Market Size of Lng Storage Tank Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
LNG Storage Tank Market Analysis
The LNG Storage Tank Market is estimated to grow at a CAGR of greater than 5% during the forecast period.
The COVID-19 pandemic led to a pause in production at end users in the LNG storage tank industry because of the global lockdown. This has hampered the growth of the market in the year 2020 and is likely to continue through 2022. The pandemic COVID-19 has also affected the sales of LNG storage tanks since the second quarter of 2020 because of the steep decline in demand for LNG and is anticipated to cause a negative impact on the market growth in the first half of 2022.
Developing and emerging countries like India, China, Japan, and South Korea are witnessing a high demand for LNG storage tanks. The growth in the APAC region can be attributed to significant developments in power, energy, and technologies plus the growing trade of LNG, which is expected to drive the LNG storage tank market in the region. Moreover, APAC being the largest producer of steel and availability of raw materials, for instance, iron ore, and cost-effective labor will also drive the demand during the forecast period.
The global liquefied natural gas (LNG) tanker fleet encompassed a total of 700 vessels at the end of 2021. Between 2010 and 2021, figures steadily increased. With LNG trade volumes reaching 488 billion cubic meters in 2020, greater number of tankers are paramount to satisfying growing consumer demand. LNG tankers vary in sizes, with the largest being able to carry up to 266,000 cubic meters.
Japan had the world's largest liquefied natural gas (LNG) storage tank capacity in 2021, at 18.2 million cubic meters. This was followed by neighboring South Korea and China, with a tank capacity of 12.4 million and 11.3 million cubic meters, respectively. All three countries also had the largest LNG regasification capacity.
