Cryogenic Tanks Market

Cryogenic Tanks Market Size (2023-2028):

The cryogenic tanks market was assessed to expand from USD 8.2 billion in 2022 to reach USD 10.3 billion by 2028, at a yearly expansion rate of 7.10% during the outlook period.

The increasing demand for liquefied natural gas (LNG) across the globe coupled with improving healthcare services in 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 tank market is restrained by factors like concerns regarding cryogenic leakages and high capital costs.

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 the 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 which 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 the 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.

CRYOGENIC TANKS MARKET REPORT COVERAGE:

Cryogenic Tanks Market is segmented as per the latest research report until 2028.

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 a substantial portion of 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 tank 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:

• Noth America 

• Europe 

• Asia Pacific

• Latin America 

• Middle east and Africa

Asia Pacific (APAC) is the fastest-growing market, in terms of production and demand in the 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.