Europe 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
Europe is importing near-record amounts of liquefied natural gas as the relentless heat drives up cooling demand and depletes the water supply for hydropower generating. There are 22 large-scale LNG import terminals being studied or proposed in Europe, all of which would be situated within the EU, except for the proposed terminals in Ukraine and Russia. Many of the planned import ports are in nations that already have the capability for regasification. All of Europe's existing LNG import terminals were built as standard import terminals, with LNG being regasified and fed into the national gas distribution system. Further, owing to oversupply and low margins, several of Europe's LNG import terminals have sought to establish new demand opportunities by establishing new services at existing LNG import facilities. Many European import terminals have changed or are planning to upgrade their infrastructure to provide new services to customers, enhancing LNG's flexibility. As a result of the rising LNG industry, LNG storage tanker manufacturers are concentrating on developing advanced LNG storage tankers to meet demand. For example, Salzburger Aluminum Group offers a wide range of tailored gasoline tanks made of aluminum and stainless steel.
The impact of COVID-19 differed from country to country across the European region as selected countries witnessed an increase in the number of recorded cases and subsequently attracted strict as well as longer lockdown periods or social isolation. In Europe, several countries are expected to suffer an economic hit with a decline in business activities across the oil & gas sector due to lowering oil prices in the 2020. Many of these member states have implemented drastic measures on imports & exports, and LNG trade by partially closing their borders impacting the demand for energy in various industry verticals. This is anticipated to impact the growth of the LNG storage tanks market in Europe. The impact of COVID-19 resulted in disruption of business in many manufacturing industry verticals and subsequently the demand for LNG cargoes. Businesses in the region faced severe economic difficulties as they had either asked to suspend their operations or substantially reduce the activities. The lockdown is expected to negatively impact the LNG storage tanks market in Europe due to disruption in oil & gas sector across selected countries. However, several countries begin to reopen industry vertical and subsequently drive the demand to resume the manufacturing activities of LNG storage tanks to support the growth. Thus, the market is projected to recover steadily over the coming period and gain traction for LNG storage tanks during the forecast period.
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Market Overview and Dynamics
The LNG storage tank market in Europe is expected to grow from US$ 1,788.71 million in 2021 to US$ 3,069.83 million by 2028; it is estimated to grow at a CAGR of 8.1% from 2021 to 2028. Initially, the insulation was employed using polystyrene panels attached to the outer surface of the pressure vessel. For the transportation of diversified liquid hydrocarbons, the standard storage system is maintained at low temperatures in the IGC Code Type-C austenitic steel pressure vessels. However, manufacturers take it as a misconception that insulation is sensitive, fragile, and cannot be used without a steel canopy used for weather protection. The insulation material procured by the manufacturers is to cover an outer fire-resistant cladding, that generates a hard outer surface. At present, the LNG storage tanks manufacturers are procuring high manganese steel, which is considered a new type of steel i.e., fabricated by adding 3%–27% of manganese to steel. The high manganese steel does not break at an extremely low temperature, which is as low as -196°C. The high manganese steel is much cheaper compared to conventional steel and help reduce the material and welding cost. Thus, the growing trend of adoption of high manganese steel for the manufacturing of LNG storage tanks is supporting the market growth.
Key Market Segments
The Europe LNG storage tank market is segmented on the bases of configuration, type, material, and country. Based on configuration the Europe 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 Europe LNG storage tank market is segmented Into France, Germany, Italy, UK, and Russia.
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 Europe 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.
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Europe LNG Storage Tank Market Segmentation
Europe LNG Storage Tank Market - By Configuration
- Self-Supporting Tank
- Non-Self-Supporting Tank
Europe LNG Storage Tank Market - By Type
- LNG Carrier
- LNG Fueled Vessel
Europe LNG Storage Tank Market - By Material
- Stainless Steel
- Aluminum Alloy
- 9% Nickel Steel
- Invar Alloy
- C-MN Steel
Europe LNG Storage Tank Market - By Country
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
Europe 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. Europe LNG Storage Tank Market Landscape
4.1 Market Overview
4.2 Europe PEST Analysis
4.3 Ecosystem Analysis
5. Europe LNG Storage Tank Market – Key Market Dynamics
5.1 Market Drivers
5.1.1 LNG Trade Witnessing Rise across Europe
5.1.2 Availability of Large Number of Market Players
5.2 Market Restraints
5.2.1 Huge Installation and Maintenance Cost
5.3 Market Opportunities
5.3.1 Floating Storage Regasification Unit (FSRU) Have Various Applications
5.4 Future Trends
5.4.1 Rising Usage of High Manganese Steel in Europe
5.5 Impact Analysis of Drivers and Restraints
6. LNG Storage Tank Market – Europe Analysis
6.1 Europe LNG Storage Tank Market Overview
6.2 Europe LNG Storage Tank Market Revenue Forecast and Analysis
7. Europe LNG Storage Tank Market Revenue and Forecast to 2028 – By Configuration
7.1 Overview
7.2 Europe 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. Europe LNG Storage Tank Market Analysis and Forecast to 2028 – By Type
8.1 Overview
8.2 Europe 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. Europe LNG Storage Tank Market Analysis and Forecast to 2028 – By Material
9.1 Overview
9.2 Europe 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. Europe LNG Storage Tank Market – Country Analysis
10.1 Overview
10.1.1 Europe: LNG Storage Tank Market, by Key Country
10.1.1.1 France: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.1.1 France: LNG Storage Tank Market, by Configuration
