Cryogenic Tanks Market

Global Cryogenic Tanks Market Size (2024 to 2029)

The global Cryogenic Tanks is predicted to grow at a CAGR of 7.1% from 2024 to 2029 and the market size is expected to be valued at USD 13.26 billion by 2029 from USD 9.41 billion in 2024.

MARKET OVERVIEW

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 increasing demand for liquefied natural gas (LNG) across the globe, coupled with improving healthcare services in developing economies, is driving this business. 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.

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.

Market Challenges

On the other hand, challenges for the growth of 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.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Cryogenic Tanks Market By End-User

By end-user 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.

Global Cryogenic Tanks Market By Cryogenic Liquid

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).

Global Cryogenic Tanks Market By Application

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.

REGIONAL ANALYSIS

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, easy 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 IN THE GLOBAL CRYOGENIC TANKS MARKET

Air Liquide, Air Products, Air Water, Chart IndustriesCryofeb, FIBA Technologies, INOX, Linde Plc, Suretank , Wessington Cryogenics,  Auguste Cryogenics, Beijing Tianhai, GTS Group, Cryolor, are some of the notable companies in the global Cryogenic Tanks Market.

DETAILED SEGMENTATION OF THE GLOBAL CRYOGENIC TANKS MARKET INCLUDED IN THIS REPORT

This research report on the global cryogenic tanks market has been segmented and sub-segmented based on end-user, cryogenic liquid, application, and region.

By End-User

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

Cryogenic Liquid

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

By Application

• Storage
• Transportation

By Region

• North America 
• Europe 
• Asia Pacific
• Latin America 
• Middle East and Africa