Summary

The Middle East & Africa Type-C tanks market was valued at US$ 1,966.47 million in 2022 and is expected to reach US$ 2,778.39 million by 2030; it is estimated to register at a CAGR of 4.4% from 2022 to 2030.

Growing Application of Liquified Natural Gas as a Marine Fuel Bolsters Middle East & Africa Type-C Tanks Market

Liquified Natural Gas (LNG) is a potential alternative marine fuel as it is less expensive than diesel and is also environmentally friendly. The cruise and shipping industries are highly accepting LNG as a marine fuel as natural gas burns more cleanly, requires less maintenance, and helps engines to operate better and longer. The increasing demand for energy is also boosting the need for liquefied gas carriers, barges, or bunkers. These include liquefied petroleum gas (LPG), liquefied ethane gas (LEG), and liquefied natural gas (LNG) vessels. As mentioned in the international code for the construction and equipment of ships carrying liquefied gases in bulk and the international code of safety for ships using gases or other low-flashpoint fuels, there are various categories of cargo containment systems, including independent type tanks Type A, Type B, and Type-C and membrane type systems. Type-C cargo tanks are also known as "pressure vessels." They are primarily designed and developed to meet the requirements of identified pressure vessel standards such as The American Society of Mechanical Engineers, Boiler and Pressure Vessel Code (ASME BPVC), which are supplemented by additional class society requirements and statutory regulations.

The adoption of the "Initial International Maritime Organization (IMO) Strategy on Reduction of Greenhouse Gas (GHG) Emissions from Ships" by IMO Resolution MEPC.304(72) in April 2018 shows IMO's commitment to support the Paris Agreement. The IMO strategy incorporates initial targets to lower the average carbon dioxide (CO2) emissions (as compared to 2008 levels) in the transportation sector by at least ~40% by 2030 and ~70% by 2050. LNG as a fuel is one of the viable alternatives to support IMO's 2030 CO2 reduction targets. The growing advent of LNG as a marine fuel boosts the usage of Type-C tanks in vessels, thereby driving the market.

Middle East & Africa Type-C tanks Market Overview

According to IEA, the Middle East & Africa generates ~95% of its electricity from oil and gas. More than 290 billion cubic meters of gas, or more than one-third of the region's gas production, and 1.75 million barrels of oil per day are consumed by thermal plants in the region. The oil and gas producer economies of the Middle East & Africa rely heavily on fossil fuels, which raises the carbon intensity of their electricity generation by approximately a fifth compared to the global average. As a result, this region is expected to offer promising opportunities for opting for CCUS-EOR projects to achieve carbon neutrality. In May 2023, the Abu Dhabi National Oil Company (ADNOC) granted three contracts totaling US$ 4 billion to reduce carbon emissions and reach a production capacity of 5 million barrels per day by 2030. The contracts can cover ADNOC's onshore and offshore operations for five years with a two-year extension option. Thus, the growing adoption of carbon-neutral oil and gas production is expected to offer lucrative growth opportunities to the type-C tank market during the forecast period.

Middle East & Africa Type-C Tanks Market Revenue and Forecast to 2030 (US$ Million)

Middle East & Africa Type-C Tanks Market Segmentation

The Middle East & Africa Type-C tanks market is segmented based on tank type, application, end user, and country.

Based on tank type, the Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa 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 Middle East & Africa Type-C tanks market is categorized into South Africa, Saudi Arabia, UAE, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa Type-C tanks market in 2022.

CRYOCAN Co, Linde Plc, IHI Corp, McDermott International Ltd, China Intonational Marine Containers (Group) Co Ltd, Furuise Europe Co SL, China Shipbuilding Trading Co Ltd, MAN Energy Solutions SE, Mitsubishi Heavy Industries Ltd, Broadview Energy Solutions BV, Transworld Equipment Corp, ISISAN AS, Wartsila Corp, Gloryholder Liquefied Gas Machinery Co Ltd, and TaylorWharton America Inc are some of the leading companies operating in the Middle East & Africa Type-C tanks market.

