LNG Storage Tank Market Forecast Report 2024-2029: Steel Leads Material Choice in LNG Tanks; High-Manganese and 9% Nickel Steel Gain Ground as Cost-Effective Alternatives

The LNG storage tank market, valued at USD 14.64 billion in 2024, is expected to grow to USD 21.22 billion by 2029 at a CAGR of 7.7%. Steel is the preferred material due to its resilience under extreme conditions. Alternatives like high-manganese and 9% Nickel steel are rising in popularity. Self-supporting tanks account for the largest market share, favored for their safety and versatility in varying environments. Asia Pacific leads in demand, driven by energy needs. Key players include Linde PLC, Wärtsilä , and Chart Industries . The report offers insights into market shifts, drivers, challenges, and opportunities.

Dublin, April 16, 2025 (GLOBE NEWSWIRE) -- The "LNG Storage Tank Market by Material (Steel, 9% Nickel Steel, Aluminum, Other Materials), Type (Self-Supporting, Non-Self-Supporting), End-Use Industry (Energy & Power, Industrial, and Transportation & Logistics), and Region - Global Forecast to 2029" has been added to ResearchAndMarkets.com's offering.

The LNG storage tank market is projected to grow from USD 14.64 billion in 2024 to USD 21.22 billion by 2029, experiencing a CAGR of 7.7% during this period.

The report is valuable for market leaders and new entrants for estimating revenue, understanding the competitive landscape, and crafting go-to-market strategies. It also sheds light on market dynamics including key drivers such as the growth of LNG trade and floating storage units, and challenges like LNG leakage and environmental pressures.

Steel remains the top choice for manufacturing LNG storage tanks due to its durability and capacity to endure extreme conditions. As LNG emerges as a cleaner energy source, the demand for secure and reliable storage solutions is rising. Advanced materials like high-manganese and 9% nickel steel are gaining popularity as cost-effective alternatives to traditional steel, driving competition among companies to innovate and capture market share with superior materials and technologies.

The self-supporting segment holds the largest market share, projected at 74.7% in 2023 by value. These tanks are valued for their safety, reliability, and versatility. Unlike non-self-supporting tanks, they do not depend on the container structure for support and are perfect for various environments, including onshore, offshore, and marine. They are commonly used in large-scale operations such as LNG terminals and fueling stations.

The transportation & logistics segment ranks second in market share. LNG is increasingly recognized as a cleaner alternative to coal and oil, pushed by global emission reduction initiatives. LNG storage tanks are integral to the energy & power sector for peak shaving, backup fuel, energy storage, and remote power generation. Power plants often use LNG in cryogenic tanks for peak demand periods, and many maintain on-site LNG supplies as reliable clean fuel alternatives.

Regionally, Asia Pacific leads the LNG Storage tank market due to its demand from the energy, industrial, and logistics sectors. The region hosts key companies like Indian Oil, Hindustan Petroleum, JGC Holdings Corporation, and major manufacturers such as Air Water Inc., CIMC Enric Holdings Limited, and INOX India Limited, which drive and expand market shares.

This study relies on primary interviews with industry experts globally, categorized by company type (Tier 1 - 60%, Tier 2 - 20%, Tier 3 - 20%), designation (C Level - 33%, Director Level - 33%, Managers - 34%), and region (North America - 20%, Europe - 25%, Asia Pacific - 25%, Middle East & Africa - 15%, Latin America - 15%). Major companies include Linde PLC, McDermott, Wartsila, IHI Corporation, Air Water Inc., CIMC Enric Holdings Limited, Chart Industries , ISISAN A.S., Cryolor, INOX India Limited, and VINCI Construction.

The report provides insights on:

• Drivers and Restraints: Growth factors like global LNG trade, marine transport opportunities, and challenges such as high storage tank costs and environmental regulations.
• Innovation: Insights on technologies and research & development activities.
• Market Development: Comprehensive regional market analyses.
• Competitive Assessment: Analysis of leading players, including their strategies and offerings, stressing Linde PLC, McDermott, Wartsila, IHI Corporation, Air Water Inc., CIMC Enric Holdings Limited, Chart Industries , ISISAN A.S., Cryolor, INOX India Limited, and VINCI Construction.

Key Attributes:

Key Topics Covered:

Market Dynamics

• Drivers
  • Growth of Global Lng Trade as Cleaner Energy Alternative
  • Increasing Number of Floating Storage and Regasification Units
• Restraints
  • High Initial Investment and Installation Cost for Lng Storage Tanks
  • Volatility in Raw Material Prices
• Opportunities
  • Growing Opportunities in Marine Transport
  • Increasing Spending on Infrastructure
• Challenges
  • Lng Leakage and Boil-Off Gas
  • Environmental and Regulatory Pressures
• Case Studies
  • Low Greenhouse Gas Emission from Lng Storage Tank by Mcdermott
  • Wartsila Launched New Lng Storage Tank Along with Supply System for Ships
  • Air Water Expanded Cryogenic Capabilities with Acquisition of M1 Engineering

Company Profiles

• Linde PLC
• Mcdermott
• Wartsila
• Ihi Corporation
• Air Water Inc.
• Cimc Enric Holdings Limited
• Chart Industries
• Isisan A.S.
• Cryolor
• Inox India Limited
• Vinci Construction
• Vijay Tanks and Vessels Ltd.
• Corban Energy Group
• Luxi New Energy Equipment Group Co. Ltd.
• Mhi Engineering and International Project India Ltd.
• Lloyds Energy
• Transtech Energy LLC
• Cryogas Equipment Pvt. Ltd.
• Cryocan
• Whessoe Engineering Ltd.
• Bechtel
• Karbonsan Pressure Vessels and Trading Co.
• Sener Group
• Maverick Engineering Inc.
• Cryoteknik

For more information about this report visit https://www.researchandmarkets.com/r/jvynh5

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• LNG Storage Tank Market

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