The LNG storage tank market was valued at US$ 8,346.93 million in 2021 and is projected to reach US$ 14,224.27 million by 2028; it is expected to grow at a CAGR of 7.9% from 2022 to 2028.

The mounting readiness of liquefied natural gas (LNG) offers access to least carbon-intensive hydrocarbon among various coastal globally. The floating storage and regasification units (FSRU) terminal plays a significant role in the LNG value chain, developing the interface between the local gas supply infrastructure and the LNG carriers. The FSRU is convenient, adaptable, and avails natural gas to the market faster than land-based installations. The FSRU vessels are installed on ships or offshore, depending upon the design they integrate. The FSRUs are being equipped in two different ways: it is fitted either as an old gas carrier that can easily be converted into an independent unit placed in an offshore installation or installed as a separate unit aboard the LNG carrier itself. When the FSRU unit is installed in the ship, its construction is similar to other LNG ships undergoing LNG trading operation with regular dry-docking and complying with all the required international marine safety standards. The significant advantage of such installation is that the heating and liquefaction process is carried out within the vessel rather than unloading the fuel in its semi-frozen slushy state. Thus, the increasing application of FSRU is creating a massive opportunity for the growth of the LNG storage tanks market.

Based on configuration, the non-self-supporting tank segment held the maximum market share in the global LNG storage tank market during the forecast period. Non-self-supporting tanks or integrals tanks are considered one of the structural parts of the ship hull. These tanks handle the same loads which stress the adjacent hull structure. The non-self-supporting tanks comprises a thin layer (membrane), which is supported through insulation in the adjacent hull structure. The membrane is designed with thermal insulation and other contraction or expansion, which is compensated for not including excessive stressing of the membrane. Owing to its non-self-supporting nature of these tanks, the inner hull carries the loads conveyed on the tank. Thus, the contractions and expansions get compensated, due to the presence of thermal fluctuations by not allowing the stress to be taken up by the membrane itself. These tanks are mostly being used for LNG cargo. The non-self-supporting tanks is the largest segment in the LNG storage tanks, due to its enhanced visibility and higher carrying capacity features. Based on material, the market is segmented into stainless steel, aluminum alloy, 9% nickel steel, invar alloy, c- million steel. Similarly, type, the market is segmented into LNG Carrier and LNG Fueled Vessel. In terms of geography, in 2020, APAC was the fastest growing region.

The COVID-19 outbreak has severely disrupted the supply chain and manufacturing of mechanical equipment's, including the hardware component of LNG storage tanks. The emergence of COVID-19 virus across the globe, followed by lockdown scenarios, has led the industry experts to analyze that the industry would face at least a quarter of lag in mechanical equipment supply chain. This disruption is expected to create tremors through till mid-2021. The mechanical equipment and shipping industry is likely to pick up pace soon after the governments across the globe lift the various containment measures steadily to revive the economy. The production of the tanks and ships is anticipated to gain pace from 2022, which is further foreseen to positively influence the mechanical and ships manufacturing, including hardware components of LNG storage tanks.

The overall LNG storage tank market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. The process also serves the purpose of obtaining an overview and forecast for the LNG storage tank market with respect to all the segments pertaining to the region. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants, such as valuation experts, research analysts, and key opinion leaders, specializing in the LNG storage tank market. Air Water Inc., CIMC Enric Holding Ltd., IHI Corporation, India Inox Pvt. Ltd., MHI Engineering, Punj Lloyd Group, and POSCO ENGINEERING & CONSTRUCTION., LTD. are among the key players operating in the market.