LNG Storage Tank Market worth US$17.5 billion by 2025

The ASDReport “LNG Storage Tank Market by Type (Self-Supporting, Non Self-Supporting), Material (Steel, 9% Nickel Steel, Aluminium Alloy), Region (North America, Europe, APAC, Middle East & Africa, South America) – Global Forecast to 2025” The LNG storage tank market is expected to grow from US$12.5 billion in 2020 to US$17.5 billion by 2025, at a CAGR of 7.0%, during the forecast period.

The major factors driving the LNG storage tank market include increasing demand for LNG from various end-use industries, such as steel, power, and energy. Furthermore, the growing trade of LNG will also drive the demand.

Self-supporting type to dominate the global LNG storage tank market during the forecast period

The LNG storage tank market has been segmented based on type as self-supporting, and non-self-supporting. The self-supporting segment accounted for the larger share of the market in 2019. The growth in this segment is attributed to the increasing use of this type of tanks because of the growing trade i.e. import and export of LNG across the globe and increase in the LNG bunkering facilities.

These factors are expected to drive the demand for LNG storage tanks during the forecast period.

Steel material segment to dominate the global LNG storage tank market during the forecast period

The LNG storage tank market has been segmented based on material into steel, 9% nickel steel, aluminium alloy, and others.

The steel segment accounted for the largest share of the market in 2019 and is expected to witness significant growth during the forecast period. The growth in this segment is attributed to its increasing LNG terminals and bunkering facilities, and increasing demand for LNG tanks on ships.

These factors are expected to drive demand during the forecast period.

APAC is expected to have the largest market size in the global LNG storage tank market during the forecast period

APAC is projected to be the leading LNG storage tank market during the forecast period.

The growth in the APAC region can be attributed to the rising demand for LNG from various end-use industries including energy, power and steel. The presence of a robust industrial base, favourable government policies, and low labour costs along with growing demand for LNG in the region are further strengthening the LNG storage tank market and attracting major players to invest in the region.

Source: Global Energy World