The
Cryogenic Tanks Market is estimated to be valued at US$ 6.84 Bn in 2023 and is
expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as
highlighted in a new report published by Coherent Market Insights.
Market Overview
Cryogenic tanks are vacuum insulated closed containers used to store
cryogenic liquids such as liquid oxygen, liquid nitrogen, and liquid natural
gas at very low temperatures. They are majorly used in healthcare,
transportation, metal processing, energy, and research and development
industries. In healthcare industry, cryogenic tanks are used to preserve cells,
tissues, blood, stem cells and other biological products. In transportation
sector, cryogenic tanks are utilized to transport liquefied natural gas over
long distances via ships, trucks and trailers.
Market Dynamics
Surging demand for LNG as a transportation fuel is a major driver for the
cryogenic tanks market growth. LNG has lower greenhouse gas emissions as
compared to diesel and petrol, which is promoting its adoption in
transportation sector. Various countries are investing heavily in building LNG
fueling infrastructure including LNG terminals and stations, which is expected
to accelerate the demand for cryogenic tanks for transportation of LNG over the
forecast period. Additionally, increasing research activities in biomedical
sector coupled with rising spending on tissue engineering and regenerative
medicine is fueling the need for cryogenic storage of biomolecules and stem
cells. This is positively impacting the sales of cryogenic tanks. However, high
costs associated with cryogenic tanks due to usage of costly vacuum insulation
and stainless steel in manufacturing poses a challenge to market growth.
Segment
Analysis
The cryogenic tanks market can be segmented into
storage tanks and transportation tanks. Storage tanks are further segmented
into integrated and portable tanks. The storage tanks segment dominates the
cryogenic tanks market as these tanks have wide applications across various
industries such as metal manufacturing, oil & gas, chemicals, energy &
power, electronics, healthcare, and food & beverage for storing liquefied
gases such as oxygen, nitrogen, argon, and hydrogen on-site. Within storage
tanks, the integrated tanks sub-segment dominates as these tanks are stationary
vessels installed at manufacturing plants with large storage capacities.
PEST Analysis
Political: Fluctuations in crude oil prices impact the demand for cryogenic
equipment from oil & gas industries. Stringent regulations regarding the
transportation and storage of hazardous gases support market growth.
Economic: Investments in metal manufacturing, healthcare, food processing, and
electronics industries drive the demand for industrial and medical gases which
boost the cryogenic tanks market.
Social: Increasing population and urbanization increase demand for energy which
necessitates liquefaction of natural gas for transportation and storage,
fueling market growth.
Technological: Advancements in materials and insulation methods help
manufacturers provide more efficient cryogenic tanks with reduced evaporation
losses. Double wall vacuum insulation technology garners more adoption.
Key Takeaways
Global
Cryogenic Tanks Market Size is expected to witness high growth,
exhibiting a CAGR of 5.0% over the
forecast period due to increasing investments in industries such as metal
manufacturing, oil & gas exploration, healthcare, food processing, and
electronics which utilize large volumes of industrial gases. The market size is
expected to reach $8.13 billion by 2030 from $6.84 billion in 2023.
Regional analysis: Asia Pacific dominates the global cryogenic tanks market and
is expected to maintain its lead through 2030. This is attributed to rapidly
growing manufacturing and process industries in China, India, Indonesia, and
Vietnam which demand more cryogenic equipment for storage and transportation of
gases.
Key players: Key players operating in the cryogenic tanks market include
ArcelorMittal, China Baowu Group, Nippon Steel Corporation, POSCO, Shagang
Group, Ansteel Group, Glencore, Sumitomo Metal Mining Company, Linde, INOX
India Pvt., Cryofab, FIBA Technologies, Air Products and Chemicals, Inc., M1
Engineering, Chart Industries, Wessington Cryogenics, Isisan, Lapesa, Auguste
Cryogenics, and Hoover Ferguson Group, Inc. Major players are focusing on
capacity expansions and new product launches to consolidate their position.
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