Asia Pacific Cryogenic Tanks Market Size
Asia Pacific Cryogenic Tanks Market size was valued at USD 2.8 billion in 2023 and is projected to grow at of 6.1% CAGR from 2024 to 2032 Growing demand for LNG along with robust investments toward healthcare establishments will propel the industry outlook. The increasing efforts of the government to reduce greenhouse gas emissions coupled with the rising demand for unconventional sources of energy has also led to industry growth. Reforms pertaining to the modernization and expansion of networks to reduce the losses have nourished the global industry at a significant rate.
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The large-scale suburban migration along with the ongoing investments toward refineries and chemical plants expansion has also enhanced the product demand. Additionally, research and development efforts have been focused on improving the efficiency and insulation of cryogenic tanks. Advancements in materials and design have led to tanks with better thermal insulation properties, reducing the loss of stored cryogenic liquids.
Asia Pacific Cryogenic Tanks Market Report Attributes
| Report Attribute |
Details |
| Base Year |
2023 |
| Asia Pacific Cryogenic Tanks Market Size in 2023 |
USD 2.8 Billion |
| Forecast Period |
2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR |
6.1% |
| 2032 Value Projection |
USD 4.7 Billion |
| Historical Data for |
2019 to 2023 |
| No. of Pages |
200 |
| Tables, Charts & Figures |
286 |
| Segments covered |
Raw Material, Cryogenic Liquid, Application and End-User, Region |
| Growth Drivers |
- Growing demand for natural gas
- Growing power sector
- Robust industrial growth
|
| Pitfalls & Challenges |
- Safety concerns related to cryogenic liquid
|
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COVID-19 Impact
The COVID-19 pandemic shook up the cryogenic tanks market across the Asia-Pacific region (APAC). With countries shutting down, people staying home, and businesses struggling to find workers, the global supply chain went through a rough patch. Factories had a hard time making and shipping these specialized tanks, which store things like liquid oxygen and nitrogen at super-cold temperatures. Delays and roadblocks pushed back new installations and put projects involving cryogenic storage on hold. But even though the pandemic made things tough, it also showed us how important it is to have the latest technology. Remote monitoring and control systems for cryogenic storage facilities became even more valuable as people looked for ways to manage and maintain these facilities remotely.
The healthcare industry witnessed a surge in demand for medical gases like oxygen due to the treatment of COVID-19 patients. This increased the focus on the production and distribution of medical gases and their storage, including cryogenic tanks.
Asia Pacific Cryogenic Tanks Market Trends
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Expanding LNG infrastructure to facilitate storage, transport, and distribution of LNG along with increasing investments toward power and chemical sector will propel the business outlook. Similarly, ongoing collaborations between engineering firms, tank manufacturers, and gas suppliers were common have also enhanced the product adoption. These collaborations aimed to provide end-to-end solutions that met the specific needs of various industries. Stringent safety regulations and standards are driving the development of tanks with advanced safety features. Ensuring compliance with these regulations have been crucial for businesses operating in the cryogenic storage sector.
Asia Pacific Cryogenic Tanks Raw Material Market Analysis
Based on raw material the Asia Pacific cryogenic tanks market is categorozied into steel, nicel alloy, aluminium alloy, and others. The steel as a raw material has been widely used in manufacturing of tanks for oil & gas, power, chemical and food & beverage industry. High ductility, durability, strength, and toughness of material makes it suitable for construction of large tanks for storage applications. Furthermore, the steel owing to its favorable properties is being widely used to manufacture products to store liquids including nitrogen, oxygen and other cryogens which require relatively low temperature ranges.
The market for liquid nitrogen storage tanks has reached an impressive $800 million this year. It's booming thanks to increased investments in industries like food and drinks, healthcare, transportation, and pharmaceuticals. Liquid nitrogen is getting more popular as a cooling agent and for freezing things safely and effectively. It's even being used in heat treatments because it can prevent oxidation. As the population grows in developing countries, the healthcare, food industry, and energy sectors will need more liquid nitrogen, especially in the Asia-Pacific region.
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Over the next decade, the power industry is expected to grow by leaps and bounds. Governments and companies are getting serious about protecting the environment, which is leading to a big push for cleaner energy sources like natural gas. This shift towards a cleaner, gas-based economy is great news for companies that make cryogenic tanks. These tanks are used to store and transport natural gas, so as the demand for gas goes up, so will the demand for tanks. Another factor driving the growth of this market is the rising costs of coal and other traditional fuels. As gas becomes more competitive, we'll see more and more power plants switching over to gas, which will also require more cryogenic tanks. So, with all these positive factors coming together, the future looks bright for the cryogenic tanks market in Asia Pacific.
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China cryogenic tanks market revenue to cross USD 2 billion by 2032. The rapid surge in urbanization and the concurrent rise in per capita income are driving greater expenditure in the food and beverage sector, fostering broader adoption of products across the nation. The upward trajectory of the manufacturing industry, supported by escalating investments aimed at expanding existing production capacities, is poised to stimulate the sector's advancement.
The evolving focus on gas-dependent power generation facilities, coupled with the growing need for expanded gas storage capabilities, has created propitious avenues for business expansion. Moreover, the escalating request for liquefied natural gas (LNG) as a bunker fuel, alongside the increasing demand within space programs, is set to catalyze the overall industry expansion.
Asia Pacific Cryogenic Tanks Market Share
Some of the leading companies operating in the APAC cryogenic tanks market includes
- INOX
- Linde PLC
- Chart Industries
- Cryolor
- Beijing Tianhai Industry
- Cryoequip
- Acme Cryogenics
- Air Products and Chemicals
- Air Water Inc
- Cryogas Equipment Private Limited
- FIBA Technologies, Inc
- Vijay Tanks & Vessels (P) Limited
- Shengjie Cryogenic Equipment Public Limited Company
- IWI Cryogenic Vaporization Systems
- Nikkiso
- Hangzhou Chuankong General Equipment
- Wessington Cryogenics
Asia Pacific Cryogenic Tanks industry news
- In August 2022, INOX India Private Limited introduced a bulk liquid hydrogen storage tank in its Kandla facility, India. The tank has a storage capacity of 238 m3 and built as per the European standards and the Korean Gas Safety requirements. This launch strengthened India’s hydrogen infrastructure development, supporting the country’s vision to become a Green Hydrogen Hub along with proliferating the adoption of hydrogen as an alternate energy solution.
- In February 2021, it secured a contract from ENGV, an Australian gas technology system integrator with a high-pressure hydrogen storage facility, to deliver and installation of refueling stations in Canberra. This was the first Australian-based hydrogen station to utilize FIBA’s storage technology. The contract proliferated the company’s storage facility along with its market presence across the nation.
This Asia Pacific cryogenic tanks market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2019 to 2032, for the following segments
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By Raw Material
- Steel
- Nickel Alloy
- Aluminium Alloy
- Others
By Cryogenic Liquid
- Nitrogen
- Oxygen
- Natural Gas
- Argon
- Other Cryogens
By Application
By End-User
- Oil & Gas Industry
- Power
- Food & Beverage
- Chemicals
- Rubber & Plastics
- Metallurgy
- Healthcare
- Shipping
- Agriculture, Forestry & Fishing
- Other Industries
The above information has been provided for the following country
- China
- India
- Japan
- South Korea
- Indonesia
- Thailand
- Malaysia
- Philippines
- Australia
