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Pulished Date April, 2021
ID: 9823
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Cryogenic Tanks Market By Cryogenic Liquid (Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen), Application (Storage and Transportation), End-use (Metal Processing, Energy Generation, Electronics, Medical Technology, Food & Beverage, Water Treatment) & Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) – 2021 to 2026

Pulished: April, 2021
ID: 9823
Pages: 180

Cryogenic Tanks Market Size, Share & Trends (2021 - 2026)

The size of Cryogenic Tanks Market was assessed to expand from USD 8.2 billion in 2021 to reach USD 10.3 billion by 2026, at a yearly expansion rate of 7.5% during the outlook period.

The increasing demand for liquefied natural gas (LNG) across the globe coupled with improving healthcare services in the developing economies is driving this business.The growth in the global cryogenic tanks market is mainly credited to the surge in the call for low-temperature operations in several verticals like metal processing, food technology, healthcare, and so on. The cryogenic tanks are specially designed for usage in heat contained in the vessel from the liquid. The growing healthcare industry across the world along with high research & development spending in the pharmaceutical industry is estimated to further fuel the market growth over the calculated period. The cryogenic tanks market is restrained by factors like concerns regarding cryogenic leakages and high capital costs.

Recent Developments 

In September 2019, Air Products formed a commercial enterprise undertaken jointly by two or more parties with Debang Group Industry Co., Ltd to start the New Syngas Project as a part of Advances Gasification Growth Strategy. This gasification growth strategy is a new project in the Xuwei National Petroleum Park, which is a major national oil and gas corporation of China and one of the largest integrated energy groups in the world.

Cryogenic Tanks Market Drivers 

With the increased usage of storage tanks to store and transport industrial gases, there is a significant demand in this market. Cryogenic industrial gases are usually spread over a large area and play a crucial role in uninterrupted supply and transportation of products like medicines, foods & beverages, chemicals, and industrial gases. The factor driving the cryogenic storage tanks market is the food & beverage industry that has been witnessing an increase in the usage of liquid nitrogen for the storage and transportation of various foods and beverages, including frozen items. Pharmaceutical labs and chemical plants are estimated during the forecast period to register significant growth in the global cryogenic storage tanks market. The greater demand for cryogenic storage tanks by ever-increasing demand for natural gas all over the world, especially in countries like Japan, China, and India, is foreseen to fuel the demand for Liquefied Natural Gas.

Challenges in the Cryogenic Tanks Market

On the other hand, challenges for the growth of the cryogenic tanks are inflation and the increasing cost of raw materials required for the construction of cryogenic tanks. Besides, the high expenses associated with their maintenance and operations are also impeding the rapid business expansion. Despite these hurdles, the cryogenic tanks market is predicted to register significant growth in this market in the future.




Market Size Available

2020 – 2025

Base Year


Forecast Period

2021 - 2026



Segments Covered

By Product, Type, Consumption, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa

Market Leaders Profiled


Cryogenic Tanks Market

Cryogenic Tanks Market is segmented as per the latest research report until 2026.

Cryogenic Tanks Market - By End-use

  • Metal Processing
  • Energy Generation
  • Electronics
  • Medical Technology
  • Food & Beverage
  • Water Treatment
  • Others

By end-use industry, metal processing accounted for the substantial portion in the global cryogenic tanks market in 2018, which is foreseen to continue its reign in the coming days. Cryogenic tanks are increasingly being used in the metal processing industry, especially in the steel industry. Extremely large quantities of nitrogen (N2) and other industrial gases are used in the steel manufacturing process.

Cryogenic Tanks Market - By Cryogenic Liquid

  • Liquid Nitrogen
  • Liquefied Natural Gas (LNG)
  • Liquid Hydrogen
  • Liquid Oxygen
  • Others

The liquid nitrogen (LN2) segment is used in the metal processing, food & beverage, electronics, and healthcare industries. The steel manufacturing industry is one of the important major consumers of nitrogen (N2).

