The global cryogenic tanks market is estimated to be valued at US$6.51 billion in 2022 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023-2030.
Cryogenic tanks are designed to store and transport substances at extremely low temperatures. These tanks offer various advantages such as efficient storage capacity, high durability, and low maintenance. They are widely used in industries such as healthcare, electronics, aerospace, and automotive, among others. The increasing demand for liquefied gases, such as nitrogen, oxygen, and hydrogen, is driving the growth of the cryogenic tank market.
Market Key Trends:
One key trend in the cryogenic tank market is the technological advancements in tank design and materials. Manufacturers are focusing on developing tanks with improved insulation properties to minimize heat transfer and reduce energy consumption. For example, the use of advanced insulation materials such as multi-layer insulation (MLI) and vacuum-insulated panels (VIP) is gaining popularity in the industry. These advancements enhance the efficiency and performance of cryogenic tanks, making them suitable for various applications.
The threat of new entrants:
The cryogenic tank market has high entry barriers due to the requirement for specialized knowledge, significant investment in research and development, and strict regulations. This reduces the threat of new entrants.
Bargaining power of buyers:
The bargaining power of buyers is moderate as there are several manufacturers in the market providing a wide range of cryogenic tanks. However, buyers with high volume requirements may have more negotiating power.
Bargaining power of suppliers:
The bargaining power of suppliers is low as there are several suppliers of materials and components used in cryogenic tanks. The market is fragmented, and suppliers face intense competition.
The threat of new substitutes:
The threat of new substitutes is low as there are limited alternatives to cryogenic tanks for storing and transporting substances at extremely low temperatures.
The cryogenic tanks market is highly competitive with the presence of several key players. These players are focusing on research and development activities to gain a competitive edge in the market.
The global cryogenic tanks market is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing demand for liquefied gases and technological advancements in tank design.
North America is expected to dominate the market during the forecast period, supported by the presence of key players and growing applications in the healthcare and aerospace industries.
Key players operating in the global cryogenic tanks market include 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.
In conclusion, the global cryogenic tank market is expected to experience significant growth in the coming years due to increasing demand and technological advancements. The market is highly competitive, with key players focusing on innovation and improving the efficiency of cryogenic tanks. North America is expected to be the dominant region in the market, driven by the presence of key players and growing applications in various industries.