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Table of Contents

TABLE OF CONTENTS

1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Middle East & Africa Type-C Tanks Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 Raw Material Suppliers:
4.2.2 Type-C Tank Manufacturers:
4.2.3 End-users:
4.2.4 List of Type-C Tank Providers
5. Middle East & Africa Type-C Tanks Market - Key Market Dynamics
5.1 Middle East & Africa Type-C Tanks Market - Key Market Dynamics
5.2 Market Drivers
5.2.1 Growing Application of Liquified Natural Gas as a Marine Fuel
5.2.2 Structural Efficiency to Support Pressure Vessel Requirement
5.3 Market Restraints
5.3.1 High Cost of Type-C Tanks
5.4 Market Opportunities
5.4.1 Increasing Focus on Clean Energy
5.4.2 Growing Demand for Small-Scale Liquefied Gas
5.5 Future Trends
5.5.1 Rising Demand for Natural Gas from Several Industries
5.6 Impact of Drivers and Restraints:
6. Type-C Tanks Market - Middle East & Africa Market Analysis
6.1 Middle East & Africa Type-C Tanks Market Revenue (US$ Million), 2022-2030
6.2 Middle East & Africa Type-C Tanks Market Forecast Analysis
7. Middle East & Africa Type-C Tanks Market Analysis - by Tank Type
7.1 Cylindrical
7.1.1 Overview
7.1.2 Cylindrical: Middle East & Africa Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
7.2 Bi-lobe
7.2.1 Overview
7.2.2 Bi-lobe: Middle East & Africa Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
7.3 Tri-lobe
7.3.1 Overview
7.3.2 Tri-lobe: Middle East & Africa Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
8. Middle East & Africa Type-C Tanks Market Analysis - by Application
8.1 Cargo Tanks
8.1.1 Overview
8.1.2 Cargo Tanks: Middle East & Africa Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
8.2 Fuel Tanks
8.2.1 Overview
8.2.2 Fuel Tanks: Middle East & Africa Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
9. Middle East & Africa Type-C Tanks Market Analysis - by End User
9.1 LNG
9.1.1 Overview
9.1.2 LNG: Middle East & Africa Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
9.2 LPG
9.2.1 Overview
9.2.2 LPG: Middle East & Africa Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
9.3 LH2
9.3.1 Overview
9.3.2 LH2: Middle East & Africa Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
9.4 Ethanol
9.4.1 Overview
9.4.2 Ethanol: Middle East & Africa Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
10. Middle East & Africa Type-C Tanks Market -Country Analysis
10.1 Middle East & Africa
10.1.1 Middle East & Africa: Type-C Tanks Market - Revenue and Forecast Analysis - by Country
10.1.1.1 Middle East & Africa: Type-C Tanks Market - Revenue and Forecast Analysis - by Country
10.1.1.2 Saudi Arabia: Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
10.1.1.2.1 Saudi Arabia: Type-C Tanks Market Breakdown, by Tank Type
10.1.1.2.2 Saudi Arabia: Type-C Tanks Market Breakdown, by Application
10.1.1.2.3 Saudi Arabia: Type-C Tanks Market Breakdown, by End User
10.1.1.3 United Arab Emirates: Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
10.1.1.3.1 United Arab Emirates: Type-C Tanks Market Breakdown, by Tank Type
10.1.1.3.2 United Arab Emirates: Type-C Tanks Market Breakdown, by Application
10.1.1.3.3 United Arab Emirates: Type-C Tanks Market Breakdown, by End User
10.1.1.4 South Africa: Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
10.1.1.4.1 South Africa: Type-C Tanks Market Breakdown, by Tank Type
