Cryogenic Tanks Ensure Safe Transportation of Cryogenic Liquids

 

Cryogenic tanks are vacuum insulated containers used to store and transport liquefied gases such as liquefied natural gas (LNG), liquid nitrogen, liquid oxygen, and liquid argon at extremely low temperatures. Cryogenic tanks provide effective storage solutions for cryogenic liquids and help meet the growing demand for industrial gases in various end-use industries such as energy, healthcare, food & beverage, and aerospace. 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 driving the growth of the cryogenic tanks market is increasing LNG trade across geographies. Liquefied natural gas is traded internationally as it provides an environment-friendly and efficient way of transporting natural gas over long distances via ships. This has significantly increased the demand for specialized cryogenic tanks for storage and transportation of LNG. Leading LNG importers such as Japan, China, and India are boosting their LNG infrastructure which includes building new LNG terminals, pipelines, and investing in cryogenic tanks. Additionally, growing LNG exports from countries like the U.S, Australia, and Russia are augmenting the production of cryogenic tanks for shipping LNG across continents. Rising LNG trade worldwide is expected to remain a major growth driver for the cryogenic tanks market during the forecast period.

Segment Analysis

The global cryogenic tanks market is dominated by the storage segment as cryogenic tanks are majorly used for storage purposes. Within the storage segment, liquefied natural gas (LNG) sub-segment dominates due to growing LNG trade across geographies and increasing usage of LNG as a transportation fuel. LNG is transported and stored at a temperature of about -162°C in specially designed cryogenic tanks which are well insulated to reduce evaporative losses during transport and storage.

Key Takeaways

The global cryogenic tanks market is expected to witness high growth.

Regional analysis: The Asia Pacific region accounts for more than 40% of the global cryogenic tanks market share currently. Countries such as China, India, Japan, and South Korea are rapidly industrializing which is increasing energy consumption. This is spurring investments in LNG import terminals and gas pipeline infrastructure which require cryogenic tanks for storage and transport of LNG. Additionally, rapid urbanization is augmenting gas distribution networks and fueling demand for cryogenic tanks in the region.

Key players operating in the cryogenic tanks market are 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. Major players are adopting strategies such as capacity expansions and mergers & acquisitions to consolidate their presence and meet growing demand for cryogenic tanks.