Cryogenic Tanks Market (By Raw Material: Steel, Nickel alloy, Aluminum alloy, Others; By Cryogenic Liquid: Nitrogen, Argon, Natural gas, Oxygen, Others; By Application: Storage, Transportation; By End-User: Manufacturing industries, Oil & gas industry, Power, Metallurgy, Healthcare, Shipping, Others) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2023-2032

The global cryogenic tanks market size was exhibited at USD 6.99 billion in 2022 and is projected to hit around USD 11.46 billion by 2032, growing at a CAGR of 5.07% during the forecast period 2023 to 2032.

Key Pointers:

• Asia Pacific holds the maximum share of the cryogenic tank market.
• North America is expected to expand at a CAGR of 5.1% between 2023 and 2032.
• By Raw Material, the nickel alloy segment is predicted to grow at a CAGR remarkable of 5.6% between 2023 and 2032.
• By Cryogenic Liquid, the nitrogen segment contributed to the maximum share of the global market.
• By Cryogenic Liquid, the natural gas segment is expected to expand at a significant CAGR between 2023 and 2032.
• By Application, the storage segment led the global market in 2022.
• By Application, the transportation segment is expected to expand at a significant CAGR between 2023 and 2032.
• By End-user, the healthcare segment led the global market in 2022.

Cryogenic Tanks Market Report Scope

The growth can be attributed to the growing demand for low-temperature operations in various end-use industries such as metal processing, healthcare, food technology, and others. The cryogenic tanks are specially designed to be used for keeping away the heat contained in the vessel from the liquid. The growing healthcare industry across the globe coupled with high R&D spending in the pharmaceutical industry is expected to further fuel the market growth. However, factors such as concern regarding cryogenic leakages and high capital costs may restrain the growth.

The U.S. accounted for the majority share in the North America cryogenic tanks market and this trend is projected to continue till 2032. The U.S. emerged as one of the major countries utilizing the product, as the country has presence of manufacturing facilities of major industrial gas suppliers such as Linde, Air Liquide, Messer, and Air Products & Chemicals. These companies utilize these tanks for storing and transportation of industrial gases from their manufacturing facilities to the end users. The growing healthcare industry in the U.S. coupled with rising R&D in the healthcare sector owing to a recent outbreak of pandemic is expected to propel the demand for liquid nitrogen cryogenic tanks in the U.S.

Presence of major food and beverage, metals and fabrication, and electronics companies in the U.S. is one of the major factors driving the demand in the market since these companies require cryogenic tanks to store industrial gases such as carbon dioxide, nitrogen, and others in their premises for application in their manufacturing facilities.

In the U.S., the usage of electronics is increasing day by day, as the world is getting modernized. The rising number of electronics and gadgets are being manufactured for the convenience of consumers. The Internet is also a major factor driving the growth of the electronics and consumer electronics market. Almost all major chores, including shopping for clothes, groceries, booking transportation tickets, movie and event tickets, are being done online via mobile devices and computers.

Cryogenic liquid gasses such as liquid nitrogen are used in large quantities for the manufacturing and testing processes of semiconductors. Liquid nitrogen is utilized to reduce and thus eliminate the heat from manufacturing processes. The cryogenic liquid gas is often employed for the creation of inert environments and to eliminate undesirable gases involved in the manufacturing processes, thus the growing electronic industry in the U.S. is expected to propel the market growth in the country.

Some of the prominent players in the Cryogenic Tanks Market include:

• Wessington Cryogenics
• Eden Cryogenic LLC
• INOX India Limited
• Linde Plc
• Auguste Cryogenics
• Suretanks Group Limited
• Cryogas Equipment Private Limited
• Chart Industries

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Cryogenic Tanks market.

By Raw Material

• Steel
• Nickel alloy
• Aluminum alloy
• Others

By Cryogenic Liquid

• Nitrogen
• Argon
• Natural gas
• Oxygen
• Others

By Application

• Storage
• Transportation

By End-User

• Manufacturing industries
• Oil & gas industry
• Power
• Metallurgy
• Healthcare
• Shipping
• Others

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)