Report : South & Central 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)
At 2.8% CAGR, South & Central America Type-C Tanks Market is Speculated to be Worth US$ 828.17 Million by 2030, says Business Market Insights
According to Business Market Insights' research, the South & Central America Type-C tanks market was valued at US$ 666.18 million in 2022 and is expected to reach US$ 828.17 million by 2030, registering a CAGR of 2.8% from 2022 to 2030. Rising demand for natural gas from several industries and growing demand for small-scale liquefied gas are among the critical factors attributed to the South & Central America Type-C tanks market expansion.
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. The rising consumption of liquified natural gas is projected to propel the Type-C tank market growth during the forecast period.
On the contrary, high cost of Type-C tanks hampers the growth of South & Central America Type-C tanks market.
Based on tank type, the South & Central America Type-C tanks market is segmented into cylindrical, bi-lobe, and tri-lobe. The cylindrical segment held 64.8% share of the South & Central America Type-C tanks market in 2022, amassing US$ 431.50 million. It is projected to garner US$ 511.33 million by 2030 to expand at 2.1% CAGR during 2022-2030.
In terms of application, the South & Central America Type-C tanks market is bifurcated into cargo tanks and fuel tanks. The fuel tanks segment held 53.1% share of the South & Central America Type-C tanks market in 2022, amassing US$ 353.59 million. It is estimated to garner US$ 430.28 million by 2030 to expand at 2.5% CAGR during 2022-2030.
By end user, the South & Central America Type-C tanks market is segmented into LNG, LPG, LH2, and ethanol. The LNG segment held 54.4% share of South & Central America Type-C tanks market in 2022, amassing US$ 362.16 million. It is predicted to garner US$ 439.89 million by 2030 to expand at 2.5% CAGR during 2022-2030.
Based on country, the South & Central America Type-C tanks market is categorized into Brazil, Argentina, and the Rest of South & Central America. The Rest of South & Central America held 37.9% share of South & Central America Type-C tanks market in 2022, amassing US$ 252.61 million. It is projected to garner US$ 298.14 million by 2030 to expand at 2.1% CAGR during 2022-2030.
Key players operating in the South & Central America Type-C tanks market are Linde Plc, IHI Corp, McDermott International Ltd, Furuise Europe Co SL, MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd, Transworld Equipment Corp, ISISAN AS, Wartsila Corp, and Chart Industries Inc, among others.
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