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)
Market Introduction
The majority of gas traffic in the APAC region is in the form of LNG, and Asia leads the global LNG industry. However, in the APAC region, the international natural gas trading via pipelines is small. A short pipeline connects Malaysia and Singapore, and a pipeline off the coast of China's Hainan Island transports gas to Hong Kong. A recently built pipeline connecting Myanmar and Thailand is not completely operating, owing to a drop in demand caused by the Asian economic crisis. As a result of the pipelines' restricted availability, demand for LNG storage tanks for transportation has increased. Further, substantial developments in the LNG market have occurred in recent years, including the growth of traders, aggregators, and portfolio players, as well as an increase in the number of shorter-term and spot sales. As a result of this tendency, the market is demanding more flexibility in the parameters of LNG storage and containers, particularly in terms of pricing, tenor, volume, and destination. Companies in the region are partnering with global storage tank manufacturers to ensure that LNG is installed and transported efficiently. For instance, McDermott International's CB&I Storage Solutions division has won a contract to build an LNG import plant in Batangas, Philippines. Atlantic Gulf and Pacific Company was awarded the contract (AG&P). It is for the design, procurement, and building of a liquefied natural gas (LNG) storage tank for AG&P's LNG import and regasification terminal in the Philippines. The facility will have a capacity of up to 3 million tonnes per annum of regasified LNG at first. It will also have a scalable onshore regasification capability of 420 mmscfd and a storage capacity of about 200,000 cbm.
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.
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Market Overview and Dynamics
The LNG storage tank market in APAC is expected to grow from US$ 2,883.11 million in 2021 to US$ 5,456.70 million by 2028; it is estimated to grow at a CAGR of 9.5% from 2021 to 2028. A large volume of LNG is transported through the sea route, where LNG is loaded onto double-hulled ships and the gas is off-loaded to well-insulated storage tanks. Later it is re-gasified for admission into the pipeline distribution network. Moreover, LNG is also shipped in smaller quantities, generally for shorter ocean distances. The growing LNG trade in small-scale shipments is commonly transported in the same containers used on trucks for international trade, particularly outfitted with cryogenic tanks. As per the Royal Dutch Shell PLC's latest annual LNG outlook, published on February 25, 2021, the LNG trade across the world is expected to rise by about 10 million tonnes in 2021, or increase by 2.8% compared to the record of 2020, to bring total trade to 370 Mt. According to outlook, the LNG trade growth would reach around 12 Mt in 2022 and ~15 Mt in 2023.
Key Market Segments
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, and South Korea.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the LNG storage tank market in APAC are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are 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.
Reasons to buy report
- To understand the APAC LNG storage tank market landscape and identify market segments that are most likely to guarantee a strong return.
- Stay ahead of the race by comprehending the ever-changing competitive landscape for APAC LNG storage tank market.
- Efficiently plan M&A and partnership deals in APAC LNG storage tank market by identifying market segments with the most promising probable sales.
- Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form APAC LNG storage tank market.
- Obtain market revenue forecast for market by various segments from 2021-2028 in APAC region.
APAC LNG Storage Tank Market Segmentation
APAC LNG Storage Tank Market - By Configuration
- Self-Supporting Tank
- Non-Self-Supporting Tank
APAC LNG Storage Tank Market - By Type
- LNG Carrier
- LNG Fueled Vessel
APAC LNG Storage Tank Market - By Material
- Stainless Steel
- Aluminum Alloy
- 9% Nickel Steel
- Invar Alloy
- C-MN Steel
APAC LNG Storage Tank Market - By Country
- Australia
- China
- India
- Japan
- South Korea
- Rest of APAC
APAC LNG Storage Tank Market - Company Profiles
- Air Water Inc.
- Chart Industries, Inc.
- CIMC Enric Holding Ltd.
- Cryolor
- IHI Corporation
- India Inox Pvt. Ltd.
- ISISAN AS
- Linde Plc
- McDermott International, Inc.
