CHICAGO, Dec. 20, 2022 /PRNewswire/ -- The Global LNG Storage Tank Market by Type (Self-Supporting, Non-Self-Supporting), Material (Steel, 9% Nickel Steel, Aluminum Alloy), Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2027", is estimated at USD 14.5 billion in 2022 and is projected to reach USD 20.8 billion by 2027, registering a CAGR of 7.5% from 2022 to 2027. LNG storage tanks are cryogenic tanks and capable of operating at very low temperatures, for instance, 238°F or below. These tanks possess various different properties, such as thermal resistance, excellent toughness, and excellent insulation.
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Self-supporting type comprises a major share of the LNG storage tank market in terms of value.
The self-supporting tank segment accounted for largest market share of the overall market in 2021, in terms of value. The demand for these tanks is increasing because they can be easily installed and have minimal shipping volume. The increasing usage of LNG storage tanks in onshore activities is fueling the demand across the world.
Steel material type accounts for the largest market share in the global LNG tanks market during the forecasted period in terms of value and volume.
The steel material segment dominated the market and is projected to grow significantly during forecasted years. The high growth of the segment can be attributed to various properties of steel material that includes resistivity to corrosion, durability, high toughness, and many more. The demand for this material is driven by its excellent mechanical properties under the cryogenic temperature of -256°F.
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Asia Pacific region accounted for the largest market share in the global LNG storage tank market in terms of value and volume.
Asia Pacific is the largest LNG storage tank market in terms of volume and is expected to maintain its lead during the forecast period. The remarkable growth in various end-use industries such as power, steel, and energy are driving the demand for LNG storage tanks from the region. North America is the second major consumer of LNG storage tank market.
Market Players
The key players in the LNG storage tank market include 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), and others. These players are adopting the strategies of new product launches, expansions, and agreements to maintain their competitive position in the LNG storage tank market.
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