The Type-C Tanks Market size is projected to reach US$ 26,715.28 million by 2030 from US$ 17,812.19 million in 2022. The market is expected to register a CAGR of 5.2% in 2022–2030.
Natural gas is also employed during the manufacturing of paper, bricks, glass, steel, and iron as a cheap alternative. The increasing preference for high-capacity and cheap energy resources is boosting the application of natural gas. For instance, the consumption of natural gas was 5,254 million metric standard cubic meters in India in September 2023. India's natural gas demand is anticipated to grow by over 8% by 2026, owing to the development of the fertilizer sector. In addition, natural gas production and demand are anticipated to rise in the US in 2023 and 2024, as per the US Energy Information Administration. Natural gas production is anticipated to reach 103.68 billion cubic feet per day in 2023 and 105.12 billion cubic feet per day by 2024, rising from 99.60 billion cubic feet per day in 2022 in US. Thus, the rising consumption of liquified natural gas is projected to propel the Type-C tank market growth during the forecast periodically feasible, the demand for small-scale LNG transportation among end users, including land-based industries, power generation plants, and suppliers of LNG as fuel for vehicles or ships, is mounting. Thus, this rising demand is anticipated to impact the Type-C tank market positively.
The major end users of the type-c tank market include marine, oil and gas, petrochemical, and other industrial applications. The rising use of natural gas as a cleaner fossil fuel for industry and households implies that the supply of liquified natural gas (LNG) globally is a profitable trend. Hence, shipping companies, oil and gas companies, and petrochemical companies are strategically choosing to diversify into LNG fleets. End-use industries are increasingly adopting Type-C tanks, further leveraging the market dynamics over the forecast timeframe.
Natural gas is broadly employed in several industrial applications. For instance, it is utilized as a fuel for process heating in combined heat and power systems, as a raw material (feedstock) to fabricate chemicals, fertilizer, and hydrogen, and as lease and plant fuel. Natural gas is also utilized for waste treatment and incineration applications, drying and dehumidification, metals preheating in the metal & mining industry, glass melting, food processing, and fuelling industrial boilers. Butane, Ethane, propane, and a few other gases may also be obtained from natural gas, which is utilized as a feedstock for pharmaceutical products and fertilizers. The development of the industrial sector is projected to surge the consumption of LNG across industrial applications.
The rising demand for fuel that is more environmentally friendly than diesel and oil from the shipping and trucking industries has surged the demand for small-scale liquefied gas. Small-scale liquefied gas is useful for short to medium- distance transportation, specifically for domestic trade. The growing application of small-scale liquefied gas is one of the promising factors that is boosting the usage of independent Type-C containment systems or tanks, which are generally leveraged for small-scale liquefied gas cargo transportation. For instance, for a bi-lobe Type-C LPG/LNG/LEG vessel, there may be four bi-lobe tanks mounted inside a carrier, with each tank having end saddle supports. One end and the other part are primarily designed to slide in a longitudinal direction to balance the effect of thermal contraction or expansion caused by the temperature change of the tanks. Furthermore, in remote areas, where pipelines are not viable or economic.
The rising demand for fuel that is more environmentally friendly than diesel and oil from the shipping and trucking industries has surged the demand for small-scale liquefied gas. Small-scale liquefied gas is useful for short to medium- distance transportation, specifically for domestic trade. The growing application of small-scale liquefied gas is one of the promising factors that is boosting the usage of independent Type-C containment systems or tanks, which are generally leveraged for small-scale liquefied gas cargo transportation. For instance, for a bi-lobe Type-C LPG/LNG/LEG vessel, there may be four bi-lobe tanks mounted inside a carrier, with each tank having end saddle supports. One end and the other part are primarily designed to slide in a longitudinal direction to balance the effect of thermal contraction or expansion caused by the temperature change of the tanks. Furthermore, in remote areas, where pipelines are not viable or economically feasible, the demand for small-scale LNG transportation among end users, including land-based industries, power generation plants, and suppliers of LNG as fuel for vehicles or ships, is mounting. Thus, this rising demand is anticipated to impact the Type-C tank market positively.
Key segments that contributed to the derivation of the type-c tanks market analysis are tank type, application, and end-user.
The scope of the type-c tanks market report encompasses North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). In terms of revenue, APAC dominated the type-c tanks market share in 2023. Europe is the second-largest contributor to the global type-c tanks market, followed by North America.
The regional trends and factors influencing the Type-C Tanks Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Type-C Tanks Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 17,812.19 Million |
| Market Size by 2030 | US$ 26,715.28 Million |
| Global CAGR (2022 - 2030) | 5.2% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Tank Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Type-C Tanks Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Type-C Tanks Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Type-C Tanks Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Type-C Tanks Market and strategies:
The “Type-C Tanks Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas: