The global Cryogenic Tanks Market is estimated to be valued at US$ 6.84 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryogenic tanks are special vacuum insulated containers used to store gases like liquid nitrogen and oxygen at extremely low temperatures. They find applications in food industries, healthcare, research labs, and heavy industries where processes require cryogenic environments. Their double-walled, vacuum-insulated construction provides superior thermal insulation compared to regular storage tanks.
Market key trends:
The growing demand for liquid nitrogen in industrial processes has significantly driven the cryogenic tanks market. Liquid nitrogen is increasingly used as a coolant in welding, laser cutting, freezing, and other applications. It is also used to preserve donor organs, blood, and vaccines during transportation in the healthcare sector. With rising global healthcare spending and robust industrial growth, requirements for storing and transporting cryogenic gases are surging, propelling the need for high-performance cryogenic tanks. Further, stringent regulations regarding volatile organic compound emissions are compelling industries to adopt liquid nitrogen cryogenic freezing over conventional gas/liquid freezing, thus augmenting the market.
Segment Analysis
The global cryogenic tanks market is segmented into product type, type, material, gas type, end use industry, and region. Based on product type, storage tanks dominated the market in 2022, accounting for over 55% of the total share, due to their widespread use for storage of industrial and medical gases. Based on type, liquefied natural gas (LNG) tanks are the leading segment and are expected to maintain their dominance over the forecast period. This is attributed to increasing production and trade of LNG around the world.
Key Takeaways
Global Cryogenic Tanks Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand for energy and industrial gases.
Regional analysis
Asia Pacific dominated the global market in 2022 and is projected to continue its dominance during the forecast period. This is attributed to strong demand from energy and industrial gas markets in developing economies such as China and India. The demand for cryogenic tanks is also expected to grow at a significant rate in North America and Europe over the next few years.
Key players
Key players operating in the cryogenic tanks market are ArcelorMittal, China Baowu Group, Nippon Steel Corporation, POSCO, Shagang Group, Ansteel Group, Glencore, Sumitomo Metal Mining Company, Linde, INOX India Pvt., Cryofab, FIBA Technologies, Air Products and Chemicals, Inc., M1 Engineering, Chart Industries, Wessington Cryogenics, Isisan, Lapesa, Auguste Cryogenics, and Hoover Ferguson Group, Inc.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it