Cryogenic Tanks Market Size By Raw Material (Steel, Nickel Alloy, Aluminum Alloy), By Cryogen (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-User (O&G Industry, Power, Food & Beverage, Chemical, Rubber & Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Forestry & Fishing), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Jun 2020  |  Report ID: GMI4699  |  Authors: Ankit Gupta, Abhishek Chopra

Report Format: PDF   |   Pages: 340   |   Base Year: 2019

Summary Table of Contents Industry Coverage Methodology

Industry Trends

Cryogenic Tanks Market size exceeded USD 7 billion in 2019 and is anticipated to achieve over 5% CAGR through 2026. Increasing investments toward development of healthcare infrastructure across the emerging economies along with growing demand for LNG will stimulate the product adoption.

Cryogenic Tanks Market

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Increasing investments toward development of manufacturing facilities along with growing Foreign Direct Investments (FDI) across the developing nations will boost the industry growth. Supportive government policies toward development of industrial and MSME sector coupled with expanding LNG distribution infrastructure will propel the industry outlook.

The outbreak of COVID-19 has become a global pandemic effecting more than 200 nations. The death toll globally has is more than three and a half million. It has affected the major world economies across North America & Europe where numerous industries comprising manufacturing continue to be impacted. In addition, lockdown enforcement in many countries has further forced industries to halt their operations as a preventive measure. The effect of the pandemic is projected to last up to few months, thereby affecting the overall production & installation of cryogenic tanks.

Cryogenic Tanks Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 7.7 Billion (USD)
Historical Data for: 2015 - 2019 Forecast Period: 2020 - 2026
Forecast Period 2020 - 2026 CAGR: 5.8% 2026 Value Projection: 9.2 Billion (USD)
Pages: 340 Tables, Charts & Figures: 511
Geographies covered (32): U.S., Canada, Mexico, UK, Germany, Italy, France, Spain, Poland, Russia, Norway, Netherlands, China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Philippines, Australia, Turkey, Kuwait, Oman, Saudi Arabia, UAE, Qatar, Egypt, South Africa, Brazil, Argentina, Peru
Segments covered: Raw Material, Cryogens, Application, End User
Companies covered (20): Air Liquide, Air Products and Chemicals, Air Water, Chart Industries, Cryofeb, Cryogas Equipment, FIBA Technologies, INOX, ISISAN, Linde, Suretank, Wessington Cryogenics, Auguste Cryogenics, Beijing Tianhai Industry, GTS Group, Hoover Ferguson Group, Vijay Tanks and Vessels, IWI Cryogenic Vaporization Systems, Taylor Wharton International, Shengjie Cryogenic Equipment
Growth Drivers:
  • Growing demand for natural gas
  • Positive outlook towards healthcare, chemical, and food processing industries
  • Growing power sector
  • Robust industrial growth
Pitfalls & Challenges:
  • Safety concerns related to cryogenic liquid

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Increasing cryogen storage facilities across the globe will stimulate the industry statistics

UK Cryogenic Tanks Market

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Rising demand for sourcing, handling, stocking, and transfer of liquified gases has increased investments toward development of various storage facilities across the globe. Ongoing exploration of natural gas and expansion of LNG infrastructure has also fueled the product adoption.

The ability of tanks to store the gases at a very low temperature has been a key factor driving the cryogenic tanks industry growth. In addition, their growing use across oil & gas, power & mechanical engineering, aviation, construction, healthcare and other industries for storing of cryogens has also provided favorable opportunities to the industry players.

Increasing LNG trade across the globe has stimulated the cryogenic tanks market growth

Favorable regulatory policies toward development of natural gas infrastructure on account of increasing demand of gas across the industrial sector will boost the cryogenic tanks market size. Introduction of favorable regulatory policies, directives and mandates toward environment protection will subsequently enhance the adoption of natural gas, fueling the market growth.

In addition, shifting trends toward gas based power generating stations will boost the business outlook. The introduction of supportive policies, efficient infrastructure and low gas prices has led to the development of gas based power plants.

Accelerating investments toward the development of healthcare infrastructure across the emerging economies will propel the demand for cryogenic tanks for oxygen storage and distribution. Increasing use of oxygen across chemicals, food & beverage, pulp & paper, and other manufacturing industries will positively influence the product demand. The oxygen is also being widely used as a propellent in the space shuttles and in manufacturing parts for automotive industry, which has provided favorable opportunities for the business expansion.

