LNG Storage Tank Market size was valued at USD 16.6 billion in 2024 and is set to exceed USD 41.99 billion by 2037, registering over 7.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of LNG storage tank is evaluated at USD 17.64 billion.
The growth of the market can be attributed to the increasing demand for LNG in the energy, power and steel industries, coupled with the rise in the number of regasification and floating storage units around the world. In 2019, the global demand for LNG rose by more than 12%, amounting to a production value of almost 360 million tons. The demand is evaluated to double by the end of 2050. Along with these, growing cargo transportation and high usage of LNG as a fuel for heavy duty vehicles are also expected to drive market growth in the near future. Furthermore, the overall rise in the production of natural gas and escalating advancements in drilling technology are projected to offer lucrative opportunities to the market in the upcoming years.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
7.4% |
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Base Year Market Size (2024) |
USD 16.6 billion |
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Forecast Year Market Size (2037) |
USD 41.99 billion |
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Regional Scope |
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The LNG storage tank market is segmented by material into aluminum alloy, steel, and 9% nickel steel, out of which, the steel segment is anticipated to hold the largest share in the LNG tank market on account of the excellent properties of steel, such as distinguished durability, stiffness, corrosion resistance and low thermal conductivity. In addition, high usage of steel to produce applications requiring refrigeration is also expected to boost the growth of the segment in the forecast period. Moreover, on the basis of type, the segment for self-supporting LNG tanks, which can be credited to the rising import and export of LNG around the world and the increase in the number of bunkering facilities. Qatar was the largest exporter of LNG in 2019. The exporting value of the gas amounted to be more than 106 billion cubic meters that year.
Our in-depth analysis of the global market includes the following segments:
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Material |
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Tank Type |
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Asia Pacific industry is expected to dominate majority revenue share by 2037, propelled by growing investments for the construction of LNG bunkering facilities and rising use of natural gas in several end-user industries. Apart from these, increasing manufacturing capacities of nations namely, China and India, is assessed to drive market growth in the region. High consumption of liquefied natural gas in Japan, China and South Korea is also estimated to fuel the expansion of market in the APAC. Additionally, Europe is also estimated to occupy a significant share in the market during the forecast period owing to the presence of major LNG importing countries in the region, including France, the U.K., Spain, Belgium and Italy. For instance, France and Spain were the two largest importers of LNG in 2019. In that year, the countries traded in approximately 23 and 22 billion cubic meters of the gas, respectively.
· April 14, 2021: McDermott International’s CB&I storage solutions business was awarded a contract by AG&P for the procurement and construction of Philippine’s first ever LNG import terminal, which will be located in Batangas.
· March 17, 2020: INOX signed an agreement with Shell India to deploy distribution infrastructure for LNG to provide access to those not connected to pipelines.
Author Credits: Dhruv Bhatia
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