Cryogenic Tanks Market size is set to surpass USD 9 Billion by 2026, as reported in the latest study by Global Market Insights Inc.
Cryogenic tanks industry is set to grow on account of growing LNG trade along with increasing investments toward manufacturing sector. Supportive regulatory policies Rapid industrialization across the emerging economies has led to a widespread adoption of cryogenic tanks for the transportation and distribution of liquefied gases. The development of innovative and sustainable technologies has resulted in enhanced techniques for cryogenic handling which has also provided opportunities for business expansion. The introduction of more stringent GHG regulations coupled with the increasing gas demand will further elevate the cryogenic tanks market revenue over the years.
The outbreak of coronavirus has significantly impacted the global economy with increasing unemployment across countries, economic slowdown and public health crisis. The shutdown of various manufacturing facilities owing to complete lockdown imposed by governments has also impacted the cryogenic tanks market growth. This has resulted in a significant disruption in manufacturing of tanks and its associated components. The need for large investments by both government and private companies may further challenge the product adoption. However, the industry players are adopting various creative and resourceful strategies to recruit workforce in order to meet their production targets.
Increasing investments across healthcare, food & beverage and chemical industry will propel the demand for liquid nitrogen
Increasing use of nitrogen across automotive & transportation equipment, chemicals, food & beverage, healthcare, metal production, oil & gas, pharmaceutical & biotechnology, refining, and welding & metal fabrication applications will propel the cryogenic tanks market trends. The oil & natural gas industry utilizes nitrogen for enhanced oil recovery process and in well hydraulic fracturing to augment the production and improve operating efficiency. The nitrogen has the ability to strip volatile organic compounds from the wastewater and chemical process streams and reduce VOC emissions, which will fuel its demand across the chemical industry.
Browse key industry insights spread across 340 pages with 468 market data tables & 43 figures & charts from the report, “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”in detail along with the table of contents:
Ongoing development of infrastructure along with upsurge in demand of cryogens will boost the distribution of liquids across various applications
Increasing trade of liquefied gases including LNG and nitrogen along with cryogen’s extensive industry penetration has enhanced the adoption of tanks in distribution applications. The increasing demand for oxygen and nitrogen for various purposes across healthcare, food & beverage and oil & gas industries has also led to the development of mobile cryogenic tanks.
High ductility and ease of storage of liquid at relatively low temperatures will boost the demand for nickel alloy based cryogenic tanks market
The nickel alloy is being widely used with steel to manufacture large tanks for storage of cryogens. The nickel mixed with steel provides more resistance and strength to handle liquids at relatively low temperatures. Furthermore, favorable cost and proven safety of the raw material provides it a best product to manufacture tanks for storing or distribution of cryogenic liquids including nitrogen, natural gas, methane and others. The growing LNG trade and development of new terminals across the globe has also led to an increasing use of nickel as a raw material.
Increasing LNG trade coupled with growing manufacturing industry will boost the North American market statistics
North America cryogenic tanks market is dynamically driven by rapid exploration of natural gas reserves along with revival of manufacturing sector across the region. Supportive regulatory policies pertaining to the efficient emission systems has considerably widened the deployment spectrum of these tanks. Technological advancement and rise in disposable income have also led to various manufacturing companies to invest in the region contributing to a significant industry expansion. In addition, ongoing adoption of sustainable solutions along with increasing consumer awareness will continue to propel the business landscape. The scenario for cryogenic tanks has evolved over the time with the development and expansion of manufacturing base in the region. The upsurge in investments by leading industry participants toward expansion of their business will fuel the industry demand.
Key players operating across the cryogenic tanks market include Linde Plc, Air Products, GTS Group, Air Liquide, Chart Industries, FIBA technologies, Cryofeb, INOX, Wessington Cryogenics, Beijing Tianhai, Wessington Cryogenics, Auguste Cryogenics, among others. The companies are investing toward inorganic growth ventures to expand their industry presence. Furthermore, the industry players are going for vertical integration to reduce the time and cost from raw material to providing after sales services.
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