Global LNG Storage Tank Market Report and Forecast 2025-2034

Global LNG Storage Tank Market Outlook

The global LNG storage tank market size reached approximately USD 5.71 billion in 2023. The market is further projected to grow at a CAGR of 4.6% between 2024 and 2032, reaching a value of USD 8.57 billion by 2032.

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.

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.

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.

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