Global Cryogenic Tank Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Cryogenic Tank Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

A cryogenic tank is a tank that is used to store material at very low temperatures. Cryogenic tanks are containers that are used to store cryogenic liquids such as liquid nitrogen, helium, argon, etc. Cryogenic liquids are typically liquefied gases at -150 °C or lower. Cryogenic tanks are also utilized for storing gases like liquefied natural gas and nitrous oxide at higher temperatures.

Market Overview:

The latest research study on the global Cryogenic Tank market finds that the global Cryogenic Tank market reached a value of USD 6024.74 million in 2022. It’s expected that the market will achieve USD 8644.27 million by 2028, exhibiting a CAGR of 6.2% during the forecast period.

Cryogenic Tank Industry Trends

The Asia-Pacific region is an important strategic market with a large population and rapid economic development. The acceleration of industrialization and urbanization is conducive to expanding the demand for the transportation and storage of industrial gases.
LNG remains the main driver of the international gas trade. The Asia Pacific region accounts for over half of incremental global gas consumption in the coming years, driven principally by the development of gas in China and India. Investment in capacity will drive cryogenic tank market demand. The region is characterized by strong economic growth, the development of natural gas power plants, and the development of urban areas. The growth of the market is driven by the high demand for cryogenic tanks in the energy and power sector. The availability of raw materials and low labor costs make Asia Pacific a suitable location to manufacture cryogenic tanks. The Asia-Pacific region has strong consumption potential, especially in the context of continuous industrial development. With the increasingly fierce competition in the Cryogenic Tank market, market development in the Asia-Pacific region has become an important competitive direction.

Cryogenic Tank Growth Drivers

Favorable regulatory policies toward development of natural gas infrastructure on account of increasing demand of gas across the industrial sector will boost the cryogenic tanks industry size. Introduction of favorable regulatory policies, directives and mandates toward environment protection will subsequently enhance the adoption of natural gas, fueling the market trends. In addition, shifting trends toward gas based power generating stations will boost the business outlook. The introduction of supportive policies, efficient infrastructure and low gas prices has led to the development of gas based power plants.

Cryogenic Tank Market Challenges

The core raw materials of Cryogenic Tank involve metals such as steel, and metal prices are affected by the macro market. Steel prices surged after the Covid-19 recovery as supply struggled to keep up with demand. Average global steel prices rose sharply in 2021 due to tight supplies and increased demand from steelmakers. The rise of metal prices will increase the production and operation cost of Cryogenic Tank manufacturing enterprises. Fluctuations in the price of main raw materials will affect the company's production costs,

Region Overview:

From 2022-2027, Asia Pacific is estimated to witness robust growth prospects.

Company Overview:

Chart Industries is one of the major players operating in the Cryogenic Tank market, holding a share of 6.53% in 2022.

Chart Industries, Inc. operates as a global manufacturer of equipment used in the production, storage, and enduse of hydrocarbon and industrial gases. The Company offers products such as vacuum-insulated containment vessels, heat exchangers, cold boxes, and other cryogenic components.

Linde Public Limited Company operates as an industrial gas and engineering company. The Company offers products, technologies, and services that help customers improve their economic and environmental performance in a connected world. Linde serves customers worldwide.

Segmentation Overview:

Among different product types, Stationary Cryogenic Tanks segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Manufacturing segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Cryogenic Tank market covered in Chapter 3:

Cryolor
Gardner Cryogenic
Wessington Cryogenics
INOXCVA
Chart Industries
Auguste Cryogenics
FIBA Technologies
ISISAN
Linde plc
Lapesa
Suretank Group Ltd.
Cryofab

In Chapter 4 and Chapter 14.2, on the basis of types, the Cryogenic Tank market from 2018 to 2029 is primarily split into:

Stationary Cryogenic Tanks
Trailer-Type Cryogenic Tanks

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Cryogenic Tank market from 2018 to 2029 covers:

Manufacturing
Healthcare
Food Industry

Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)