Report : South America 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)
LNG Fueled Vessel Segment is Expected to be Fastest Growing Segment During Forecast Period for SAM Region
According to a new market research study on “SAM LNG Storage Tank Market to 2028 – COVID-19 Impact and Regional Analysis and Forecast by Configuration, Type, and Material” is expected to reach US$ 702.78 million by 2028 from US$ 526.18 million in 2021. The market is estimated to grow at a CAGR of 4.2% from 2021 to 2028. The report provides trends prevailing in the SAM LNG storage tank market along with the drivers and restraints pertaining to the market growth. LNG trade boosting up in the region is the major factor driving the growth of the SAM LNG storage tank market. However, issues associated with high installation and operating cost hinders the growth of SAM LNG storage tank market.
The SAM LNG storage tank market is segmented on the bases of configuration, type, material, and country. Based on configuration the SAM 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 SAM LNG storage tank market is segmented Into Brazil and rest of SAM.
Brazil has the third highest number of COVID-19 cases in the SAM, countries including Colombia, Ecuador, Chile, Peru, and Argentina, among others are also witnessing the adverse impacts of the pandemic across various industries. The COVID-19 pandemic has led to the closure of all economic activities across the region, to combat the spread of the virus. The country also witnessed a major decline in its oil & gas related activities following the huge decline in gas prices and subsequent limited manufacturing activities like other global market players. Thus, the country also registered a sharp decline in the demand for LNG storage tanks owing to the outbreak of COVID-19 across the Latin American region and subsequent lower business activities in the oil & gas sector. Moreover, shutdown of business activities, lockdowns, and trade bans has negatively impacted the LNG storage tanks market in the region.
Air Water Inc.; Chart Industries, Inc.; Cryolor; IHI Corporation; ISISAN A.S.; Linde Plc; McDermott International, Inc.; and Wartsila Corporation are among the leading companies in the SAM 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, Chart acquires Cryo Technologies.
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