Cryogenic Tanks Market: Current Analysis and Forecast (2022-2028)

Cryogenic tanks are used to store and facilitate the storage of natural gases including argon, nitrogen, hydrogen, oxygen, and others. The cryogenic tanks are designed in such a way as to maintain the inner temperature of the liquids or fuels. In the recent time, cryogenic fuel has witnessed significant demand in the world due to the increasing demand from the aerospace industry, manufacturing, energy, biomedical & health along with other industries, and subsequently, there is an increase in the demand for cryogenic tanks to ensure the maximum safety of the fuel. The cryogenic tanks are made up of stainless steel or alloys which protect the liquids and are designed to store and supply gas distribution systems. Additionally, cryogenic tanks are used to store the liquified gases at -1500 C.

The Cryogenic Tanks Market is expected to grow at a steady rate of around 6% owing to the growing adoption of cryogenic fuel coupled with the increasing space operations along with the rising application of liquid hydrogen, nitrogen, and oxygen fuel among others. Major companies in the market offer cryogenic tanks for storage and transportation applications with technologically advanced features. For instance, in April 2021 Cryospain developed the Cryoline which is enabled with a changeable filling system and provides excellent protection from temperature transfer and is ideal for liquid oxygen, hydrogen, helium, nitrogen, and LNG among others.

Based on liquid, the market is segmented into liquid nitrogen, liquid hydrogen, liquid oxygen, liquified natural gas, and others. Liquid nitrogen is expected to witness significant growth during the forecast period owing to its extensive use in the manufacture the electronic products. Also, liquid nitrogen is widely used in the healthcare sector for cryotherapy for the preservation of cells & microbes and for the snap freezing of the tissue prior to cryostat sectioning or other analysis and is expected to support market growth. Additionally, liquid nitrogen is noncorrosive it is used in the construction of special materials such as plastic and rubber deflashing & grinding, pulverization, food freezing, and other application.

Based on application, the market is categorized into storage and transportation. The storage segment is expected to register a significant CAGR during the forecast period owing to the storage of a large volume of gases including nitrogen, oxygen, helium, and hydrogen with others. The cryogenic tanks are made up of inner walls and outer walls which act as encasing for the store liquid/fuels and maintains the desired temperature. Also, the increasing demand for LNG around the world and the requirement for cryogenic tanks to store the LNG are expected to support the market growth for the storage segment.

Based on end-industry, the cryogenic tanks market has been classified into energy generation, metal processing, manufacturing, water treatment, and others. The manufacturing industry is expected to witness significant market growth during the forecast period owing to the increasing utilization of cryogenic liquid fuel in manufacturing and construction industries to lower the overall working temperature. Additionally, liquid nitrogen is widely used in industries as high-pressure gas for laser cutting for metals and steels.

For a better understanding of the market adoption of the cryogenic tanks industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing demand for industrial gas by developing economies such as China and India. Additionally, the increasing demand for metal processing, automotive industries, and energy & power generation is expected to propel the market growth for cryogenic fuel and subsequently increase the demand for cryogenic tanks. The increasing adoption of liquid nitrogen for the refrigeration of electronic products during the manufacturing process is expected to support market growth. Also, the increasing demand for natural gas and the government support for the reduction of diesel & coal-based power generation plants to gas-based power generation and to reduce the carbon emission. Moreover, the increasing adoption of cryogenic gas in the healthcare industry for the treatment of cryotherapy along with commercial, residential, and institutional development along with increasing adoption in the food & beverage industry. For instance, in 2019 Coregas group collaborate with the Cryogenics group to expand its liquid nitrogen and other gases business in the region.

Some of the major players operating in the market include: Wessington Cryogenics, Air Products and Chemicals Inc., Cryofab Inc., Chart Industries Inc, ISISAN A.S, INOX India Pvt. Ltd., Linde Plc, Air Water Inc, FIBA Technologies, Inc., and Auguste Cryogenics.