Linde PLC (Ireland), McDermott International Inc. (US) are Leading Players in the LNG Storage Tank Market
The global LNG storage tanks market size is estimated to be USD 14.5 billion in 2022 and is expected to reach USD 20.8 billion by 2027, projecting a CAGR of 7.5% between 2022 and 2027. LNG storage tanks are used to store LNG at cryogenic temperatures in the LNG value chain. These tanks are essential for transportation and safe storage of gas. Single containment and full containment are the widely used LNG storage tank types, globally. The increase in demand for LNG and other industrial gases from end-use industries, such as metal processing, healthcare, and marine transport, will drive the demand for LNG storage tanks.
The global trade of LNG has increased for the last few years, setting a record of 516 billion cubic meters in 2021. The increase in LNG trade worldwide is because of higher production at new liquefaction plants in Australia, the US, and Russia. LNG is a clean source of energy; and with increasing environmental regulations, globally, the use of natural gas and LNG as marine fuels is increasing. An increase in the global liquefaction capacity and LNG import has enabled robust growth in LNG consumption.
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Global LNG regasification is increasing every year. Japan has the world’s largest LNG regasification capacity, which is 211.4 million metric tons per year. Regasification is the process of converting LNG at -259°F back to natural gas at the atmospheric temperature. Two new regasification terminals were added in the new markets of Bangladesh, and Panama, which started receiving LNG supply in 2018. This, in turn, is responsible for the increase in demand for LNG storage tanks.
The demand for LNG storage tanks is increasing in end-use industries, for instance, metal processing industries, especially in steel industries. Also, LNG is being used as a fuel in heavy-duty vehicles as it is a clean source of energy. An increase in LNG trade is primarily driven by the demand from various industries, such as energy, power, and automotive; and for commercial fuel and power generation, which is expected to boost natural gas exploration and production, thereby boosting the growth of the LNG storage tank market.
Over the past years, LNG storage tanks manufacturers have strengthened their position in the global LNG storage tanks market by adopting expansions, partnerships, agreements, new product/technology launches, joint ventures, contracts, and mergers & acquisitions.
The major manufacturers profiled in this report 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), DowAksa (Turkey), and Cryolor (France), and among others.
Linde PLC is one of the leading players in the field of industrial gases and engineering equipment. Linde PLC came into existence in October 2018 after the merger of equal shares of Linde AG and Praxair. It operates and offers its products through four product groups, namely, atmospheric gases and related, process gases and others, surface technologies, and Linde AG. The company caters to various end-use industries, such as gas, engineering, healthcare, and food & beverages, through its different subsidiaries. It offers LNG storage tanks through the cryogenic tanks subsegment of atmospheric gases and related product line. Apart from LNG storage tanks, the company also provides a diverse range of packaged units, cryogenic columns, air-heated vaporizers helium storage tanks, hydrogen fueling technologies, and other products. Linde PLC has a strong regional presence with operations in major regions of the world, including North America, Europe, South America, and Asia.
McDermott International Inc. is one of the leading companies, which provides technology, engineering, and construction solutions to the energy industry. The company came into existence in 1923. It is one of the leading manufacturers of Double wall LNG storage tanks and Full containment LNG storage tanks. Apart from LNG, the company’s product line includes Offshore and subsea, Downstream, Power, Industrial storage, and Pipe fabrication. It caters to various markets, which include upstream, refining, chemicals and petrochemicals, power, industrial storage, water and wastewater. McDermott is a provider of Petrochemicals, gasification, refining, and gas processing technologies. It offers a wide range of services for the whole LNG value chain, which includes Liquefaction export terminals, Regasification import terminals, LNG peak shaving facilities, and LNG storage tanks. The company has a strong geographic presence in North America, Central and South America, Europe, Africa, Asia, the Middle East, and Australia.
Related Reports:
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
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