Cryogenic Tank Market worth $11.09 billion by 2029

Aug 26, 2023

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03 Jan, 2023, 08:02 ET

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LONDON, Jan. 3, 2023 /PRNewswire/ -- The Global Cryogenic Tank Market is anticipated to accumulate a valuation of USD 11.09 billion by 2029 from USD 7.27 billion in 2022, registering a CAGR of 6.21% over the assessment duration of 2022-2029.

Cryogenic tanks are predominantly used to facilitate the storage of natural gases and other industrial materials at an ideal temperature and pressure. The inner part of these tanks is made of stainless steel while the outer structure is made of carbon steel. This enables the vessel to function efficiently at extreme low temperature levels. Numerous inches of insulating materials are integrated into these tanks which limits heat transfer. These tanks can be used to store gases, food, blood samples, and tissue samples, among others.

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Global Cryogenic Tank Market Outlook (2022-2029)

The widespread industrialization, booming healthcare sector, and technological advancements in the field are primarily augmenting the outlook of this business vertical.

Further, growing R&D investments in the field, rising environmental concerns leading to the adoption of LNG as ship fuel, along with increasing efforts of manufacturers to develop advanced products in the field are creating lucrative opportunities for this industry sphere to prosper.

Moreover, elevating demand for light weight tanks, increasing healthcare expenditure, and the growing adoption of these tanks in the space sector are adding momentum to the progression of the Global Cryogenic Tank Market.

On the flipside, high capital costs pertaining to the manufacturing and installation of these tanks coupled with the growing concerns associated with cryogenic leakages are hindering the remuneration scope of this business sphere.

The emergence of the COVID-19 pandemic had a mixed impact on this industry. Most of the industrial and commercial activities were halted due to lockdown impositions. This in turn decreased the production rates of these tanks while limiting their adoption. On the other hand, there was a steep rise in the deployment of cryogenic tanks in the healthcare sector. Due to rising number of patients affected with Coronavirus, the need for liquid oxygen increased. Hence, it necessitated the adoption of efficient liquid oxygen storage mediums. Cryogenic tanks are equipped with the ability to effective store liquid oxygen at an ideal temperature level. This in turn escalated product demand in the healthcare sector.

Competitive Hierarchy

The prominent players characterizing the competitive terrain of Global Cryogenic Tank Market are VRV Srl, Air Products and Chemicals Inc., Chart Industries Inc., FIBA Technologies Inc., Air Water Inc., Cryofab Inc., INOX India Pvt. Ltd., Wessington Cryogenics, Air Liquide SA, and Linde AG.

These companies are trying to improve their market position by partaking in activities such as mergers & acquisitions, R&D investments, collaborations, and partnerships, among others. These companies are trying to improve their market position by partaking in activities such as mergers & acquisitions, R&D investments, collaborations, and partnerships, among others.

Segmental Outlook

By Raw Material:

By Cryogenic Liquid:

By Application:

By End-Use:

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Region-Wise Insights

How is Asia Pacific faring in this market?

Asia Pacific is reckoned to generate significant returns over the assessment timeline. This is attributable to the presence of prominent players, the booming food & beverage sector, escalating demand for LNG, along with widespread industrialization.

Category-Wise Outlook

Which is the most rapidly evolving raw material segment in this industry sphere?

The steel segment has emerged as one of the most rapidly evolving raw material segments in this market. This is due to the numerous beneficial characteristics possessed by steel including toughness, high strength, and ductility, among others.

Which cryogenic liquid segment is anticipated to amass notable gains over 2022-2028?

The Liquid Nitrogen segment is reckoned to gain significant returns over 2022-2028 owing to the rising adoption of this element in the food & beverage, healthcare, and metal processing applications.

Which is the leading application segment in this marketplace?

The storage segment is presently leading the market in terms of volume share. This is attributable to the rising on-site LNG storage units for industrial gases and LNG.

Which is the dominant end use segment in this business sphere?

The food & beverages segment is currently dominating the market, attributing to the escalating demand for frozen food across the globe.

Comparing the historical outlook and ongoing trends of this market

This business sphere has been amassing notable gains over the forecast duration as it is being positively influenced by various expansion propellants.

There has been an elevating demand for lightweight tanks for space applications. Rockets or other space-based vehicles require ample fuel to operate for a long duration once they are launched into space. But due to various factors, they cannot accommodate heavy containers. This had led to the advent of light weight cryogenic tanks which are made of carbon fiber reinforced plastics (CFRP) instead of aluminum alloy or steel. CFRP-based cryogenic tanks are not only lighter but are also strong enough to push gases like helium into the supply line of the space vehicle. These factors are stimulating the overall dynamics of this industry.

The surging adoption of these tanks in the food & beverage industry is another growth catalyst for the Global Cryogenic Tank Market. Various food manufacturers use carbon dioxide and liquid nitrogen to freeze edibles, maintain adequate temperature levels to store food and ensure its freshness, and to increase the shelf life of consumables. Moreover, carbon dioxide is predominantly used in the beverage industry to prevent bacterial growth in them and keep their freshness intact for a long duration. This in turn has accelerated the demand for cryogenic tanks for the effective storage of carbon dioxide and nitrogen in the food & beverages sector.

On Special Requirement Cryogenic Tank Market Report is also available for below region:

North America

Europe

Asia-Pacific

Latin America

Middle East and Africa

Major Developments

In July 2015, Chart Industries announced the acquisition of Thermax, Inc. with an aim to strengthen its distribution channel in the Global Cryogenic Tank Industry.

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