Cryogenic Tanks Market Size Estimated to Reach USD 11.4 Billion by 2032, Growing at a CAGR of 5.3%
Acumen Research and Consulting recently published report titled “Cryogenic Tanks Market Forecast, 2023 – 2032”
BEIJING, Sept. 25, 2023 (GLOBE NEWSWIRE) — The Cryogenic Tanks Market is slated for steady growth globally, although cost and insulation enhancements remain key focus areas, driven by increasing industrialization and energy demand.
The Global Cryogenic Tanks Market is expected to exhibit steady growth during the forecast period, driven by the rising demand from end-use industries like energy, chemicals, and food & beverage. This analysis provides insights into market size, trends, drivers, challenges, regional outlook, and competitive landscape.
Cryogenic Tanks Market Highlights and Statistics:
- Cryogenic Tanks Market size will reach USD 11.4 billion by 2032 from USD 6.9 billion in 2022, expanding at a CAGR of 5.3% during the forecast period.
- The Asia-Pacific region held the largest share of the cryogenic tanks market in 2022, accounting for more than 36% of the total market.
- The North American cryogenic tanks market is expected to expand at a compound annual growth rate (CAGR) of around 5.9% from 2023 to 2032.
- The storage segment is the market leader, accounting for over 75% of the market share in 2022.
- In 2022, the nitrogen segment of the cryogenic liquids market accounted for more than 37% of the total revenue.
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Cryogenic Tanks Market Report Coverage:
| Market | Cryogenic Tanks Market | |
| Cryogenic Tanks Market Size 2022 | USD 6.9 Billion | |
| Cryogenic Tanks Market Forecast 2032 | USD 11.4 Billion | |
| Cryogenic Tanks Market CAGR During 2023 – 2032 | 5.3% | |
| Cryogenic Tanks Market Analysis Period | 2020 – 2032 | |
| Cryogenic Tanks Market Base Year | 2022 | |
| Cryogenic Tanks Market Forecast Data | 2023 – 2032 | |
| Segments Covered | By Raw Material, By Cryogenic Liquid, By Application, By End-User, And By Geography | |
| Cryogenic Tanks Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Wessington Cryogenics, Cryofab Inc., Eden Cryogenic LLC, FIBA Technologies, Inc., INOX India Limited, Ait Liquide, Linde Plc, Air Products and Chemicals, Inc., Auguste Cryogenics, Cryogas Equipment Private Limited, Suretanks Group Limited, and Chart Industries. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Cryogenic Tanks Market Overview and Growth Factors:
The growth of the market can be attributed to the increasing demand for cryogenic tanks from various end-use industries such as chemicals, energy, food processing, healthcare, and others. Advancements in storage materials, insulation, and cooling efficiency are also expected to boost the demand for cryogenic tanks during the forecast period. However, high costs are expected to be a key challenge for the market growth. Here are some additional details about the market: The global cryogenic tanks market is segmented on the basis of type, application, and region. Based on type, the market is segmented into liquid nitrogen tanks, liquid oxygen tanks, liquid argon tanks, and others. Based on application, the market is segmented into chemicals, energy, food processing, healthcare, and others. The Asia Pacific region is expected to hold the largest share of the market during the forecast period. The key players operating in the cryogenic tanks market are Chart Industries, Cryofab, Linde Group, Praxair Technology, Air Liquide, and others.
Trends Influencing Cryogenic Tanks Market Growth:
- Growing use of advanced materials like aluminum alloys, 9% nickel steel, and austenitic stainless steel.
- Introduction of optimized tank designs reducing heat leaks and boil-off losses.
- Adoption of technologies like vacuum insulation and microtherm shields.
- Development of real-time tank monitoring systems and fill level sensors.
- Increasing R&D on new refrigeration techniques to improve efficiency.
Major Growth Drivers:
- Rising adoption across LNG storage, transportation, regasification, and distribution.
- Growth of industrial gas production and wider use across industries.
- Expanding food freezing, preservation, and processing applications.
- Rising biomedical usage for blood, stem cells, reproductive cells etc. storage.
- Surging helium demand owing to wider adoption in MRI machines, optical fibers etc.
Key Challenges in the Cryogenic Tanks Market:
- High capital and operating costs of cryogenic tank infrastructure.
- Temperature and pressure-related hazards requiring highly skilled personnel.
- Concerns regarding cryogenic liquid containment leakage and resulting accidents.
- Complexities in providing effective, low maintenance insulation solutions.
- Requirement of extensive site preparation and auxiliary equipment.
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Cryogenic Tanks Market Classification:
Based on the Raw Material
- Nickel alloy type
- Aluminum alloy type
- Steel type
- Other types
Based on the Cryogenic Liquid
- Argon type
- Nitrogen type
- Natural gas type
- Oxygen type
- Other type
Based on the Application
- Storage uses
- Transportation uses
Based on the End-User
- Power uses
- Manufacturing industries uses
- Metallurgy uses
- Oil & gas industry uses
- Healthcare uses
- Shipping uses
- Other uses
Regional Overview on the Cryogenic Tanks Market:
The Cryogenic Tanks Market is witnessing varied trends across different regions. Developed regions like Europe and North America are leading, driven by advanced technology adoption and stringent regulations regarding the storage and transportation of liquefied gases. These regions host numerous key players focusing on product innovation and maintaining safety standards. In contrast, the market in emerging regions like Asia-Pacific is experiencing substantial growth due to increasing demand for industrial gases and investments in energy and healthcare sectors. However, these regions face challenges related to infrastructure and adherence to safety norms. The Middle East and Africa are also observing growth, fueled by the oil and gas sector’s requirements. Each region’s market dynamics are shaped by its industrial needs, regulatory environment, and technological advancements.
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Major Companies Offering Cryogenic Tanks Market:
Chart Industries, Cryofab Inc., INOX India Pvt. Ltd., Linde Plc, Air Products, Cryeng Group, Air Water Inc., Wessington Cryogenics, FIBA Technologies, Inc., Gardner Cryogenics, etc.
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