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Cryogenic Tanks Market Size By Raw Material (Steel, Nickel Alloy, Aluminum Alloy), By Cryogenic Liquid (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-User, & Forecast, 2023-2032

  • Report ID: GMI4699
  • Published Date: Feb 2023
  • Report Format: PDF

Cryogenic Tanks Market Size

Cryogenic Tanks Market size exceeded USD 7.5 billion in 2022 and is projected to expand at 5.5% CAGR from 2023 to 2032.

Ongoing efforts by various government bodies and agencies to switch to cleaner energy solutions will stimulate business growth. Cryogenic LNG storage tanks are largely used for the transportation, storage, and distribution of liquid natural gas (LNG) that is used across power plants. Investments in the expansion of natural gas facilities have supported the demand for these tanks in recent years. For instance, in November 2022, Mexico announced its plans to invest up to $5 billion in an LNG hub on its Caribbean coast in order to capitalize on the growing energy demand in Europe.

Cryogenic Tanks Market

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Additionally, industry participants are introducing radical innovations to strengthen hydrogen infrastructure and promote the use of clean energy. In August 2022, INOX Private Limited, cryogenic equipment and solutions provider, unveiled India's largest-ever made bulk Liquid Hydrogen Storage Tank designed in accordance with European standards and Korean Gas Safety criteria. Initiatives to foster the development of hydrogen infrastructure will promote cryogenic tank demand over the estimated timeframe.

Cryogenic liquid safety issues to impede industry expansion

Cryogenic liquids are transported at extremely low temperatures, posing a number of hazards for operators. These liquids can cause burns, injuries, and damage to the lungs and other parts of the human body. Concerns about the leakage of the cryogenic material and the need to store and maintain cryogens could create challenges for the expansion of the cryogenic tank industry. However, government initiatives to fund R&D projects for the development of improved chemical storage tanks are projected to benefit the industry progression.

Cryogenic Tanks Market Analysis

Cryogenic tanks market from the liquid oxygen segment valued at over USD 1 billion in 2022. The COVID-19 pandemic created a massive demand for medical oxygen supplies across healthcare facilities. Investments in the renovation of healthcare facilities and rapid expansion of hospitals, primary care centers, and small clinics may boost demand for cryogenic tanks. In December 2022, the Ministry of Health and Wellness announced a $2 million LOX Expansion Project at the Kingston Public Hospital and the Annotto Bay Hospital, which includes installing LOX cryogenic tanks and pipe infrastructure upgradation for easy access to liquid oxygen.

Cryogenic Tank Market Share, By Application

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Based on application, the storage segment is estimated to hold a substantial market share by 2032, owing to the increasing product use to store and transport medical supplies such as vaccines, organs, plasma, and other biopharmaceuticals. These tanks can also store huge amounts of LNG at extremely low temperatures. Expansion of production capacity by companies is likely to complement the demand for cryogenic storage tanks. For instance, in April 2022, Cryospain announced the beginning of production of two new flat-bottom cryogenic tanks for the storage of huge volumes of liquid oxygen and LNG in Egypt and Morocco. With these initiatives, the company aims to solidify its market reputation.

Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The market size of cryogenic tanks crossed USD 7.5 billion in 2022 and is expected to observe at 5.5% gains through 2032, driven by growing inclination towards natural gas use worldwide.

The chemical end-user segment is estimated to exceed USD 800 million by 2032 attributed to the growing use of cryogens for dry freezing.

The Asia Pacific market is projected to record significant growth through 2032 owing to the increasing emphasis on the development of natural gas plants for domestic production of LNG.

Cryofab, FIBA Technologies Inc., Air Liquide, Air Products and Chemicals, Inc., Cryogas Equipment Private Limited, Chart Industries, INOX India Limited, Linde plc, SURETANK, and Auguste Cryogenics are some of the leading companies engaged in the cryogenic tank production.

Cryogenic Tanks Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 16
  • Tables & Figures: 735
  • Countries covered: 32
  • Pages: 520
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