10.1.1.1.2 France: LNG Storage Tank Market, by Type
10.1.1.1.3 France: LNG Storage Tank Market, by Material
10.1.1.2 Germany: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.2.1 Germany: LNG Storage Tank Market, by Configuration
10.1.1.2.2 Germany: LNG Storage Tank Market, by Type
10.1.1.2.3 Germany: LNG Storage Tank Market, by Material
10.1.1.3 Italy: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.3.1 Italy: LNG Storage Tank Market, by Configuration
10.1.1.3.2 Italy: LNG Storage Tank Market, by Type
10.1.1.3.3 Italy: LNG Storage Tank Market, by Material
10.1.1.4 UK: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.4.1 UK: LNG Storage Tank Market, by Configuration
10.1.1.4.2 UK: LNG Storage Tank Market, by Type
10.1.1.4.3 UK: LNG Storage Tank Market, by Material
10.1.1.5 Russia: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.5.1 Russia: LNG Storage Tank Market, by Configuration
10.1.1.5.2 Russia: LNG Storage Tank Market, by Type
10.1.1.5.3 Russia: LNG Storage Tank Market, by Material
10.1.1.6 Rest of Europe: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
10.1.1.6.1 Rest of Europe: LNG Storage Tank Market, by Configuration
10.1.1.6.2 Rest of Europe: LNG Storage Tank Market, by Type
10.1.1.6.3 Rest of Europe: LNG Storage Tank Market, by Material
11. Europe LNG Storage Tank Market - COVID-19 Impact Analysis
11.1 Europe: 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. Europe LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Table 2. Europe: LNG Storage Tank Market, by Country – Revenue and Forecast to 2028 (US$ Million)
Table 3. France: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 4. France: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 5. France: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 6. France: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 7. France: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 8. Germany: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 9. Germany: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 10. Germany: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 11. Germany: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 12. Germany: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 13. Italy: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 14. Italy: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 15. Italy: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 16. Italy: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 17. Italy: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 18. UK: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 19. UK: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 20. UK: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 21. UK: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 22. UK: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 23. Russia: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 24. Russia: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 25. Russia: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 26. Russia: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 27. Russia: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 28. Rest of Europe: LNG Storage Tank Market, by Configuration – Revenue and Forecast to 2028 (US$ Million)
Table 29. Rest of Europe: LNG Storage Tank Market, by Type – Revenue and Forecast to 2028 (US$ Million)
Table 30. Rest of Europe: LNG Storage Tank Market, by LNG Carrier – Revenue and Forecast to 2028 (US$ Million)
Table 31. Rest of Europe: LNG Storage Tank Market, by LNG Fuelled Vessel – Revenue and Forecast to 2028 (US$ Million)
Table 32. Rest of Europe: LNG Storage Tank Market, by Material – Revenue and Forecast to 2028 (US$ Million)
Table 33. List of Abbreviation
LIST OF FIGURES
Figure 1. Europe LNG Storage Tank Market Segmentation
Figure 2. Europe LNG Storage Tank Market Segmentation – By Country
Figure 3. Europe LNG Storage Tank Market Overview
Figure 4. Europe LNG Storage Tank Market, by Configuration
Figure 5. Europe LNG Storage Tank Market, By Type
Figure 6. Europe LNG Storage Tank Market, By Material
Figure 7. Europe LNG Storage Tank Market, By Country
Figure 8. Europe – PEST Analysis
Figure 9. Europe LNG Storage Tank Market: Ecosystem Analysis
Figure 10. Europe LNG Storage Tank Market Impact Analysis of Drivers and Restraints
Figure 11. Europe LNG Storage Tank Market Revenue Forecast and Analysis (US$ Million)
Figure 12. Europe LNG Storage Tank Market, by Configuration (2020 & 2028)
Figure 13. Europe Self-Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 14. Europe Non-Self Supporting Tank: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. Europe LNG Storage Tank Market, by Type (2020 & 2028)
Figure 16. Europe LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 17. Europe IMO Type A: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Europe IMO Type B: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Europe IMO Type C: LNG Carrier: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 20. Europe LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Europe IMO Type A: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. Europe IMO Type B: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 23. Europe IMO Type C: LNG Fuelled Vessel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 24. Europe LNG Storage Tank Market, by Material (2020 & 2028)
Figure 25. Europe Stainless Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 26. Europe Aluminum Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 27. Europe 9% Nickel Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 28. Europe Invar Alloy: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 29. Europe C-MN Steel: LNG Storage Tank Market Revenue and Forecast to 2028 (US$ Million)
Figure 30. Europe: LNG Storage Tank Market, by Key Country – Revenue (2020) (US$ Million)
Figure 31. Europe: LNG Storage Tank Market Revenue Share, by Key Country (2020 & 2028)
Figure 32. France: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 33. Germany: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 34. Italy: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 35. UK: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 36. Russia: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 37. Rest of Europe: LNG Storage Tank Market – Revenue and Forecast to 2028 (US$ Million)
Figure 38. Impact of COVID-19 Pandemic in Europe 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
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