The India Cryogenic Tanks Market Size was estimated at 261.75 (USD Million) in 2023. The India Cryogenic Tanks Market Industry is expected to grow from 314.55 (USD Million) in 2024 to 616.41 (USD Million) by 2035. The India Cryogenic Tanks Market CAGR (growth rate) is expected to be around 6.307% during the forecast period (2025 - 2035).
Rising need from several industries like aerospace, healthcare, and food processing is driving notable development in the India Cryogenic Tanks Market. A major market driver is the rising use of liquefied gases in sectors such as LNG and liquid oxygen manufacture, driven by the increase in energy needs and technological developments. Especially, projects like the national drive for greener fuels and energy transition help to embrace cryogenic technology. This market has also benefited from the government's emphasis on improving the energy sector and the growing infrastructure. Opportunities in the India Cryogenic Tanks Market are also arising as companies look for more sophisticated storage options.
Tank design and efficiency improvements have great room for invention given increasing energy sector expenditures and projects to create more sustainable practices. Cryogenic technology's use in industries such as transportation and logistics opens up new opportunities for expansion as well. Of late, various trends have emerged, including a need for modular and bespoke cryogenic storage systems fit for certain industrial requirements. The growth of start-ups concentrating on delivering particular cryogenic solutions shows a change toward more competitive dynamics in the industry.
Furthermore, growing safety issues and the application of rigorous rules governing the storage and transportation of cryogenic materials are driving manufacturers to modernize technologies and methods. Driven by both great development potential and the necessity of innovation in reaction to shifting sector needs, these factors point to a dynamic and developing scene for the India Cryogenic Tanks Market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The India Cryogenic Tanks Market Industry is witnessing a significant increase in demand from the energy sector, particularly for liquefied natural gas (LNG) storage and transportation. The Indian government has set an ambitious target to increase the share of natural gas in the energy mix to 15% by 2030, from around 6.2% as of 2020, according to the Ministry of Petroleum and Natural Gas. This transition would necessitate the expansion of LNG infrastructure, including cryogenic tanks for storage.
Established organizations such as GAIL India Limited and Indian Oil Corporation are heavily investing in LNG regasification terminals and storage facilities, driving the demand for advanced cryogenic tanks with higher capacities and safety standards. This growing infrastructure is projected to significantly propel the overall growth of the India Cryogenic Tanks Market.
The continuous advancements in cryogenic technology are acting as a major driver for the growth of the India Cryogenic Tanks Market Industry. Investments in Research and Development by companies like Tata Advanced Systems and Linde India are leading to the innovation of more efficient cryogenic storage systems, which enhance safety, reduce costs, and improve insulation capabilities. According to the Council of Scientific and Industrial Research (CSIR), the investments in cryogenic technology in India have increased by over 30% in recent years, indicating a strong trend towards modernization.
This focus on technological improvement is vital as it aligns with the stringent safety regulations introduced by the Directorate General of Mines Safety, thus promoting the adoption of cryogenic tanks across various sectors.
The rising demand for industrial gases, such as oxygen, nitrogen, and argon, is contributing significantly to the expansion of the India Cryogenic Tanks Market Industry. According to the Indian Industrial Gases Manufacturers Association, the industrial gases market in India is expected to reach a value of USD 6.5 billion by 2025, fueled by various industries including steel, healthcare, and electronics. Organizations like Air Products and Praxair have established facilities in India and are actively promoting the use of cryogenic tanks for the storage and distribution of these gases.
The growth in healthcare services, particularly in medical oxygen supply chains, has further underscored the need for efficient storage solutions, making cryogenic tanks a crucial element in meeting industry requirements.
Government initiatives aimed at enhancing the cryogenic logistics and storage infrastructure in India are acting as a significant driver for the India Cryogenic Tanks Market Industry. The government's 'Make in India’ initiative encourages domestic manufacturing and the enhancement of logistics capabilities, including the promotion of cryogenic tanks for a variety of applications. Recent policies from the Ministry of Commerce and Industry highlight the need for infrastructure development in the cryogenic sector to ensure energy security and sustainability.
As regulatory bodies work towards easing policies and providing subsidies for developing cryogenic storage, numerous local companies are now committing to increasing their manufacturing capacity in cryogenic tanks, paving the way for market growth.
The India Cryogenic Tanks Market has seen notable developments within the Cryogenic Liquid segment, which plays a crucial role in various industries including healthcare, energy, and aerospace. This segment includes several key components such as Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen, and others, each serving distinct applications. Liquid Nitrogen is extensively used in the food processing industry for flash freezing and preservation, alongside its vital function in healthcare for cryopreservation and as a coolant. Meanwhile, Liquefied Natural Gas (LNG) has gained traction as a cleaner energy source, bolstered by governmental initiatives focusing on reducing carbon emissions, thus aligning with India’s commitment to sustainable energy solutions and the growing need for energy security.
