May 21, 2024

Cryogenic Tanks Market Propelled by rising demand from liquefied natural gas industry, Cryogenic tanks market is estimated to register significant growth

Cryogenic tanks are vacuum insulated containers that are used for storing liquefied gases like hydrogen, helium, natural gas and industrial gases at very low temperatures. They provide efficient storage and transportation of cryogenic fluids which find widespread applications in many industries. The growing liquefied natural gas industry is one of the major drivers of cryogenic tanks market.

The global Cryogenic Tanks Market is estimated to be valued at US$ 6.51 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 key trends:
The rising demand for liquefied natural gas across various industries such as automotive, power generation and manufacturing is one of the major factors propelling the growth of cryogenic tanks market. Cryogenic tanks are increasingly used for storing and transporting liquefied natural gas which is driving their demand. With increasing LNG trade volumes and rising number of LNG terminals, the need for cryogenic tanks is growing substantially. Various countries are also investing in development of LNG infrastructure which requires cryogenic storage and transportation, thereby fueling the cryogenic tanks market growth.

SWOT Analysis
Strength: Cryogenic tanks are able to store gases like nitrogen, oxygen, argon or hydrogen in their liquid state at very low temperatures. This compact storage helps reduce transportation and logistical costs for industrial gas companies.
Weakness: Cryogenic tanks require specialized materials and manufacturing processes to maintain integrity at extreme low temperatures. Small defects can cause catastrophic failure risks. High upfront capital costs for equipment also pose challenges.
Opportunity: Rapid industrialization in emerging economies is driving demand for industrial gases across sectors. This is translating to new opportunities for cryogenic tank manufacturers and logistics service providers in these high growth markets.
Threats: Stringent safety regulations and certification standards around cryogenic equipment apply in many industries and geographies. Compliance issues could impact operations and costs. Economic slowdowns may also temporarily reduce demand from sensitive end use sectors.

Key Takeaways
The global cryogenic tanks market is expected to witness high growth over the forecast period supported by increasing consumption of industrial gases across sectors.

Regional analysis: Asia Pacific region dominates the cryogenic tanks market currently and is expected to continue its strong growth led by countries like China and India. The demand is stemming from expanding manufacturing activity, food processing plants, healthcare facilities etc in the region.

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. Increasing collaborations between tank manufacturers and gas suppliers as well as acquisitions to expand global footprint are noticed in the competitive landscape.