The LNG storage tank market is expected to grow from USD 12.5 billion in 2020 to USD 17.5 billion by 2025, at a CAGR of 7.0%, during the forecast period. The major factors driving the LNG storage tank market include increasing demand for LNG from various end-use industries, such as steel, power, and energy. Furthermore, the growing trade of LNG will also drive the demand.
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The LNG storage tank market has been segmented based on type as self-supporting, and non-self-supporting. The self-supporting segment accounted for the larger share of the market in 2019. The growth in this segment is attributed to the increasing use of this type of tanks because of the growing trade i.e. import and export of LNG across the globe and increase in the LNG bunkering facilities. These factors are expected to drive the demand for LNG storage tanks during the forecast period.
The LNG storage tank market has been segmented based on material into steel, 9% nickel steel, aluminum alloy, and others. The steel segment accounted for the largest share of the market in 2019 and is expected to witness significant growth during the forecast period. The growth in this segment is attributed to its increasing LNG terminals and bunkering facilities, and increasing demand for LNG tanks on ships. These factors are expected to drive demand during the forecast period.
Recent Devlopment:
- In September 2019, Wartsila designed a new LNG storage and supply system for ships. This new LNG storage and supply system has In Line Tank Connection Space (ILTCS), which contains process equipment – two 640 m3 single polyurethane insulated storage tanks. This innovative LNG storage system provides fuel storage volume efficiency and simplifies the installation of the LNG system in ships.
- In July 2019, IHI Corporation received an EPC (Engineering, Procurement, and Construction) contract from Afcons Infrastructure Ltd., India, to construct two above ground full containment LNG storage tanks in Gujarat. The capacity of these tanks will be 200,000 KL, the largest in India. The project is expected to be completed by 2022. This contract has strengthened the company’s presence in India.
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APAC is expected to have the largest market size in the global LNG storage tank market during the forecast period
APAC is projected to be the leading LNG storage tank market during the forecast period. The growth in the APAC region can be attributed to the rising demand for LNG from various end-use industries including energy, power and steel. The presence of a robust industrial base, favorable government policies, and low labor costs along with growing demand for LNG in the region are further strengthening the LNG storage tank market and attracting major players to invest in the region.
Linde Plc (Ireland), McDermott International Inc. (US), Wartsila (Finland), IHI Corporation (Japan), Air Water Inc. (Japan), Cimc Enric (China), Chart Industries (US), Isisan A.S (Turkey), Cryolor (France), Inox (India), Carbon Energy Group (US), and TransTech Energy Llc. (US), are the key players operating in the LNG storage tank market.
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