The global cryogenic tanks market size of is estimated at USD 6.2 billion in 2019 and projected to reach USD 8.1 billion by 2024, at a CAGR of 5.5%. The global cryogenic tanks industry is driven by improving healthcare services, especially in developing economies. Rising demand for LNG in various sectors, such as automotive, domestic & commercial fuel, and power generation is expected to boost natural gas exploration and production, thereby boosting the growth of the cryogenic tanks market.
The storage application of cryogenic tanks is expected to dominate the market, in terms of value, during the forecast period. Cryogenic tanks are widely used for bulk storage of liquid nitrogen, LNG, oxygen, and other gases to be used in a wide range of industries, such as metal processing, energy generation, medical technology, and food & beverage. Tanks used for storage are larger in size, ranging from 525 to 264,000 gallons (2,000 to 1,000,000 liters) and are available in both horizontal and vertical configurations. There is a huge demand for cryogenic storage tanks from metal processing, energy generation, and electronics industries, which is expected to boost the growth of the market.
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The rise in the GDP of emerging economies, such as China, India, and Brazil is expected to contribute to the growth of energy and power industries. Moreover, the improvement in infrastructural activities, owing to the acceleration of urbanization has resulted in significant demand for steel and other metals. Currently, several big players in the cryogenic tanks market are focusing on inorganic growth strategies. They are shifting their focus to developing economies (such as India and China) to gain more market shares.
Cryogenic tanks are used to handle liquefied gases. They are used for the storage and transportation of liquid gases such as oxygen, nitrogen, Liquefied Natural Gas (LNG), hydrogen, helium, and argon. They are available in various configurations, including horizontal, vertical, double-walled, and insulated, and find a wide range of applications in metal processing, energy generation, electronics, medical technology, food & beverage industry, water treatment, and other industries. The increasing demand for LNG in North America and APAC is boosting the demand for cryogenic tanks. The cryogenic tanks market is witnessing significant growth opportunities from emerging economies, such as the Middle East & Africa and South America with increasing spending in the energy sector.
The key players in the cryogenic tanks market are Chart Industries (US), Cryofab (US), INOX India (India), Linde PLC (UK), Air Products (US), Cryolor (France), Air Water (Japan), Wessington Cryogenics (UK), FIBA Technologies (US), and ISISAN (Turkey). The cryogenic tanks market report analyzes the key growth strategies adopted by the leading market players between 2013 and 2019, which include expansion, new product launches, and mergers & acquisitions.
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Chart Industries (US) is a manufacturer of standard and tailor-made products and systems for a variety of cryogenic and heat transfer applications. The company along with its subsidiary VRV (Italy), designs and manufactures pressure equipment for the chemical, petrochemical, power, and cryogenic industries. Chart Industries operates through three segments, namely, D&S West, D&S East, and energy and chemicals. Each segment manufactures and markets different cryogenic and gas processing equipment and systems. New product development is its prime strategy to gain share in emerging markets. The acquisition of Thermax (US) in 2015 enhanced its offerings in the distribution & storage segment, which facilitates complete system solutions.
Cryofab (US) manufactures and offers maintenance services for cryogenic storage containers and accessories for industrial, laboratory, medical, biotechnology, homecare, semiconductor, superconductivity, and pharmaceutical applications, worldwide. In January 2015, Cryofab received a certification to sell TPED and PED market liquid helium dewars in Europe and other locations. This development boosted the sale of cryogenic tanks used for transportation application, especially in Europe.
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