Cryogenic Tanks Market - By Application

  • Storage
  • Transportation

By application, storage is estimated during the forecast period to dominate the global cryogenic tanks market. Cryogenic tanks are mainly used for short- and long-term stock of industrial gases along with liquefied natural gas.

Cryogenic Tanks Market - By Region

  • Europe

  • North America

  • APAC

  • Middle East & Africa

  • South America

Asia Pacific (APAC) is the fastest-growing market, in terms of production and demand in Cryogenic Tanks Market owing to the higher domestic demand, easily availability of raw materials, and low-cost labor in this area. Asia Pacific (APAC) has become the most preferred destination for the manufacturers of the cryogenic tanks market. The market in some regions like India, China, and Australia is estimated during the outlook period to witness significant growth. The market is also driven by demand from the energy & power sector. The Asia Pacific is becoming apparent or prominent as a leading consumer of the cryogenic tanks market because of the increasing demand from the domestic as well as international markets.

Key Players Profiled in the Cryogenic Tanks Market are

  1. Air Liquide

  2. Air Products

  3. Air Water

  4. Chart Industries

  5. Cryofeb

  6. FIBA Technologies

  7. INOX

  8. Linde Plc

  9. Suretank

  10. Wessington Cryogenics

  11. Auguste Cryogenics

  12. Beijing Tianhai

  13. GTS Group

  14. Cryolor

Covid-19 Effects on Cryogenic Tanks Market

The COVID-19 pandemic has become a worldwide pandemic affecting more than two hundred nations. The business is mainly affected in developed economies across the world like North America & Europe where many manufacturing industries are located. The lockdown enforcement in many countries is afterward forced industries to halt their operations as a preventive measure. The effect of the pandemic is estimated during the forecast period to last up to a few months, thereby affecting the overall production & installation of cryogenic tanks.

