New York, NY, March 28, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “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, 2023 - 2032” in its research database.
“According to the latest research analysis, the global LNG storage tank market size/share is anticipated to be valued at approximately USD 15.05 Billion in 2022 and is projected to hit a revenue of around USD 29.03 Billion By 2032, at a CAGR of around 6.8% between 2023 and 2032.”
What are LNG Storage Tanks? How Big is LNG Storage Tank Market Size & Share?
- Overview
Liquefied natural gas or LNG storage tank is a type of storage tank used to keep the gas in its liquid state for storage or transportation. LNG is expected to become a significant source of energy over the next few decades. LNG storage tank has the ability to store LNG at a very low temperature of -162 °C (-260 °F). The inner container of LNG storage tanks has two containers, while the outer container has insulation materials. Compared to other fossil fuels, LNG is a greener choice.
LNG storage tanks are used in the domestic heating and transportation sector. In the industrial sector, these systems are utilized to manufacture diverse items such as electronic devices, fabrics, pharmaceutical products, and plastics, among many others. The rising use of solar thermal power technologies, technological developments, and application-specific advancements are expected to drive the LNG storage tank market size during the anticipated period.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Market Dynamics: Key Growth Driving Factors
- Rising demand for LNG storage tanks in developing and emerging countries to push market growth
Expansion of oil and liquids-rich basins like coalbed methane and shale, as well as the manufacturing of significant on-shore liquefaction and re-gasification terminals, are some of the key LNG storage tank market trends propelling the growth of the market. Growing demand for LNG storage tanks in both developing and emerging nations like India, Japan, China, and South Korea is fueling the market demand. Also, increasing initiatives for production and storage facilities and LNG ships are accelerating the LNG storage tank industry expansion. Further, the market is growing due to the increasing shift from marine diesel and heavy fuel to LNG by ship owners.
Recent Trends Influencing the Market
Increased imports of LNG in China positively influence the industry growth
- LNG is shipped in smaller quantities, usually across shorter ocean distances. For instance, most of Australia's energy output, which includes a sizable amount of coal and LNG production, is exported. Without uranium, Australia's energy exports made up over 81% of the nation's total energy output in 2020.
- Furthermore, according to data released by the General Administration of Customs on January 20, China's total natural gas imports increased by 19.9% between January and December 2022, with LNG imports increasing by more than 18% and pipeline gas imports rising by more than 22%. Such factors are augmenting the LNG storage tank market demand.
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Key Segmental Analysis
- Self-supporting tank segment is expected to hold the largest LNG storage tank market share
Based on product type, self-supporting tank category is likely to dominate the market. This can be attributed to the higher demand for these tanks due to their easy installation and limited shipping capability. A surge in the use of LNG storage tanks in onshore activities also boosts segment growth. The technology of self-supporting prismatic tanks is well-established. In the past few years, the use of these tanks has increased in the seaborne transportation of liquefied gas. The inner structure and bulkheads avoid liquid moving, despite tank liquid levels, which eliminates sloshing problems
- In 2022, the steel material segment accounted for the highest revenue share
On the basis of material type LNG storage tank market segmentation, the steel material category dominated the market and is predicted to grow at the highest CAGR throughout the foreseen period. The segment is growing due to the steel material’s various characteristics, such as durability, corrosion, high toughness, and others. Another factor supporting the segment growth is its remarkable features at cryogenic temperatures of -256°F. Steel is also utilized to construct low-temperature areas used for the storage of liquefied natural gas or refrigeration of related tasks.
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LNG Storage Tank Market: Report Scope
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 29.03 Billion |
| Market size value in 2023 | USD 16.02 Billion |
| Expected CAGR Growth | 6.8% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Linde Plc, Wärtsilä, Cimc Enric, Chart Industries, IHI Corporation, McDermott International Inc., ISISAN ISI SAN. VE T?C.A. ?, Colour SA, Corban Energy Group, and Trans Tech Energy LLC |
| Segments Covered | By Product Type, By Material Type, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographic Overview
- The demand in Asia Pacific is anticipated to capture the major growth
By geography, the LNG storage tank market in Asia Pacific is estimated to grow at the fastest rate over the study period owing to the increasing need for plastic water tanks and other types of water storage. Also, the rising expansion of the food and beverage industry, along with increased infrastructure for transporting LNG, and storage tank utilization across China and India, are boosting the market growth in the region. In addition, growing spending by South American and Middle Eastern businesses is augmenting the industry evolution. Major companies in the Asia Pacific are collaborating with manufacturers of storage tanks globally so as to verify that LNG is built and supplied efficiently.
Browse the Detail 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, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/lng-storage-tank-market
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Recent Developments
- In April 2022, Linde announced an expansion of its Texas facility, nearly increasing its capability to produce merchant liquids. By 2024, it's estimated that the increased capacity will be operational and will help Linde fulfill the increasing demand.
Market research reports can cover a wide range of topics and areas, but generally, they provide an analysis of a particular market, industry, or product/service.
Here are some of the main points that may be covered in a typical market research report:
- Market size and growth potential: The report may provide an estimate of the market size, both in terms of revenue and volume, along with an analysis of the market's growth potential.
- Market segmentation: The report may analyze the market based on various segments such as product type, end-users, geography, and demographics.
- Competitive landscape: The report may provide an analysis of the competitive landscape, including the key players, their market share, and strategies.
- Industry trends: The report may highlight the latest industry trends, including technological advancements, regulatory changes, and consumer behavior.
- Consumer insights: The report may provide insights into consumer preferences, purchasing behavior, and attitudes towards the product/service.
Polaris Market Research has segmented the LNG Storage Tank Market report based on product type, material type, and region:
By Product Type Outlook
- Self-Supporting Tanks
- Non-Self-Supporting Tanks
By Material Type Outlook
- Steel
- 9% Nickel Steel
- Aluminium Alloys
- Other
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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