$20.8 Billion Global LNG Storage Tank Market Report 2022 to 2027: Increase in Number of Floating Storage and Regasification Units Drives Growth

DUBLIN, Feb. 22, 2023 /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) - Forecast to 2027" report has been added to  ResearchAndMarkets.com's offering.

The global LNG storage tank market size is expected to grow from USD 14.5 billion in 2022 to USD 20.8 billion by 2027, at a CAGR of 7.5% during the forecast period.

Large-scale development of LNG infrastructure in Japan, India, and Indonesia is also expected to boost the demand for LNG storage tanks. However, the high installation cost of these tanks is a restraint in the market.

Non-self-supporting Type is the fastest-growing Type of LNG storage tank, in terms of value

Non-self-supporting tanks are also called integral tanks because they form an integral part of a ship's hull structure and are influenced by the same load as that of the overall hull structure of the ship. The most commonly used non-self-supporting tanks are membrane tanks.

These tanks must always be supported by secondary containment to ensure the safety of the total system in case the primary barrier fails to contain the liquid. This type is also classified as membrane tank.

9% nickel steel is the second fastest-growing product type of LNG storage tank, in terms of value

The increase in the global demand for LNG in the power and energy industries led to an increase in the construction of LNG storage tanks. 9% nickel steel is the most common material used in the construction of inner tanks for above-the-ground LNG storage tanks.

9% nickel steel was developed by the International Nickel Company and is the most used material for LNG storage tanks worldwide for the past 50 years. It has excellent cryogenic fracture toughness and corrosion resistance at low temperatures.

APAC is the fastest-growing LNG storage tank market

APAC is expected to be the largest market for LNG storage tank during forecasted years. The market in Asia Pacific is mainly dominated by the growing import of small-scale LNG, and significant developments in energy and power industries, which are witnessing a significant demand for LNG, which, in turn, will drive the market for LNG storage tanks in the region.

Furthermore, the growing steel industry in China is expected to drive the global LNG storage tank market during the forecast period. Industrial developments in China, India, the US, Japan, Mexico, among other countries driving the LNG storage tank market in these regions.

Market Dynamics

Drivers

• Rise in LNG Trade Worldwide
• Increase in Number of Floating Storage and Regasification Units

Restraints

• High Installation Cost of LNG Storage Tanks

Opportunities

• Growing Opportunities in Marine Transport
• Increasing Spending on Infrastructure

Challenges

• LNG Leakage and Boil-Off Gas

Companies Mentioned

• Air Water Inc.
• Bechtel
• Chart Industries
• Cimc Enric
• Corban Energy Group
• Cryocan
• Cryogas Equipment Pvt. Ltd.
• Cryolor
• Cryoteknik
• Ihi Corporation
• Inox India
• Isisan A.S.
• Karbonsan
• Linde plc
• Lloyds Energy
• Luxi New Energy Equipment Group Co. Ltd.
• Maverick Engineering Inc.
• Mcdermott International Inc.
• Mhi Engineering and International Project India Ltd.
• Sener Group
• Transtech Energy LLC.
• Vijay Tanks and Vessels Ltd.
• Vinci Construction
• Wartsila
• Whessoe

For more information about this report visit https://www.researchandmarkets.com/r/9cdyuq-lng?w=5

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