LNG Storage Tank Market Analysis

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:

Material	Aluminum Alloy Steel 9% Nickel Steel
Tank Type	Self-Supporting Non-Self Supporting

Frequently Asked Questions (FAQ)

The major growth drivers for the market are growing demand for LNG in energy and power industries and increasing production of natural gas.

The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 â€“ 2030.

High competition to LNG from fossil and renewable energy sources is estimated to hamper the market growth.

Asia Pacific will provide more business opportunities to the market on the back of rising investments for the construction of LNG bunkering facilities and increasing usage of natural gas in several end-user industries in the region.

The major players in the market are McDermott International Inc., Linde Plc, Air Water Inc., IHI Corporation, Chart Industries, Inc., and others.

LNG Storage Tank Market Analysis