How Has the Cryogenic Tanks Market Evolved Historically and What is its Current Size
The cryogenic tanks market has seen considerable growth due to a variety of factors.
• There has been a substantial growth in the market size of cryogenic tanks in the past few years. The market is anticipated to witness a surge from $7.34 billion in 2024 to $7.75 billion in 2025, with a compound annual growth rate (CAGR) of 5.6%.
The significant increase during the historical period is attributed to factors such as the development of long-range infrastructure, advancements in the aerospace industry and space exploration, growth in lengthy trade and transportation, improvements in energy storage solutions, and applications in metalworking and manufacturing.
What Are the Future Growth Projections for the Cryogenic Tanks Market?
The cryogenic tanks market is expected to maintain its strong growth trajectory in upcoming years.
• There is a robust growth anticipated for the cryogenic tanks market in the coming years, with its valuation surging to $10.32 billion in 2029, reflecting a 7.4% compound annual growth rate (CAGR). The forecasted expansion can be attributed to factors like the swift growth of long infrastructure, the evolution of the hydrogen economy, escalating utilization in the biotech and pharmaceutical sectors, advancements in space exploration, and broadened medical cryopreservation applications. Significant trends during the forecast period comprise of technological advancements in tank design, enhancements in healthcare technologies, strides in tank insulation technologies, emphasis on lighter materials, and augmented applications in the medical and healthcare sectors.
What Are The Leading Drivers Of Growth In The Cryogenic Tanks Market?
The increasing demand for liquefied natural gas (LNG) is playing a crucial role in propelling the cryogenic tank market. LNG is essentially natural gas in a cooled, liquid state to facilitate safer and more efficient transport. Cryogenic tanks are utilized to safely and effortlessly store and transport LNG from the point of production to the end user. For instance, the International Energy Agency (IEA), a France-based organization offering policy recommendations, analytics, and comprehensive data about the global energy sector, reported in February 2023 about a considerable 63% increase in the volume of LNG shipments delivered to Europe in 2022. Thus, the escalating demand for LNG underpins the growth of the cryogenic tank market.
What Are The Major Segments Within The Cryogenic Tanks Market?
The cryogenic tanks market covered in this report is segmented –
1) By Cryogenic Liquid: Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other Cryogenic Liquids
2) By Raw Material: Steel, Nickel Alloy, Aluminum Alloy, Other Raw Materials
3) By Application: Storage, Transportation
4) By End-User: Manufacturing, Healthcare, Food Industry, Other End-Users
Subsegments:
1) By Liquefied Natural Gas (LNG): LNG Storage Tanks, LNG Transport Tanks
2) By Liquid Nitrogen: Cryogenic Dewars, Bulk Storage Tanks
3) By Liquid Oxygen: Medical Oxygen Tanks, Industrial Oxygen Tanks
4) By Liquid Hydrogen: Cryogenic Hydrogen Tanks, Hydrogen Fuel Tanks
5) By Other Cryogenic Liquids: Liquid Helium, Liquid Argon, Liquid Ethylene, Liquid Carbon Dioxide
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Which Trends Are Expected To Transform The Cryogenic Tanks Market?
The key trend emerging in the cryogenic tank market is technological advancement. Major players in this market are aiming to produce more durable and lightweight cryogenic tanks using innovative materials and production methods. For example, in February 2022, Boeing, an American aircraft manufacturer, launched a new liner-less cryogenic fuel tank. This new lightweight tank uses composite technology to reduce weight and add a 30 percent higher payload for aerospace uses like NASA’s space launch system. The composite tank, with a diameter of 4.3 meters (14 feet), is roughly the same size as the fuel tanks intended for use in NASA's Space Launch System (SLS) rocket's upper stage.
Who Are the Key Players in the Cryogenic Tanks Market?
Major companies operating in the cryogenic tanks market include:
• Linde Plc
• Air Products And Chemicals Inc.
• Messer Group GmbH
• Chart Industries Inc.
• Cryolor Asia Pacific Private Limited
• INOX India Pvt. Ltd.
• UIG Holdings Inc.
• FIBA Technologies Inc.
• Taylor-Wharton International LLC
• Air Water Inc.
• VRV Asia Pacific Private Limited
• Acme Cryogenics Inc.
• Wessington Cryogenics
• Auguste Cryogenics
• Gardner Cryogenic Inc.
• Cryoquip Inc.
• Super Cryogenic Systems Pvt. Ltd.
• Technex Limited
• Cryofab Inc.
• Cryomech Inc.
• Cryeng Group Pty Ltd.
• CryoVation LLC
• Brymill Cryogenic Systems
• Cryogas Equipment Private Limited
• Herose GmbH
• Isisan A.S.
• Cryostar SAS
• Cryo Systems Manufacturing
• Cryo Diffusion S.A.
• FNF Gas Technology Products Pvt. Ltd.
What Is The Most Dominant Region In The Cryogenic Tanks Market?
Asia-Pacific was the largest region in the cryogenic tanks market in 2024. North America is expected to be the fastest-growing region in the global cryogenic tanks market report during the forecast period. The regions covered in the cryogenic tanks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
