LNG Tank Market Highlights 2022 – 2030
The liquified natural gas (LNG) tank market is estimated to garner a large revenue by recording a CAGR of ~7% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing demand for LNG in the energy, power and steel industries, coupled with the rise in the number of regasification and floating storage units around the world. In 2019, the global demand for LNG rose by more than 12%, amounting to a production value of almost 360 million tons. The demand is evaluated to double by the end of 2050. Along with these, growing cargo transportation and high usage of LNG as a fuel for heavy duty vehicles are also expected to drive market growth in the near future. Furthermore, the overall rise in the production of natural gas and escalating advancements in drilling technology are projected to offer lucrative opportunities to the market in the upcoming years.
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The 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.
Major Macro-Economic Indicators Impacting the Market Growth
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global LNG Tank Market Regional Synopsis
On the basis of geographical analysis, the LNG tank market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. The market in the Asia Pacific region is estimated to occupy the largest market share and witness the highest growth over the forecast period on the back of growing investments for the construction of LNG bunkering facilities and the rising use of natural gas in several end-user industries. Apart from these, increasing manufacturing capacities of nations namely, China and India, is assessed to drive market growth in the region. High consumption of liquefied natural gas in Japan, China and South Korea is also estimated to fuel the expansion of market in the APAC. Additionally, Europe is also estimated to occupy a significant share in the market during the forecast period owing to the presence of major LNG importing countries in the region, including France, the U.K., Spain, Belgium and Italy. For instance, France and Spain were the two largest importers of LNG in 2019. In that year, the countries traded in approximately 23 and 22 billion cubic meters of the gas, respectively.
The LNG tank market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the LNG tank market includes the following segments:
By Material
- Aluminum Alloy
- Steel
- 9% Nickel Steel
By Tank Type
- Self-Supporting
- Non-Self Supporting
Growth Drivers
- Growing Demand for LNG in Energy and Power Industries
- Increasing Production of Natural Gas
Challenges
- High Competition to LNG from Fossil and Renewable Energy Sources
Top Featured Companies Dominating the Market
- McDermott International Inc.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Linde Plc
- Air Water Inc.
- IHI Corporation
- Chart Industries, Inc.
- Cimc Enric
- Isisan A.S
- Carbon Energy Group
- INOX India Pvt. Ltd.
- Wartsila Corporation
