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[Research Report] The type-C tanks market size was valued at US$ 17,812.19 million in 2022 and is projected to reach US$ 26,715.28 million by 2030; it is expected to register a CAGR of 5.2% during 2022–2030.
Analyst Perspective:
Type-C tanks find applications in the oil & gas and power generation industries because of their critical role in energy storage and transportation. The global inclination toward sustainability and cleaner energy sources is among the key drivers for the type-C tanks market. Governments and industries worldwide increasingly focus on reducing carbon footprints and achieving energy-efficiency goals. By harnessing energy from various processes, such as the adoption of renewable energy sources, type-C tanks play a vital role in the transportation and storage of LPG, LNG, and Hydrogen. The type-C tanks market is witnessing substantial growth in regions such as Asia Pacific (APAC), wherein rapid industrialization, ambitious energy targets, and a focus on renewables are driving the demand for storage and transportation equipment such as type-C tanks.
Similarly, the Middle East and North America contribute significantly to the global type-C tanks market growth, particularly due to the high demand for these tanks from the oil & gas sector. In 2022, 98 countries produced ~80.75 million barrels of crude oil. The top five countries—the US, Saudi Arabia, Russia, Canada, and Iraq—accounted for ~52% of the total crude oil production. The following chart shows the top five oil-producing countries.
The strong oil and gas industry's landscape coupled with the shift in the energy landscape toward clean energy, is increasing the need for storage and transportation. As a result, the global type-C market is expected to grow in the upcoming years.
Market Overview:
Type-C tanks are insulated cylindrical, bi-lobe, or tri-lobe designed tanks that can be completely or partially pressurized, depending on the liquefied gas to be stored. The growing focus on clean energy is one of the major opportunities for the type-C tanks market. Governments across the globe recognize the potential of clean energy for environmental protection and are boosting investment in green hydrogen as a clean and sustainable energy solution. They are taking positive measures to support its development and deployment across various sectors. LNG is contemplated as a cleaner alternative to fuel oil and coal. It is widely adopted for generating power. LNG could help the environment by displacing the commodities in regions such as APAC, where it is used widely for energy. Mostly, end users such as land-based industries, power generation plants, and suppliers of LNG as fuel for vehicles or ships are fueling the demand for small-scale LNG in cargo transportation, which is simultaneously having a positive impact on the Type-C tanks market.
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Type-C Tanks Market: Strategic Insights
Market Size Value in US$ 17,812.19 million in 2022 Market Size Value by US$ 26,715.28 million by 2030 Growth rate CAGR of 5.2% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Type-C Tanks Market: Strategic Insights
| Market Size Value in | US$ 17,812.19 million in 2022 |
| Market Size Value by | US$ 26,715.28 million by 2030 |
| Growth rate | CAGR of 5.2% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Market Driver:
Growing Application of Liquified Natural Gas as a Marine Fuel Drives Type-C Tanks Market Growth
Liquified Natural Gas (LNG) is a potential alternative for marine fuel as it is less expensive than diesel and is also environmentally friendly. The cruise and shipping industries are highly accepting LNG as a marine fuel as natural gas burns more cleanly, requires less maintenance, and helps engines to operate better and longer. The increasing demand for energy is also boosting the need for liquefied gas carriers, barges, or bunkers. These include liquefied petroleum gas (LPG), liquefied ethane gas (LEG), and liquefied natural gas (LNG) vessels. As mentioned in the international code for the construction and equipment of ships carrying liquefied gases in bulk and the international code of safety for ships using gases or other low-flashpoint fuels, there are various categories of cargo containment systems, including independent type tanks Type A, Type B, and Type-C and membrane type systems. Type-C cargo tanks are also known as "pressure vessels." They are primarily designed and developed to meet the requirements of identified pressure vessel standards such as The American Society of Mechanical Engineers, Boiler and Pressure Vessel Code (ASME BPVC), which are supplemented by additional class society requirements and statutory regulations.
