Type-C Tanks Market is expected to reach US$ 26,715.28 million by 2030

Structural Efficiency to Support Pressure Vessel Requirement Bolsters Type-C Tanks Market Growth

According to our latest study on "Type-C Tanks Market Forecast to 2030 – Global Analysis – by Tank Type Applications and End User," the market is expected to grow from US$ 17,812.19 million in 2022 to US$ 26,715.28 million by 2030; it is anticipated to record a CAGR of 5.2% from 2022 to 2030. The type-c tanks market report includes growth prospects owing to the current type-c tanks market trends and their foreseeable impact during the forecast period.

Type-C tanks are primarily designed and developed as cryogenic pressure vessels, leveraging conventional pressure vessel codes, and the prevalent design norm is vapor pressure. The design pressure for Type-C tanks ranges above 2,000 mbar (millibar). The most generic shapes for Type-C tanks are bi-lobe and cylindrical. Type-C tanks are used in LNG carriers. Type-C tanks can stock LNG at a higher pressure than any Type A or Type B tanks; however, space optimization in these tanks is less. Type-C tanks do not need a secondary barrier, as it demonstrates a limited risk of structural failure or leakage. Sensors are placed in the hold space to detect the leakage of cargo from the tanks. They can detect the variation in the composition of the dry air or inert gas to fuel vapor and leakages. Hence, leakage can be detected and prevented. Type-C tanks, which are primarily designed to withstand cryogenic temperatures, are often considered a feasible choice for LNG storage on marine vessels. Type-C tanks, usually 300–1000 m3 (cubic meter), -162°C below 10 bar, and less than 20 meters in height, are appropriate to be applied for LNG. Thus, the structural advancement and advantages of leveraging Type-C tanks as LNG and LPG carriers are expected to contribute to the growing type-C tanks market size.

Type-C Tanks Market Share — by Region, 2022

Source: The Insight Partners Analysis

The geographical type-C tanks market analysis has been performed by considering the following subsegments: 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). The type-C tanks market growth in Asia Pacific (APAC) is attributed to the 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. With a growing emphasis on sustainability, several APAC countries are investing substantially in renewable energy projects and green hydrogen, highlighting the shift toward clean energy. Type-C tanks also find applications in renewable energy projects in APAC for transporting and storing renewable energy sources such as green hydrogen. Moreover, the demand for type-C tanks is gaining traction in petroleum plants and liquified gas facilities with the growing industrial sector, notably in countries such as China and India. Due to the convergence of energy demands, industrial expansion, and sustainability initiatives, type-C tanks are gaining high importance across this region's energy and petroleum landscape.

As the world's fifth-highest consumer of oil, Japan was highly reliant on imports to fulfill 97% of its demand in 2022 due to limited domestic resources. The absence of international oil or natural gas pipelines necessitates Japan's dependence on tanker shipments for LNG and crude oil to meet its energy needs. Despite being the fifth-largest global energy consumer, with a 2.3% growth in consumption in 2021, Japan has experienced a gradual decline in primary energy consumption over the past decade. While renewables (10%) and nuclear power (3%) constituted the smallest shares of Japan's primary energy consumption in 2021, these energy sources have demonstrated increasing contributions since 2015. In contrast, fossil fuel consumption declined in 2015, with renewables accounting for 7% and nuclear power accounting for less than 1%.

Japan was the fifth-highest consumer of petroleum and other liquids globally in 2021. It witnessed a notable reduction in consumption by over 1.1 million barrels per day during 2013–2022. In 2022, there was a decline in consumption owing to weakening demand in the petrochemical sector. However, a switch from natural gas to oil and increased utilization of LPG for power generation, given its cost advantage over LNG, partially mitigated these losses. Thus, the increased LPG utilization is contributing to the growing type-C tanks market size in the coming years.

Based on application, the type-C tanks market is bifurcated into cargo tanks and fuel tanks. Increasing urbanization, growing industrialization, and fueling application of natural gas positively impact the type-C tanks market share. The increasing number of import-export of LNG, LPG, and other types of liquified gases are surging the demand for type-C tanks, as they are one of the major parts of transportation vessels. Furthermore, a novel, less expensive, robust material called high-manganese steel is also gaining momentum for the manufacturing of cargo and fuel tanks.

Cargo tanks are primarily utilized to transport large volumes of all types of hazardous products by road. Compressed gas tube trailers, low-pressure, atmospheric pressure, high-pressure, corrosive liquid, cryogenic, and dry bulk cargo are a few types of cargo tanks. Type-C Tanks (pressure vessels) are enclosed containers that carry vapors, liquids, and gases at a pressure considerably higher or lower than the required pressure. They are broadly utilized in several industries, such as oil & gas, petrochemical, food processing, and chemical. Cargo tanks that are found in gas carriers are predominantly categorized into independent type-A, type-B, type-C, and membrane tanks. Independent tanks are self-sustaining; they do not form part of the ship's hull and are not crucial to the hull's strength. Materials utilized for the LNG and LPG carrier cargo tanks can be balsa wood, aluminum, plywood, stainless steel, invar, or nickel steel, with pearlite and polyurethane foam. Gas carriers must obey the standards fixed by the national rules or Gas Codes, and all pollution and safety obligations are common to other tankers. The safety aspects are fundamental in the cargo tanker design requirements. Equipment required for gas carriers includes pressure and temperature monitoring, cargo tank liquid level indicators, and gas detection, all of which are equipped with alarms and ancillary instrumentation.

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; Arıtaş, 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. Companies in the type-C tanks market highly adopt inorganic and organic strategies. The market initiative is a strategy adopted by companies to expand their footprint and meet the growing customer demand. Companies in the type-C tanks market mainly focus on product and service enhancements by integrating advanced features and technologies into their offerings.

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