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The global LNG storage tank market size is expected to reach USD 29.03 billion by 2032, according to a new study by Polaris market research. The report “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” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Liquid natural gas will likely play an important role in the future of the global energy market, with new plans for production and reception facilities, as well as an increase in LNG shipbuilding. Furthermore, the usage of poly storage tanks instead of chemical holding tanks is also aiding industry growth. Materials such as oil, trash, water, prescription drugs, and other hazardous compounds may be stored in ASTs that follow stringent industry standards and guidelines. Petroleum products and possibly dangerous compounds can be kept in USTs.
LNG has a better long-term outlook than other fossil fuels because of its relative affordability and lower emissions during production and burning. For instance, as per the WHO estimates that ambient air pollution causes 4.2 Mn deaths each year, with the Asia having the highest death toll. Instead, LNG players should focus on 5 strategic areas: capital effectiveness, optimization, downstream expansion, emission reductions, & advanced analytics.
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In emerging and developing countries like South Korea, China, Japan, and India, there is a significant need for LNG storage tanks. The significant developments in electricity, energy, and technology that have been made in the APAC area, as well as the growing trade in LNG, which is expected to drive the growth of the LNG storage tank market in the region, may be credited with the region's expansion.
For instance, the article from October 2022 claims that VLCCs have the first high manganese-based steel LNG fuel tanks across the globe. The South Korean shipbuilders Daewoo Shipbuilding recently held naming ceremonies for two dual-fuel very large crude oil carriers (VLCCs) with high manganese steel fuel tanks for the LNG.
The COVID-19 epidemic has had a significant negative influence on the market's whole supply chain. The market has been impacted by the suspension of production and end use sector operations.
LNG Storage Tank Market Report Highlights
Polaris Market Research has segmented the LNG Storage Tank Market report based on product type, material type, and region:
LNG Storage Tank, Product Type Outlook (Revenue - USD Billion, 2019 - 2032)
LNG Storage Tank, Material Type Outlook (Revenue - USD Billion, 2019 - 2032)
LNG Storage Tank, Regional Outlook (Revenue - USD Billion, 2019 - 2032)