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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

  • Report ID: GMI4699
  • Published Date: Jun 2020
  • Report Format: PDF

Industry Trends

Cryogenic Tanks Market size surpassed USD 7 billion in 2019 and is anticipated to register more than 5% CAGR between 2020 and 2026. Increasing investments toward development of healthcare infrastructure across the emerging economies along with growing demand for LNG will stimulate the product adoption.

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Increasing investments toward development of manufacturing facilities along with growing Foreign Direct Investments across the developing nations will boost the industry size. Supportive government policies toward development of industrial and MSME sector coupled with expanding LNG distribution infrastructure will propel the cryogenic tanks market statistics.

The outbreak of COVID-19 has become a global pandemic effecting more than 200 nations. The death toll globally has is more than one 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.

Increasing cryogen storage facilities across the globe will stimulate the cryogenic tanks industry trends

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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 industry demand. 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 demand

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 industry size. Introduction of favorable regulatory policies, directives and mandates toward environment protection will subsequently enhance the adoption of natural gas, fueling the market trends. 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 cryogenic tanks market forecasts. 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

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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 cryogenic 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 outlook. 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 share.

Asia Pacific region is set to dominate the cryogenic tanks market

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 landscape. 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 trends.

The growing LNG trade along with upsurge in investments toward generation capacity addition will drive the cryogenic tanks market demand. 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.

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
Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The worth of cryogenic tanks market is expected to reach a valuation of 9.2 billion by 2026.
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.

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Premium Report Details

  • Base Year: 2019
  • Companies covered: 20
  • Tables & Figures: 511
  • Countries covered: 32
  • Pages: 340
  • Upcoming Report: Details can be customized to meet your information and data needs. Feel free to share your detailed research requirements via this form.

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