Cryogenic tanks are extensively used for the storage and transportation of industrial gases such as oxygen, nitrogen, hydrogen, argon, and others that require very low temperature environment. These tanks provide safe and reliable storage solutions for industrial gases and help enable various applications across industries such as energy production and storage, healthcare, food & beverage, metallurgy, and transportation. The rising demand for helium, liquid natural gas (LNG), and liquid hydrogen from the expanding energy sector along with the growing end-use industries is driving the need for cryogenic tanks globally.

The global cryogenic tanks market is estimated to be valued at US$ 7.18 billion in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period from 2024 to 2031.

Key Takeaways:

Key players operating in the cryogenic tanks market are 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. The key players are actively involved in the production of high-quality tanks while focusing on capacity expansion plans and strategic collaborations to strengthen their market position.

Cryogenic Tanks Market growth is being boosted by the increasing demand for LNG as a transition fuel from oil and coal, which is driving the need for cryogenic storage and transportation infrastructure like tanks. The penetration of LNG in the power, industrial, commercial, and transportation sectors is projected to further propel the demand for cryogenic tanks over the forecast period. In addition, the emerging trends like floating LNG power barges will further accentuate the consumption of cryogenic storage solutions. The rising consumption of medical gases like oxygen along with expansion of healthcare infrastructure across developing economies is anticipated to positively influence the cryogenic tanks industry.

Market key trends:

One of the key trends gaining traction in the cryogenic tanks market is the increasing adoption of advanced composite materials like carbon fiber and fiber-reinforced plastic (FRP) for manufacturing cryogenic vessels. Composite materials offer reduced weight, improved resilience to temperature fluctuations, enhanced design flexibility, and lower Life Cycle Cost (LCC) compared to traditional metals. Various players are developing composite tanks to capture opportunities in emerging applications like transport of LNG for automobiles. Furthermore, the integration of advanced technologies like Internet of Things (IoT) sensors is expected to optimise asset utilisation and inventory management of cryogenic infrastructure. IoT enabled tanks can monitor critical parameters, automate refilling processes, and predict maintenance needs through remote condition monitoring.

Porter’s Analysis

Threat of new entrants: High capital requirements and need for established reputation act as entry barriers for new players.

Bargaining power of buyers: Large buyers can negotiate lower prices due to high bargaining power but small buyers have limited power.

Bargaining power of suppliers: Highly specialized components needed act as entry barriers for new suppliers giving existing suppliers some market power.

Threat of new substitutes: Low as cryogenic tanks are highly specialized equipment lacking close substitutes in most applications.

Competitive rivalry: Cryogenic Tanks Market Challenges and Opportunities include intense competition among existing players, who are contending on pricing, product quality, and technological innovation.

Geographical Regions

North America currently holds the largest share in terms of value due to widespread industrial gas transportation and numerous semiconductor and healthcare industries in the US and Canada requiring cryogenic equipment. Growing LNG trade is also driving demand.

Asia Pacific region is poised to be the fastest growing market between 2024–2031 with China and India in the lead. Rising manufacturing sector, increasing healthcare facilities as well as demand for industrial and toxic gases from numerous end-use industries are boosting the cryogenic tanks market growth in Asia Pacific region.

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About Author:
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)