Global Cryogenic Tanks Market by Cryogenic Liquid (Liquefied Natural Gas, Liquid Oxygen, Liquid Nitrogen, Liquid Hydrogen) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global cryogenic tanks market was worth USD 5.7 billion in 2019. It is expected to grow at a compound annual rate (CAGR of 4.9%) between 2020 and 2027. This growth is due to the increasing demand for low temperature operations in many end-use industries, such as metal processing and healthcare. Cryogenic tanks are designed to keep the liquid from heating up in vessels. Market growth is expected to be fueled by the growing healthcare sector around the world and high R&D spending in pharmaceutical industries. The growth may be slowed by factors like high capital costs and concerns about cryogenic leakages.

The U.S. held the largest share of the North American cryogenic tanks market, and this trend will continue until 2027. Because the United States has major industrial gas suppliers like Linde, Air Liquide and Messer, it emerged as one the most important countries that use the product. These tanks are used by these companies to transport industrial gases from their facilities to end users. Due to the recent pandemic, the U.S. healthcare industry is expected to grow and demand liquid nitrogen cryogenic tanks.

The U.S. has a large number of food and beverage, metals, fabrication and electronics companies. These companies need cryogenic tanks to store industrial gases such as carbon2, nitrogen and other gases for use in their manufacturing plants.

As the world becomes more modernized, the U.S. is seeing an increase in electronics usage. Consumers have become more savvy with the increasing number of electronic gadgets and electronics available. The growth of electronics and the consumer electronics market is also driven by the Internet. Most major chores can be done online, such as shopping for clothes and groceries, booking transport tickets, and purchasing tickets to movies and events.

Large quantities of cryogenic liquid gases such as liquid nitrogen can be used for semiconductor manufacturing and testing. The heat generated by manufacturing processes is reduced and eliminated using liquid nitrogen. Cryogenic liquid gas is used to create inert environments, and eliminate unwanted gases from manufacturing processes. The growing electronics industry in the United States is expected to drive market growth.

Cryogenic Liquid Insights

The market leader is likely to be liquefied nitrogen, which has a revenue share of more than 30%. There are many types of containers that liquid nitrogen can be stored in, shipped and handled depending on the amount required. There are three main types of containers that are commonly used: the Dewar, cryogenic liquid tube, and cryogenic storage tank.

In the manufacture of electronic products, liquid nitrogen is extensively used. It is used to create a protective layer over metals to stop them reacting with oxygen, which could lead to unwanted oxides. To prevent any oxidation, electronic products are assembled in a liquid nitrogen-induced atmosphere.

There are many uses for liquid nitrogen in healthcare. This gas is used to remove malignant skin in cryotherapy. To eliminate cancer tissue, a scalpel is cooled using liquid nitrogen. Liquid nitrogen can be used to perform surgery that is extremely efficient and permanent.

The market is expected to grow due to a growing demand for liquefied gas and a rapidly expanding fleet, mainly in Oman, Qatar China, India, and China. The future is expected to see a significant increase in the demand for cryogenic tanks in liquefied gas due to improved storage facilities and trade-in countries.

Application Insights

The market can be divided into two categories based on its application type: transportation and storage. With a revenue share exceeding 75%, the storage application was the dominant market. Liquefied natural gases and industrial gases are stored in cryogenic tanks at different trading terminals, liquidation facilities and on-site industrial plants. The storage segment is therefore one of the most important applications of cryogenic tank.

Cryogenic storage tanks will be in demand due to the increasing use of on-site storage facilities for LNG, industrial gases, and other factors. Industry participants may be able to expand the scope of their target applications by demonstrating innovation and improving their design.

Transport cryogenic tanks are used to transport liquid cryogens like liquid nitrogen, liquid natural gases, and liquid hydrogen. These tanks can be fitted into both enclosed and open-bed trucks by being dimensionally designed. Transportation accounted for the second largest market and is expected to grow at the second highest CAGR over the forecast period.

End-user insights

The market can be divided by end-user into manufacturing, healthcare, and food industry. With a 35% revenue share in 2019, manufacturing was the largest segment. Chillers are used to lower temperatures in construction and manufacturing. These chillers rotate the cryogenic liquid gas through them to maintain the desired temperature. Growth is expected to be driven by the rapid development of industrial infrastructure in North America and Europe, as well as technological advances in Asia Pacific.

The market has grown due to improvements in healthcare across different developing countries. The market's key growth drivers are the increasing use of cryogenics in laboratories and chemical plants, and the collective usage of liquid nitrogen to transport beverages and frozen food is growing.

The highest projected CAGR for the Healthcare industry during the forecast period is 5%. Market growth is expected to be boosted by the widespread use of liquid nitrogen in healthcare for treating various diseases and cancer. The effects of liquid nitrogen on surgeries and treatments are more durable than those that use brachytherapy or salvage prostatectomy. Cryogenic storage and transport tanks will be in high demand due to the increasing use of cryogenic storage.

Regional Insights

In 2019, the Asia Pacific held the largest market share, with over 30% of total revenue. Due to rising demand from industrial gases in various end-use sectors, such as India and China, the region will see the fastest CAGR over the forecast period. The manufacturing industry is expected to see a rise in demand due to the growing metal processing, electronic and automobile industries in both developed and developing countries. The market will be driven by the increasing use of liquid nitrogen to cool electronic products during manufacturing.

Market growth will be positively impacted by a shift in production towards emerging economies, especially China and India over the forecast period. This region is home of many rapidly growing industries. Asia Pacific is the largest consumer of LNG in the world. It drives the demand for LNG storage and transportation. This will positively impact the market for cryogenic tank.

Market Share Insights & Key Companies

Major companies in the industry include Chart Industries and Cryofab. INOX India, Linde plc. Air Products, Wessington Cryogenics. FIBA Technologies and ISISAN account for most of the market share. These companies often work to expand their product ranges and broaden their industry reach.

To increase market penetration, the industry uses other key strategies such as mergers and acquisitions. Lapesa, M1 Engineering, Auguste Cryogenics, Gardner Cryogenics, Suretank, Hoover Ferguson Group, Inc., and Beijing Tianhai Industry co., Ltd. also have significant shares in the industry. The market leader in cryogenic tanks is:

• Chart Industries

• Cryofab

• INOX India

• Linde PLC

• Air Products

• Cryolor

• Air Water Inc.

• Wessington Cryogenics

• Super Cryogenic Systems Pvt Ltd.

• FIBA Technologies

• ISISAN

• Suretank Group Ltd.

• Eden Cryogenic LLC

Up Market Research published a new report titled “Cryogenic Tanks Market research report which is segmented by Cryogenic Liquid (Liquefied Natural Gas, Liquid Oxygen, Liquid Nitrogen, Liquid Hydrogen), By Players/Companies ISISAN, Air Products, Linde PLC, Cryofab, Wessington Cryogenics, Cryolor, Chart Industries, Suretank Group Ltd, INOX India, Super Cryogenic Systems Pvt Ltd, Eden Cryogenic LLC, Air Water Inc, FIBA Technologies”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Cryogenic Tanks Market Report Segments:

The market is segmented by Cryogenic Liquid (Liquefied Natural Gas, Liquid Oxygen, Liquid Nitrogen, Liquid Hydrogen).

Cryogenic Tanks Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Cryogenic Tanks Market

Overview of the regional outlook of the Cryogenic Tanks Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Cryogenic Tanks Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Cryogenic Tanks Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Liquefied Natural Gas

                2. Liquid Oxygen

                3. Liquid Nitrogen

                4. Liquid Hydrogen

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Cryogenic Tanks Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Cryogenic Tanks Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.