AUGUST17,2022/IndustryNewsGlobal/ — The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the LNG Storage Tank Market.
The report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
LNG storage tank market is likely to witness an impressive CAGR of 6.9% during the forecast period. The demand for LNG storage tanks is driven mainly by the increasing demand for LNG in power, energy, and steel end-use industries.
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LNG Storage Tank Market Share: By Product Type
Based on the product type, the market is segmented as self-supporting and non-self–supporting. The self-supporting segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. The significant share of the self-supporting segment is attributed to the growing demand for LNG in the power and energy end-use industries.
LNG Storage Tank Market Share: By Material Type
Based on the material type, the market is segmented as steel, 9% nickel steel, aluminum alloys, and others. The steel segment accounted for the largest share in 2019 owing to its properties, such as corrosion resistance and durability. The steel segment is estimated to expand at a promising CAGR during the forecast period due to the rising demand for storage of liquefied natural gas as steel offers low thermal conductivity at cryogenic temperatures.
LNG Storage Tank Market Share: By Region
In terms of regions, Asia-Pacific is projected to be the largest and fastest-growing market for LNG storage tanks during the forecast period. The Asia-Pacific’s market is expected to grow with a lucrative CAGR due to the rising demand from various end-use industries, such as energy, power, and steel. High adoption from developing economies such as China and India are expected to boost the market in the Asia-Pacific region.
Some of the major LNG storage tank manufacturers are-
- Linde Plc
- Mcdermott International Inc.
- IHI Corporation
- Air Water Inc.
- Cimc Enric
- Chart Industries
- Isisan A.S.
- Inox India.
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