Europe Type-C Tanks Market Forecast to 2030 - Regional Analysis by Tank Type, Application, and End User

The Europe Type-C tanks market was valued at US$ 4.06 billion in 2022 and is expected to reach US$ 6.73 billion by 2030; it is estimated to register at a CAGR of 6.5% from 2022 to 2030.

Growing Demand for Small-Scale Liquefied Gas Drives Europe Type-C Tanks Market

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.

Europe Type-C tanks Market Overview

North America has a robust and dynamic type-C tank 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 tank 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 type-c tank market in North America is characterized by a strong demand from the 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.

Europe Type-C Tanks Market Segmentation

• The Europe Type-C tanks market is segmented based on tank type, application, end user, and country.
• Based on tank type, the Europe 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 Europe 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 Europe 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 Europe Type-C tanks market is categorized into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Rest of Europe dominated the Europe Type-C tanks market in 2022.
• Linde Plc, IHI Corp, McDermott International Ltd, China Intonational Marine Containers (Group) Co Ltd, Lapesa Grupo Empresarial SL, Furuise Europe Co SL, INOX India Pvt Ltd, China Shipbuilding Trading Co Ltd, MAN Energy Solutions SE, Gas and Heat SpA, Mitsubishi Heavy Industries Ltd, Broadview Energy Solutions BV, Cryonorm BV, Transworld Equipment Corp, ISISAN AS, Wartsila Corp, Chart Industries Inc, Absolut Hydrogen SAS, Gloryholder Liquefied Gas Machinery Co Ltd, and TaylorWharton America Inc are some of the leading companies operating in the Europe Type-C tanks market.

Market Highlights

• Based on tank type, the Europe Type-C tanks market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment held 65.6% share of the Europe Type-C tanks market in 2022, amassing US$ 2.65 billion. It is projected to garner US$ 4.31 billion by 2030 to expand at 6.2% CAGR during 2022-2030.
• In terms of application, the Europe Type-C tanks market is bifurcated into cargo tanks and fuel tanks. The fuel tanks segment held 55.7% share of the Europe Type-C tanks market in 2022, amassing US$ 2.25 billion. It is estimated to garner US$ 3.61 billion by 2030 to expand at 6.1% CAGR during 2022-2030.
• The LNG segment held 64.6% share of Europe Type-C tanks market in 2022, amassing US$ 1.38 billion. It is predicted to garner US$ 2.33 billion by 2030 to expand at 6.7% CAGR during 2022-2030.
• The Rest of Europe held 26.0% share of Europe Type-C tanks market in 2022, amassing US$ 1.05 billion. It is projected to garner US$ 1.75 billion by 2030 to expand at 6.6% CAGR during 2022-2030.

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