North America Type-C Tanks Market Forecast to 2030 - Regional Analysis - by Tank Type (Cylindrical, Bi-lobe, and Tri-lobe), Application (Cargo Tanks and Fuel Tanks), and End User (LNG, LPG, LH2, and Ethanol)

North America Type-C Tanks Market Forecast to 2030 - Regional Analysis - by Tank Type (Cylindrical, Bi-lobe, and Tri-lobe), Application (Cargo Tanks and Fuel Tanks), and End User (LNG, LPG, LH2, and Ethanol)

The North America Type-C tanks market was valued at US$ 4,705.98 million in 2022 and is expected to reach US$ 6,545.24 million by 2030; it is estimated to register at a CAGR of 4.2% from 2022 to 2030.

Rising Demand for Natural Gas from Several Industries Fuels North America 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. 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.

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. 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 period.

North America 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.

North America Type-C Tanks Market Revenue and Forecast to 2030 (US$ Million)

North America Type-C Tanks Market Segmentation

The North America Type-C tanks market is segmented based on tank type, application, end user, and country.

Based on tank type, the North America 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 North America 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 North America 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 North America Type-C tanks market is categorized into the US, Canada, and Mexico. The US dominated the North America Type-C tanks market in 2022.

Linde Plc, IHI Corp, McDermott International Ltd, China Intonational Marine Containers (Group) Co Ltd, Corban Energy Group Corp, INOX India Pvt Ltd, China Shipbuilding Trading Co Ltd, MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd, Broadview Energy Solutions BV, Cryonorm BV, Transworld Equipment Corp, ISISAN AS, Wartsila Corp, Chart Industries Inc, Gloryholder Liquefied Gas Machinery Co Ltd, TaylorWharton America Inc, and TransTech Energy LLC are some of the leading companies operating in the North America Type-C tanks market.

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