Comparing 15 vendors in LNG Storage Tank across 0 criteria.

Market Presence
Contenders Contenders
Market Leaders Market Leaders
Emerging Companies Emerging Companies
Innovators Innovators
McDermott
Cryolor
IHI
Wärtsilä
Chart Industries
Air Water
Linde
VINCI
INOX India
ISISAN
CIMC Enric
Vijay Tanks & Vessels
CEG
Luxi Chemical
CRYOCAN
Product Footprint
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POWERED BY MARKETSANDMARKETS
Mar 02, 2024

The LNG Storage Tank Companies Quadrant is a comprehensive industry analysis that provides valuable insights into the global market for LNG Storage Tanks. This quadrant offers a detailed evaluation of key market players, technological advancements, product innovations, and emerging trends shaping the industry. MarketsandMarkets 360 Quadrants evaluated over 25 companies of which the Top 15 LNG Storage Tank Companies were categorized and recognized as the quadrant leaders.

Liquefied Natural Gas (LNG) storage tanks are specialized types of storage tanks, used for LNG storage. These tanks are generally found in-ground, above ground, and in LNG carriers or vehicles. They are made in various configurations, such as horizontal, vertical, double-walled, and insulated. LNG storage tanks are constructed with thermal insulation to reduce evaporation, prevent heat transfer, and protect structures from cryogenic temperatures.

The 360 Quadrant maps the LNG Storage Tank companies based on criteria such as revenue, geographic presence, growth strategies, investments, channels of demand, and sales strategies for the market presence of the LNG Storage Tank's quadrant. While the top criteria for product footprint evaluation included Type (Self-supporting Tanks, Non-self-supporting Tanks), Material (Steel, 9% Nickel Steel, Aluminum Alloy, and Others), and Terminal (Offshore, Onshore).

Key trends highlighted in 360 Quadrants:

  • The global LNG storage tank market size is projected to reach USD 20.8 billion by 2027, at a CAGR of 7.5%, between 2022 and 2027. The market is witnessing growth due to increasing imports, technological advancements, and growing demand in the Asia Pacific region. The current market growth is also owing to the high demand from various end-use industries, such as energy and power. However, the high construction and installation costs of LNG storage tanks act as a restraint to the growth of the LNG storage tank market.
  • The LNG storage tank market is segmented as self-supporting tanks, non-self-supporting tanks. It was observed that the self-supporting tanks accounted for the larger share in the LNG storage tank market. This growth can be attributed to their excellent mechanical and physical properties and their ability to maintain cryogenic temperature. It is further expected to grow due to the increasing trade of small-scale LNG in emerging economies and the growing use of natural gas in the energy and power industries.
  • In 2022, Asia Pacific accounted for the largest share of 35%, in terms of value, of the global LNG storage tank market. The market in Asia Pacific is mainly dominated by the growing import of small-scale LNG and significant developments in the energy and power industries, that are witnessing a significant demand for LNG, thereby driving the market in the region. The key LNG Storage Tank companies such as Linde Plc (Ireland), McDermott International Inc. (US), Wartsila (Finland), IHI Corporation (Japan), Chart Industries (US), and INOX India, are continuously adopting innovative strategies for strengthening their position in the LNG storage tank market.
  • The LNG storage tank market is competitive owing to high market share of some major LNG storage tank companies. Where these companies have high market share due to their large worldwide presence and focus on innovation and research coupled with right mix of strategies. The North American market was the second-largest market for LNG storage tank, accounting for nearly 25% share of the global market, in terms of value in 2022. In the region the market is driven by an increase in investment in liquefaction and regasification of LNG. It is also bolstered by the growth of small-scale LNG in the region and rising demands from the energy and power industries.
  • On the basis of material used for manufacturing LNG storage tanks, the market has been segmented into steel, 9% nickel steel, aluminum alloy, and others. Steel accounted for the largest and fastest-growing material for LNG storage tank, accounting for nearly 77.3%, in terms of value, in the overall market in 2022. This is mostly due to the rising usage of steel in membrane-type LNG Tanks due to its properties of high resistance to corrosion, high ductility, and and superior toughness at cryogenic temperatures. While the second most material for LNG storage tanks is 9% nickel steel, owing to its properties of cryogenic fracture toughness and corrosion resistance at low temperatures, among its other properties.
  • Factors like rise in LNG trade worldwide and an increase in number of floating storage and regasification units are driving the growth of the LNG storage tank companies and market. It can be expected that in the fast-growing economies in some regions, including Asia Pacific, the Middle East, and African are expected to drive the growth of new floating storage and regasification units in the near future, which, in turn, is expected to drive the demand for LNG storage tanks. However, a major raw material that is used for the manufacturing of the LNG storage tank is nickel steel (9%) and the fluctuating prices of nickel steel might act as a restraint to market growth.
  • Major LNG Storage Tank Companies have adopted strategies such as product launch, agreement, acquisition, and partnerships. The key LNG Storage Tank Companies like Linde, IHI, Wartsila, and McDermott account for a significant market share and have been working towards establishing a strong market presence globally. For instance, In May 2022, Chart Industries acquired Cryogenic Service Center AB (CSC). This acquisition broadened the company’s cryogenic service and repair presence in the Nordic region, thereby expanding its geographic presence.
  • The need for LNG storage tanks is on the rise across end-use sectors, such as metal processing, particularly in steel industries. Additionally, LNG is gaining traction as a clean energy source for heavy-duty vehicles, thereby creating opportunities for the LNG storage tank companies.
  • It has been observed that the surge in LNG trade is also propelled by demand from diverse industries like energy, power, and automotive, as well as for commercial fuel and power generation. This is anticipated to stimulate natural gas exploration and production, consequently bolstering the expansion of LNG storage tank companies and the market.
  • The growth of the LNG Storage Tank companies was boosted by the decision made by the International Maritime Organization to enforce a 0.50% sulfur cap, aiming to reduce the environmental impact of marine fuel. This decision spurred the adoption of LNG as a marine fuel due to its sulfur oxide and particulate matter emissions being zero, along with its non-corrosive and non-toxic nature. LNG is set to offer sustainable, cost-efficient alternatives as a traditional marine fuel, thereby creating multiple opportunities for the LNG storage tank companies to prosper.

