Cryogenic Tank Market Research Report Information By Cryogenic Liquid (Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen and Others), By Raw Material (Steel, Nickel Alloy, and Aluminum Alloy), By Application (Storage and Transportation), By End-use Industry (Metal Processing, Energy Generation, Electronics, Medical Technology, Food & Beverage, Water Treatment and Others) And By Region (North America, Europe, Asia-Pacific, And Rest Of The World) –Market Forecast Till 2032

Cryogenic Tank Market Overview:

Cryogenic Tank Market Size was valued at USD 6.6 Billion in 2022. The cryogenic tank market industry is projected to grow from USD 6.98 Billion in 2023 to USD 10.962 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.80% during the forecast period (2024 - 2032).  The demand for low-temperature operations in a variety of end-use sectors, including metal processing, food technology, healthcare, and others, is one of the major market drivers driving the expansion.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cryogenic Tank Market Trends

Growing adoption of cryogenic tanks in the healthcare industry is driving the market growth

One major factor propelling the expansion of the cryogenic cylinder market is the rising demand for cryogenic tanks in the healthcare industry. Medical gases including oxygen, nitrogen, and argon, which are necessary for many medical applications such as respiratory therapy, anesthesia, and other medical operations, are stored and transported in cryogenic tanks. Due to reasons like an aging population, an increase in the cases of chronic diseases, and the demand for increasingly sophisticated medical technologies and treatments, the healthcare sector is expanding globally. As a result, the need for cryogenic tanks is rising along with the demand for medicinal gases. 

Medical facilities like hospitals and clinics can always get hold of the gases they need thanks to cryogenic tanks, which are used to store and transfer them safely and effectively. Cryogenic tank producers and suppliers are reporting more demand, and analysts anticipate that the market will rise further as the global healthcare industry develops.

The future expansion of the cryogenic vessels market is being considerably aided by the rise in demand for liquefied natural gas (LNG).Natural gas that has been cooled to a liquid state is liquefied natural gas (LNG), which is easier and more secure to transport. Liquefied natural gas (LNG) is securely and easily stored and transported in cryogenic tanks from producers to users. For instance, the volume of LNG cargo sent to Europe in 2022 increased by 63%, according to data published in February 2023 by the International Energy Agency (EA), a France-based intergovernmental agency that offers policy advice, analysis, and data on the whole global energy sector. The market for cryogenic tanks will therefore be driven by an increase in demand for liquefied natural gas (LNG).

The liquid hydrogen tanks market's leading trend is technological development. Major players in the cryogenic tank industry are concentrating on employing innovative materials and manufacturing processes to make cryogenic tanks stronger and lighter. For instance, the American airplane manufacturer Boeing created a brand-new liner-free cryogenic fuel tank in February 2022. The new lightweight cryogenic tank uses composite technology to reduce weight and increase payload by 30% for aerospace applications like NASA's space launch system. The composite tank is comparable in size to the fuel tanks envisioned for use in the upper stage of NASA's Space Launch System (SLS) rocket, measuring 4.3 meters (14 feet) in diameter. Thus, driving the cryogenic tank market revenue.

Cryogenic Tank Market Segment Insights:

Cryogenic Tank Cryogenic Liquid Insights

The Cryogenic Tank Market segmentation, based on cryogenic liquid, includes Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen and Others. The liquid nitrogen category generated the most income. Depending on how much the customer needs, various types of containers are used to transport, store, and handle liquid nitrogen. The cryogenic liquid cylinder, Dewar, and cryogenic storage tank are examples of common container types. In the production of electrical goods, liquid nitrogen is frequently employed.

Cryogenic Tank Raw Material Insights

The Cryogenic Tank Market segmentation, based on raw material includes Steel, Nickel Alloy, and Aluminum Alloy. The steel segment dominated the market because cryogenic fluids are stored and transported at extremely high temperatures and under thermal pressures, steel is able to tolerate these conditions. It is a versatile material for cryogenic tank construction because it has high corrosion resistance and is simple to mould into different sizes and shapes.

Cryogenic Tank Application Insights

The Cryogenic Tank Market segmentation, based on application includes Storage and Transportation. The transportation segment dominated the market. The requirement for cryogenic tanks specifically made for efficient and secure transport is what's causing this increase, which can be ascribed to the rising need for the transportation of liquefied gases like LNG and liquid oxygen for diverse uses. The construction of LNG infrastructure and the expansion of LNG trade on a global scale are also boosting the transportation sector's growth.

Figure 1: Cryogenic Tank Market by Application, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Cryogenic Tank End-Use Industry Insights

The Cryogenic Tank Market segmentation, based on end-use industry includes Metal Processing, Energy Generation, Electronics, Medical Technology, Food & Beverage, Water Treatment and Others. The medical technology segment dominated the market. The expanding healthcare industry will continue to dominate the market, as will the increased need for oxygen tanks in hospitals. With such a high need for tanks to transport and store cryogenic gases in the manufacturing and construction sectors, this market segment is very significant.

