Asia Pacific LNG storage tank Market
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.
Strategic insights for the Asia Pacific LNG storage tank provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 2,883.11 Million |
| Market Size by 2028 | US$ 5,456.70 Million |
| Global CAGR (2021 - 2028) | 9.5% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Configuration
|
| Regions and Countries Covered | Asia-Pacific
|
| Market leaders and key company profiles |
The geographic scope of the Asia Pacific LNG storage tank refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
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.
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.
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.
The Asia Pacific LNG storage tank Market is valued at US$ 2,883.11 Million in 2021, it is projected to reach US$ 5,456.70 Million by 2028.
As per our report Asia Pacific LNG storage tank Market, the market size is valued at US$ 2,883.11 Million in 2021, projecting it to reach US$ 5,456.70 Million by 2028. This translates to a CAGR of approximately 9.5% during the forecast period.
The Asia Pacific LNG storage tank Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the Asia Pacific LNG storage tank Market report:
The Asia Pacific LNG storage tank Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The Asia Pacific LNG storage tank Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the Asia Pacific LNG storage tank Market value chain can benefit from the information contained in a comprehensive market report.
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