LNG Storage Tank Market Share, Size, Trends, Industry Analysis Report, By Product Type (Self-Supporting Tanks, Non-Self Supporting Tanks); By Material Type; By Region; Segment Forecast, 2023 - 2032
- Published Date:Mar-2023
- Pages: 116
- Format: PDF
- Report ID: PM3072
- Base Year: 2022
- Historical Data: 2019-2021
Report Outlook
The global LNG storage tank market was valued at USD 15.05 billion in 2022 and is expected to grow at a CAGR of 6.8% during the forecast period. Increasing use of solar thermal power technologies, technological advancements, and application-specific advances are projected to cause the market to experience an impressive rate of growth during the forecast period. Liquefied natural gas is largely acknowledged as a pure, secure, and efficient energy source. Due to improved storage capabilities and ease of transportation, liquefaction methods have expanded in variety recently.
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Furthermore, businesses are concentrating on creating liquefaction trains that are both smaller and floating. Additionally, expanding exploration and production from oil & liquids-rich basins like coalbed methane, shale, as well as the development of sizable on-shore liquefaction & re-gasification terminals, are few factors influencing the expansion of the global LNG storage tank market.
According to China National Offshore Oil Corporation, September 2022 article, the three largest LNG storage tanks in the world had their domes raised simultaneously at Yancheng City, Jiangsu Province. As part of the Yancheng Green Energy Port project, China National Offshore Oil Corporation is building 10 gigantic LNG storage tanks, of which the three storage tanks are a portion. These 10 tanks additionally include four 220,000-meter tanks and six 270,000-meter tanks.
The supply chain and manufacturing of mechanical equipment, in particular the hardware for LNG storage tanks, have been severely affected by the COVID-19 outbreak. In addition, it is projected that the manufacture of mechanics and ships, including hardware for LNG storage tanks, will benefit as the production of tanks and ships picks up pace early in 2022.
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Industry Dynamics
Growth Drivers
As a result of the recent growth in the liquefied natural gas industry, more proposals for production and storage facilities as well as LNG ships are being built. These findings suggest that liquefied natural gas will probably play a significant role in the future expansion of the global energy industry. An increasing number of ship owners are replacing marine diesel and heavy fuel oil, also referred to as bunker fuel, with LNG. In addition to being utilized as a feedstock for the petrochemical industry, natural gas is also employed in the production of electricity and fertilizers, where demand for it has expanded dramatically. As a result, the market for LNG carriers would grow due to demand from various industries.
Additionally, LNG is also transported in smaller amounts, typically over closer ocean distances. The expanding small-scale LNG trade is typically delivered in the same trucks used for international trade, especially those loaded with cryogenic tanks. For instance, the majority of Australia's energy production, which includes a lot of coal and LNG production, is exported. In 2020, Australia's energy exports, excluding uranium, accounted for around 81% of total energy production.
Similarly, General Administration of Customs data issued on January 20, China's total natural gas imports climbed by 19.9% between January and December 2022, with pipeline gas imports expanding by more than 22% and LNG imports by more than 18%.
Report Segmentation
The market is primarily segmented based on product type, material type, and region.
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By Product Type |
By Material Type |
By Region |
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Self-supporting tank segment will account for a higher share of the market.
The key reason driving the segment is that the tanks are in higher demand due to their simple installation and restricted shipment capacity, as well as the growing use of LNG storage tanks in onshore activities.
Self-supporting prismatic tanks are a well-established technology that has been utilized effectively for many years in the seaborne transportation of liquefied gas. Internal architecture and bulkheads prevent liquid from moving regardless of tank liquid levels, hence eliminating sloshing issues. Additionally, because of the sturdy tank framework structure, there are fewer vacuum issues inside the tanks, which simplifies the pressure-control and cargo-handling tasks. For instance, the LNT A-BOX is a flexible containment system with high volume efficiency that enables additional shipyards to construct LNG carriers. The technology is founded on tried-and-true foundations and a sturdy self-supporting prismatic tank.
The steel material segment has the highest revenue in 2022
In 2022, the steel material segment owned the entire market, and it is expected to increase at the greatest CAGR and significantly during the foreseeable years. The significant growth of the market may be due to the steel material's many characteristics, which include resistance to corrosion, durability, high toughness, and many more.
Another factor driving demand for this material is its exceptional mechanical characteristics at cryogenic temperatures of -256°F. Steel is also used to produce low-temperature spaces for storing liquefied natural gas or for refrigeration-related tasks. For instance, the article from October 2022 claims that VLCCs have the first high manganese-based steel LNG tanks in the industry. The South Korean shipbuilders Daewoo Shipbuilding & Marine Engineering recently held naming ceremonies for two dual-fuel VLCCs with high manganese steel fuel tanks for LNG.
The demand in Asia Pacific is expected to witness significant growth
Asia Pacific is anticipated to expand the fastest throughout the anticipated period. Due to the expanding need for plastic water tanks and other forms of water storage, as well as the growth of the food and beverage industry and the infrastructure for transporting LNG, storage tank utilization has expanded in China and India. Increased investment by South American and Middle Eastern businesses is another factor fueling this market expansion.
Furthermore, the industry is demanding for greater flexibility in LNG storage and container parameters, notably in terms of pricing, tone, volume, and destination. Companies in the area are working with manufacturers of storage tanks from around the world to ensure that LNG is installed and delivered in an effective manner. For instance, McDermott International stated that its CB & I Storage Solutions company has been granted a contract by the Atlantic Gulf & Pacific Company for the procurement, & construction of LNG storage tank for AG & P's LNG import & re-gasification terminal, now under construction in Philippines.
Competitive Insight
Some of the major players operating in the global LNG storage tank market include Linde Plc, Chart Industries, IHI Corporation, McDermott International, ISISAN ISI SAN, Corban Energy, and Trans Tech Energy.
Recent Developments
- In April 2022, Linde announced an expansion of its Texas, facility, virtually tripling its merchant liquid production capacity. It is anticipated that the expanded capacity will begin operations by 2024 and will assist Linde in meeting the rising demand.
- In January 2022, the Energies has chosen CB&I, McDermott's storage company, to design & to construct 2 LNG storage tanks in Wisconsin. Energy companies can ensure a sufficient supply of LNG when demand is at its maximum, which is usually during Wisconsin's worst winter days, by storing LNG while supplies are low.
LNG Storage Tank Market Report Scope
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Report Attributes |
Details |
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Market size value in 2023 |
USD 16.02 billion |
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Revenue forecast in 2032 |
USD 29.03 billion |
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CAGR |
6.8% from 2023 - 2032 |
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Base year |
2022 |
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Historical data |
2019 – 2021 |
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Forecast period |
2023 - 2032 |
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Quantitative units |
Revenue in USD billion and CAGR from 2023 to 2032 |
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Segments covered |
By Product Type, By Material Type, By Region |
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Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
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Key companies |
Linde Plc, Wärtsilä, Cimc Enric, Chart Industries, IHI Corporation, McDermott International Inc., ISISAN ISI SAN. VE T?C.A. ?, Colour SA, Corban Energy Group, and Trans Tech Energy LLC |
FAQ's
The LNG storage tank market report covering key segments are product type, material type, and region.
LNG Storage Tank Market Size Worth $29.03 Billion By 2032.
The global LNG storage tank market expected to grow at a CAGR of 6.8% during the forecast period.
Asia Pacific is leading the global market.
Key driving factor in LNG storage tank market are increasing use of solar thermal power technologies.
