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Asia Pacific LNG storage tank Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Configuration, Type, and Material

Asia Pacific LNG storage tank Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Configuration, Type, and Material

  • August 2021
  • 137 pages
  • ID: 6134239
  • Format: PDF
  • The Insight Partners

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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.

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. Additionally, floating storage regasification unit (FSRU) becoming popular is among the other factors expected to fuel the demand for LNG storage tank system in APAC.

Based on material, the stainless steel segment led the APAC LNG storage tank system market in 2020.The stainless steel is the most used material for the construction of LNG storage tanks.

The stainless steel is used to manufacture membrane-type LNG tanks, which comprise nickel to prevent the tank from breakage upon any impact or a dramatic change in the temperature inside the tank.The application of stainless steel is required for refrigeration or the generation of low-temperature conditions for LNG storage.

The mounting application of stainless steel on the outer vessel to boost the life of tank such as transport saddle, lifting lugs, legs, and nozzle openings.The definite applications of the stainless steel involve KC-1 of KOGAS and Mark III of GTT.

For instance, POSCO offers stainless steel for LNG tanks, which withstand temperature of approx. -163°C.

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 various 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.

The overall APAC LNG storage tank system 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 APAC LNG storage tank system 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 who typically take part in such a 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 APAC. 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 are among the key players operating in the APAC LNG storage tank system market.

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