7.5.1. Argentina: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- 7.7.5.2. Argentina: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
8. Competitive Landscape
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
9. Company Profiles
- 9.1. Chart Industries, Inc
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
- 9.2. Corban Energy Group
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
- 9.3. CRYOCAN
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
- 9.4. Cryolor
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
- 9.5. IHI Corporation
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
- 9.6. INOX India Limited
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
- 9.7. ISISAN A.S.
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
- 9.8. Linde plc
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
- 9.9. Luxi Group
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
- 9.10. McDermott International Ltd
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development
- 9.11. Shijiazhuang Enric Gas Equipment Co., Ltd
- 9.11.1. Company Overview
- 9.11.2. Financial Performance
- 9.11.3. Product Benchmarking
- 9.11.4. Recent Development
- 9.12. TransTech Energy, LLC
- 9.12.1. Company Overview
- 9.12.2. Financial Performance
- 9.12.3. Product Benchmarking
- 9.12.4. Recent Development
Product Code: PM3072
List of Tables
- Table 1 Global LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 2 Global LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 3 LNG Storage Tank Market Assessment, By Geography, 2019-2032 (USD Million)
- Table 4 North America: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 5 North America: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 6 U.S.: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 7 U.S.: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 8 Canada: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 9 Canada: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 10 Europe: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 11 Europe: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 12 UK: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 13 UK: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 14 France: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 15 France: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 16 Germany: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 17 Germany: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 18 Italy: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 19 Italy: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 20 Spain: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 21 Spain: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 22 Netherlands: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 23 Netherlands: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 24 Russia: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 25 Russia: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 26 Asia Pacific: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 27 Asia Pacific: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 28 China: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 29 China: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 30 India: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 31 India: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 32 Malaysia: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 33 Malaysia: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 34 Japan: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 35 Japan: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 36 Indonesia: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 37 Indonesia: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 38 South Korea: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 39 South Korea: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 40 Middle East & Africa: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 41 Middle East & Africa: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 42 Saudi Arabia: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 43 Saudi Arabia: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 44 UAE: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 45 UAE: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 46 Israel: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 47 Israel: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 48 South Africa: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 49 South Africa: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 50 Latin America: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 51 Latin America: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 52 Mexico: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 53 Mexico: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 54 Brazil: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 55 Brazil: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
- Table 56 Argentina: LNG Storage Tank Market, by Material Type, 2019-2032 (USD Million)
- Table 57 Argentina: LNG Storage Tank Market, by Product Type, 2019-2032 (USD Million)
List of Figures
- Figure 1 Global LNG Storage Tank Market, 2019-2032 (USD Million)
- Figure 2 Integrated Ecosystem
- Figure 3 Research Methodology: Top-Down & Bottom-Up Approach
- Figure 4 Market by Geography
- Figure 5 Porter's Five Forces
- Figure 6 Market by Material Type
- Figure 7 Global LNG Storage Tank Market, by Material Type, 2022 & 2032 (USD Million)
- Figure 8 Market by Product Type
- Figure 9 Global LNG Storage Tank Market, by Product Type, 2022 & 2032 (USD Million)
- Figure 10 LNG Storage Tank Market Assessment, By Geography, 2019-2032 (USD Million)
- Figure 11 Strategic Analysis - LNG Storage Tank Market
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