- Wartsila Corporation
1. Introduction
1.1 Study Scope
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. APAC LNG Storage Tank Market Landscape
4.1 Market Overview
4.2 APAC PEST Analysis
4.3 Ecosystem Analysis
5. APAC LNG Storage Tank Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 LNG Trade is Increasing
5.1.2 Presence of High Number of Market Competitors
5.2 Market Restraints
5.2.1 Installation and Maintenance Costs are High
5.3 Market Opportunities
5.3.1 Floating Storage Regasification Unit (FSRU) Becoming Popular
5.4 Future Trends
5.4.1 Application of High Manganese Steel
5.5 Impact Analysis of Drivers and Restraints
6. LNG Storage Tank Market – APAC Analysis
6.1 APAC LNG Storage Tank Market Overview
6.2 APAC LNG Storage Tank Market Revenue Forecast and Analysis
7. APAC LNG Storage Tank Market Revenue and Forecast to 2028 – By Configuration
7.1 Overview
7.2 APAC LNG Storage Tank Market, by Configuration (2020 & 2028)
7.3 Self-Supporting Tank
7.3.1 Overview
7.3.2 Self-Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
7.4 Non-Self Supporting Tank
7.4.1 Overview
7.4.2 Non-Self Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8. APAC LNG Storage Tank Market Analysis and Forecast to 2028 – By Type
8.1 Overview
8.2 APAC LNG Storage Tank Market, by Type (2020 & 2028)
8.3 LNG Carrier
8.3.1 Overview
8.3.2 LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.3.2.1 IMO Type A
8.3.2.1.1 Overview
8.3.2.1.2 IMO Type A: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.3.2.2 IMO Type B
8.3.2.2.1 Overview
8.3.2.2.2 IMO Type B: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.3.2.3 IMO Type C
8.3.2.3.1 Overview
8.3.2.3.2 IMO Type C: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.4 LNG Fuelled Vessel
8.4.1 Overview
8.4.2 LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.4.2.1 IMO Type A
8.4.2.1.1 Overview
8.4.2.1.2 IMO Type A: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.4.2.2 IMO Type B
8.4.2.2.1 Overview
8.4.2.2.2 IMO Type B: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
8.4.2.3 IMO Type C
8.4.2.3.1 Overview
8.4.2.3.2 IMO Type C: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
9. APAC LNG Storage Tank Market Analysis and Forecast to 2028 – By Material
9.1 Overview
9.2 APAC LNG Storage Tank Market, by Material (2020 & 2028)
9.3 Stainless Steel
9.3.1 Overview
9.3.2 Stainless Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
9.4 Aluminum Alloy
9.4.1 Overview
9.4.2 Aluminum Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
9.5 9% Nickel Steel
9.5.1 Overview
9.5.2 9% Nickel Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
9.6 Invar Alloy
9.6.1 Overview
9.6.2 Invar Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
9.7 C-MN Steel
9.7.1 Overview
9.7.2 C-MN Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
10. APAC LNG Storage Tank Market – Country Analysis
10.1 Overview
10.1.1 APAC: LNG Storage Tank Market, by Key Country
10.1.1.1 Australia: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 Australia: LNG Storage Tank Market, by Configuration
10.1.1.1.2 Australia: LNG Storage Tank Market, by Type
10.1.1.1.3 Australia: LNG Storage Tank Market, by Material
10.1.1.2 China: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 China: LNG Storage Tank Market, by Configuration
10.1.1.2.2 China: LNG Storage Tank Market, by Type
10.1.1.2.3 China: LNG Storage Tank Market, by Material
10.1.1.3 India: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 India: LNG Storage Tank Market, by Configuration
10.1.1.3.2 India: LNG Storage Tank Market, by Type
10.1.1.3.3 India: LNG Storage Tank Market, by Material
10.1.1.4 Japan: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 Japan: LNG Storage Tank Market, by Configuration
10.1.1.4.2 Japan: LNG Storage Tank Market, by Type
10.1.1.4.3 Japan: LNG Storage Tank Market, by Material
10.1.1.5 South Korea: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 South Korea: LNG Storage Tank Market, by Configuration
10.1.1.5.2 South Korea: LNG Storage Tank Market, by Type
10.1.1.5.3 South Korea: LNG Storage Tank Market, by Material
10.1.1.6 Rest of APAC: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Rest of APAC: LNG Storage Tank Market, by Configuration
