Asia Pacific Cryogenic Tanks Market Size & Share 2024 to 2032
Market Size by Raw Material (Steel, Nickel Alloy, Aluminum Alloy), by Cryogenic Liquid (Nitrogen, Oxygen, Natural Gas, Argon), by Application (Storage, Distribution), End User & Forecast.
Report ID: GMI6606
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Published Date: September 2023
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Report Format: PDF
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Authors:
Ankit Gupta, Abhishek Chopra
Asia Pacific Cryogenic Tanks Market Size
Asia Pacific Cryogenic Tanks Market size was valued at USD 2.8 billion in 2023 and is projected to grow at of 6.1% CAGR from 2024 to 2032 Growing demand for LNG along with robust investments toward healthcare establishments will propel the industry outlook. The increasing efforts of the government to reduce greenhouse gas emissions coupled with the rising demand for unconventional sources of energy has also led to industry growth. Reforms pertaining to the modernization and expansion of networks to reduce the losses have nourished the global industry at a significant rate.
Asia Pacific Cryogenic Tanks Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
The large-scale suburban migration along with the ongoing investments toward refineries and chemical plants expansion has also enhanced the product demand. Additionally, research and development efforts have been focused on improving the efficiency and insulation of cryogenic tanks. Advancements in materials and design have led to tanks with better thermal insulation properties, reducing the loss of stored cryogenic liquids.
COVID-19 Impact
The COVID-19 pandemic had a significant impact on the APAC cryogenic tanks market, led to widespread disruptions in global supply chains due to lockdowns, restrictions on movement, and workforce shortages. This impacted the production and delivery of cryogenic tanks across the region and related equipment, leading to delays in projects and a slowdown in new installations. Many infrastructure projects, including those involving cryogenic storage facilities, were delayed, or put on hold as a result of economic uncertainties and restrictions on movement. However, the pandemic highlighted the importance of technological advancements, including remote monitoring and control systems for cryogenic storage facilities.
The healthcare industry witnessed a surge in demand for medical gases like oxygen due to the treatment of COVID-19 patients. This increased the focus on the production and distribution of medical gases and their storage, including cryogenic tanks.
Asia Pacific Cryogenic Tanks Market Trends
Expanding LNG infrastructure to facilitate storage, transport, and distribution of LNG along with increasing investments toward power and chemical sector will propel the business outlook. Similarly, ongoing collaborations between engineering firms, tank manufacturers, and gas suppliers were common have also enhanced the product adoption. These collaborations aimed to provide end-to-end solutions that met the specific needs of various industries. Stringent safety regulations and standards are driving the development of tanks with advanced safety features. Ensuring compliance with these regulations have been crucial for businesses operating in the cryogenic storage sector.
Asia Pacific Cryogenic Tanks Raw Material Market Analysis
Based on raw material the Asia Pacific cryogenic tanks market is categorozied into steel, nicel alloy, aluminium alloy, and others. The steel as a raw material has been widely used in manufacturing of tanks for oil & gas, power, chemical and food & beverage industry. High ductility, durability, strength, and toughness of material makes it suitable for construction of large tanks for storage applications. Furthermore, the steel owing to its favorable properties is being widely used to manufacture products to store liquids including nitrogen, oxygen and other cryogens which require relatively low temperature ranges.
Liquid nitrogen cryogenic tanks market accounted for over USD 800 million in 2023. The increasing investments toward food & beverage, healthcare, transportation, pharmaceutical & biotechnology industry along with growing usage as a cooling agent and for freezing & effective storage has significantly enhanced the deployment spectrum. In addition, liquid nitrogen is increasingly being used for the heating treatment on account of its ability to reduce oxidation which will further drive the product penetration. The augmenting requirement across healthcare, food & beverage, and energy facilities owing to the growing population across the developing economies will boost the APAC cryogenic tanks market growth.
The power sector has witnessed a growth rate of over 6.5% between 2024 and 2032. The introduction of government regulations and mandates for environmental protection will subsequently increase the adoption of natural gas, fostering the demand for cryogenic tanks in the power industry. The shift toward a gas-based economy owing to the inclination of the industry toward natural gas power plants will further stimulate the product demand. Additionally, the combination of supportive clean fuel policies along with competitive gas prices has led to the construction of new natural gas-fired plants and retirement of coal-fired power plants, which will further propel the Asia Pacific cryogenic tanks market dynamics.
China cryogenic tanks market revenue to cross USD 2 billion by 2032. The rapid surge in urbanization and the concurrent rise in per capita income are driving greater expenditure in the food and beverage sector, fostering broader adoption of products across the nation. The upward trajectory of the manufacturing industry, supported by escalating investments aimed at expanding existing production capacities, is poised to stimulate the sector's advancement.
The evolving focus on gas-dependent power generation facilities, coupled with the growing need for expanded gas storage capabilities, has created propitious avenues for business expansion. Moreover, the escalating request for liquefied natural gas (LNG) as a bunker fuel, alongside the increasing demand within space programs, is set to catalyze the overall industry expansion.
Asia Pacific Cryogenic Tanks Market Share
Some of the leading companies operating in the APAC cryogenic tanks market includes
Asia Pacific Cryogenic Tanks industry news
This Asia Pacific cryogenic tanks market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments:
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By Raw Material
By Cryogenic Liquid
By Application
By End-User
The above information has been provided for the following country:
Research methodology, data sources & validation process
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