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Global LNG Storage Tank Market Share, Trends, Forecast: By Product Type: Self-Supporting Tanks, Non-Self Supporting Tanks; By Material Type: Steel, 9% Nickel Steel, Aluminium Alloys, Other; By End Use: Logistic Hubs, Transport, Industries; By Sales Channel; Regional Analysis; Market Dynamics; Competitive Landscape; 2023-2028
Global LNG Storage Tank Market Outlook
The global LNG storage tank market size reached approximately USD 5.45 billion in 2022. The market is further projected to grow at a CAGR of 4.7% between 2023 and 2028, reaching a value of USD 7.13 billion by 2028.
Key Trends in the Market
LNG storage tank is a doubled walled specialised tank with a steel inner container and a concrete exterior used for efficient storage and transportation of liquified natural gas. The storage tanks are highly engineered and are capable of keeping the gas in its liquid state.
- Increased investments by various countries towards the infrastructural development to store, distribute, and transport LNG due to growing utilisation by various sectors is bolstering the LNG storage tank market demand. The adoption of LNG has increased for various industrial processes and power generation due to its environment friendly nature.
- Properties of liquified natural gas such as flammability and cryogenic temperature have shifted the focus of LNG storage tank manufacturers towards implementation of advanced safety measures, risk mitigation strategies, and leak detection systems to ensure safe operation of LNG facilities, aiding the market growth.
- Technological advancements in LNG storage tank materials and design such as development of modular tanks and membrane-based storage tanks with improved capacity and reduced maintenance costs is further supporting the market expansion across the globe.
Global LNG Storage Tank Market Analysis
Based on product type, the market is bifurcated into self-supporting tanks and non-self-supporting tanks. By material type, the market is categorised into steel, 9% nickel steel, and aluminium alloys, among others. On the basis of end use, the market is divided into logistic hubs, transport, and industries.
Based on sales channel, the market is classified into original equipment manufacturer (OEM) and aftermarket. By region, the LNG storage tank market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Linde plc
- McDermott International, Ltd.
- Wärtsilä Corporation
- Shijiazhuang Enric Gas Equipment Co., Ltd. (Enric)
- IHI Corporation
- TransTech Energy, LLC
- Chart Industries, Inc.
- ISISAN A.Åž.
- Cryolor SA
- INOX India Private Limited
- Corban Energy Group
- Others
Market Share by Material Type
Steel holds a significant LNG storage tank market share as it is capable of providing low thermal conductivity to the liquified natural gas at cryogenic temperatures and also offers other advantageous properties such as strength, durability, and corrosion resistance. The material also has the ability to withstand welding and displays no signs of distress after undergoing the process. The ability of steel to avoid phase transition while undergoing welding makes it suitable for utilisation in the manufacture of LNG storage tanks, boosting its demand and aiding the segment growth.
Market Share by Region
The Asia Pacific accounts for a significant share of the market owing to the growing demand for small scale liquified natural gas from developing countries such as India and China. This increased demand can be attributed to the rising investments in the energy sector, among other LNG bunkering facilities. Growing requirement for LNG from various end use sectors such as steel and power is also boosting the product demand in the region. The presence of major key players including IHI Corporation, among other companies in the Asia Pacific is further supporting the LNG storage tank market growth.
Competitive Landscape
Linde plc was founded in 1879 and is headquartered in Dublin, Ireland. The multinational chemical company provides their global consumers with industrial gases for various applications. It supplies speciality gases for electronics manufacturing and hydrogen for clean fuels.
McDermott International, Ltd. is an oil and gas company that was founded in 1923 and is headquartered in Texas, United States. The company is known for providing engineering and construction solutions to energy industries across the globe.
Wärtsilä Corporation was established in 1834 and has its headquarters located in Helsinki, Finland. The company manufactures and provides power sources among other equipment to the energy and marine sectors.
Other LNG storage tank market players include Shijiazhuang Enric Gas Equipment Co., Ltd. (Enric), IHI Corporation, TransTech Energy, LLC, Chart Industries, Inc., ISISAN A.Åž., Cryolor SA, INOX India Private Limited, and Corban Energy Group, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Product Type |
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| Breakup by Material Type |
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| Breakup by End Use |
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| Breakup by Sales Channel |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global LNG Storage Tank Market Analysis
8.1 Key Industry Highlights
8.2 Global LNG Storage Tank Historical Market (2018-2022)
8.3 Global LNG Storage Tank Market Forecast (2023-2028)
8.4 Global LNG Storage Tank Market by Product Type
8.4.1 Self-Supporting Tanks
8.4.1.1 Historical Trend (2018-2022)
8.4.1.2 Forecast Trend (2023-2028)
8.4.2 Non-Self Supporting Tanks
8.4.2.1 Historical Trend (2018-2022)
8.4.2.2 Forecast Trend (2023-2028)
8.5 Global LNG Storage Tank Market by Material Type
8.5.1 Steel
8.5.1.1 Historical Trend (2018-2022)
8.5.1.2 Forecast Trend (2023-2028)
8.5.2 9% Nickel Steel
8.5.2.1 Historical Trend (2018-2022)
8.5.2.2 Forecast Trend (2023-2028)
8.5.3 Aluminium Alloys
8.5.3.1 Historical Trend (2018-2022)
8.5.3.2 Forecast Trend (2023-2028)
8.5.4 Other
8.6 Global LNG Storage Tank Market by End Use
8.6.1 Logistic Hubs
8.6.1.1 Historical Trend (2018-2022)
8.6.1.2 Forecast Trend (2023-2028)
8.6.2 Transport
8.6.2.1 Historical Trend (2018-2022)
