LNG storage tank market is likely to witness an impressive CAGR of 6.9% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on LNG storage tank market
LNG storage tank market is likely to witness an impressive CAGR of 6.9% during the forecast period. The demand for LNG storage tanks is driven mainly by the increasing demand for LNG in power, energy, and steel end-use industries.
Asia-Pacific is projected to be the largest and fastest-growing market for LNG storage tanks during the forecast period. The Asia-Pacific’s market is expected to grow with a lucrative CAGR due to the rising demand from various end-use industries, such as energy, power, and steel. High adoption from developing economies such as China and India are expected to boost the market in the Asia-Pacific region.
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Report Scope & Market Segmentation
LNG Storage Tank Market Share: By Product Type
Based on the product type, the market is segmented as self-supporting and non-self–supporting. The self-supporting segment held the larger share of the market in 2019, and is expected to remain dominant during the forecast period. The significant share of the self-supporting segment is attributed to the growing demand for LNG in the power and energy end-use industries.
LNG Storage Tank Market Share: By Material Type
Based on the material type, the market is segmented as steel, 9% nickel steel, aluminum alloys, and others. The steel segment accounted for the largest share in 2019 owing to its properties, such as corrosion resistance and durability. The steel segment is estimated to expand at a promising CAGR during the forecast period due to the rising demand for storage of liquefied natural gas as steel offers low thermal conductivity at cryogenic temperatures.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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