North America Type-C Tanks Market

Historic Data: 2020-2021   |   Base Year: 2022   |   Forecast Period: 2023-2030

Analysis - by Tank Type (Cylindrical, Bi-lobe, and Tri-lobe), Application (Cargo Tanks and Fuel Tanks), and End User (LNG, LPG, LH2, and Ethanol)

No. of Pages: 122    |    Report Code: BMIRE00030624    |    Category: Manufacturing and Construction

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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)

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North America Type-C Tanks Strategic Insights

Strategic insights for the North America Type-C Tanks provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.

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North America Type-C Tanks Report Scope

Report Attribute Details
Market size in 2022 US$ 4,705.98 Million
Market Size by 2030 US$ 6,545.24 Million
Global CAGR (2022 - 2030) 4.2%
Historical Data 2020-2021
Forecast period 2023-2030
Segments Covered By Tank Type
  • Cylindrical
  • Bi-lobe
  • Tri-lobe
By Application
  • Cargo Tanks and Fuel Tanks
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Market leaders and key company profiles
  • 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
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    North America Type-C Tanks Regional Insights

    The geographic scope of the North America Type-C Tanks refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.

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    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.

    Identical Market Reports with other Region/Countries

    The List of Companies - North America Type-C Tanks Market

    1. Linde Plc

    2. IHI Corp

    3. McDermott International Ltd

    4. China Intonational Marine Containers (Group) Co Ltd

    5. Corban Energy Group Corp

    6. INOX India Pvt Ltd

    7. China Shipbuilding Trading Co Ltd

    8. MAN Energy Solutions SE

    9. Mitsubishi Heavy Industries Ltd

    10. Broadview Energy Solutions BV

    11. Cryonorm BV

    12. Transworld Equipment Corp

    13. ISISAN AS

    14. Wartsila Corp

    15. Chart Industries Inc

    16. Gloryholder Liquefied Gas Machinery Co Ltd

    17. TaylorWharton America Inc

    18. TransTech Energy LLC

    Frequently Asked Questions
    How big is the North America Type-C Tanks Market?

    The North America Type-C Tanks Market is valued at US$ 4,705.98 Million in 2022, it is projected to reach US$ 6,545.24 Million by 2030.

    What is the CAGR for North America Type-C Tanks Market by (2022 - 2030)?

    As per our report North America Type-C Tanks Market, the market size is valued at US$ 4,705.98 Million in 2022, projecting it to reach US$ 6,545.24 Million by 2030. This translates to a CAGR of approximately 4.2% during the forecast period.

    What segments are covered in this report?

    The North America Type-C Tanks Market report typically cover these key segments-

  • Tank Type (Cylindrical, Bi-lobe, Tri-lobe)
  • Application (Cargo Tanks and Fuel Tanks)

    • What is the historic period, base year, and forecast period taken for North America Type-C Tanks Market?

    The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Type-C Tanks Market report:

  • Historic Period : 2020-2021
  • Base Year : 2022
  • Forecast Period : 2023-2030
    • Who are the major players in North America Type-C Tanks Market?

    The North America Type-C Tanks Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:

  • 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
  • TransTech Energy LLC
    • Who should buy this report?

    The North America Type-C Tanks Market report is valuable for diverse stakeholders, including:

    • Investors: Provides insights for investment decisions pertaining to market growth, companies, or industry insights. Helps assess market attractiveness and potential returns.
    • Industry Players: Offers competitive intelligence, market sizing, and trend analysis to inform strategic planning, product development, and sales strategies.
    • Suppliers and Manufacturers: Helps understand market demand for components, materials, and services related to concerned industry.
    • Researchers and Consultants: Provides data and analysis for academic research, consulting projects, and market studies.
    • Financial Institutions: Helps assess risks and opportunities associated with financing or investing in the concerned market.

    Essentially, anyone involved in or considering involvement in the North America Type-C Tanks Market value chain can benefit from the information contained in a comprehensive market report.

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