The adoption of the "Initial International Maritime Organization (IMO) Strategy on Reduction of Greenhouse Gas (GHG) Emissions from Ships" by IMO Resolution MEPC.304(72) in April 2018 shows IMO's commitment to support the Paris Agreement. The IMO strategy incorporates initial targets to lower the average carbon dioxide (CO2) emissions (as compared to 2008 levels) in the transportation sector by at least ~40% by 2030 and ~70% by 2050. LNG as a fuel is one of the viable alternatives to support IMO's 2030 CO2 reduction targets. For instance, in North America, Crowley Maritime and TOTE Maritime have shifted to LNG as fuel for their Jones Act-compliant, container, or ro-ro operations. TOTE has now developed two LNG-driven 764' Marlin-class containerships for its operations across Florida to Puerto Rico. It is working on converting its 839' Orca-class ships to LNG for its operations across Puget Sound to Alaska. In 2023, Japan-based shipping company NYK Group initiated a project to transform their LNG-driven tugboat, named "SAKIGAKE," to operate on ammonia as its fuel source. Thus, the growing advent of LNG as a marine fuel boosts the usage of Type-C tanks in vessels, which is one the factors contributing to the growing type-C tanks market size.
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Segmental Analysis:
Based on tank type, the type-C tanks market analysis carried out by considering the following subsegments: cylindrical, bi-lobe, and tri-lobe. Type-C Tanks are, in general, cylindrical or spherical pressure vessels. Increasing demand for liquified natural gas in various sectors and growing focus on clean energy is having a positive impact on the market.
The cylindrical segment is estimated to hold a significant type-C tanks market share by 2030. The cylindrical tanks are fabricated using stainless steel, a material that carries strength and flexibility over the temperature range of 180–50ºC. Cylindrical tanks are bigger and shaped with a domed roof. The cylindrical carriers can be either horizontally or vertically mounted, depending on the dimensions and spatial constraints of the carrier. Type-C cylindrical tanks are fitted in a distinctive fully pressurized gas carrier. However, with such an arrangement, there is relatively poor utilization of the hull volume, which can be enhanced by utilizing intersecting pressure vessels. The cylindrical storage tank is one of the prominent equipment for liquefied petroleum gas storage. The main elements of liquefied petroleum gas are ethane, ethylene, propane, butane, propylene, and butene. These chemical elements are harsh to process equipment. In the fabrication process, the medium filled with equipment also has high pressure, high temperature, high vacuum, explosive and flammable characteristics, and even lethal gases or liquids. Pressure is the primary reason for the cylindrical shape of the LPG storage tank. The round shape makes the surface tension evenly distributed. The cylindrical tanker lowers its center of gravity when it is loaded on the vehicle. This maintains the vehicle's stability and does not set any risk of accidents. At the same time, it reduces the static electricity produced by shaking at the time of transportation.
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Regional Analysis:
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 accounted for the leading type-C tanks market share in 2022. North America is the second-largest contributor to the global type-C tanks market, followed by Europe. North America has a robust and dynamic market, mainly driven by the thriving oil & natural gas industry. In North America, the US is leading the way. In the US, dry natural gas production reached a record high of 0.80 trillion cubic feet in 2022, primarily due to advancements in horizontal drilling and hydraulic fracturing techniques. This surge in production, especially in shale, sandstone, carbonate, and other tight geologic formations, has increased the region's gas production. Type-C tanks play a vital role in the transportation of liquefied gases, including liquefied natural gas (LNG), liquefied petroleum gas (LPG), liquid ethylene gas (LEG), ammonia, and hydrogen. Canada is the fourth-largest producer of oil and the sixth-largest producer of natural gas worldwide. Alberta, in particular, stands out as a leading oil producer in the country, accounting for ~80% of the total oil production. With vast oil and gas reserves, Alberta presents significant opportunities for the use of type-C tanks in oil and gas transportation processes. Quebec, with its undeveloped natural gas resources, holds notable opportunities for adopting type-C tanks in transportation services.