10.1.1.6.2 Rest of APAC: LNG Storage Tank Market, by Type
10.1.1.6.3 Rest of APAC: LNG Storage Tank Market, by Material
11. APAC LNG Storage Tank Market - COVID-19 Impact Analysis
11.1 APAC: Impact Assessment of COVID-19 Pandemic
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 New Product Development
13. Company Profiles
13.1 Chart Industries, Inc.
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 CIMC ENRIC
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 Cryolor
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 IHI Corporation
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 Financial Overview
13.4.5 SWOT Analysis
13.4.6 Key Developments
13.5 INOX India Pvt Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 ISISAN A.S
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 McDermott International, Inc.
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 Wärtsilä Corporation
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 LINDE
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 AIR WATER INC
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
14. Appendix
14.1 About The Insight Partners
14.2 Word Index
LIST OF TABLES
Table 1. APAC LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Table 2. APAC: LNG Storage Tank Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. Australia: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 4. Australia: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 5. Australia: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 6. Australia: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 7. Australia: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 8. China: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 9. China: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. China: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 11. China: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 12. China: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 13. India: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 14. India: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 15. India: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 16. India: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 17. India: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 18. Japan: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 19. Japan: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 20. Japan: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 21. Japan: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 22. Japan: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 23. South Korea: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 24. South Korea: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 25. South Korea: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 26. South Korea: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 27. South Korea: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 28. Rest of APAC: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 29. Rest of APAC: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 30. Rest of APAC: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 31. Rest of APAC: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 32. Rest of APAC: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 33. List of Abbreviation
LIST OF FIGURES
Figure 1. APAC LNG Storage Tank Market Segmentation
Figure 2. APAC LNG Storage Tank Market Segmentation – By Country
Figure 3. APAC LNG Storage Tank Market Overview
Figure 4. APAC LNG Storage Tank Market, by Configuration
Figure 5. APAC LNG Storage Tank Market, By Type
Figure 6. APAC LNG Storage Tank Market, By Material
Figure 7. APAC LNG Storage Tank Market, By Country
Figure 8. APAC– PEST Analysis
Figure 9. APAC LNG Storage Tank Market: Ecosystem Analysis
Figure 10. APAC LNG Storage Tank Market Impact Analysis of Drivers and Restraints
Figure 11. APAC LNG Storage Tank Market Revenue Forecast and Analysis (US$ Million)
Figure 12. APAC LNG Storage Tank Market, by Configuration (2020 & 2028)
Figure 13. APAC Self-Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. APAC Non-Self Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. APAC LNG Storage Tank Market, by Type (2020 & 2028)
Figure 16. APAC LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. APAC IMO Type A: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. APAC IMO Type B: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. APAC IMO Type C: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. APAC LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. APAC IMO Type A: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. APAC IMO Type B: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. APAC IMO Type C: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. APAC LNG Storage Tank Market, by Material (2020 & 2028)
Figure 25. APAC Stainless Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 26. APAC Aluminum Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 27. APAC 9% Nickel Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 28. APAC Invar Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 29. APAC C-MN Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 30. APAC: LNG Storage Tank Market, by Key Country – Revenue (2020) (US$ Million)
Figure 31. APAC: LNG Storage Tank Market Revenue Share, by Key Country (2020 & 2028)
Figure 32. Australia: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. China: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. India: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. Japan: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 36. South Korea: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 37. Rest of APAC: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 38. Impact of COVID-19 Pandemic in APAC Country Markets
- Air Water Inc.
- Chart Industries, Inc.
- CIMC Enric Holding Ltd.Cryolor
- IHI Corporation
- India Inox Pvt. Ltd.
- ISISAN AS
- Linde Plc
- McDermott International, Inc.
- Wartsila Corporation
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the APAC LNG storage tank market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the APAC LNG storage tank market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth APAC market trends and outlook coupled with the factors driving the LNG storage tank market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution