LNG TANK CONTAINER MARKET REPORT OVERVIEW
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The global LNG tank container market size was USD 150.7 million in 2022 and is projected to touch USD 252.8 million by 2028, exhibiting a CAGR of 9.0% during the forecast period.
The sudden spike in CAGR is attributable to the LNG tank container market growth and demand returning to pre-pandemic levels once the pandemic is over. The global COVID-19 pandemic has been unprecedented and staggering, with LNG tank containers experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. LNG stands for liquefied natural gas, and the tank container is used for moving gases, powders, and liquids. It is made specifically for various modes of transportation. LNG tank container is used to transport the LNG in intermodal transport by road, rail, and sea. . The plastic LNG tank containers have more advantages than metal tanks which are forecasted to augment popularity in the market. These containers are manufactured in standard sizes and are suitable for use across rail, the road, and the sea. These containers are used in road, sea, and rail transportation of LNG gases.
Rising demand for the storage of fuel and gas is forecasted to increase the demand for tank containers. The need to produce durable and more efficient automotive fuel storage containers is expected to play a significant role in the market expansionThe rising consumption of liquefied natural gas is anticipated to bolster the demand for the LNG tank container. These containers enable the global LNG trade and help deliver energy to different regions. These tankers can transport both hazardous and non-hazardous products.
COVID-19 Impact: Prohibited Transport Affected the Growth Rate
The pandemic outbreak disrupted the local and international transportation, which affected the global economy of every country. The LNG tank container market growth was severely affected due to disturbance in transport. The government of countries strictly prohibited the import and export of goods and gases, which turned out to be a major factor in affecting the growth. The LNG exports witnessed a stagnancy in their growth as the demand went low during the lockdown period. However, the market is expected to register a recovery as it is anticipated to gain momentum with demand for LNG from various countries.
LATEST TRENDS
"Various Institutes Promoting Export Capacity to Propel Market Growth"
Government and non-government institutes are promoting the export capacity of various commodities, which is expected to bring foreign currency inflow into the economy by exporting the tank containers and surge market growth. The transport of liquid and gas in bulk is essential to the economy. Additionally, the need for large transports to export the liquid, powder, or gaseous products is anticipated to drive the trend in the market. Moreover, the escalating demand for vehicles backed by the rising demand for fuel is anticipated to propel the product demand. These LNG containers are equipped with gauges, safety devices, valves, and instrumentation for safe use of the equipment. The availability of custom solutions on the basis of hold and pressure needs is further contributing to the growth of the market.
LNG TANK CONTAINER MARKET SEGMENTATION
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- By Type Analysis
By type, the market is segmented below 25 ft., 25-40 ft., and above 40 ft.
25-40 ft. type is anticipated to dominate the segment as it holds a share of approximately 60%.
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By Application Analysis
Based on application, the market is classified into marine and land transportation.
Land transportation application is widely used among the industries and holds a share of about 70% and thus this segment is likely to dominate the application segment.
DRIVING FACTORS
"Higher Capacity of Tank Containers to Aid Market Growth"
Consistently rising demand for the Liquefied Natural Gas (LNG) is expected to promote growth in the LNG tank container market. The higher capacity of the tank containers is also anticipated to be another factor surging market growth. Additionally, the use of gases in manufacturing products such as paints, medicines, and fertilizers is forecasted to drive market growth. Furthermore, the companies are inclined toward storing fuels and gases in the container, which is estimated to surge market demand. These tankers can carry and transport a significant amount of LNG to difficult islands, mines, and terrains which are estimated to boost the market growth.
"Escalating Demand for Natural Gas to Boost Product Demand"
The constantly rising demand for natural gases due to its wide applications in domestic works such as cooking, electricity generation, and heating homes are anticipated to bolster market growth. The demand for fuel and gases are increasing the demand for its storage container which is anticipated to propel the demand for its container is forecasted to drive major growth in the market. Additionally, the customization and availability of various products as per the requirement is expected to attract more customers and aid the expansion of the LNG tank container market share. Additionally, the higher thermal efficiency of the containers is expected to be another factor expected to surge growth in the global market. These features of the tankers boost the adoption in transporting of essential commodities and thus, propelling product demand.
