Cryogenic Tanks Market - By Raw Material (Steel, Nickel Alloy, Aluminum Alloy), By Cryogenic Liquid (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-User, & Forecast, 2024 -2032

Cryogenic Tanks Market - By Raw Material (Steel, Nickel Alloy, Aluminum Alloy), By Cryogenic Liquid (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-User, & Forecast, 2024 -2032

Cryogenic Tanks Market Size

Cryogenic Tanks Market size exceeded USD 8.3 billion in 2023 and is projected to expand at 5.5% CAGR from 2024 to 2032.

Ongoing efforts by various government bodies and agencies to switch to cleaner energy solutions will stimulate business growth. Cryogenic LNG storage tanks are largely used for the transportation, storage, and distribution of liquid natural gas (LNG) that is used across power plants. Investments in the expansion of natural gas facilities have supported the demand for these tanks in recent years. For instance, in November 2022, Mexico announced its plans to invest up to $5 billion in an LNG hub on its Caribbean coast in order to capitalize on the growing energy demand in Europe.

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Additionally, industry participants are introducing radical innovations to strengthen hydrogen infrastructure and promote the use of clean energy. In August 2022, INOX Private Limited, cryogenic equipment and solutions provider, unveiled India's largest-ever made bulk Liquid Hydrogen Storage Tank designed in accordance with European standards and Korean Gas Safety criteria. Initiatives to foster the development of hydrogen infrastructure will promote cryogenic tank demand over the estimated timeframe.

Cryogenic liquid safety issues to impede industry expansion

Cryogenic liquids are transported at extremely low temperatures, posing a number of hazards for operators. These liquids can cause burns, injuries, and damage to the lungs and other parts of the human body. Concerns about the leakage of the cryogenic material and the need to store and maintain cryogens could create challenges for the expansion of the cryogenic tank industry. However, government initiatives to fund R&D projects for the development of improved chemical storage tanks are projected to benefit the industry progression.
 

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Cryogenic Tanks Market Analysis

Cryogenic tanks market from the liquid oxygen segment valued at over USD 1 billion in 2022. The COVID-19 pandemic created a massive demand for medical oxygen supplies across healthcare facilities. Investments in the renovation of healthcare facilities and rapid expansion of hospitals, primary care centers, and small clinics may boost demand for cryogenic tanks. In December 2022, the Ministry of Health and Wellness announced a $2 million LOX Expansion Project at the Kingston Public Hospital and the Annotto Bay Hospital, which includes installing LOX cryogenic tanks and pipe infrastructure upgradation for easy access to liquid oxygen.

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Based on application, the storage segment is estimated to hold a substantial market share by 2032, owing to the increasing product use to store and transport medical supplies such as vaccines, organs, plasma, and other biopharmaceuticals. These tanks can also store huge amounts of LNG at extremely low temperatures. Expansion of production capacity by companies is likely to complement the demand for cryogenic storage tanks. For instance, in April 2022, Cryospain announced the beginning of production of two new flat-bottom cryogenic tanks for the storage of huge volumes of liquid oxygen and LNG in Egypt and Morocco. With these initiatives, the company aims to solidify its market reputation.

In terms of raw material, the cryogenic tanks market from nickel alloy segment will grow at a CAGR of nearly 5.5% through 2032. Steel alloyed with nickel are widely utilized in cryogenic equipment production as nickel enhances the quenching ability and notch toughness at colder temperatures. The construction of new terminals and the expansion of LNG trade globally is likely to contribute to segment growth. 

In terms of end-user, the cryogenic tanks market from chemicals segment is anticipated to surpass approximately USD 800 million by 2032. Widespread use of cryogens for dry freezing, medicines, and intermediate synthesis along with ongoing research on cryogen storage and distribution capacities is set to drive this growth. For instance, in June 2021, Lockheed Martin, Omni Tanker, and the University of New South Wales (UNSW) partnered to develop two operational-scale propellant tanks for cryogenic liquid fuels storage for commercial and civil satellite programs.

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North America cryogenic tanks market is poised to observe more than 5% gains over the forecast period. Strict government mandates to effectively utilize clean energy resources will complement the demand for cryogenic tank across North America. Favorable regulatory policies pertaining to the development of low emission systems and presence of renowned companies specializing in the deployment of cryogenic tank would offer considerable impetus to regional business progression. Asia Pacific Cryogenic Tanks industry is expected to showcase over 6% CAGR in the coming years driven by the growing demand for LNG along with robust investments toward healthcare establishments.

Cryogenic Tanks Market Share

Top companies operating in the global cryogenic tanks market include

• Cryofab
• FIBA Technologies Inc.
• Air Liquide
• Air Products and Chemicals, Inc
• Air Water Inc.
• Cryogas Equipment Private Limited
• Chart Industries
• Taylor-Wharton
• INOX India Limited
• Linde plc
• SURETANK
• Auguste Cryogenics

These firms are focusing on strategies like partnerships, acquisitions, and business expansion. In January 2023, Air Liquide and TotalEnergies established a joint venture to design a hydrogen station network to increase the usage of heavy-duty vehicles on key European highways, with a goal of installing over 100 hydrogen stations throughout major European highways. This project will promote hydrogen access by extending its usage for efficient transportation facilities.

Impact of COVID-19 pandemic

The COVID-19 pandemic led to an unprecedented rise in the number of new COVID cases reported each day throughout the world, raising the need for medical oxygen, which is an essential part of treating COVID-affected patients. As the necessity for oxygen storage expanded, so did the amount of oxygen for clinical treatments which had a favorable impact on the market for cryogenic tanks. Elevated use of liquid oxygen in other industries like aerospace and gas industries will open new avenues for industry progression between 2023 to 2032.

The cryogenic tanks market research report includes in-depth coverage of the industry with estimates & forecast in terms of“USD” from 2019 to 2032, for the following segments

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Market Insights, By Raw Material

• Steel
• Nickel Alloy
• Aluminium Alloy
• Others

Market Insights, By Cryogenic Liquid

• Nitrogen
• Oxygen
• Natural Gas
• Argon
• Other Cryogens

Market Insights, By Application

• Storage
• Distribution

Market Insights, 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 regions and country

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Germany
  • Italy
  • France
  • Spain
  • Poland
  • Russia
  • Norway
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Thailand
  • Malaysia
  • Philippines
  • Australia
• Middle East & Africa
  • Turkey
  • Kuwait
  • Oman
  • Saudi Arabia
  • UAE
  • Qatar
  • Egypt
  • South Africa
• Latin America
  • Brazil
  • Argentina
  • Peru