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Report Overview

2024

Base Year

2018-2024

Historical Year

2025-2034

Forecast Year

Global LNG Storage Tank Market Outlook

The global LNG storage tank market size reached approximately USD 5.71 billion in 2024. The market is further projected to grow at a CAGR of 4.6% between 2025 and 2034, reaching a value of USD 8.57 billion by 2034.

Global LNG Storage Tank Market Report Summary Description Value
Base Year USD Billion 2023
Historical Period USD Billion 2018-2024
Forecast Period USD Billion 2025-2034
Market Size 2024 USD Billion 5.71
Market Size 2034 USD Billion 8.57
CAGR 2018-2024 Percentage 0.0%
CAGR 2025-2034 Percentage 4.6%
CAGR 2025-2034 - Market by Region Europe 5.1%
CAGR 2025-2034 - Market by Country Germany 5.5%
CAGR 2025-2034 - Market by Country Italy 5.1%
CAGR 2025-2034 - Market by Product Type Self-Supporting Tanks 5.0%
CAGR 2025-2034 - Market by End Use Logistic Hubs 4.9%
Market Share by Country France 6.5%

Key Trends in the Market

LNG storage tank is a doubled walled specialised tank with a steel inner container and a concrete exterior used for efficient storage and transportation of liquified natural gas. The storage tanks are highly engineered and are capable of keeping the gas in its liquid state.

  • Increased investments by various countries towards the infrastructural development to store, distribute, and transport LNG due to growing utilisation by various sectors is bolstering the LNG storage tank market demand. The adoption of LNG has increased for various industrial processes and power generation due to its environment friendly nature.
  • Properties of liquified natural gas such as flammability and cryogenic temperature have shifted the focus of LNG storage tank manufacturers towards implementation of advanced safety measures, risk mitigation strategies, and leak detection systems to ensure safe operation of LNG facilities, aiding the market growth.
  • Technological advancements in LNG storage tank materials and design such as development of modular tanks and membrane-based storage tanks with improved capacity and reduced maintenance costs is further supporting the market expansion across the globe.

Global LNG Storage Tank Market Analysis

Based on product type, the market is bifurcated into self-supporting tanks and non-self-supporting tanks. By material type, the market is categorised into steel, 9% nickel steel, and aluminium alloys, among others. On the basis of end use, the market is divided into logistic hubs, transport, and industries.

CAGR 2025-2034 - Market by Product Type
Self-Supporting Tanks 5.0%
Non-Self Supporting Tanks XX%
CAGR 2025-2034 - Market by End Use
Logistic Hubs 4.9%
Transport 4.7%
Industries XX%

Based on sales channel, the market is classified into original equipment manufacturer (OEM) and aftermarket. By region, the LNG storage tank market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

CAGR 2025-2034 - Market by Region
Europe 5.1%
Middle East and Africa 4.6%
North America XX%
Asia Pacific XX%
Latin America XX%
CAGR 2025-2034 - Market by Country
Germany 5.5%
France 5.3%
Italy 5.1%
Brazil 4.9%
Saudi Arabia 4.6%
USA XX%
Canada XX%
UK XX%
China XX%
Japan XX%
India XX%
Australia 3.9%
Mexico XX%

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

  • Linde plc
  • McDermott International, Ltd.
  • Wärtsilä Corporation
  • Shijiazhuang Enric Gas Equipment Co., Ltd. (Enric)
  • IHI Corporation
  • TransTech Energy, LLC
  • Chart Industries, Inc.
  • ISISAN A.Åž.
  • Cryolor SA
  • INOX India Private Limited
  • Corban Energy Group
  • Others

Market Share by Material Type

Steel holds a significant LNG storage tank market share as it is capable of providing low thermal conductivity to the liquified natural gas at cryogenic temperatures and also offers other advantageous properties such as strength, durability, and corrosion resistance. The material also has the ability to withstand welding and displays no signs of distress after undergoing the process. The ability of steel to avoid phase transition while undergoing welding makes it suitable for utilisation in the manufacture of LNG storage tanks, boosting its demand and aiding the segment growth.

Market Share by Region

The Asia Pacific accounts for a significant share of the market owing to the growing demand for small scale liquified natural gas from developing countries such as India and China. This increased demand can be attributed to the rising investments in the energy sector, among other LNG bunkering facilities. Growing requirement for LNG from various end use sectors such as steel and power is also boosting the product demand in the region. The presence of major key players including IHI Corporation, among other companies in the Asia Pacific is further supporting the LNG storage tank market growth.

Market Share by Country
France 6.5%
USA XX%
Canada XX%
UK XX%

Competitive Landscape

Linde plc was founded in 1879 and is headquartered in Dublin, Ireland. The multinational chemical company provides their global consumers with industrial gases for various applications. It supplies speciality gases for electronics manufacturing and hydrogen for clean fuels.

McDermott International, Ltd. is an oil and gas company that was founded in 1923 and is headquartered in Texas, United States. The company is known for providing engineering and construction solutions to energy industries across the globe.

Wärtsilä Corporation was established in 1834 and has its headquarters located in Helsinki, Finland. The company manufactures and provides power sources among other equipment to the energy and marine sectors.

Other LNG storage tank market players include Shijiazhuang Enric Gas Equipment Co., Ltd. (Enric), IHI Corporation, TransTech Energy, LLC, Chart Industries, Inc., ISISAN A.S., Cryolor SA, INOX India Private Limited, and Corban Energy Group, among others.

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2024
Forecast Period 2025-2034
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Product Type
  • Material Type
  • End Use
  • Sales Channel
  • Region
Breakup by Product Type
  • Self-Supporting Tanks
  • Non-Self Supporting Tanks
Breakup by Material Type
  • Steel
  • 9% Nickel Steel
  • Aluminium Alloys
  • Other
Breakup by End Use
  • Logistic Hubs
  • Transport
  • Industries
Breakup by Sales Channel
  • Original Equipment Manufacturer (OEM)
  • Aftermarket
Breakup by Region
  • North America
    • United States of America 
    • Canada
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • ASEAN
    • Australia
    • Others
  • Latin America
    • Brazil
    • Argentina
    • Mexico
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • United Arab Emirates
    • Nigeria
    • South Africa
    • Others
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Linde plc
  • McDermott International, Ltd.
  • Wärtsilä Corporation
  • Shijiazhuang Enric Gas Equipment Co., Ltd. (Enric)
  • IHI Corporation
  • TransTech Energy, LLC
  • Chart Industries, Inc.
  • ISISAN A.S.
  • Cryolor SA
  • INOX India Private Limited
  • Corban Energy Group
  • Other

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*

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Key Questions Answered in the Report

The market reached a value of approximately USD 5.71 billion in 2024.

The market is projected to grow at a CAGR of 4.6% between 2025 and 2034.

The market is estimated to witness a healthy growth in the forecast period of 2025-2034 to reach USD 8.57 billion by 2034.

The major market drivers include rising investments in energy sector, growing demand for LNG from steel and power industries, and increasing number of floating storage units.

The key trends fuelling the growth of the market include growing demand for environmentally friendly energy sources and rising focus of manufacturers towards the development of advanced leak detection systems.

The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The product types available in the market include self-supporting tanks and non-self-supporting tanks.

The key players in the market are Linde plc, McDermott International, Ltd., Wartsila Corporation, Shijiazhuang Enric Gas Equipment Co., Ltd. (Enric), IHI Corporation, TransTech Energy, LLC, Chart Industries, Inc., ISISAN A.S., Cryolor SA, INOX India Private Limited, and Corban Energy Group, among others.

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