Liquified Natural Gas (LNG) Tank Market

Liquified Natural Gas (LNG) Tank Market Segmentation by Material (Aluminum Alloy, Steel, and 9% Nickel Steel); by Tank Type (Self Supporting, and Non-Self Supporting) – Global Demand Analysis & Opportunity Outlook 2030

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Report ID: 3173 | Published On: Apr 04, 2022
  1. Introduction
    • Market Definition
    • Market Segmentation
    • Product Overview
  2. Assumptions and Acronyms
  3. Research Methodology
  4. Research Process
    • Primary Research
    • Manufacturers
    • Distributors
    • End Users
    • Secondary Research
    • Market Size Estimation
  5. Executive Summary - Global Advanced Therapy Medicinal Products Market
  6. Analysis of Market Dynamics
  7. Drivers
  8. Trends
  9. Key Market Opportunities for Business Growth
  10. Major Roadblocks for the Market Growth
  11. Regulatory & Standard Landscape
  12. Value Chain Analysis
  13. Potential ATMP Treatment Analysis
  14. Pricing Analysis of Global Advanced Therapy Medicinal Products Market
  15. Use Case Analysis
  16. Pipeline Analysis
  17. Analysis on the Manufacturing Process
  18. Analysis of COVID-19 Impact on the Global Advanced Therapy Medicinal Products Market
  19. Analysis of End-User Market Share of Global Advanced Therapy Medicinal Products
  20. Competitive Positioning
  21. Competitive Landscape
  22. Market Share Analysis of Major Players (%), 2021
  23. Competitive Benchmarking
  24. Novartis AG.
  25. Takeda Pharmaceutical Company Limited
  26. Gilead Sciences, Inc.
  27. Bluebird Bio, Inc
  28. BioMarin Pharmaceutical Inc
  29. Vericel Corporation
  30. Mallinckrodt Pharmaceuticals
  31. UniQure N.V.
  32. JCR Pharmaceuticals Co., Ltd.
  33. Spark Therapeutics, Inc. (Parent Company: Roche)
  34. Kolon TissueGene, Inc.
  35. Global Advanced Therapy Medicinal Products Market Outlook
  36. By Value (USD million)
  37. By Product
  38. CAR-T Therapy, 2021-2031F (USD million)
  39. Gene Therapy, 2021-2031F (USD million)
  40. Cell Therapy, 2021-2031F (USD million)
  41. Tissue Engineered Product, 2021-2031F (USD million)
  42. By Disease
  43. Oncology, 2021-2031F (USD million)
  44. Genetic Disorders, 2021-2031F (USD million)
  45. CNS, 2021-2031F (USD million)
  46. Dermatology, 2021-2031F (USD million)
  47. Others, 2021-2031F (USD million)
  48. By End-User
  49. Hospitals & Clinics, 2021-2031F (USD million)
  50. Research & Academic Institutes, 2021-2031F (USD million)
  51. Global Advanced Therapy Medicinal Products Market by Region
  52. North America, 2021-2031F (USD million)
  53. Europe, 2021-2031F (USD million)
  54. Asia-Pacific, 2021-2031F (USD million)
  55. Latin America, 2021-2031F (USD million)
  56. Middle East & Africa, 2021-2031F (USD million)
  57. North America Advanced Therapy Medicinal Products Market Outlook
  58. By Value (USD million)
  59. By Product
  60. CAR-T Therapy, 2021-2031F (USD million
  61. Gene Therapy, 2021-2031F (USD million)
  62. Cell Therapy, 2021-2031F (USD million)
  63. Tissue Engineered Product, 2021-2031F (USD million)
  64. By Disease
  65. Oncology, 2021-2031F (USD million)
  66. Genetic Disorders, 2021-2031F (USD million)
  67. CNS, 2021-2031F (USD million)
  68. Dermatology, 2021-2031F (USD million)
  69. Others, 2021-2031F (USD million)
  70. By End-User
  71. Hospitals & Clinics, 2021-2031F (USD million)
  72. Research & Academic Institutes, 2021-2031F (USD million)
  73. By Country
  74. US, 2021-2031F (USD million)
  75. Canada, 2021-2031F (USD million)
  76. Europe Advanced Therapy Medicinal Products Market Outlook
  77. By Product
  78. By Disease
  79. By End User
  80. By Country
  81. UK, 2021-2031F (USD Million)
  82. Germany, 2021-2031F (USD Million)
  83. France, 2021-2031F (USD Million)
  84. Italy, 2021-2031F (USD Million)
  85. Spain, 2021-2031F (USD Million)
  86. Russia, 2021-2031F (USD Million)
  87. Netherlands, 2021-2031F (USD Million)
  88. Rest of Europe, 2021-2031F (USD Million)
  89. Asia Pacific Advanced Therapy Medicinal Products Market Outlook
  90. By Product
  91. By Disease
  92. By End User
  93. By Country
  94. China, 2021-2031F (USD Million)
  95. India, 2021-2031F (USD Million)
  96. Japan, 2021-2031F (USD Million)
  97. South Korea, 2021-2031F (USD Million)
  98. Singapore, 2021-2031F (USD Million)
  99. Australia, 2021-2031F (USD Million)
  100. Rest of Asia-Pacific, 2021-2031F (USD Million)
  101. Latin America Advanced Therapy Medicinal Products Market Outlook
  102. By Product
  103. By Disease
  104. By End User
  105. By Country
  106. Brazil, 2021-2031F (USD Million)
  107. Argentina, 2021-2031F (USD Million)
  108. Mexico, 2021-2031F (USD Million)
  109. Rest of Latin America, 2021-2031F (USD Million)
  110. Middle East & Africa Advanced Therapy Medicinal Products Market Outlook
  111. By Product
  112. By Disease
  113. By End User
  114. By Country
  115. GCC, 2021-2031F (USD Million)
  116. Israel, 2021-2031F (USD Million)
  117. South Africa, 2021-2031F (USD Million)
  118. Rest of Middle East & Africa, 2021-2031F (USD Million)

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Inflation and Looming Recession to Haunt Businesses:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


In The News

· April 14, 2021: McDermott International’s CB&I storage solutions business was awarded a contract by AG&P for the procurement and construction of Philippine’s first ever LNG import terminal, which will be located in Batangas.

· March 17, 2020: INOX signed an agreement with Shell India to deploy distribution infrastructure for LNG to provide access to those not connected to pipelines.  


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.

liquified natural gas (LNG) tank market Graph

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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

Global Electricity Consumption

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.

LNG Tank Market Share Graph

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


liquified natural gas (LNG) tank market Graph
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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


Global Electricity Consumption
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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

Key Questions Answered in the Report

1) What are the major factors driving the growth of the liquified natural gas (LNG) tank market?

Ans: The major growth drivers for the market are growing demand for LNG in energy and power industries and increasing production of natural gas.

2) What would be the CAGR of liquified natural gas (LNG) tank market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the liquified natural gas (LNG) tank market growth?

Ans: High competition to LNG from fossil and renewable energy sources is estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of liquified natural gas (LNG) tank market in future?

Ans: Asia Pacific will provide more business opportunities to the market on the back of rising investments for the construction of LNG bunkering facilities and increasing usage of natural gas in several end-user industries in the region.

5) Who are the major players dominating the liquified natural gas (LNG) tank market?

Ans: The major players in the market are McDermott International Inc., Linde Plc, Air Water Inc., IHI Corporation, Chart Industries, Inc., and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the LNG tank market?

Ans: The market is segmented by material, tank type, and by region.

8) Which segment captures the largest market size in the material segment in the LNG tank market?

Ans: The steel segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.

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