Global LNG ISO Tank Container Market Driver Analysis
The Shell LNG Outlook, now in its fifth year, highlights key trends in 2020. It finds that global demand for liquefied natural gas (LNG) increased to 360 million tonnes. Though marginal, the increase in volume reflects the resilience and flexibility of the global LNG market in 2020, a year which saw losses to global GDP of several trillion dollars as economies large and small struggled to contain the COVID-19 outbreak. Demand in 2019 stood at 358 million tonnes.
China and India led the recovery in demand for LNG following the outbreak of the pandemic with both countries increasing their LNG imports by 11%. China’s announcement of a target to become carbon neutral by 2060 is expected to continue driving up its LNG demand through the key role gas can play in decarbonising hard-to-abate sectors. India increased imports, as it took advantage of lower-priced LNG to supplement its domestic gas production. Demand in Europe, alongside flexible US supply, helped to balance the global LNG market in the first half of 2020. However, supply outages in other supply basins, structural constraints and extreme weather later in the year resulted in higher prices.
Global LNG demand is expected to reach 700 million tonnes by 2040, according to forecasts.
Increasing demand of LNG drives the LNG ISO Tank Container growing healthily.
Global LNG ISO Tank Container Market- Key Players
CIMC, BTCE, Chart Industries, FURUISE, Bewellcn Shanghai, Air Water Plant & Engineering, Rootselaar Group, Cryeng Group, Uralcryomash, Corban Energy Group, INOXCVA, M1 Engineering, CRYOCAN are some key suppliers of LNG ISO Tank Container. The industry is concentrated and dominated by a few leading companies. CIMC is the largest manufacturer of LNG ISO Tank Container with 33.37% sales market share in 2020. BTCE is the follower, with 23.49% share accordingly.
Global LNG ISO Tank Container Market: Segmental Analysis
On the basis of product type, the market can be divided into two categories, ≤30 ft and > 30 ft. > 30 ft segment is projected to account for the largest sales volume market share during the forecast period; this segment was estimated to account for 86.88% share in 2020 in terms of volume.
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