Cryogenic Tank Market Forecasts to 2030 – Global Analysis By Raw Material (Nickel Alloy, Steel, Aluminum Alloy and Other Raw Materials), Cryogenic Liquid (Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen and Other Cryogenic L

Cryogenic Tank Market Forecasts to 2030 – Global Analysis By Raw Material (Nickel Alloy, Steel, Aluminum Alloy and Other Raw Materials), Cryogenic Liquid (Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen and Other Cryogenic Liquids), Application, End User and By Geography

According to Stratistics MRC, the Global Cryogenic Tank Market is accounted for $7.45 billion in 2023 and is expected to reach $12.02 billion by 2030 growing at a CAGR of 7.1% during the forecast period. Cryogenic tanks are specialized containers designed for the storage and transportation of materials at extremely low temperatures, typically below -150 degrees Celsius. These tanks are crucial for handling liquefied gases, such as liquefied natural gas (LNG), liquid oxygen, liquid nitrogen, and other cryogenic substances. They play a vital role in various industries, including energy, healthcare, electronics, and aerospace, where precise control of temperature is essential for preserving, transporting, and utilizing cryogenic materials.

According to Shell LNG Outlook 2019, global LNG demand increased by 12.5% in 2019, reaching 358 Billion tons.

Market Dynamics:

Driver:

Growing demand for industrial gases

Industries such as manufacturing, healthcare, and electronics rely heavily on gases like oxygen, nitrogen, and argon, often in their cryogenic liquid forms. Cryogenic tanks play a pivotal role in the storage, transportation, and distribution of these gases, ensuring a secure and efficient supply chain. The increased use of industrial gases in processes like metal fabrication, chemical manufacturing, and medical applications propels the demand for cryogenic storage solutions. As industries continue to expand and modernise, the cryogenic tank market experiences sustained growth.

Restraint:

High maintenance requirements

The extreme temperatures involved in cryogenic applications necessitate stringent maintenance protocols to prevent issues such as material embrittlement and ensure the tanks' long-term integrity. Regular inspections, repairs, and adherence to safety standards contribute to elevated operational costs and can pose logistical challenges. This requirement for meticulous maintenance may deter potential buyers, especially those seeking cost-effective solutions, impacting the widespread adoption of cryogenic tanks across various industries.

Opportunity:

Rising adoption of cryotherapy

Cryotherapy involves the therapeutic use of extremely low temperatures to treat various medical conditions, including pain management, inflammation reduction, and recovery after certain medical procedures. Cryogenic tanks play a crucial role in supplying and delivering the cryogenic gases required for these therapeutic applications. As the popularity of cryotherapy continues to rise across the sports, healthcare, and wellness industries, there is a growing demand for reliable and efficient cryogenic storage and delivery systems. This trend presents a distinct opportunity for the cryogenic tank market to cater to the expanding needs of facilities offering cryotherapy services.

Threat:

Safety concerns

The handling and storage of cryogenic materials involve inherent risks, including the potential for accidents, leaks, and severe consequences due to extreme low temperatures. Inadequate safety measures can lead to injuries, environmental hazards, and property damage. This will result in reputational damage, legal implications, and increased reluctance among industries to adopt cryogenic tank solutions, impacting the market adversely.

Covid-19 Impact

During the early stages of the pandemic, the cryogenic tank market had multiple effects. The pandemic has caused supply chain interruptions for cryogenic tanks; also, factory closures, restricted transportation, and lockdowns have impacted the manufacture, distribution, and delivery of these tanks. However, the healthcare industry saw a rise in the market's demand for cryogenic tanks. The number of COVID-19 cases has increased demand for medicinal gases, including oxygen, necessitating the storage and shipping of cryogenic tanks. This has led to a surge in demand for cryogenic tanks in the medical industry.

The nickel alloy segment is expected to be the largest during the forecast period

The nickel alloy segment is estimated to hold the largest share. Due to their strength, flexibility, and resistance to corrosion, nickel alloys are widely used in the construction of cryogenic tanks, providing safe and dependable storage of cryogenic fluids at low temperatures. Nickel alloys such as Inconel, Incoloy, and Monel are often used in cryogenic tank construction because they can maintain their strength and flexibility even at shallow temperatures.

The electronics segment is expected to have the highest CAGR during the forecast period

The electronics segment is anticipated to have lucrative growth during the forecast period. Cryogenic tanks are utilized for cooling superconducting materials in electronic devices like MRI machines and quantum computers. The ultra-low temperatures achieved with cryogenic technology enable these materials to exhibit superconducting properties, enhancing the performance and efficiency of electronic components. This segment addresses the demand for precise and reliable cryogenic storage solutions, supporting advancements in electronics, medical imaging, and quantum computing technologies.

Region with largest share:

Asia Pacific commanded the largest market share during the extrapolated period due to the increasing demand for industrial gases such as nitrogen and oxygen in countries such as China, India, and Japan. These gases are widely used in industries such as healthcare, food and beverage, electronics, and metallurgy. Moreover, China is one of the largest consumers of LNG in the world, which is driving the demand for cryogenic tanks for LNG storage and transportation. The country is investing heavily in LNG infrastructure to reduce its reliance on coal and other fossil fuels and to reduce its carbon emissions.

Region with highest CAGR:

North America is expected to witness profitable growth over the projection period. The region witnesses substantial growth in LNG infrastructure, healthcare applications, and aerospace advancements, driving the adoption of cryogenic tanks. The expanding energy sector, particularly the production and transportation of liquefied natural gas, contributes significantly to market growth. Additionally, the increasing focus on healthcare applications, space exploration, and technological innovations further elevates the importance of cryogenic tanks in North America.

Key players in the market

Some of the key players in the Cryogenic Tank Market include Linde AG, Chart Industries, Inc., Cryogas Equipment Pvt. Ltd., Cryoquip Australia, Fiba Technologies, Inc., Eden Cryogenics, LLC, Cryofab, Inc., INOX India Pvt. Ltd., Gardner Cryogenics, Inc., Suretank Group Ltd., Wessington Cryogenics, Auguste Cryogenics and Air Products and Chemicals, Inc.

Key Developments:

In January 2023, Air Liquide entered into a joint venture with TotalEnergies with the purpose of designing a hydrogen station network that would aid in installing more than 100 hydrogen stations across major highways in Europe.

In April 2022, Cryospain announced that it had begun production of two novel flat-bottom cryogenic tanks to store higher volume of LNG and liquid oxygen in Morocco and Egypt.

In December 2022, Babcock and Wilcox announced that the company has entered into a strategic agreement with Chart industries to collaborate on hydrogen generation technology. Babcock and Wilcox will be utilizing Chart’s integrated hydrogen liquefaction and cryogenic carbon capture equipment and expertise. Both companies will be working together on marketing and sales, capturing consumers and projects.

Raw Materials Covered:
• Nickel Alloy
• Steel
• Aluminum Alloy
• Other Raw Materials

Cryogenic Liquids Covered:
• Liquefied Natural Gas (LNG)
• Liquid Nitrogen
• Liquid Oxygen
• Liquid Hydrogen
• Other Cryogenic Liquids

Applications Covered:
• Transportation
• Storage

End Users Covered:
• Metal Processing
• Electronics
• Energy Generation
• Medical Technology
• Water Treatment
• Food & Beverage
• Other End Users

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements