Global LNG Storage Tank Market Outlook 2020-2025 - Growing Opportunities in Marine Transport, Increasing Spending on Infrastructure

DUBLIN, March 6, 2020 /PRNewswire/ -- The "LNG Storage Tank Market by Type (Self-Supporting, Non Self-Supporting), Material (Steel, 9% Nickel Steel, Aluminum Alloy), Region (North America, Europe, APAC, Middle East & Africa, South America) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

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The global LNG storage tank market size is projected to reach USD 17,560 million by 2025, at a CAGR of 7% between 2020 and 2025.

This report covers the LNG storage tank market based on type, material, and region. This study aims at estimating the size and future growth potential of the market across various segmentation types. It also includes an in-depth competitive analysis of the key market players, along with their profiles and key growth strategies.

Increasing demand from steel, energy, and power end-use industries to drive the overall growth of the LNG storage tank market

The LNG storage tank market is driven by various factors, such as increasing demand for LNG from steel, power, and energy end-use industries, and growing transportation of LNG on ships. The growth of these industries is expected to further propel the growth of the market during the forecast period. However, the high construction cost and installation cost of the LNG storage tank are likely to hinder the growth of the market.

Self-supporting segment to drive the global market during the forecast period

The LNG storage tank market has been segmented on the basis of types as self-supporting and non-self-supporting. Among these types, the self-supporting segment accounted for the larger share of the market during the forecast period. The market growth in this segment is attributed to growing LNG trade and an increase in LNG liquefaction and regasification facilities. These factors are expected to drive demand during the forecast period.

Steel segment expected to account for the largest market share during the forecast period

The steel segment is growing rapidly owing to the various properties of steel such as durability, resistance to corrosion, excellent toughness, and low thermal conductivity at cryogenic temperatures, which will drive the demand for steel. Furthermore, steel is used for applications requiring refrigeration or the creation of low-temperature conditions for the storage of liquefied natural gas.

APAC is expected to record the highest growth rate during the forecast period

APAC is expected to have the highest growth rate during the forecast period due to significant developments in energy and power end-use industries, and the growing trade of LNG, which drives the LNG storage tank market in the region. On the other hand, North America is projected to have the second-largest market size during the forecast period.

Key Topics Covered

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights
4.1 Attractive Opportunities in the LNG Storage Tank Market
4.2 LNG Storage Tank Market, By Region
4.3 LNG Storage Tank Market in APAC, By Country and Material, 2019
4.4 LNG Storage Tank Market, By Country

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increase in LNG Trade Worldwide
5.2.1.2 Increase in the Number of Floating Storage and Regasification Units
5.2.2 Restraints
5.2.2.1 High Installation Cost of LNG Storage Tanks
5.2.3 Opportunities
5.2.3.1 Growing Opportunities in Marine Transport
5.2.3.2 Increasing Spending on Infrastructure
5.2.4 Challenges
5.2.4.1 LNG Leakage and Boil-Off Gas
5.3 Porter's Five Forces Analysis
5.3.1 Bargaining Power of Suppliers
5.3.2 Threat of New Entrants
5.3.3 Threat of Substitutes
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Macroeconomic Indicators
5.4.1 Trends and Forecast of GDP
5.4.2 Major Steel Producing Countries

6 LNG Storage Tank Market, By Type
6.1 Introduction
6.2 Self-Supporting
6.2.1 Single Containment Storage Tanks
6.2.1.1 Ability to Maintain Cryogenic Temperature to Drive the Market
6.2.2 Double Containment Storage Tanks
6.2.2.1 Excellent Mechanical Property to Drive the Market
6.2.3 Full Containment Storage Tanks
6.2.3.1 Growing Demand for LNG to Drive the Market
6.3 Non-Self-Supporting Tanks
6.3.1 Membrane Tank
6.3.1.1 Growing Demand for LNG Carriers to Drive the Market

7 LNG Storage Tank Market, By Material
7.1 Introduction
7.2 Steel
7.2.1 Growing Application of LNG Tanks in Ships to Drive the Demand for Steel
7.3 9% Nickel Steel
7.3.1 Increased Demand for LNG Storage Tanks in the Energy Industry is Expected to Boost the Market
7.4 Aluminum Alloy
7.4.1 Increase in the Use of LNG Fueled Ships is Expected to Drive the Demand for Aluminum Alloy
7.5 Others

