LNG Storage Tank Market worth $21.22 billion in 2029 - Exclusive Report by MarketsandMarkets™

DELRAY BEACH, Fla., March 10, 2025 /PRNewswire/ -- The report "LNG Storage Tank Market by Material (Steel, 9% Nickel Steel, Aluminum, Other Materials), Type (Self-Supporting, Non-Self-Supporting), End-use Industry (Energy & Power, Industrial, and Transportation & Logistics), and Region - Global Forecast to 2029", size is expected to reach USD 21.22 billion in 2029 from USD 14.64 billion in 2024, at a CAGR of 7.7% from 2024 to 2029.

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329 – Tables
57 – Figures
258 – Pages

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The demand for LNG Storage Tank is driven by several key factors, including growth of global LNG trade as cleaner energy alternative and increasing number of floating storage and regasification units. LNG Storage Tanks are mainly used in energy & power, industrial, and transportation & logistics end-use industry. LNG storage tanks play a crucial role in the energy and power industry by providing a reliable means to store liquefied natural gas (LNG) for various applications.

Companies are expanding their geographical reach and expertise through mergers and acquisitions and are focused on developing innovative tank designs. The industry is evolving to offer a wider choice of commercial structures to meet changing needs, and full-services solutions encompassing tank construction, maintenance, and financing.

Steel segment is expected to grow with fastest CAGR in terms of value in LNG Storage Tank market during the forecasted period.

The steel material type is the fastest growing material segment in the LNG Storage Tank market due to its durability, strength, and ability to withstand the extreme temperatures and pressures required for storing liquefied natural gas. Steel offers excellent strength and low-temperature toughness, crucial for containing LNG at extremely low temperatures. New steel alternatives are also being developed to reduce the nickel content, which can save on construction cost. High-manganese austenitic steel is also being explored as a nickel-free alternative for low-temperature applications.

The inner tank, which has direct contact with the LNG, requires specialized steel that can withstand extreme temperatures. This is achieved by insulating the nickel steel inner tank with non-insulation like perlite.

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Self-supporting segment is expected to have the largest market share in terms of value in LNG Storage Tank market during the forecasted period.

Self-supporting LNG storage tanks are favored over non-self-supporting tanks for various factors like enhanced safety, reliability, and versatility. These tanks can withstand the extreme temperatures and pressures required for LNG storage. Self-supporting tanks are also suitable for a wide range of applications, including onshore, offshore, and marine environments.

Self-supporting LNG storage tanks do not rely on the container structure for support. They are strong enough to handle the load due to their construction. Their structure makes them more stable and safer, as they are less susceptible to structural failure.

Transportation & Logistics segment is expected to grow with the fastest CAGR in terms of value in LNG Storage Tank market by end-use industry segment during the forecasted period.

Transportation & Logistics is the fastest growing end-use industry in the market of LNG Storage Tank. LNG Storage tanks play an important role in the transportation & logistics end-use industry, particularly in providing fuel for heavy-duty vehicles and supporting the infrastructure needed to reduce emissions and enhances operational efficiency.

The maritime industry, including cargo ships, container vessels, and tankers, is shifting to LNG as a fuel for propulsion due to its lower environmental impact compared to traditional marine fuels like heavy fuel oil. LNG is becoming a popular choice for ships operating in regions with stringent emission standards.

LNG Storage tanks at ports are used to supply LNG to vessels during their stopovers. LNG is stored in specialized tanks at marine fueling stations, and the LNG is transferred to ships either directly or via bunkering ships. This infrastructure is critical to maintaining the smooth operation of shipping companies using LNG-powered vessels.

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Asia Pacific region is expected to register largest market share both in terms of value and volume during forecasted period.

Asia pacific is expected to dominate the global LNG storage tank market in terms of value and volume during the forecast period. The region has presence of some of the leading manufacturers of LNG storage tank market like IHI Corporation, Air Water Inc., CIMC Enric Holdings Limited, INOX India Limited, and Luxi New Energy Equipment Group Co. Ltd. The growth of Asia Pacific in LNG Storage market is attributed to increasing investments in the energy & power sector in the recent years, creating a high demand for LNG, which, in turn, will drive demand for LNG storage tanks in the region. Moreover, the growing trade of small-scale LNG paired with the growth in the Asia Pacific metal manufacturing industry has been primarily by the domestic availability of raw materials and inexpensive labor.

Key players

Prominent companies include Linde PLC (Ireland), McDermott (US), Wärtsilä (Finland), IHI Corporation (Japan), Air Water Inc. (Japan), CIMC Enric Holdings Limited (China), Chart Industries (US), ISISAN A.S. (Turkey), Cryolor (France), INOX India Limited (India), and VINCI Construction (France) among others.

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