Asia Pacific Cryogenic Tanks Market Size study, by Cryogenic Liquid (Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other) by Application (Storage, Transportation) by End-user (Manufacturing, Healthcare, Food Industry, Other

Asia Pacific Cryogenic Tanks Market Size study, by Cryogenic Liquid (Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other) by Application (Storage, Transportation) by End-user (Manufacturing, Healthcare, Food Industry, Others) and Country Forecasts 2022-2032

Asia Pacific Cryogenic Tanks Market is valued approximately at USD 2.42 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 6.30% over the forecast period 2024-2032. Cryogenic tanks are specialized containers designed to store materials at extremely low temperatures, typically below -150°C (-238°F). These tanks are crucial for storing and transporting liquefied gases such as liquid nitrogen, liquid oxygen, liquid hydrogen, and liquid natural gas (LNG). They are constructed with materials capable of withstanding such low temperatures and maintaining the contents in a liquid state. The industries such as electronics, manufacturing, and energy have been increasingly adopting cryogenic tanks for various applications including liquefied natural gas (LNG) storage, chemical processing, and metal fabrication. The expanding industrial infrastructure in the region has been driving the demand for cryogenic tanks.

Several countries in the Asia Pacific region, particularly China, Japan, South Korea, and India, have been investing heavily in LNG infrastructure to meet their energy needs. Cryogenic tanks play a vital role in the storage and transportation of LNG, thereby contributing to the market growth. Additionally, other factors supporting the market growth are increasing demand in healthcare and pharmaceuticals, supportive government initiatives and regulations, and continuous innovation and technological advancements in cryogenic tank design and materials have been enhancing their efficiency, safety, and durability. Manufacturers in the Asia Pacific region is increasingly focusing on developing advanced cryogenic tank solutions to meet the evolving requirements of end-users However, high initial investment, and complexity of operations are expected to hinder the growth of Cryogenic Tanks market during the forecast period 2024-2032.

The key Countries considered for the Asia Pacific Cryogenic Tanks market study includes China, India, Japan, South Korea, Australia and Rest of Asia Pacific. In 2023, China was the largest regional market in terms of revenue. The Cryogenic Tanks market in China is driven by the Rise in LNG Infrastructure, Growing Healthcare Sector, and continuous advancements in cryogenic tank technology, such as improved insulation materials and construction techniques, have been enhancing the efficiency and safety of these tanks. Also, government policies and initiatives aimed at promoting clean energy and reducing emissions have been driving the adoption of LNG and other cryogenic gases in China. This has resulted in increased investment in cryogenic infrastructure and a growing market for cryogenic tanks. Moreover, India is expected to grow with the highest CAGR during the forecast period 2024-2032.

Major market player included in this report are:

Air Water Inc.

Inox Air Product Pvt. Ltd.

Company 3

Company 4

Company 5

Company 6

Company 7

Company 8

Company 9

Company 10

The detailed segments and sub-segment of the market are explained below:

By Cryogenic Liquid

Liquefied Natural Gas (LNG)

Liquid Nitrogen

Liquid Oxygen

Liquid Hydrogen

Other

By Application

Storage

Transportation

By End-user

Manufacturing

Healthcare

Food Industry

Others

By Region:

Asia Pacific

China

India

Japan

Australia

South Korea

RoAPAC

Years considered for the study are as follows:

Historical year – 2022

Base year – 2023

Forecast period – 2024 to 2032

Key Takeaways:

Market Estimates & Forecast for 10 years from 2022 to 2032.

Annualized revenues and country level analysis for each market segment.

Detailed analysis of geographical landscape with Country level analysis of major regions.

Competitive landscape with information on major players in the market.

Analysis of key business strategies and recommendations on future market approach.

Analysis of competitive structure of the market.

Demand side and supply side analysis of the market.

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