Cryogenic Tanks Are Fueling The Growth Of The Cryogenic Tanks Market

 

Cryogenic tanks are vacuum-insulated vessels used for storage of liquefied gases such as oxygen, nitrogen, hydrogen, argon, and more at very low temperatures. These tanks provide advantages such as higher storage capacity, minimized boil-off losses, safe transportation and handling of cryogenic liquids. The ever-growing industrial gas industry is driving the demand for cryogenic tanks.

The global Cryogenic Tanks Market is estimated to be valued at US$ 6.51 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the cryogenic tanks market is the rising demand for LIN/LOX tanks from the healthcare sector. LIN/LOX tanks are extensively used in the healthcare industry for storage of medical gases such as oxygen and nitrogen which are used for various medical applications such as anesthesia, oxygen therapy, and laboratory applications. Furthermore, advancements in cryogenic tank technology is also fueling the market growth. Manufacturers are developing advanced cryogenic tanks with improved insulation, reduced heat leakage, enhanced safety features, leak-proof properties, and automated level sensors and controls. This is increasing the adoption of cryogenic tanks across multiple end-use industries.

Segment Analysis
The global cryogenic tanks market is segmented based on product type, gas type, and end-user. The product type segment is further classified into storage tanks and transportation tanks. Among these, storage tanks dominate the market as they find extensive use in power generation, chemicals and other industries where cryogenic fluids are used and stored. Transportation tanks are growing at a faster pace owing to increasing demand for LNG as a transportation fuel.

Key Takeaways
The global cryogenic tanks market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing demand for LNG across various end-use industries like power generation, chemical processing, metallurgy etc. The market size for 2023 is US$ 6.51 Bn.

Regional analysis
Asia Pacific dominates the cryogenic tanks market and is expected to grow at the fastest rate during the forecast period. This is attributed to presence of large manufacturing bases and increasing energy demand in countries like China and India. These countries are the major consumers as well as producers of cryogenic gases. North America and Europe are also significant markets owing to established chemical and power industries.

Key players
Key players operating in the cryogenic tanks market include ArcelorMittal, China Baowu Group, Nippon Steel Corporation, POSCO, Shagang Group, Ansteel Group, Glencore, Sumitomo Metal Mining Company, Linde, INOX India Pvt., Cryofab, FIBA Technologies, Air Products and Chemicals, Inc., M1 Engineering, Chart Industries, Wessington Cryogenics, Isisan, Lapesa, Auguste Cryogenics, and Hoover Ferguson Group, Inc. The market is moderately consolidated with top players accounting for over 60% of the overall market share.

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