Cryogenic Tank Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American cryogenic tank market area will dominate this market because of the rise in the need for liquefied natural gas (LNG) and the widespread use of cryogenic technology in sectors including electronics, healthcare, and the energy industry. Because of the expansion of the energy and healthcare sectors, the United States is North America's largest market for cryogenic tanks.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Cryogenic Tank Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe cryogenic tank market accounts for the second-largest market share. The need for cryogenic tanks throughout Europe will be complemented by strict government regulations requiring the efficient use of clean energy sources. The existence of famous enterprises with expertise in the use of cryogenic tanks and favorable regulatory regulations for the development of low emission systems would significantly boost the development of local businesses. Further, the German cryogenic tank market held the largest market share, and the UK cryogenic tank market was the fastest growing market in the European region

The Asia-Pacific Cryogenic Tank Market is expected to grow at the fastest CAGR from 2023 to 2032 due to an increase in industrial gas demand from various end-use sectors in countries like China and India. The expanding metalworking, electronics, and automotive sectors in both developed and developing nations are anticipated to drive up demand in the manufacturing sector. Moreover, China’s cryogenic tank market held the largest market share, and the Indian cryogenic tank market was the fastest growing market in the Asia-Pacific region.

Cryogenic Tank Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the cryogenic storage tank market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, cryogenic tank industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global cryogenic tank industry to benefit clients and increase the market sector. In recent years, the cryogenic tank industry has offered some of the most significant advantages to medicine. Major players in the storage of liquid nitrogen market are attempting to increase market demand by investing in research and development operations includes Chart Industries; Cryofab; INOX India; Linde plc; Air Products; Wessington Cryogenics; FIBA Technologies; and ISISAN.

Industrial gas and engineering firm Linde plc (Linde). It provides process, speciality, and industrial gases. Atmospheric gases including oxygen, nitrogen, and argon, as well as process gases like carbon dioxide, helium, hydrogen, electronic gases, and acetylene, are among the company's goods. Along with providing a variety of services for gas production and processing, Linde also designs, manufactures, and installs machinery that generates gases for internal use.

India's top producer of industrial and medical gases is INOX Air Products. The business has 45 active locations and has a sizable liquid gas manufacturing capacity of more than 3250 TPD. It also provides a distinctive array of gases, equipment, and services. INOX Air Products supports more than 1800 small, medium, and large manufacturing enterprises across dozens of sectors with the help of our enormous network of operations and a hugely diverse client ecosystem, enabling and empowering them to realize their vision.

Key Companies in the cryogenic tank market include

• Chart Industries


• Cryofab


• INOX India


• Linde plc


• Air Products


• Wessington Cryogenics


• FIBA Technologies


• ISISAN

Cryogenic Tank Industry Developments

September 2022: The first green 5528 4x2 vehicle powered by liquefied natural gas was introduced by Blue Energy Motors in Pune. Iveco Group and the automaker Blue Energy Motors worked together to employ their FPT N67 NG engine, a 1000-liter cryogenic tank. Light, medium, and heavy-duty trucks will all be able to use Bleu Energy's product.

June 2022: With the development of a new cryogenic hydrogen tank for its next-generation aircraft, Airbus revealed that it would be constructing a plant in the UK. The organization recently disclosed an Airbus News article announcing that the Zero Emission Development Center (ZEDC) has already begun developing a cryogenic hydrogen tank. One of the main objectives is to create what the aerospace industry refers to as a "cost-competitive cryogenic fuel system" required for its ZEROe aircraft.

Cryogenic Tank Market Segmentation

Cryogenic Tank Cryogenic Liquid Outlook (USD Billion, 2018-2032)

• Liquid Nitrogen


• Liquefied Natural Gas (LNG)


• Liquid Hydrogen


• Liquid Oxygen


• Others

Cryogenic Tank Raw Material Outlook (USD Billion, 2018-2032)

• Steel


• Nickel Alloy


• Aluminum Alloy

Cryogenic Tank Application Outlook (USD Billion, 2018-2032)

• Storage


• Transportation

Cryogenic Tank End-Use Industry Outlook (USD Billion, 2018-2032)

• Metal Processing


• Energy Generation


• Electronics


• Medical Technology


• Food & Beverage


• Water Treatment


• Others

Cryogenic Tank Regional Outlook (USD Billion, 2018-2032)

• North America
  
  
  
  • US
  
  
  • Canada
  
  
  
  


• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Rest of Europe
  
  
  
  


• Asia-Pacific
  
  
  
  • China
  
  
  • Japan
  
  
  • India
  
  
  • Australia
  
  
  • South Korea
  
  
  • Australia
  
  
  • Rest of Asia-Pacific
  
  
  
  


• Rest of the World
  
  
  
  • Middle East
  
  
  • Africa
  
  
  • Latin America