Updated on : April 01,
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The global LNG storage tank market was valued at USD 14.5 billion in and is projected to reach USD 20.8 billion by , growing at 7.5% cagr from to . Liquefied natural gas (LNG) storage tanks are specialized types of storage tanks, used for LNG storage. These tanks are generally found in-ground, above ground, and in LNG carriers or vehicles. They are made in various configurations, such as horizontal, vertical, double-walled, and insulated. LNG storage tanks are constructed with thermal insulation to reduce evaporation, prevent heat transfer, and protect structures from cryogenic temperatures.
Note e-estimated; p-projected.
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A floating storage and regasification unit is a key component of the LNG value chain, forming the interface between LNG carriers and local gas suppliers. Floating storage and regasification units (FSRUs) are a flexible alternative to conventional onshore LNG terminals. In the overall LNG fleet increased by 10% from . According to International Gas Union, the global LNG carrier fleet consisted of 641 active vessels as of end-of-April , including 45 FSRUs and five floating storage units (FSUs). The demand for floating storage and regasification units is more in regions that have a high demand for LNG and a lack of an established pipeline network. Fast-growing economies in some regions, including Asia Pacific, the Middle East, and Africa, are expected to drive the growth of new floating storage and regasification units in the near future, which, in turn, is expected to drive the demand for LNG storage tanks.
A major raw material used for the manufacturing of the LNG storage tank is nickel steel (9%). The fluctuating prices of nickel steel act as a restraint to market growth. The nickel steel prices have been fluctuating continuously due to Indonesia&#;s ban on the export of nickel, which was effective from January . Indonesia is the largest global producer and exporter of nickel, followed by the Philippines, accounting for over 20% of nickel export, globally. Owing to the announcement of the ban, there was a sudden surge in nickel prices, which resulted in an increase in the production cost of LNG storage tanks. Moreover, the US imposed 25% tariffs on steel production in China, in . This was one of the reasons which led to a trade war between the US and China, resulting in the rise in prices of steel, that is the most used raw material for manufacturing LNG storage tanks.
In , the International Maritime organization decided to implement a 0.50% sulfur cap decision to reduce the harmful effects of marine fuel on the environment. This gave rise to LNG as a marine fuel. LNG emits zero sulfur oxide and zero particulate matter, unlike other fuels, and is noncorrosive and non-toxic. LNG will lead to long-term, cost-effective solutions as a conventional marine fuel. Wartsila (Finland), a global leader in the marine industry, has developed and converted oil-run engines to LNG-powered engines.
LNG storage tanks are being increasingly used for intermodal freight transportation. Intermodal facilities include depots, container yards, cargo, and storage tanks, which provide more options for marine transportation and many oil & gas companies, which will boost the LNG storage tank market.
LNG is stored and transported in storage tanks as a cryogenic liquid. Even though the tanks are insulated, there is still heat ingress into the tanks from the surroundings. This increases the temperature, causing the liquid to evaporate and thus creating boil-off gas. Managing the boil-off gas is very necessary to prevent the tank from being over-pressurized and avoid health and safety risks to the surroundings. There are also explosion hazards in case of leakage of gas from the tank. Thus, leakage and boiling of gas are key challenges in the LNG storage tank market.
Another key challenge is that a lot of players are involved in the LNG value chain&#;EPC (Engineering, Procurement, and Construction) contractors, suppliers, vendors, stakeholders, and end users, which gives rise to potential problem areas, such as delayed supply, and increase in cost.
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Asia Pacific is projected to be the fastest-growing market for LNG storage tanks, owing to a considerable increase in investments in the energy sector in the past five years, creating a high demand for small-scale LNG, which, in turn, will drive the demand for LNG storage tanks in the region. Furthermore, the growing import of small-scale LNG coupled with the growth in the Asia Pacific steel and metal manufacturing sector has been driven mainly by the domestic availability of raw materials (for instance, iron ore) and cost-effective labor. The steel sector has been a major contributor to India&#;s manufacturing output, which, in turn, boosts the demand for LNG storage tanks in Asia Pacific.
The key players in the global LNG storage tank market are:
These companies are involved in adopting various inorganic and organic strategies to increase their foothold in the LNG storage tank industry. The study includes an in-depth competitive analysis of these key players in the LNG storage tank market, with their company profiles, recent developments, and key market strategies.
Report Metric
Details
Years considered for the study
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Base year
Forecast period
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Units considered
Value (USD Million/Billion), Volume (Million square meter)
Segments
Type, Material type, and Region
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Regions
Europe, North America, APAC, MEA, and South America
Companies
Linde Plc (Ireland), McDermott International Inc. (US), Wartsila (Finland), IHI Corporation (Japan), Air Water Inc. (Japan), Cimc Enric (China), Chart Industries (US), Isisan A.S (Turkey), Cryolor (France), Inox (India), Carbon Energy Group (US), and TransTech Energy Llc. (US).
This research report categorizes the LNG storage tank market based on type, material type, and region.
What are the factors influencing the growth of the LNG storage tank market?
High demand from power, energy, and other end-use industries.
Which is the fastest-growing region-level market for LNG storage tank?
APAC is the fastest-growing LNG storage tank market due to the presence of major LNG storage tank manufacturers and the burgeoning growth of various end-use industries.
What are the factors contributing to the final price of LNG storage tank?
Raw material plays a vital role in the costs. The cost of these materials contributes largely to the final pricing of LNG storage tanks.
What are the challenges in the LNG storage tank market?
LNG leakage is the major challenge in the LNG storage tank market. .
Which type of LNG storage tanks holds the largest market share?
Self-supporting tanks in terms of value hold the largest share.
How is the LNG storage tank market aligned?
The market is growing at a significant pace. It is a potential market and many manufacturers are planning business strategies to expand their business.
Who are the major manufacturers?
Linde PLC (Ireland), McDermott International Inc. (US), Wartsila (Finland), IHI Corporation (Japan), Air Water Inc. (Japan), CIMC ENRIC (China), Chart Industries (US), ISISAN A.S. (Turkey), DowAksa (Turkey), and Cryolor (France) are some of the key players in the LNG storage tank market.
What are the major material type of LNG storage tank?
The major material typesare steel, 9% nickel steel, aluminum alloy, and others. .
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