8 LNG Storage Tank Market, By Region
8.1 Introduction
8.2 APAC
8.2.1 China
8.2.1.1 High Demand for LNG in the Energy and Power Industries to Drive the Market
8.2.2 Japan
8.2.2.1 Rising Imports of Natural Gas and an Increase in Investments in the Energy Industry are Fueling the Market Demand
8.2.3 India
8.2.3.1 Increasing Demand for LNG Storage Tanks From the Energy and Power Industries to Drive the Market
8.2.4 South Korea
8.2.4.1 Growing LNG Imports Will Drive the Demand for LNG Storage Tanks
8.2.5 Australia
8.2.5.1 Investments From Oil & Gas Giants in the Country to Drive the Demand for LNG Storage Tanks
8.2.6 Rest of APAC
8.3 North America
8.3.1 US
8.3.1.1 Increasing Production and Export of Natural Gas Will Drive the Demand for LNG Storage Tanks
8.3.2 Canada
8.3.2.1 Aggressive Economic Expansion in Canada is Boosting the Market
8.3.3 Mexico
8.3.3.1 Rapid Reforms in Mexico Related to the Energy Industry Will Drive Its LNG Storage Tank Market
8.4 Europe
8.4.1 Germany
8.4.1.1 Increased Focus on Energy Generation From Renewable Sources Will Drive the Demand for LNG Storage Tanks
8.4.2 France
8.4.2.1 Increasing Imports of LNG and Growing Usage of LNG in the Power Industry Will Drive the Demand for LNG Storage Tanks During the Forecast Period
8.4.3 Russia
8.4.3.1 Growing LNG Exports of the Country to Drive the Market
8.4.4 UK
8.4.4.1 Increased LNG Consumption is Expected to Boost the LNG Storage Tank Market
8.4.5 Italy
8.4.5.1 Transportation Industry is Expected to Drive the Demand in the LNG Storage Tank Market
8.4.6 Rest of Europe
8.5 Middle East & Africa
8.5.1 Qatar
8.5.1.1 Increased Usage of LNG in the Energy Industry to Boost the Growth of the LNG Storage Tank Market
8.5.2 Saudi Arabia
8.5.2.1 Expansion Into to the LNG Market is Expected to Drive the LNG Storage Tank Market
8.5.3 South Africa
8.5.3.1 Development of New LNG Terminals and Bunkering Facilities to Drive the Demand for LNG Storage Tanks
8.5.4 Rest of Middle East & Africa
8.6 South America
8.6.1 Brazil
8.6.1.1 Rapidly Expanding Economy to Drive the LNG Storage Tank Market
8.6.2 Argentina
8.6.2.1 Increased Investment in LNG Terminals to Drive the LNG Storage Tank Market
8.6.3 Rest of South America

9 Competitive Landscape
9.1 Introduction
9.2 Market Ranking of Key Players
9.3 Competitive Scenario
9.3.1 Expansion
9.3.2 New Product Launch
9.3.3 Merger & Acquisition
9.3.4 Agreement

10 Company Profiles
(Business Overview, Products Offered, Recent Developments, SWOT Analysis)
10.1 Linde PLC
10.2 McDermott International Inc.
10.3 Wartsila
10.4 IHI Corporation
10.5 Air Water Inc.
10.6 Cimc Enric
10.7 Chart Industries
10.8 Isisan A.S.
10.9 Cryolor
10.10 Inox India
10.11 Other Players
10.11.1 Vijay Tanks and Vessels Ltd.
10.11.2 Corban Energy Group
10.11.3 Luxi New Energy Equipment Group Co. Ltd.
10.11.4 Vinci Construction
10.11.5 MHI Engineering and International Project India Ltd.
10.11.6 Lloyds Energy
10.11.7 Transtech Energy LLC
10.11.8 Cryocan
10.11.9 Cryogas Equipment Pvt. Ltd.
10.11.10 Whessoe
10.11.11 Bechtel
10.11.12 Karbonsan
10.11.13 Sener Group
10.11.14 Maverick Engineering Inc.
10.11.15 Cryoteknik

For more information about this report visit https://www.researchandmarkets.com/r/p60y9g

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