1. Introduction                             

              1.1 Market Definition                  

              1.2 Scope of the report               

              1.3 Study Assumptions               

              1.4 Base Currency, Base Year and Forecast Periods                        

2. Research Methodology                                       

              2.1 Analysis Design                      

              2.2 Research Phases                    

                             2.2.1 Secondary Research          

                             2.2.2 Primary Research 

                             2.2.3 Data Modelling     

                             2.2.4 Expert Validation 

              2.3 Study Timeline                       

3. Report Overview                                    

              3.1 Executive Summary               

              3.2 Key Inferencees                     

4. Market Dynamics                                   

              4.1 Impact Analysis                      

                             4.1.1 Drivers     

                             4.1.2 Restaints 

                             4.1.3 Opportunities       

              4.2 Regulatory Environment                     

              4.3 Technology Timeline & Recent Trends                         

5. Competitor Benchmarking Analysis                                

              5.1 Key Player Benchmarking                   

                             5.1.1 Market share analysis       

                             5.1.2 Products/Service  

                             5.1.3 Regional Presence

              5.2 Mergers & Acquistion Landscape                    

              5.3 Joint Ventures & Collaborations                     

6. Market Segmentation                                          

              6.1 Cryogenic Tanks Market, By Cryogenic Liquid                           

                             6.1.1 Liquid Nitrogen     

                             6.1.2 Liquefied Natural Gas (LNG)           

                             6.1.3 Liquid Hydrogen   

                             6.1.4 Liquid Oxygen       

                             6.1.5 Market Size Estimations & Forecasts (2019-2024)  

                             6.1.6 Y-o-Y Growth Rate Analysis            

                             6.1.7 Market Attractiveness Index          

              6.2 Cryogenic Tanks Market, By Application                      

                             6.2.1 Storage    

                             6.2.2 Transportation     

                             6.2.3 Market Size Estimations & Forecasts (2019-2024)  

                             6.2.4 Y-o-Y Growth Rate Analysis            

                             6.2.5 Market Attractiveness Index          

              6.3 Cryogenic Tanks Market, By End-Use Industry                          

                             6.3.1 Metal Processing 

                             6.3.2 Energy Generation             

                             6.3.3 Electronics             

                             6.3.4 Medical Technology           

                             6.3.5 Food & Beverage 

                             6.3.6 Water Treatment 

                             6.3.7 Market Size Estimations & Forecasts (2019-2024)  

                             6.3.8 Y-o-Y Growth Rate Analysis            

                             6.3.9 Market Attractiveness Index          

7. Geographical Landscape                                     

              7.1 Global Identity Governance and Administration Market, by Region               

              7.2 North America - Market Analysis (2018 - 2024)                         

                             7.2.1 By Country            



                             7.2.2 By Cryogenic Liquid            

                             7.2.3 By Application      

                             7.2.4 By End-Use Industry          

              7.3 Europe                      

                             7.3.1 By Country            






                                  Rest of Europe

                             7.3.2 By Cryogenic Liquid            

                             7.3.3 By Application      

                             7.3.4 By End-Use Industry          

              7.4 Asia Pacific                

                             7.4.1 By Country            




                                  South Korea

                                  South East Asia

                                  Australia & NZ

                                  Rest of Asia-Pacific

                             7.4.2 By Cryogenic Liquid            

                             7.4.3 By Application      

                             7.4.4 By End-Use Industry          

              7.5 Latin America                         

                             7.5.1 By Country            




                                  Rest of Latin America

                             7.5.2 By Cryogenic Liquid            

                             7.5.3 By Application      

                             7.5.4 By End-Use Industry          

              7.6 Middle East and Africa                        

                             7.6.1 By Country            

                                  Middle East


                             7.6.2 By Cryogenic Liquid            

                             7.6.3 By Application      

                             7.6.4 By End-Use Industry          

8. Key Player Analysis                                

              8.1 Air Liquide                

                             8.1.1 Business Description         

                             8.1.2 Products/Service  

                             8.1.3 Financials

                             8.1.4 SWOT Analysis     

                             8.1.5 Recent Developments       

                             8.1.6 Analyst Overview 

              8.2 Air Products              

              8.3 Air Water                  

              8.4 Chart Industries                     

              8.5 Cryofeb                      

              8.6 FIBA Technologies                 

              8.7 INOX                          

              8.8 Linde Plc                    

              8.9 Suretank                    

              8.10 Wessington Cryogenics                     

9. Market Outlook & Investment Opportunities                              


              List of Tables                   

              List of Figures   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • The segment-level analysis in terms of By liquid, the application along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global Cryogenic Tanks Market By Region, From 2021-2026( USD Billion )

  2. Global Cryogenic Tanks Market By Cryogenic Liquid, From 2021-2026( USD Billion )

  3. Global Liquid Nitrogen Market By Region, From 2021-2026( USD Billion )

  4. Global Liquefied Natural Gas (LNG) Market By Region, From 2021-2026( USD Billion )

  5. Global Liquid Hydrogen Market By Region, From 2021-2026( USD Billion )

  6. Global Liquid Oxygen Market By Region, From 2021-2026( USD Billion )

  7. Global Cryogenic Tanks Market By Application, From 2021-2026( USD Billion )

  8. Global Storage Market By Region, From 2021-2026( USD Billion )

  9. Global Transportation Market By Region, From 2021-2026( USD Billion )

  10. Global Cryogenic Tanks Market By End-Use Industry, From 2021-2026( USD Billion )

  11. Global Metal Processing Market By Region, From 2021-2026( USD Billion )

  12. Global Energy Generation Market By Region, From 2021-2026( USD Billion )

  13. Global Electronics Market By Region, From 2021-2026( USD Billion )

  14. Global Medical Technology Market By Region, From 2021-2026( USD Billion )

  15. Global Food & Beverage Market By Region, From 2021-2026( USD Billion )

  16. Global Water Treatment Market By Region, From 2021-2026( USD Billion )

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