• Blog
  • Cryogenic Tanks Market Growth Analysis | 2023-2028

    Cryogenic Tanks Market Growth Analysis | 2023-2028

    Cryogenic Tanks Market Growth Analysis | 2023-2028
    Report code - SRCE147 Delivery - 2 Weeks
    Cryogenic Tanks Market Size, Share, Trends, Dynamics, Forecast, Industry, & Growth Ana See more...

    Market Insights

    The cryogenic tanks market 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.

    Cryogenic-Tanks-Market-Insights

    Want to know more about the market scope? Register Here

    What are cryogenic tanks?

    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.

    Cryogenic Tanks Market Highlights

    Market Size in 2028

    USD 10.35 Billion

    Market Size in 2022

    USD 7.55 Billion

    Market Growth (2023-2028)

    CAGR of 5.33%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    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.

    Cryogenic-Tanks-Market-Dynamics

    Want to have a closer look at this market report? Click Here.

    Segment Analysis

    By Raw Material Type

    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.

    By Cryogenic Liquid Type

    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.

    By Application Type

    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.

    By End-Use Industry Type

    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 Analysis

    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, with 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.

    Cryogenic-Tanks-Market-Regional-Analysis

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

    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    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)

    Key Players

    Some of the major cryogenic tank manufacturers are-

    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?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Cryogenic Tanks Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    Research Methodology

    This report offers high-quality insights and is the outcome of 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 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    Report 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)

    Market Segmentation

    • Current market segmentation of any one of the cryogenic liquid types by end-use industry type.

    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.

    Frequently Asked Questions (FAQs)

    The cryogenic tank market is expected to witness an impressive growth of 5.33% CAGR in the foreseeable future.

    Steel made cryogenic tank is expected to remain dominant in the market.

    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, and Wessington Cryogenics are among the key players in the market.

    Asia-Pacific is expected to remain the largest market for cryogenic tanks during the next five years.

    The increasing demand for LNG, liquid oxygen, liquid nitrogen in various end-use industries, including food and beverage, pharmaceuticals, and petrochemicals are the factors driving the cryogenic tank market.

    Storage is expected to govern the cryogenic tanks market by application type during the forecast period due to the storage of large volume of industrial gases in cryogenic tanks.