Cryogenic Tanks Market Analysis | 2023-2028

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."

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Market Dynamics

Introduction

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 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.

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Segment Analysis

By Raw Material Type

"Steel made cryogenic tanks governed the market in 2022, and are expected to remain dominant during the forecast period."

• The market is segmented as steel made cryogenic tanks, nickel alloy made cryogenic tanks, aluminum alloy made cryogenic tanks, and others.
• 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

"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 cryogenic tanks market is segmented as LNG, liquid nitrogen, liquid oxygen, liquid hydrogen, and others
• 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

"Storage is expected to govern the cryogenic tanks market by application type during the forecast period, with a share more than 70% in 2022."

• 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

"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."

• 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."

• 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.

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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)

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.