LNG Storage Tank Market

LNG Storage Tank Market Size 2023-2028:

The LNG Storage Tank Market was valued at 15 billion USD in 2022, and it is expected to grow at a CAGR of 9.2% during the outlook period of 2023-2028

Drivers and Restraints of the LNG Storage Tank Market:

The automotive industry is one of the biggest industries in the world. Many big players in automobiles and transport are based in North America, Europe, and Asia. In Europe, the high demand for storage tanks is high because of the growing aerospace and wind industry. The aerospace industry requires lightweight materials for the manufacturing of major parts. Self-supporting tanks provide that solution at a very low cost. Automotive and transportation industries have also increased their demand for the material.

The stringent government norms from various governments have made the usage of plastic more and more difficult over time as a result of this, for achieving the goal of lighter products, industries are turning towards composites in place of engineered plastic; hence the growth gets thwarted in this respect. Many industries have to look for a substitute for the material. In this process, aluminum turns out to be a very good alternative. Often industries where plastic was implied, aluminum is preferred lately (for example, Smartphone manufacturing)

LNG STORAGE TANK MARKET REPORT COVERAGE:

LNG Storage Tank Market has been segmented into the following categories.

LNG Storage Tank Market - By Type:

• Self-Supporting

• Non-Self-Supporting

LNG Storage Tank Market - By Material Type:

• Steel
• Nickel
• Alloy
• Aluminum alloy

The self-supporting segment accounts for the major share of the market in 2019. The growth in this segment is because of the increasing use of the self-supporting type of tanks as a result of the growing trade i.e., import and export of LNG across the globe and surge in the LNG bunkering services. These factors are the main reason driving the demand for LNG storage tanks during the forecast period.

The automotive industry also uses engineered steel and storage tanks at a significant rate; many vehicular components are made out of steel as it provides durability at a low cost. Major market players are using alloys in vehicles that are designed for a larger customer base. The use of Steel has increased. The steel segment accounted for the largest share of the market by late 2019, and it is expected to see significant growth during the forecast period of 2020 to 2025. The growth in this segment is due to its increasing LNG terminals and bunkering facilities, and an incessant demand for LNG tanks on ships. These factors are supposed to drive demand during the forecast period.

LNG Storage Tank Market - By Region:

1. North America

2. Latin America

3. Europe

4. Asia Pacific

5. Middle East & Africa

APAC is the fastest-growing region in terms of CAGR for the LNG storage tank market. The economies of China and India are growing rapidly and it provides plenty of investment opportunities for various market players

LNG Storage Tank Market Key Market Players:

1. Linde PLC
2. Wartsila
3. Cryolor
4. Chart Industries
5. Carbon Energy Group

Impact of COVID-19 on the Global LNG Storage tank Market

Coronavirus has had a morose impact on various production markets across Europe, North America, and Asia. It has negatively affected the demand for composites across various end-use industries. The disruption in the supply chain resulted in delays or non-arrival of raw materials, disrupted financial flows, and declining morale among production line workers have compelled aircraft and automobile manufacturers to operate at reduced or sometimes at zero capacities. This has led to a reduction in demand for engineered plastics. The market is expected to recover from 2021 onwards. The LNG storage tanks witnessed a diminutive growth during this period as the market was primarily driven by the need for further storage.