The Asia Pacific Type-C tanks market was valued at US$ 6.41 billion in 2022 and is expected to reach US$ 9.83 billion by 2030; it is estimated to register at a CAGR of 5.5% from 2022 to 2030.
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 drive the market.
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 in APAC, 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.
Structural Efficiency to Support Pressure Vessel Requirement Boosts Asia Pacific Type-C Tanks Market
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 the 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 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 drive the market.
Asia Pacific Type-C tanks Market Overview
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. With a growing emphasis on sustainability, several APAC countries are investing substantially in renewable energy projects green hydrogen, highlighting the shift towards 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 in APAC, 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.
Asia Pacific Type-C Tanks Market Segmentation
- The Asia Pacific Type-C tanks market is segmented based on tank type, application, end user, and country.
- Based on tank type, the Asia Pacific Type-C tanks market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment held the largest share in 2022.
- In terms of application, the Asia Pacific Type-C tanks market is bifurcated into cargo tanks and fuel tanks. The fuel tanks segment held a larger share in 2022.
- By end user, the Asia Pacific Type-C tanks market is segmented into LNG, LPG, LH2, and ethanol. The LNG segment held the largest share in 2022.
- Based on country, the Asia Pacific Type-C tanks market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific Type-C tanks market in 2022.
- Cryogas Equipment Pvt Ltd, Linde Plc, IHI Corp, McDermott International Ltd, China Intonational Marine Containers (Group) Co Ltd, Dongsung Finetec Co Ltd, Tianjin Sinogas Repower Energy Co Ltd, Shandong Zhongjie Special Equipment Co Ltd, Hebei Runfeng Cryogenic Equipment Co Ltd, Qixing Group Co Ltd, Corban Energy Group Corp, Furuise Europe Co SL, Suzhou Shenghui Equipment Co Ltd, INOX India Pvt Ltd, Chongqing Endurance Energy Equipment Integration Co Ltd, WOBO Industrial Group Corp, China Shipbuilding Trading Co Ltd, Jiangsu Watts Energy & Engineering Co Ltd, Henan Jian Shen Metal Material Co Ltd, MAN Energy Solutions SE, Gas and Heat SpA, Mitsubishi Heavy Industries Ltd, Broadview Energy Solutions BV, Transworld Equipment Corp, Bharat Tanks and Vessels LLP, ISISAN AS, Wartsila Corp, Chart Industries Inc, Guangzhou Minwen Cryogenic Equipment Co Ltd, Wuxi Triumph Gases Equipment Co Ltd, Nantong CIMC SinoPacific Offshore & Engineering Co Ltd, Beijing Tianhai Cryogenic Equipment Co Ltd, C-LNG Solutions Pte Ltd, Gloryholder Liquefied Gas Machinery Co Ltd, and TaylorWharton America Inc are some of the leading companies operating in the Asia Pacific Type-C tanks market.
Market Highlights
- Based on tank type, the Asia Pacific Type-C tanks market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment held 64.7% share of the Asia Pacific Type-C tanks market in 2022, amassing US$ 4.14 billion. It is projected to garner US$ 6.11 billion by 2030 to expand at 5.0% CAGR during 2022-2030.
- In terms of application, the Asia Pacific Type-C tanks market is bifurcated into cargo tanks and fuel tanks. The fuel tanks segment held 55.3% share of the Asia Pacific Type-C tanks market in 2022, amassing US$ 3.54 billion. It is estimated to garner US$ 5.30 billion by 2030 to expand at 5.1% CAGR during 2022-2030.
- The LNG segment held 27.7% share of Asia Pacific Type-C tanks market in 2022, amassing US$ 1.77 billion. It is predicted to garner US$ 2.81 billion by 2030 to expand at 5.9% CAGR during 2022-2030.
- China held 42.6% share of Asia Pacific Type-C tanks market in 2022, amassing US$ 2.72 billion. It is projected to garner US$ 4.05 billion by 2030 to expand at 5.1% CAGR during 2022-2030.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific type-C tanks market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific type-C tanks market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.
Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Asia Pacific Type-C Tanks Market Landscape
5. Asia Pacific Type-C Tanks Market - Key Market Dynamics
6. Type-C Tanks Market - Asia Pacific Market Analysis
7. Asia Pacific Type-C Tanks Market Analysis - by Tank Type
8. Asia Pacific Type-C Tanks Market Analysis - by Application
9. Asia Pacific Type-C Tanks Market Analysis - by End User
10. Asia Pacific Type-C Tanks Market -Country Analysis
11. Competitive Landscape
12. Industry Landscape
13. Company Profiles
14. Appendix
List of Tables
List of Figures
Companies Mentioned
Some of the leading companies in the Asia Pacific Type-C Tanks market include:- Cryogas Equipment Pvt Ltd
- Linde Plc
- IHI Corp
- McDermott International Ltd
- China Intonational Marine Containers (Group) Co Ltd
- Dongsung Finetec Co Ltd
- Tianjin Sinogas Repower Energy Co Ltd
- Shandong Zhongjie Special Equipment Co Ltd
- Hebei Runfeng Cryogenic Equipment Co Ltd
- Qixing Group Co Ltd
- Corban Energy Group Corp
- Furuise Europe Co SL
- Suzhou Shenghui Equipment Co Ltd
- INOX India Pvt Ltd
- Chongqing Endurance Energy Equipment Integration Co Ltd
- WOBO Industrial Group Corp
- China Shipbuilding Trading Co Ltd
- Jiangsu Watts Energy & Engineering Co Ltd
- Henan Jian Shen Metal Material Co Ltd
- MAN Energy Solutions SE
- Gas and Heat SpA
- Mitsubishi Heavy Industries Ltd
- Broadview Energy Solutions BV
- Transworld Equipment Corp
- Bharat Tanks and Vessels LLP
- ISISAN AS
- Wartsila Corp
- Chart Industries Inc
- Guangzhou Minwen Cryogenic Equipment Co Ltd
- Wuxi Triumph Gases Equipment Co Ltd
- Nantong CIMC SinoPacific Offshore & Engineering Co Ltd
- Beijing Tianhai Cryogenic Equipment Co Ltd
- C-LNG Solutions Pte Ltd
- Gloryholder Liquefied Gas Machinery Co Ltd
- TaylorWharton America Inc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 196 |
| Published | August 2024 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value ( USD | $ 6.41 Billion |
| Forecasted Market Value ( USD | $ 9.83 Billion |
| Compound Annual Growth Rate | 5.5% |
| Regions Covered | Asia Pacific |
| No. of Companies Mentioned | 36 |
