Report : Asia Pacific LNG storage tank Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Configuration (Self-Supporting Tank and Non-Self-Supporting Tank), Type (LNG Carrier and LNG Fueled Vessel), and Material (Stainless Steel, Aluminum Alloy, 9% Nickel Steel, Invar Alloy, and C-MN Steel)
Stainless Steel Segment to Dominate APAC LNG Storage Tank Market during 2020–2028
According to a new market research study on “APAC LNG Storage Tank Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Configuration, Type, and Material” is expected to reach US$ 5,456.70 million by 2028 from US$ 2,883.11 million in 2021. The market is estimated to grow at a CAGR of 9.5% from 2021 to 2028. The report provides trends prevailing in the APAC LNG storage tank market along with the drivers and restraints pertaining to the market growth. Floating storage regasification unit (FSRU) becoming popular is the major factor driving the growth of the APAC LNG storage tank market. However, issues associated with installation and maintenance costs are high hinders the growth of APAC LNG storage tank market.
The APAC LNG storage tank market is segmented on the bases of configuration, type, material, and country. Based on configuration the APAC LNG storage tank market is segmented into self-supporting tank and non-self-supporting tank. The self-supporting tank segment is the most used configuration in the LNG storage tanks market in 2020. Based on type, the market is segmented into LNG carrier, and LNG fuelled vessel. LNG carrier segment held the largest market share in 2020. Similarly, based on materials, the market is segmented into stainless steel, aluminum alloy, 9% nickel steel, invar alloy, C-MN steel, others. Stainless steel segment held the largest market share in 2020. Based on country the APAC LNG storage tank market is segmented Into Australia, China, India, Japan, South Korea, and rest of APAC.
The APAC region is greatly affected by COVID-19, the country also homes the largest population across the world, thereby imposing greater risk on many individuals; it is also a world leader of many global brands. According to the Organization for Economic Co-operation and Development (OECD), the pandemic has also affected other major economies outside China, such as the large India, Australia, and Japan, and is experiencing downward inflation. The sudden closedown of all economic activities across all countries in the region has highly impacted the marine and oil & gas industry. The APAC region constitutes the world’s two most populated countries as well as prominent oil & gas producing countries across the Asian region. China virtually imposed strict lockdown and social isolation, which stopped manufacturing activities, thus the oil & gas construction activities across the Chinese region plummeted significantly and resulted in weak demand for LNG Storage tank. Similarly, India also imposed a nationwide lockdown to control the growing number of COVID-19 cases. Subsequently, the lockdown and disruption of various manufacturing activities contributed significantly to reduced activities in oil & gas sector. The shutdown of various plants and halts in the onshore projects disrupted various major projects in the region. Thus, the overall decline of manufacturing and transportation activities in oil & gas industries collectively reduced the demand for LNG storage tanks across the Asian countries during the early months of the 2020 due to the outbreak of virus in respective countries.
Air Water Inc.; Chart Industries, Inc.; CIMC Enric Holding Ltd.; Cryolor; IHI Corporation; India Inox Pvt. Ltd.; ISISAN AS; Linde Plc; McDermott International, Inc.; and Wartsila Corporation are among the leading companies in the APAC LNG storage tank market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2021, INOXCVA has announced partnership with Shell Energy India for LNG distribution.
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