The Full List

The Full List

Company Headquarters Year Founded Holding Type
Air Water Osaka, Japan 2000 Public
CEG Elmwood Park, USA 2012 Private
CIMC Enric Shenzhen, China 2004 Public
CRYOCAN Kocaeli, Turkey 2009 Private
Chart Industries Ball Ground, USA 1992 Public
Cryolor Lorraine, France 1983 Private
IHI Tokyo, Japan 1853 Public
INOX India Vadodara, India 1992 Private
ISISAN Melikgazi, Turkey 1968 Private
Linde Dublin, Ireland 1879 Public
Luxi Chemical Liaocheng, China 1998 Public
McDermott Houston, USA 1923 Private
VINCI Nanterre, France 1899 Private
Vijay Tanks & Vessels Vadodara, India 1956 Private
Wärtsilä Helsinki, Finland 1834 Public
 
Frequently Asked Questions (FAQs)
An LNG storage tank is a specialized vessel designed to store liquefied natural gas at very low temperatures and high pressures. It allows for the transportation and storage of natural gas in its liquid form, which is more space-efficient compared to its gaseous state.
There are primarily four types of LNG storage tanks: single containment tanks, double containment tanks, full containment tanks, and membrane tanks. Each type has its own design and safety features.
LNG storage tanks are essential for storing LNG during periods of low demand and for buffering the supply of LNG to consumers during peak demand periods.
LNG storage tanks are usually constructed using materials like steel, concrete, and specialized insulation. The tank's construction takes into account factors like cryogenic temperatures and safety regulations.
Factors such as the rise in natural gas consumption, expansion of LNG trade, growing use of LNG as a cleaner energy source, and the need for energy security have been driving the growth of the LNG storage tank market.
LNG storage tanks are designed with multiple safety measures, including insulation to maintain low temperatures, pressure relief systems to prevent over-pressurization, and safety protocols to handle potential leaks or emergencies.
Challenges include high initial investment costs, regulatory and environmental concerns, technological advancements in alternative energy sources, and the need to ensure safe transportation and storage of LNG.
Environmental regulations play a significant role in shaping the design, construction, and operation of LNG storage tanks. Stricter regulations can impact the cost and feasibility of such projects.
Technological advancements include improved insulation materials, advanced monitoring and control systems, safety enhancements, and innovative tank designs to increase efficiency and safety.
Fluctuations in oil and gas prices can impact the economic viability of LNG projects, affecting investment decisions and the pace of infrastructure development.
 
Research Methodology
Research Methodology
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360 Quadrants

360 Quadrants is a scientific research methodology by MarketsandMarkets to understand market leaders in 6000+ micro markets

360 Quadrants

360 Quadrants is a scientific research methodology by MarketsandMarkets to understand market leaders in 6000+ micro markets

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