Pune, Aug. 21, 2024 (GLOBE NEWSWIRE) -- Cryogenic Tank Industry Analysis:
“According to SNS Insider Research, The Cryogenic Tank Market has been valued at USD 7.99 billion in 2023 and is anticipated to reach USD 12.74 Billion by 2032, with a increasing compound annual growth rate (CAGR) of 5.37% over the forecast period from 2024-2032.”
The cryogenic tank market is growing, mainly because Liquefied Natural Gas and other very cold gases are in high demand in the energy, health, and food & beverage industries and others. These are a much-needed piece to stock and ship such gases, while there is further demand for LNG and other such gases due to ‘the push for clean energy’. According to EPA, the U.S. is the world’s largest natural gas producer and it obtains one-third of the energy for heating, power, and other uses. This way transport losses can be minimized because this natural gas must be liquefied to about -260°F for transporting over thousands of miles, which also reduces their volume by about 600 times, which makes it keep in ship size for overseas trips. Once they have been reached overseas, they are moved to big vacuums and Gulfstream’s special, doubled ships. This kind of ship is technically known as a double-hulled ship and has a powerful vacuum and enough insulation to keep the gas safe.
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Major Players Analysis Listed in this Report are:
- VRV S.p.A
- Cryogas Equipment Private Ltd.
- Eden Cryogenics LLC
- Cryoquip Australia
- Cryofab Inc.
- INOX India Pvt. Ltd.
- Gardner Cryogenics
- Suretank Group Ltd.
- Linde AG
- FNF Gas Technology Products Private Ltd.
Cryogenic Tank Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 7.99 Billion |
| Market Size by 2032 | US$ 12.74 Billion |
| CAGR | CAGR of 5.37% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Increasing demand for industrial gases is driving growth in the cryogenic tank market. • Increased demand for cryogenic tanks is being driven by the need to rebalance the gas market. |
Segment Analysis
By Raw Material
Steel is dominating in Cryogenic Tanks Market share with 37% in 2023 Steel is preferred for its resilience and long-lasting properties, crucial for cryogenic uses. Nevertheless, the nickel alloy sector is attracting attention and is expected to experience strong growth with a robust CAGR. Nickel alloys, commonly paired with steel, boost the effectiveness of cryogenic tanks by enhancing their ability to cool rapidly and their resistance to fractures at very low temperatures. This quality makes them perfect for managing and storing liquid gases such as LNG, which need dependable and strong storage options.
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By Application
Application Storage held a major market share of 78% in 2023. Motivated by its essential role in transporting and handling different heat-sensitive materials. The increasing demand for cryogenic tanks in managing medical supplies like vaccines, organs, plasma, and other biopharmaceuticals is the primary factor driving the high prominence of this sector, as these items require precise temperature control to maintain their efficacy. Additionally, these tanks are essential for storing large quantities of liquefied natural gas (LNG) at extremely low temperatures, simplifying its transportation and use as a greener energy alternative. The leading companies in the sector are expected to increase their production capacities, which will likely drive up the demand for cryogenic storage solutions.
Cryogenic Tank Market Key Segmentation:
By Cryogenic Liquid
- Liquid Nitrogen
- Liquefied Natural Gas (LNG)
- Liquid Hydrogen
- Liquid Oxygen
- Others
By Raw Material
- Steel
- Nickel Alloy
- Aluminum Alloy
- Others
By Application
- Storage
- Transportation
By End User
- Metal Processing
- Energy Generation
- Electronics
- Medical Technology
- Food & Beverage
- Water Treatment
- Others
Regional Dynamics
In 2023, Asia Pacific was one of the key markets and accounted for 34% of the cryogenic Tank. The growth of the market is expected to be caused by the increasing needs of the region in industrial gases. The growing need for the expansion of end-use industries such as China and India, developing and developed respectively. The need for cryogenic storage solutions will be required as the metal processing, electronics, and automotive industries grow. In addition, the electronic industry requires liquid nitrogen for cooling techs, which also drives the need for safe and reliable cryogenic tanks. Finally, the shift of manufacturing and industrial processes to the developing countries, and in particular, China and India, stimulate the market.
Recent Developments
- In April 2024, Linde introduced its LINDECRYOSTAR® series, which includes advanced cryogenic tanks designed for high-efficiency storage of liquefied gases. The new series features improved insulation technology and enhanced safety features.
- In June 2024, Chart Industries launched its Ever-Cool™ Cryogenic Tank, which boasts a new, more durable material and a streamlined design for easier handling and maintenance. This tank is aimed at providing superior thermal performance and reliability.
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Key Takeaways
- Customers will acquire a deep understanding of the Cryogenic Tank Market, including present trends, factors driving growth, and market dynamics.
- The report provides a comprehensive examination of various market segments, aiding clients in pinpointing the most profitable regions and making informed investment choices.
- Understanding different regions helps clients identify growth opportunities, allowing them to customize their strategies for specific markets.
- An in-depth review of the competitive surroundings focuses on key competitors, recent advancements, and possible chances for partnerships or takeovers.
- Predictions on future market trends and growth trajectories provide valuable guidance to clients for planning ahead, enabling them to take advantage of new opportunities and adjust to changing market conditions.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Cryogenic Tanks Market Segmentation, by Cryogenic Liquid
8. Cryogenic Tanks Market Segmentation, by Raw Material
9. Cryogenic Tanks Market Segmentation, by Application
10. Cryogenic Tanks Market Segmentation, by End User
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
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