Liquid Hydrogen is becoming increasingly important in India’s pursuit of advanced fuel technologies, especially in the aerospace and automotive sectors where it is seen as a potential substitute for petroleum. Similarly, Liquid Oxygen is essential for medical applications, particularly in hospitals and healthcare facilities, where it serves as a critical resource for oxygen therapy. The demand for these cryogenic liquids is largely driven by the rapid industrialization, increasing healthcare capabilities, and a strategic push towards cleaner energy systems in India. Challenges such as infrastructure limitations, safety regulations, and storage complexities also influence the dynamics of these segments. However, with a proactive approach towards innovation and technology development, the India Cryogenic Tanks Market has substantial opportunities to enhance its capabilities and foster growth in this vital segment, ensuring significant contributions to the overall market growth and sustainability efforts.
Through effective regulation and investment in research and development, the potential for expansion and adaptation in these segments remains high, outlining a promising trajectory for the industry within the national framework.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
The Raw Material segment within the India Cryogenic Tanks Market plays a crucial role in determining the quality and performance of cryogenic storage solutions. Steel, Nickel Alloy, and Aluminum Alloy are the primary materials utilized, each contributing uniquely to the durability and efficiency of cryogenic tanks. Steel is known for its strength and ability to withstand high pressure, making it a common choice for large-scale tanks used in various industrial applications. Nickel Alloy is significant in cryogenic technology due to its excellent resistance to extreme temperatures and corrosion, enhancing the reliability of tanks used in sensitive environments. Aluminum Alloy, on the other hand, is appreciated for its lightweight properties, which allow for easier transportation and installation, appealing to sectors that prioritize efficiency.
Together, these materials support the rapidly growing demand for safe and reliable storage in industries like liquefied natural gas and aerospace, positioning the India Cryogenic Tanks Market for robust growth.
The Application segment of the India Cryogenic Tanks Market plays a pivotal role in catering to various industries such as liquefied natural gas, petrochemical, and industrial gases. The increasing demand for safe storage and efficient transportation of cryogenic liquids drives significant growth within this segment. Storage applications are crucial, enabling facilities to hold significant volumes of liquefied gases at low temperatures, ensuring stability and safety. Moreover, the transportation aspect is equally important, facilitating the movement of cryogenic materials across regions, which is vital for industries relying on these resources for their operations.
The growth of the India Cryogenic Tanks Market is bolstered by expanding industrialization and energy sector advancements. Furthermore, government initiatives focused on developing infrastructure for natural gas use underpin the market's importance in the region. As industries continue to evolve and require efficient solutions for handling cryogenic liquids, the Application sector remains critical, showcasing its necessity in supporting India’s economic growth and energy landscape.
The End-use Industry segment of the India Cryogenic Tanks Market is vital, driven by diverse applications across various sectors. In Metal Processing, the need for efficient cooling and processing capabilities emphasizes the importance of cryogenic tanks, which enhance metal fabrication processes. Energy Generation increasingly relies on these tanks for the storage and transport of liquefied gases, crucial for fueling power plants and facilitating renewable energy technologies. The Electronics industry utilizes cryogenic tanks to support advanced manufacturing processes, contributing to miniaturization and increased efficiency of electronic components.
The Medical Technology sector benefits from cryogenic solutions for the storage of vaccines, blood plasma, and other critical biopharmaceuticals, thereby improving healthcare outcomes. In Food and Beverage, these tanks enable the preservation of perishable goods through flash-freezing techniques, ensuring quality and extending shelf life. Water Treatment facilities utilize cryogenic systems for efficient treatment processes, aiding in the purification and recycling of wastewater. Other industries also leverage cryogenic technology, showcasing the versatility and significant role of cryogenic tanks in India’s growing economy, confirming the importance of India’s diverse End-use Industry in shaping the future of the Cryogenic Tanks Market.
The India Cryogenic Tanks Market has witnessed significant growth in recent years due to the increasing demand for industrial gases and the rising applications of cryogenic technology in sectors such as healthcare, food processing, and energy. The competitive landscape is characterized by several key players who have leveraged technological advancements and strategic partnerships to enhance their market position. Companies are increasingly focusing on product innovations, expanding their geographical footprint, and optimizing their supply chain processes to gain a competitive edge. The market is also affected by external factors such as regulatory policies, environmental considerations, and fluctuations in raw material prices, which compel companies to adapt their strategies to sustain their operations in this dynamic environment.
