The global LNG storage tank market size is expected to grow from USD 14.5 billion in 2022 to USD 20.8 billion by 2027, at a CAGR of 7.5% during the forecast period.
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Large-scale development of LNG infrastructure in Japan, India, and Indonesia is also expected to boost the demand for LNG storage tanks. However, the high installation cost of these tanks is a restraint in the market.
Non-self-supporting Type is the fastest-growing Type of LNG storage tank, in terms of value.
Non-self-supporting tanks are also called integral tanks because they form an integral part of a ship’s hull structure and are influenced by the same load as that of the overall hull structure of the ship.The most commonly used non-self-supporting tanks are membrane tanks.
These tanks must always be supported by secondary containment to ensure the safety of the total system in case the primary barrier fails to contain the liquid. This type is also classified as membrane tank.
9% nickel steel is the second fastest-growing product type of LNG storage tank, in terms of value.
The increase in the global demand for LNG in the power and energy industries led to an increase in the construction of LNG storage tanks. 9% nickel steel is the most common material used in the construction of inner tanks for above-the-ground LNG storage tanks.
9% nickel steel was developed by the International Nickel Company and is the most used material for LNG storage tanks worldwide for the past 50 years. It has excellent cryogenic fracture toughness and corrosion resistance at low temperatures.
APAC is expected to be the largest market for LNG storage tank during forecasted years.The market in Asia Pacific is mainly dominated by the growing import of small-scale LNG, and significant developments in energy and power industries, which are witnessing a significant demand for LNG, which, in turn, will drive the market for LNG storage tanks in the region.
Furthermore, the growing steel industry in China is expected to drive the global LNG storage tank market during the forecast period. Industrial developments in China, India, the U.S., Japan, Mexico, among other countries driving the LNG storage tank market in these regions. ■