High ductility and toughness will boost the demand for steel as a raw material for manufacturing cryogenic tanks

Japan Cryogenic Tanks Market

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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 application. Furthermore, the steel owing to its favorable properties is being widely used to manufacture products to store liquid including liquid nitrogen, oxygen and other cryogens which require relatively low temperature ranges.

Increasing use of natural gas for electricity generation will drive the demand for tanks across power sector

Paradigm shift toward gas-based economy owing to the shifting industry trend toward gas power plants will propel the cryogenic tanks market demand. The combination of competitive gas prices and sustainable fuel policies has led to the construction and expansion of gas-fired power plants and retirement of coal based plants. In addition, the respective government authorities of France and the UK have introduced plans to limit the development of coal-fired power plants and enhance their share in low carbon emitting sources in the next decade.

The increasing investments toward development of healthcare infrastructure primarily across the emerging economies will drive the business outlook. The respective government authorities have introduced various schemes and plans to provide health services to the lower income group, simulating the industry growth. For instance, the government of India launched Ayushman Bharat Yojana scheme to provide free medical services to poor population. The scheme has provided benefits to more than 70 million population across the nation.

Asia Pacific region is set to dominate the cryogenic tanks market trends

Asia Pacific, North America, and Europe will dominate the market by contributing more than 80% share by 2026. Growing manufacturing industries coupled with expansion of natural gas infrastructure will boost the industry growth. Upsurge in investments for generation capacity expansion along with paradigm shift toward gas based power generation plants will provide favorable opportunities for business expansion.

Extensive investments by government authorities to rebound the economy after the Covid-19 pandemic will positively influence the business landscape.

The growing LNG trade along with upsurge in investments toward generation capacity addition will drive the business outlook. The region is characterized by the robust economic growth, development of gas-based power generation plants and development of urban areas. In addition, rapidly growing aerospace industry across China, Japan, and South Korea has stimulated the growth of space industry which in turn will propel the product adoption.

Furthermore, changing government policies along with robust investments in healthcare infrastructure will provide promising opportunities for business expansion.

Robust distribution channel and inorganic growth ventures are the key initiatives considered by the market players

The industry players are investing toward mergers & acquisitions to expand their market presence. Ongoing technological collaborations and robust research & development activities have been key strategies adopted by participants. In addition, the tank manufacturing companies are also establishing strong distribution channel to provide product to end-users.

The key industry participants operating across the cryogenic tanks market includes Air Liquide, Air Products, Air Water, Chart Industries, Cryofeb, FIBA Technologies, INOX, Linde Plc, Suretank, Wessington Cryogenics, Auguste Cryogenics, Beijing Tianhai, GTS Group, among others.

Cryogenic tanks market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD” from 2015 to 2026, for the following segments:

By Raw Material

  • Steel
  • Nickel Alloy
  • Aluminum alloy
  • Others

By Cryogen

  • Nitrogen
  • Oxygen
  • Natural gas
  • Argon
  • Others

By Application

  • Storage
  • Distribution

By End-user

  • Oil & Gas Industry
  • Power
  • Food & Beverage
  • Chemicals
  • Rubber & Plastics
  • Metallurgy
  • Healthcare
  • Shipping
  • Agriculture, Forestry & Fishing
  • Others

The above information has been provided for the following regions and country:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Italy
    • Spain
    • Poland
    • Russia
    • Norway
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Thailand
    • Malaysia
    • Philippines
    • Australia
  • Middle East & Africa
    • Turkey
    • Kuwait
    • Oman
    • Saudi Arabia
    • UAE
    • Qatar
    • Egypt
    • South Africa
  • Latin America
    • Brazil
    • Argentina
    • Peru


Frequently Asked Questions (FAQ) :

Increasing LNG trade on account of growing demand for natural gas across chemical, manufacturing, and power industries are fueling the global industry growth.
Global industry for cryogenic tanks will achieve over 5.8% CAGR between 2020 and 2026, as estimated by GMI.
One of the major challenges likely to impact the global market growth includes safety concerns related to cryogenic liquid.
Air Liquide, Air Products, Air Water, Chart Industries, Cryofeb, FIBA Technologies, INOX, Linde Plc, Suretank, Wessington Cryogenics, Auguste Cryogenics, Beijing Tianhai and GTS Group are top companies operating in the global market for cryogenic tanks.

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Premium Report Details

  • Published Date: Jun 2020
  • Pages: 340
  • Tables: 468
  • Charts / Figures: 43
  • Companies covered: 20
  • Countries covered: 32

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