Inox Air Products stands out in the India Cryogenic Tanks Market due to its extensive experience and expertise in the field of industrial gases and cryogenic technologies. The company has established a robust manufacturing setup that allows it to cater to a diverse clientele across multiple sectors, including pharmaceuticals, chemicals, and food processing. The strength of Inox Air Products lies in its commitment to quality, safety, and sustainability, which resonates well with the growing emphasis on environmentally friendly practices across industries. Additionally, the company's consistent investment in research and development has led to groundbreaking advancements in cryogenic tank design and efficiency, further cementing its presence in the competitive landscape. With a strong focus on customer satisfaction and service excellence, Inox Air Products has successfully built long-term relationships with its clients, providing them with not only tanks but also integrated solutions for their cryogenic needs.
Gujarat Fluorochemicals plays a crucial role in the India Cryogenic Tanks Market, particularly through its focus on the production of cryogenic equipment and related services. The company is known for its high-quality offerings that effectively meet the stringent demands of various applications, including liquefied gases storage and transportation. Gujarat Fluorochemicals has strengthened its market presence through strategic partnerships and collaborations that enhance its capabilities in the sector. The company has also made significant investments in expanding its manufacturing capabilities and innovative product development, establishing a reputation for reliability and technical excellence. Its portfolio includes a variety of products, accompanied by strong support and after-sales services. Moreover, Gujarat Fluorochemicals has been involved in mergers and acquisitions that have broadened its operational reach and improved its market share, positioning it as a key player within the India Cryogenic Tanks Market, where it continues to capitalize on emerging opportunities within the rapidly evolving landscape.
Recent developments in the India Cryogenic Tanks Market indicate significant growth driven by the surge in demand for liquefied natural gas (LNG) and industrial gases. Companies such as Inox Air Products and Gujarat Fluorochemicals are expanding their production capabilities to meet increasing market needs. As of September 2023, Linde India announced enhancements to its cryogenic technologies, contributing to their market expansion. The government’s initiatives to boost the LNG infrastructure, including new projects in Maharashtra and Andhra Pradesh, are acting as catalysts for market growth. In terms of mergers and acquisitions, Ariane Group and AdvantageIndia Cryogenics have been involved in discussions regarding strategic partnerships to enhance technological innovation, although specific deals have not yet been finalized. Recent changes in policies, particularly related to clean energy, have also propelled the need for advanced cryogenic storage solutions among various industries.
Notably, Air Liquide and Tata Advanced Systems are investing heavily in research and development to innovate cryogenic solutions suited for India's demographic and industrial landscape. Overall, the growing focus on sustainable energy sources and advanced cryogenic technologies is shaping the future of the market in India.
| Report Attribute/Metric | Details |
| Market Size 2023 | 261.75(USD Million) |
| Market Size 2024 | 314.55(USD Million) |
| Market Size 2035 | 616.41(USD Million) |
| Compound Annual Growth Rate (CAGR) | 6.307% (2025 - 2035) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2024 |
| Market Forecast Period | 2025 - 2035 |
| Historical Data | 2019 - 2024 |
| Market Forecast Units | USD Million |
| Key Companies Profiled | Inox Air Products, Gujarat Fluorochemicals, Ariane Group, Bharat Electronics, Asian Cryogenics, Praxair India, Nel Hydrogen, Linde India, AdvantageIndia Cryogenics, LNG Tanks Limited, Air Liquide, Tata Advanced Systems, MVS Engineering, Cryolor |
| Segments Covered | Cryogenic Liquid, Raw Material, Application, End-use Industry |
| Key Market Opportunities | Rising LNG demand, Increased aerospace investments, Expanding industrial applications, Government infrastructure projects, Advancements in insulation technology |
| Key Market Dynamics | increasing LNG demand, technological advancements, government regulations, rising industrial applications, infrastructure development initiatives |
| Countries Covered | India |
Frequently Asked Questions (FAQ) :
The India Cryogenic Tanks Market is expected to be valued at 314.55 million USD in 2024.
By 2035, the market is anticipated to reach a valuation of 616.41 million USD.
The expected CAGR for the India Cryogenic Tanks Market during this period is 6.307%.
In 2024, Liquid Nitrogen is expected to hold the highest market value at 100 million USD.
In 2024, the market value for Liquefied Natural Gas (LNG) is estimated to be 85 million USD.
Major players include Inox Air Products, Gujarat Fluorochemicals, Ariane Group, and Linde India, among others.
The projected market value for Liquid Hydrogen by 2035 is 120 million USD.
By 2035, the market for Liquid Oxygen is expected to grow to 60 million USD.
Driving factors include increasing demand for cryogenic storage solutions in various industries.
Challenges may include regulatory constraints and the high initial investment required for cryogenic facilities.
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Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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