Asia Pacific Cryogenic Tanks Market Size - By Raw Material (Steel, Nickel Alloy, Aluminum Alloy), By Cryogenic Liquid (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), End-User & Forecast, 2023 - 2032

Asia Pacific Cryogenic Tanks Market Size - By Raw Material (Steel, Nickel Alloy, Aluminum Alloy), By Cryogenic Liquid (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), End-User & Forecast, 2023 - 2032

Asia Pacific Cryogenic Tanks Market size is estimated to expand at 6% CAGR from 2023 to 2032 driven by the growing investments in the oil & gas sector coupled with the expanding demand for cleaner and more efficient energy solutions.

The growing exploration and production activities in the APAC have necessitated the adoption of reliable and robust cryogenic tanks for the storage and transportation of liquefied hydrocarbons, including LNG and LPG. The surging technological advancements in insulation and material sciences for facilitating the design of high-performance cryogenic tanks will also augment the market outlook.

The Asia Pacific cryogenic tanks industry is segmented into raw material, cryogenic liquid, application, end-user, and region.

The market share from the natural gas cryogenic liquid segment is projected to record substantial growth from 2023 to 2032. This is attributed to the increasing focus on cleaner energy solutions and the rising demand for natural gas as primary fuel source in the region. Cryogenic tanks provide reliable and cost-effective means of storing and transporting large quantities of liquefied natural gas for ensuring its safe and efficient distribution across various industries. Technological advancements in cryogenic tank designs and manufacturing will further accelerate the segment growth.

Asia Pacific cryogenic tanks industry is set to witness traction from the oil & gas industry end-user segment between 2023 and 2032 driven by the burgeoning energy demands and the increasing exploration and production activities. For instance, the Uzbekistan government announced plans to invest $33 billion in the oil and gas industry by 2025. The rising need for efficient storage and transportation of liquefied gases, including LNG and LPG will also surge the demand for robust and reliable cryogenic tanks in the region.

India accounted for sizable revenue share of the Asia Pacific cryogenic tanks market in 2022 and is projected to expand at notable CAGR through 2032. The growth can be ascribed to the rapid industrialization and increasing investments in the energy and healthcare sectors. The surging focus on developing robust cold chain infrastructure for the storage and transportation of vaccines and other temperature-sensitive products in the post-pandemic era will further support the industry expansion. For instance, in May 2021, Maersk, an integrated container logistics company, transported more than 60 cryogenic oxygen tanks, and a variety of medical supplies and ventilators into the country during the second wave of the COVID-19 pandemic for easing the logistics and supply chain of medical relief.