Asia Pacific Cryogenic Tanks Market Analysis

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.

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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.