Northbrook, IL -- (SBWIRE) -- 10/31/2021 -- The report "LNG Storage Tank Market by Type (Self-Supporting, Non Self-Supporting), Material (Steel, 9% Nickel Steel, Aluminum Alloy), Region (North America, Europe, APAC, Middle East & Africa, South America) - Global Forecast to 2025" The LNG storage tank market is expected to grow from USD 12.5 billion in 2020 to USD 17.5 billion by 2025, at a CAGR of 7.0%, during the forecast period. The major factors driving the LNG storage tank market include increasing demand for LNG from various end-use industries, such as steel, power, and energy. Furthermore, the growing trade of LNG will also drive the demand.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=16169135

Self-supporting type to dominate the global LNG storage tank market during the forecast period
The LNG storage tank market has been segmented based on type as self-supporting, and non-self-supporting. The self-supporting segment accounted for the larger share of the market in 2019. The growth in this segment is attributed to the increasing use of this type of tanks because of the growing trade i.e. import and export of LNG across the globe and increase in the LNG bunkering facilities. These factors are expected to drive the demand for LNG storage tanks during the forecast period.

Steel material segment to dominate the global LNG storage tank market during the forecast period
The LNG storage tank market has been segmented based on material into steel, 9% nickel steel, aluminum alloy, and others. The steel segment accounted for the largest share of the market in 2019 and is expected to witness significant growth during the forecast period. The growth in this segment is attributed to its increasing LNG terminals and bunkering facilities, and increasing demand for LNG tanks on ships. These factors are expected to drive demand during the forecast period.

Speak to Analyst @ https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=16169135

APAC is expected to have the largest market size in the global LNG storage tank market during the forecast period
APAC is projected to be the leading LNG storage tank market during the forecast period. The growth in the APAC region can be attributed to the rising demand for LNG from various end-use industries including energy, power and steel. The presence of a robust industrial base, favorable government policies, and low labor costs along with growing demand for LNG in the region are further strengthening the LNG storage tank market and attracting major players to invest in the region.

Linde Plc (Ireland), McDermott International Inc. (US), Wartsila (Finland), IHI Corporation (Japan), Air Water Inc. (Japan), Cimc Enric (China), Chart Industries (US), Isisan A.S (Turkey), Cryolor (France), Inox (India), Carbon Energy Group (US), and TransTech Energy Llc. (US), are the key players operating in the LNG storage tank market.

Key questions addressed by the report:
- Which are the future revenue pockets in the LNG storage tank market?
- Which key developments are expected to have a high impact on the market?
- Which products/technologies are expected to overpower the existing technologies?
- How the regulatory scenario is further expected to impact the market?
- What will be the future product mix in the LNG storage tank market?
- What are the prime strategies of leaders in the market?

Get 10% Customization on this Report @ https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=16169135

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
sales@marketsandmarkets.com