8.6.2.2 Forecast Trend (2023-2028)
8.6.3 Industries
8.6.3.1 Historical Trend (2018-2022)
8.6.3.2 Forecast Trend (2023-2028)
8.7 Global LNG Storage Tank Market by Sales Channel
8.7.1 Original Equipment Manufacturer (OEM)
8.7.1.1 Historical Trend (2018-2022)
8.7.1.2 Forecast Trend (2023-2028)
8.7.2 Aftermarket
8.7.2.1 Historical Trend (2018-2022)
8.7.2.2 Forecast Trend (2023-2028)
8.8 Global LNG Storage Tank Market by Region
8.8.1 North America
8.8.1.1 Historical Trend (2018-2022)
8.8.1.2 Forecast Trend (2023-2028)
8.8.2 Europe
8.8.2.1 Historical Trend (2018-2022)
8.8.2.2 Forecast Trend (2023-2028)
8.8.3 Asia Pacific
8.8.3.1 Historical Trend (2018-2022)
8.8.3.2 Forecast Trend (2023-2028)
8.8.4 Latin America
8.8.4.1 Historical Trend (2018-2022)
8.8.4.2 Forecast Trend (2023-2028)
8.8.5 Middle East and Africa
8.8.5.1 Historical Trend (2018-2022)
8.8.5.2 Forecast Trend (2023-2028)
9 North America LNG Storage Tank Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 Europe LNG Storage Tank Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 France
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Historical Trend (2018-2022)
10.4.2 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific LNG Storage Tank Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Historical Trend (2018-2022)
11.5.2 Forecast Trend (2023-2028)
11.6 Others
12 Latin America LNG Storage Tank Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2022)
12.1.2 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Historical Trend (2018-2022)
12.2.2 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Historical Trend (2018-2022)
12.3.2 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa LNG Storage Tank Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2022)
13.1.2 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2022)
13.2.2 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Historical Trend (2018-2022)
13.3.2 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Historical Trend (2018-2022)
13.4.2 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Linde plc
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 McDermott International, Ltd.
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 Wärtsilä Corporation
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Shijiazhuang Enric Gas Equipment Co., Ltd. (Enric)
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 IHI Corporation
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 TransTech Energy, LLC
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 Chart Industries, Inc.
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 ISISAN A.Ş.
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Cryolor SA
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 INOX India Private Limited
15.2.10.1 Company Overview
15.2.10.2 Product Portfolio
15.2.10.3 Demographic Reach and Achievements
15.2.10.4 Certifications
15.2.11 Corban Energy Group
15.2.11.1 Company Overview
15.2.11.2 Product Portfolio
15.2.11.3 Demographic Reach and Achievements
15.2.11.4 Certifications
15.2.12 Other
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global LNG Storage Tank Market: Key Industry Highlights, 2018 and 2028
2. Global LNG Storage Tank Historical Market: Breakup by Product Type (USD Billion), 2018-2022
3. Global LNG Storage Tank Market Forecast: Breakup by Product Type (USD Billion), 2023-2028
4. Global LNG Storage Tank Historical Market: Breakup by Material Type (USD Billion), 2018-2022
5. Global LNG Storage Tank Market Forecast: Breakup by Material Type (USD Billion), 2023-2028
6. Global LNG Storage Tank Historical Market: Breakup by End Use (USD Billion), 2018-2022
7. Global LNG Storage Tank Market Forecast: Breakup by End Use (USD Billion), 2023-2028
8. Global LNG Storage Tank Historical Market: Breakup by Sales Channel (USD Billion), 2018-2022
9. Global LNG Storage Tank Market Forecast: Breakup by Sales Channel (USD Billion), 2023-2028
10. Global LNG Storage Tank Historical Market: Breakup by Region (USD Billion), 2018-2022
11. Global LNG Storage Tank Market Forecast: Breakup by Region (USD Billion), 2023-2028
12. North America LNG Storage Tank Historical Market: Breakup by Country (USD Billion), 2018-2022
13. North America LNG Storage Tank Market Forecast: Breakup by Country (USD Billion), 2023-2028
14. Europe LNG Storage Tank Historical Market: Breakup by Country (USD Billion), 2018-2022
15. Europe LNG Storage Tank Market Forecast: Breakup by Country (USD Billion), 2023-2028
16. Asia Pacific LNG Storage Tank Historical Market: Breakup by Country (USD Billion), 2018-2022
17. Asia Pacific LNG Storage Tank Market Forecast: Breakup by Country (USD Billion), 2023-2028
18. Latin America LNG Storage Tank Historical Market: Breakup by Country (USD Billion), 2018-2022
19. Latin America LNG Storage Tank Market Forecast: Breakup by Country (USD Billion), 2023-2028
20. Middle East and Africa LNG Storage Tank Historical Market: Breakup by Country (USD Billion), 2018-2022
21. Middle East and Africa LNG Storage Tank Market Forecast: Breakup by Country (USD Billion), 2023-2028
22. Global LNG Storage Tank Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 5.45 billion in 2022.
The market is projected to grow at a CAGR of 4.7% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 7.13 billion by 2028.
The major market drivers include rising investments in energy sector, growing demand for LNG from steel and power industries, and increasing number of floating storage units.
The key trends fuelling the growth of the market include growing demand for environmentally friendly energy sources and rising focus of manufacturers towards the development of advanced leak detection systems.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The product types available in the market include self-supporting tanks and non-self-supporting tanks.
The key players in the market are Linde plc, McDermott International, Ltd., Wartsila Corporation, Shijiazhuang Enric Gas Equipment Co., Ltd. (Enric), IHI Corporation, TransTech Energy, LLC, Chart Industries, Inc., ISISAN A.S., Cryolor SA, INOX India Private Limited, and Corban Energy Group, among others.
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