Cryogenic Tanks Market Size by Raw Material (Steel, Nickel Alloy, Aluminum Alloy), By Cryogenic Liquid (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-User (Oil & Gas Industry, Power, Food & Beverage, Chemicals, Rubb

Cryogenic Tanks Market Size by Raw Material (Steel, Nickel Alloy, Aluminum Alloy), By Cryogenic Liquid (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-User (Oil & Gas Industry, Power, Food & Beverage, Chemicals, Rubber & Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Forestry & Fishing), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2023 - 2032

Cryogenic Tank Market is set to record massive gains between 2023 and 2032, primarily owing to the increasing investments in various industries such as chemical, healthcare, and food processing. According to official sources, an India-based cryogenic liquid storage tanks maker- INOXCVA inked an MoU with the Gujarat Government to build a new facility in Vadodara with an investment of USD 24.2 million.

Overall, the cryogenic tank market has been segmented in terms of raw material, cryogenic liquid, application, end-user, and region.

Based on raw material, the aluminum alloy segment is anticipated to be valued at more than USD 800 million by 2032. The segmental growth will result from certain advantages of aluminum such as lightweight and resistance to corrosion, which makes it a suitable material to produce tanks.

In terms of cryogenic liquid, the market is likely to be characterized by the natural gas segment which will grow noticeably during the next ten years. The expansion can be attributed to the lower pollution rate of natural gas and the ongoing attempts by various governments to reduce carbon emissions.

For instance, in 2022, the executive arm of the European Union proposed new pollution standards, Euro 7 standards. These standards aim at lowering emissions from brakes, tailpipes, and tires of all vans, buses, cars, and trucks. According to EU officials, the new guidelines will reduce nitrogen oxide emissions by vans and cars by 35% and by 56% from heavy trucks and buses.

In the context of the application, the distribution segment is set to witness significant traction by 2032, driven by the increasing investments across the shipping, healthcare, and chemical industries. As per sources, the health sector in India received more than USD 1.5 billion in investment in 2022.

On the basis of end-user, the oil & gas industry is anticipated to grow robustly through 2023-2032. Introduction to favorable state-backed policies, aimed at developing the oil and gas transportation infrastructure, and the rising demand for LNG especially in developing countries, will add impetus to the market.

In the regional context, the cryogenic tank industry is set to amass lucrative gains across the Asia Pacific through 2032. The regional market growth will be stimulated by the rising urbanization and industrialization and increasing per capita income. According to the International Monetary Fund, while the annual growth rate in the Asia Pacific region was 6.5% in 2021, in 2023, it is anticipated to reach approximately 4.3%. Besides, the region is experiencing a boom in the number of space programs, which has led to a surge in the demand for LNG as bunker fuel.