Cryogenic Tanks Market Analysis | 2023-2028

Market Insights

"The global cryogenic tanks market size was estimated at USD 7.55 billion in 2022 and is likely to grow at a CAGR of 5.33% during 2023-2028 to reach USD 10.35 billion by 2028."

Want to know more about the market scope? Register Here

Cryogenic Tanks are the tanks used to store gases in its liquid form. These tanks are similar to ‘Thermos’ bottles, not allowing heat to reach the gas stored in the tank. Cryogenic tanks are used to store and transport gases such as liquid nitrogen, liquid oxygen, and liquid argon.

Market Dynamics

Market Drivers

The increasing demand for LNG, liquid oxygen, liquid nitrogen in various end-use industries, including food and beverage, pharmaceuticals, and petrochemicals, is likely to drive the market for cryogenic tanks during the forecast period.

Key Players

The following are the key players in the cryogenic tanks market (arranged alphabetically).

• Air Products and Chemicals, Inc
• Air Water Inc
• Chart Industries Inc
• Cryofab, Inc
• Cryolor
• FIBA Technologies, Inc
• INOX India Pvt. Ltd.
• ISISAN A.S
• Linde Plc
• Wessington Cryogenics.

Note: The above list does not necessarily include all the top players in the market.

Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

Segment Analysis

Raw Material Trends

"The steel segment accounted for the largest market share."

The market is segmented as steel made cryogenic tanks, nickel alloy made cryogenic tanks, aluminum alloy made cryogenic tanks, and others. Steel made cryogenic tanks governed the market in 2022, and are expected to remain dominant during the forecast period. Various properties of steel including its ductile nature, high strength and toughness are likely to drive the market for steel made cryogenic tanks market during the forecast period.

Cryogenic Liquid Trends

"The liquid nitrogen segment accounted for the largest market share."

The cryogenic tanks market is segmented as LNG, liquid nitrogen, liquid oxygen, liquid hydrogen, and others. Liquid nitrogen dominated the market in 2022 with a market share of more than 25%, and is also expected to remain the largest and fastest-growing segment during the forecast period. The major factor contributing towards the growth of the liquid nitrogen cryogenic gas market is the high use of this gas in various industries including metal processing, food & beverage, electronics, and healthcare industries.

Application Trends

"The storage segment accounted for the largest market share."

The cryogenic tanks market is segmented as storage and transportation. Storage is expected to govern the cryogenic tanks market by application type during the forecast period, with a share more than 70% in 2022, due to the storage of large volume of industrial gases in cryogenic tanks.

End-Use Industry Trends

"The metal processing segment accounted for the largest market share."

The market is segmented as metal processing, energy generation, electronics, medical technology, food & beverage, water treatment, and others. Metal processing industry held the largest share of the market in 2022, and is expected to remain the largest and fastest-growing segment during the forecast period, driven by the increasing use of cryogenic tanks in steel industry. Nitrogen, oxygen, hydrogen are the commonly used gases in the industry. These gases are stored and transported through cryogenic tanks.

Regional Insights

"Asia-Pacific accounted for the largest market share."

Asia-Pacific is estimated to be the largest as well as fastest-growing market, with a share more than 25% in 2022, for cryogenic tanks during the forecast period. China, India, and Australia being the major countries with promising growth opportunities. The growth of the market is driven by the high demand for cryogenic tanks in the energy & power sector. Easily availability of raw materials and low labor costs make Asia-Pacific a suitable location for the manufacturing of cryogenic tanks.

Know the high-growth countries in this report. Register Here.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

The cryogenic tanks market is segmented into the following categories:

By Raw Material Type:

• Steel
• Nickel Alloy
• Aluminum Alloy
• Others

By Cryogenic Liquid Type:

• LNG
• Liquid Nitrogen
• Liquid Oxygen
• Liquid Hydrogen
• Others

By Application Type:

• Storage
• Transportation

By End-Use Industry Type:

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

By Region:

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

Want to get a free sample? Register Here

Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s cryogenic tanks market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Option

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.