$5190
$4152
The Type-C Tanks Market size is projected to reach US$ 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.
Type-C Tanks Market Analysis
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.
Type-C Tanks Market Overview
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.
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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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Type-C Tanks Market Drivers and Opportunities
Rising Demand for Natural Gas from Several Industries is Expected to be the Prime Driver for Market Growth
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.
Growing Demand for Small-Scale Liquefied Gas
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.
Type-C Tanks Market Report Segmentation Analysis
Key segments that contributed to the derivation of the type-c tanks market analysis are tank type, application, and end-user.
- Based on tank type, the market is divided into cylindrical, bi-lobe, tri-lobe. The cylindrical segment held a larger market share in 2022.
- Based on application, the global type-c tanks market is divided into cargo tanks, fuel tanks. The fuel tanks segment held a larger market share in 2022.
- Depending upon the end-user, the global market is divided into LNG, LPG, LH2, ethanol. The LPG segment held a larger market share in 2022.
Type-C Tanks Market Share Analysis by Geography
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.
Type-C Tanks Market Report Scope
Type-C Tanks Market News and Recent Developments
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:
- In June 2023, Nantong SinoPacific Offshore & Engineering Co Ltd (CIMC SinoPacific), a subsidiary of CIMC Enric, signed a deal with Avance Gas for two + two medium-sized liquefied gas carriers for almost RMB900 million. This is CIMC SinoPacific's first order to build 40,000 m3 LPG liquid ammonia carriers, indicating a further improvement in the design and construction capabilities of CIMC's small and medium-sized liquid gas carriers. (Source: CIMC SinoPacific, Press Release/Company Website/Newsletter)
- In February 2024, Adani Total Gas Ltd entered into a mutual support agreement, under which ATGL and INOXCVA shall mutually accord a “preferred partner” status for the delivery of LNG and LCNG equipment and services for identifying and exploring possible collaboration opportunities for strengthening the LNG ecosystem in the country. As preferred partners, ATGL will have certain inherent project level benefits, which includes preferential treatment to ATGL and access to advanced scheduling, and consideration for collaborative opportunities for establishing LNG/LCNG stations, LNG satellite stations, transitioning to LNG as a transport fuel, LNG logistics, as well as developing small-scale liquid hydrogen solutions for the industry. (Source: Adani Total Gas Ltd, Press Release/Company Website/Newsletter)
Type-C Tanks Market Report Coverage and Deliverables
The “Type-C Tanks Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed Porter’s Five Forces analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
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.
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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