The LNG Storage tank market is projected to grow from USD 14.64 Billion in 2024 to USD 21.22 Billion by 2029, at a CAGR of 7.7% during the forecast period. This report provides a comprehensive analysis of theindustry, including market size, share, LNG Storage tank market growth, trends, drivers and constraints, Competitive Aspects, and prospects for future growth. The demand for LNG Storage Tank is driven by several key factors, including growth of global LNG trade as cleaner energy alternative and increasing number of floating storage and regasification units. LNG Storage Tanks are mainly used in energy & power, industrial, and transportation & logistics end-use industry. LNG storage tanks play a crucial role in the energy and power industry by providing a reliable means to store liquefied natural gas (LNG) for various applications.
Companies are expanding their geographical reach and expertise through mergers and acquisitions, and are focused on developing innovative tank designs. The industry is evolving to offer a wider choice of commercial structures to meet changing needs, and full-services solutions encompassing tank construction, maintenance, and financing.
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Steel segment is expected to grow with fastest CAGR in terms of value in LNG Storage Tank market during the forecasted period.
The steel material type is the fastest growing material segment in the LNG Storage Tank market due to its durability, strength, and ability to withstand the extreme temperatures and pressures required for storing liquefied natural gas. Steel offers excellent strength and low-temperature toughness, crucial for containing LNG at extremely low temperatures. New steel alternatives are also being developed to reduce th nickel content, which can save on construction cots. High-manganese austenitic steel is also being explored as a nickel-free alternative for low-temperature applications.
The inner tank, which has direct contact with the LNG, requires specialized steel that can withstand extreme temperatures. This is achieved by insulating the nickel steel inner tank with non-insulation like perlite.
Self-supporting segment is expected to have the largest market share in terms of value in LNG Storage Tank market during the forecasted period.
Self-supporting LNG storage tanks are favored over non-self supporting tanks for various factors like enhanced safety, reliability, and versatility. These tanks can withstand the extreme temperatures and pressures required for LNG storage. Self-supporting tanks are also suitable for a wide range of applications, including onshore, offshore, and marine environments.
Self-supporting LNG storage tanks do not rely on the container structure for support. They are strong enough to handle the load due to their construction. Their structure makes them more stable and safer, as they are less susceptible to structural failure.
Transportation & Logistics segment is expected to grow with the fastest CAGR in terms of value in LNG Storage Tank market by end-use industry segment during the forecasted period.
Transportation & Logistics is the fastest growing end-use industry in the market of LNG Storage Tank. LNG Storage tanks play an important role in the transportation & logistics end-use industry, particularly in providing fuel for heavy-duty vehicles and supporting the infrastructure needed to reduce emissions and enhances operational efficiency.
The maritime industry, including cargo ships, container vessels, and tankers, is shifting to LNG as a fuel for propulsion due to its lower environmental impact compared to traditional marine fuels like heavy fuel oil. LNG is becoming a popular choice for ships operating in regions with stringent emission standards.
LNG Storage tanks at ports are used to supply LNG to vessels during their stopovers. LNG is stored in specialized tanks at marine fueling stations, and the LNG is transferred to ships either directly or via bunkering ships. This infrastructure is critical to maintaining the smooth operation of shipping companies using LNG-powered vessels.
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Asia Pacific region is expected to register largest market share both in terms of value and volume during forecasted period
Asia pacific is expected to dominate the global LNG storage tank market in terms of value and volume during the forecast period. The region has presence of some of the leading manufacturers of LNG storage tank market like IHI Corporation, Air Water Inc., CIMC Enric Holdings Limited, INOX India Limited, and Luxi New Energy Equipment Group Co. Ltd. The growth of Asia Pacific in LNG Storage market is attributed to increasing investments in the energy & power sector in the recent years, creating a high demand for LNG, which, in turn, will drive demand for LNG storage tanks in the region. Moreover the growing trade of small-scale LNG paired with the growth in the Asia Pacific metal manufacturing industry has been primarily by the domestic availability of raw materials and inexpensive labor.
LNG Storage Tank Market Key players
Prominent companies include include Linde PLC (Ireland), McDermott (US), Wärtsilä (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) among others.
Linde Plc (Ireland)
Linde Plc is identified as one of the key players in the global LNG Storage tank market. Linde Plc is one the leading companies in the field of industrial gases and engineering equipment. The company offers its products through four major reportable segments, namely Americas, EMEA (Europe, Middle East & Africa), Asia Pacific, Linde Engineering, and Global Other. Linde Plc caters to various end-use industries, such as gas, engineering, food & beverages, and healthcare, through its different subsidiaries. It offers LNG storage tanks through the cryogenic tanks subsegment of the Atmospheric Gases and Related product line. Other than LNG storage tanks, the group also provides a diverse range of packaged units, cryogenic columns, air-heated vaporizers, helium storage tanks, hydrogen fuelling technologies, and other products.
Linde Plc has a strong presence with operations in major regions of the world, including North America, Europe, South America, and Asia Pacific.
IHI Corporation (Japan)
IHI Corporation is one of the major players involved in heavy-industry manufacturing with a specialization in modern shipbuilding technology. The company operates its business through four reportable segments, namely, Resources, Energy & Environment; Social Infrastructure, Industrial Systems and General-purpose Machinery; and Aero Engine, Space and Defense. It offers a wide range of products for the LNG storage tanks market through the Resources, Energy, & Environment business segment. Apart from LNG products, the offerings of the aforementioned business segment also include boilers, pharmaceutical plants, nuclear energy, and equipment for plants. The Resources, Energy & Environment business segment has witnessed a major decrease in revenue during 2018, owing to a pullback from the progress of large-scale projects in the process plant business.
IHI Corporation has operations in regions like Europe, Asia Pacific, North America, and Latin America, among other regions.
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Air Water Inc (Japan)
Air Water Inc. is one of the leading companies engaged in the manufacturing and sales of industrial gas and medical, chemical, and energy-related products. The company also provides logistics services. It operates its business through seven segments based on products and services offered, namely, Digital & Industry, Energy Solutions, Health & Safety, Agriculture & Foods, and Others. It offers various LNG storage tanks and transport facilities through its Energy business segment. The company recently launched a mobile power source car, in which liquefied petroleum (LP) gas is used as fuel for power generation.
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