10.1.1.4.2 South Africa: Type-C Tanks Market Breakdown, by Application
10.1.1.4.3 South Africa: Type-C Tanks Market Breakdown, by End User
10.1.1.5 Rest of Middle East & Africa: Type-C Tanks Market - Revenue and Forecast to 2030 (US$ Million)
10.1.1.5.1 Rest of Middle East & Africa: Type-C Tanks Market Breakdown, by Tank Type
10.1.1.5.2 Rest of Middle East & Africa: Type-C Tanks Market Breakdown, by Application
10.1.1.5.3 Rest of Middle East & Africa: Type-C Tanks Market Breakdown, by End User
11. Competitive Landscape
11.1 Heat Map Analysis
11.2 Company Positioning & Concentration
12. Industry Landscape
12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions
13. Company Profiles
13.1 CRYOCAN Co
13.1.1 Key Facts
13.1.2 Business Description
13.1.3 Products and Services
13.1.4 Financial Overview
13.1.5 SWOT Analysis
13.1.6 Key Developments
13.2 Linde Plc
13.2.1 Key Facts
13.2.2 Business Description
13.2.3 Products and Services
13.2.4 Financial Overview
13.2.5 SWOT Analysis
13.2.6 Key Developments
13.3 IHI Corp
13.3.1 Key Facts
13.3.2 Business Description
13.3.3 Products and Services
13.3.4 Financial Overview
13.3.5 SWOT Analysis
13.3.6 Key Developments
13.4 McDermott International Ltd
13.4.1 Key Facts
13.4.2 Business Description
13.4.3 Products and Services
13.4.4 SWOT Analysis
13.4.5 Key Developments
13.5 China International Marine Containers (Group) Co Ltd
13.5.1 Key Facts
13.5.2 Business Description
13.5.3 Products and Services
13.5.4 Financial Overview
13.5.5 SWOT Analysis
13.5.6 Key Developments
13.6 Furuise Europe Co SL
13.6.1 Key Facts
13.6.2 Business Description
13.6.3 Products and Services
13.6.4 Financial Overview
13.6.5 SWOT Analysis
13.6.6 Key Developments
13.7 China Shipbuilding Trading Co Ltd
13.7.1 Key Facts
13.7.2 Business Description
13.7.3 Products and Services
13.7.4 Financial Overview
13.7.5 SWOT Analysis
13.7.6 Key Developments
13.8 MAN Energy Solutions SE
13.8.1 Key Facts
13.8.2 Business Description
13.8.3 Products and Services
13.8.4 Financial Overview
13.8.5 SWOT Analysis
13.8.6 Key Developments
13.9 Mitsubishi Heavy Industries Ltd
13.9.1 Key Facts
13.9.2 Business Description
13.9.3 Products and Services
13.9.4 Financial Overview
13.9.5 SWOT Analysis
13.9.6 Key Developments
13.10 Broadview Energy Solutions BV
13.10.1 Key Facts
13.10.2 Business Description
13.10.3 Products and Services
13.10.4 Financial Overview
13.10.5 SWOT Analysis
13.10.6 Key Developments
13.11 Transworld Equipment Corp
13.11.1 Key Facts
13.11.2 Business Description
13.11.3 Products and Services
13.11.4 Financial Overview
13.11.5 SWOT Analysis
13.11.6 Key Developments
13.12 ISISAN AS
13.12.1 Key Facts
13.12.2 Business Description
13.12.3 Products and Services
13.12.4 Financial Overview
13.12.5 SWOT Analysis
13.12.6 Key Developments
13.13 Wartsila Corp
13.13.1 Key Facts
13.13.2 Business Description
13.13.3 Products and Services
13.13.4 Financial Overview
13.13.5 SWOT Analysis
13.13.6 Key Developments
13.14 Gloryholder Liquefied Gas Machinery Co Ltd
13.14.1 Key Facts
13.14.2 Business Description
13.14.3 Products and Services
13.14.4 Financial Overview
13.14.5 SWOT Analysis
13.14.6 Key Developments
13.15 Taylor Wharton America Inc
13.15.1 Key Facts
13.15.2 Business Description
13.15.3 Products and Services
13.15.4 Financial Overview
13.15.5 SWOT Analysis
13.15.6 Key Developments
14. Appendix
14.1 About The Insight Partners