The global Cryogenic Tanks Market is estimated to be valued at US$ 6.84 Bn 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.
Cryogenic tanks are vacuum insulated containers used to store liquefied gases at very low temperatures. They are designed to maintain cryogenic liquids like oxygen, nitrogen, argon, hydrogen at their extremely low boiling points. Cryogenic tanks find widespread application for storing industrial gases in various end-use industries like metal manufacturing, energy & power, electronics, healthcare, food & beverage, among others. The advanced design of cryogenic tanks provides excellent thermal insulation to cryogenic liquids and ensures safe handling and transportation.
Market key trends:
One of the key trends in the cryogenic tanks market is the growing demand from petroleum and oil & gas industry. Cryogenic tanks play a vital role in transporting liquefied natural gas across regions. They help facilitate the distribution of LNG for power generation, industrial applications, and transportation fuel. With growing consumption of petroleum products worldwide, the demand for cryogenic logistics is rising rapidly which is augmenting the sales of cryogenic tanks. Furthermore, increasing usage of industrial gases like nitrogen, oxygen in metal manufacturing is another factor propelling the cryogenic tanks industry forward.
Threat of new entrants: Low capital requirements and established buyers limit the threat of new entrants in this market. Bargaining power of buyers: Large buyers have significant bargaining power due to the bulk buying volumes. Bargaining power of suppliers: A few large global suppliers and availability of substitutes limit the bargaining power of suppliers in this market. Threat of new substitutes: Emerging technologies can potentially replace cryogenic tanks over the long term. Competitive rivalry: Intense competition exists among existing players to gain higher market shares.
Global Cryogenic Tanks Market Size is expected to witness high growth, exhibiting a CAGR of 5.0% over the forecast period, due to increasing demand from healthcare and food processing industries.
North America dominates the cryogenic tanks market currently, owing to robust demand from the healthcare sector. Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to rising industrialization in China and India.
Key players operating in the cryogenic tanks market include 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, and Isisan, Lapesa, Auguste Cryogenics, and Hoover Ferguson Group, Inc.