Liquid Carbon Dioxide Storage Tanks Market size is estimated to be USD 1.2 Billion in 2024 and is expected to reach USD 2.5 Billion by 2033 at a CAGR of 9.2% from 2026 to 2033.
The Liquid Carbon Dioxide (LCO2) Storage Tanks Market in South Korea is experiencing significant growth, driven by advancements in technology and increasing demand across various industries. In June 2023, Korean Register (KR) awarded Approval in Principle (AIP) for a 40,000 m³ LCO2 carrier developed by Samsung Heavy Industries (SHI) in collaboration with KR. This approval highlights South Korea's commitment to enhancing its LCO2 storage capabilities. citeturn0search0
The primary industries driving the demand for LCO2 storage tanks in South Korea include:
Food and Beverages: LCO2 is widely used in the food industry as an additive for expanded biscuits and soft drink manufacturing. It effectively extends the shelf life of food while maintaining its stability. citeturn0search5
Oil and Gas: In oil fields, CO2 is used for enhanced oil recovery by expelling oil from rock pores, increasing production in offshore and onshore fields. Its low cost and ease of use make it a preferred choice for many oil companies. citeturn0search5
Metal Production: During gas-shielded welding, CO2 serves as a shielding gas to prevent oxidation and contamination. This application improves welding quality and efficiency, making it essential in steel production and shipbuilding. citeturn0search5
Pharmaceuticals: CO2 is utilized in various pharmaceutical applications, including the extraction of active ingredients and as a solvent in drug manufacturing, owing to its efficacy and safety profile.
Fire Suppression: LCO2 storage tanks are integral to fire suppression systems, providing an effective medium for extinguishing fires, especially in environments where water-based systems are impractical.
To meet the growing demand, South Korean manufacturers are investing in larger and more efficient storage solutions. Sejin Heavy Industries, for instance, unveiled designs for the world’s largest LCO2 storage tanks, each with a capacity of 22,000 m³. These tanks are being constructed for Capital Maritime, reflecting the industry's trend towards larger capacities to optimize storage and transportation. citeturn0search1
In July 2023, HD Korea Shipbuilding & Offshore Engineering secured an order to build the world's largest LCO2 carriers, each with a capacity of 22,000 m³. These vessels are designed to transport various liquefied gases, including LPG and ammonia, showcasing the versatility and advanced engineering of South Korean LCO2 storage solutions. citeturn0search7
The South Korean government is also actively exploring undersea storage sites for CO2, aiming to reduce greenhouse gas emissions. Korea National Oil Corp. plans to identify three sites for carbon capture and storage facilities, targeting a reduction of 4.8 million tons of CO2 emissions annually by 2030. citeturn0search6
These developments underscore South Korea's leadership in the LCO2 storage market, driven by technological innovation and a strong commitment to meeting the diverse needs of various industries. The country's advancements in storage tank design and capacity are setting new standards for efficiency and safety in LCO2 storage and transportation.
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Universal Boschi
Cryofab
Linde Engineering
Chart Industries
Universal Air Gases
Inc
Taylor-worton
Cryofab
Wessington Cryogenics
FIBA Technologies
BNH Gas Tanks
Universal Boschi
LUXI NEW ENERGY EQUIPMENT GROUP
ERGIL
ING. L. & A. Boschi Italy
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the South Korea Liquid Carbon Dioxide Storage Tanks Market
Stainless Steel
Carbon Steel
Composite Materials
Vertical Storage Tanks
Horizontal Storage Tanks
Cryogenic Storage Tanks
Food and Beverage
Medical
Industrial
Oil and Gas
Metallurgical
Small Capacity (< 50 Tons)
Medium Capacity (50 - 200 Tons)
Large Capacity (> 200 Tons)
Conventional Storage Systems
Advanced Modular Storage Systems
Integrated CO2 Recovery and Storage Systems
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
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1. Introduction of the South Korea Liquid Carbon Dioxide Storage Tanks Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. South Korea Liquid Carbon Dioxide Storage Tanks Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. South Korea Liquid Carbon Dioxide Storage Tanks Market, By Type
6. South Korea Liquid Carbon Dioxide Storage Tanks Market, By Application
7. South Korea Liquid Carbon Dioxide Storage Tanks Market, By Geography
Asia-Pacific
China
Japan
Korea
India
Australia
Indonesia
Thailand
Philippines
Malaysia and Vietnam
8. South Korea Liquid Carbon Dioxide Storage Tanks Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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