May 22, 2024

Liquefied Natural Gas (Lng) Segment Is The Largest Segment Driving The Growth Of Cryogenic Tanks Market

Cryogenic tanks are vacuum-insulated vessels used for storing liquefied gases like oxygen, nitrogen, argon, liquefied natural gases (LNG) and other industrial gases at very low temperatures. They provide efficient storage solutions and help preserve the cryogenic properties of stored gases.

The global Cryogenic Tanks Market is estimated to be valued at US$ 6.51 Bn or Mn 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:
One of the key trends in the cryogenic tanks market is the rising demand for LNG worldwide. LNG tanks are primarily used for transport and storage of LNG. With increasing investments in LNG import terminals and growing LNG trade globally, the demand for cryogenic LNG tanks is expected to rise significantly during the forecast period. Rapid industrialization and expansion of gas pipelines infrastructure in developing regions of Asia Pacific and Middle East are also driving the adoption of cryogenic storage solutions including LNG tanks. Stringent safety regulations and focus on developing more efficient cryogenic tank designs with reduced heat leak are some other important trends being witnessed in the market.

SWOT Analysis
Strength: Cryogenic tanks have high strength and durability due to their specialized design and materials used for storage of cryogenic gases at ultra-low temperatures. They provide reliable storage and transportation of gases.
Weakness: Cryogenic tanks require high capital investments for installation and regular maintenance. Operations involving cryogenic tanks also need specialized training for personnel which increases operational costs.
Opportunity: Increasing demand for LNG as a transportation fuel is expected to drive demand for cryogenic tank transportation. Growing consumption of industrial gases like nitrogen, oxygen, and argon will also augment market growth.
Threats: Stringent safety regulations associated with cryogenic operations can hamper market growth. Availability of alternative technologies for gas storage and transportation can also threaten demand for cryogenic tanks.

Key Takeaways
The global cryogenic tanks market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing consumption of industrial gases across various end-use industries.

Regional analysis
North America dominates the cryogenic tanks market currently owing to high demand from the oil & gas industry and chemicals industry. Asia Pacific is expected to be the fastest growing market for cryogenic tanks due to rapid industrialization and increasing investments in LNG industry in emerging countries like China and India.

Key players
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.

*Note:

1.Source: Coherent Market Insights, Public sources, Desk research

2.We have leveraged AI tools to mine information and compile it