RESTRAINING FACTORS
"Raw Material Price Fluctuation and Labor Unavailability to Impede Market Growth"
Slow economic progress in many countries is anticipated to hinder the market growth. Fluctuation in the price of raw materials is likely to impede the expansion of the LNG tank container market share. The raw material price fluctuations impede international trade and are also anticipated to affect the adoption of the LNG tank containers, which may limit the growth of the market. The market may also witness stagnancy in growth due to the weight of the gas as it weighs more and requires more space volume-wise compared to the bunker oil. Furthermore, the unavailability of a labor workforce is likely to be another factor expected to hamper the growth of the market. The high cost of the tank containers associated with the limited availability of LNG tanks are further expected to limit the market growth.
LNG TANK CONTAINER MARKET REGIONAL INSIGHTS
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"Asia Pacific to Lead the Market Due to Higher Demand for Natural Gases "
Asia Pacific is anticipated to lead the global market due to the rising demand for liquefied natural gas and tank containers. Emerging countries such as India, China, and Japan are forecasted to surge major growth in the region. The growth of the region is ascribed to the steady industrial and economic growth of the developing countries. The higher consumption of gases in heating, cooking, and generating electricity, in the region is also anticipated to boost the region’s growth.
KEY INDUSTRY PLAYERS
"Key Companies to Focus On Enhancing Product Portfolios to Consistently Grow"
Key manufacturers are focused on constantly upgrading their product portfolio by launching advanced features to differentiate their products from companies’ products. Major players also emphasize boosting their presence through investments, partnerships, agreements, joint ventures, expansions & investments, and partnerships. The emergence of advanced products is expected to escalate the product demand and support the LNG tank container market growth. The key competitors are making various analytical approaches. Competitors also emphasize sustaining the market of heavy competition.
List of Market Players Profiled
- Chart Industries (U.S.)
- Cryeng Group (Australia)
- Air Water Plant & Engineering (Japan)
- Uralcryomash (Canada)
- Rootselaar Group (Netherlands)
- CIMC (China)
- FURUISE (China)
- M1 Engineering (U.K.)
- CRYOCAN (Turkey)
- Corban Energy Group (U.S.)
- Bewellcn Shanghai (China)
- Hitachi (Japan)
REPORT COVERAGE
The report gives an overview of the research methodology, market dynamics, and an industry value chain analysis. The report covers market drivers and the challenges expected to hinder market growth. Additionally, the report includes an assessment of the pandemic and market segmentation based on type and applications. Furthermore, the report represents the dominant segment and covers the reason that supports the dominating segment.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 150.7 Million in 2022 |
| Market Size Value By | US$ 252.8 Million by 2028 |
| Growth Rate | CAGR of 9% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Type & Application |
| Regional Scope | Global |
Frequently Asked Questions
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What value is the LNG tank container market expected to touch by 2028?
Based on our research, the LNG tank container market is projected to touch USD 252.8 million by 2028.
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What CAGR is the LNG tank container market expected to exhibit by 2028?
The LNG tank container market is expected to exhibit a CAGR of 9.0% by 2028.
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What are the segments of the LNG tank container market?
By type, the market is segmented below 25 ft., 25-40 ft., and above 40 ft. Based on application, the LNG tank container market is classified into marine and land transportation.
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Which are the driving factors of the LNG tank container market?
Rising demand for tank containers to export aid market growth, and rising demand for natural gas to boost product demand are the factors driving the LNG tank container market.
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Which are the top companies operating in the LNG tank container market?
Chart Industries, Cryeng Group, Air Water Plant & Engineering, Uralcryomash, Rootselaar Group, CIMC, FURUISE, M1 Engineering, CRYOCAN, Corban Energy Group, Bewellcn Shanghai, and Hitachiare the top companies operating in the LNG tank container market.