Mexico, a major player in the global oil industry, ranks among the largest oil producers worldwide. With substantial crude oil reserves and a significant refining capacity, Mexico holds promising growth opportunities for type-C tanks market players. The country heavily relies on imports of heavy crude oil from the US while exporting refined petroleum products, creating a need for type-C tanks in the transportation and processing of these resources. Thus, the market in North America is characterized by a strong demand from thriving oil and gas production across the US and Mexico. As these countries continue to invest in energy exploration and production, type-C tanks will play a crucial role in the transportation and processing of oil and natural gas resources.
Key Player Analysis:
MAN Energy Solutions SE, GAS and HEAT S.p.A.; China International Marine Containers; CSSC CHENGXI(TAIZHOU); Watts Energy; C-LNG Solutions Pte. Ltd; Gloryholder Liquefied Gas Machinery (DL) Co.; Ltd, Dongsung FineTec; Ar?ta?, Cryonorm System B.V; Cryostar, Furuise Europe; LAPESA GRUPO EMPRESARIAL; Chart Industries; and Corban Energy Group are among the key players profiled in the type-C tanks market report. The report includes growth prospects in light of current type-C tanks market trends and driving factors influencing the market growth.
Recent Developments:
Inorganic and organic strategies are highly adopted by companies in the market. The market initiative is a strategy adopted by companies to expand their footprint across the world and to meet the growing customer demand. The companies in the market are mainly focusing on product and service enhancements by integrating advanced features and technologies into their offerings. A few recent developments by key type-C tanks market players, as per their press releases, are listed below:
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May-2023 | Nantong CIMC Sinopacific Offshore & Engineering Co Ltd, a subsidiary of CIMC Enric, received orders for 15 sets of marine LNG fuel tanks, including two sets of 13,000 cubic meters of B-type LNG fuel tanks, 10 sets of 7,500 cubic meters of C-type LNG fuel tanks, and 3 sets of 3,400 cubic meters of C-type LNG fuel tanks. | APAC |
Dec-2023 | Wartsila installed biogas upgrading and liquefaction units for a Swedish bioLNG facility. The plant in Linköping will raise bioLNG output from 20 to 45 metric tons per day. Tekniska Verken owns the plant, which is a pioneer in Swedish biogas and bioLNG production. | Europe |
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Tank Type, Application, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
Liquified Natural Gas (LNG) is a potential alternative marine fuel as it is less expensive than diesel and is also environmentally friendly. The cruise and shipping industries are highly accepting LNG as a marine fuel as natural gas burns more cleanly, requires less maintenance, and helps engines to operate better and longer. The increasing demand for energy is also boosting the need for liquefied gas carriers, barges, or bunkers.
Governments across the globe recognize the potential of clean energy for environmental protection and are boosting investment in green hydrogen. They are taking positive measures to support the development and deployment of clean energy solutions across various sectors. The increasing focus on decarbonization and climate change mitigation is prompting governments to prioritize investments in green hydrogen.
Man Energy Solutions, Broadview Energy Solutions B.V., Linde PLC, China International Marine Containers (group) co. Ltd, and Gardener Cryogenics are the key market players operating in the global type-C tanks market.
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 fueling industrial boilers.
The type-C tank market growth in Asia Pacific (APAC) is attributed by dynamic growth and strategic significance across diverse industries. Countries in APAC are experiencing a surge in energy demand due to rapid industrialization, necessitating the development of efficient energy infrastructure. With a robust energy demand, industrial expansion, and increased focus on sustainability, type-C tanks have become pivotal components in oil and gas transportation and storage.
The List of Companies - Type-C Tanks Market
- MAN Energy Solutions SE
- GAS and HEAT S.p.A.
- China International Marine Containers
- CSSC CHENGXI(TAIZHOU)
- Watts Energy
- C-LNG Solutions Pte. Ltd
- Gloryholder Liquefied Gas Machinery (DL) Co.; Ltd
- Dongsung FineTec
- Ar?ta?
- Cryonorm System B.V
- Cryostar
- Furuise Europe
- LAPESA GRUPO EMPRESARIAL
- Chart Industries
- Corban Energy Group
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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