The report "LNG Storage Tank Market by Type (Self-Supporting, Non-Self-Supporting), Material (Steel, 9% Nickel Steel, Aluminum Alloy), Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2027", is estimated at USD 14.5 billion in 2022 and is projected to reach USD 20.8 billion by 2027, registering a CAGR of 7.5% from 2022 to 2027. LNG storage tanks are cryogenic tanks and capable of operating at very low temperatures, for instance, 238°F or below. These tanks possess various different properties, such as thermal resistance, excellent toughness, and excellent insulation.
Browse 120 market data Tables and 30 Figures spread through 143 Pages and in-depth TOC on "LNG Storage Tank Market by Type (Self-Supporting, Non-Self-Supporting), Material (Steel, 9% Nickel Steel, Aluminum Alloy), Region (North America, Europe, Asia Pacific, Middle East & Africa, South America) - Global Forecast to 2027"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/lng-storage-tank-market-16169135.html
Self-supporting type comprises a major share of the LNG storage tank market in terms of value.
The self-supporting tank segment accounted for largest market share of the overall market in 2021, in terms of value. The demand for these tanks is increasing because they can be easily installed and have minimal shipping volume. The increasing usage of LNG storage tanks in onshore activities is fueling the demand across the world.
Steel material type accounts for the largest market share in the global LNG tanks market during the forecasted period in terms of value and volume.
The steel material segment dominated the market and is projected to grow significantly during forecasted years. The high growth of the segment can be attributed to various properties of steel material that includes resistivity to corrosion, durability, high toughness, and many more. The demand for this material is driven by its excellent mechanical properties under the cryogenic temperature of -256°F.
Asia Pacific region accounted for the largest market share in the global LNG storage tank market in terms of value and volume.
Asia Pacific is the largest LNG storage tank market in terms of volume and is expected to maintain its lead during the forecast period. The remarkable growth in various end-use industries such as power, steel, and energy are driving the demand for LNG storage tanks from the region. North America is the second major consumer of LNG storage tank market.
The key players in the LNG storage tank market include 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), and others. These players are adopting the strategies of new product launches, expansions, and agreements to maintain their competitive position in the LNG storage tank market.
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
USA : 1-888-600-6441