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“The cryogenic tanks market is projected to register a CAGR of 5.5%, in terms of value, between 2019 and 2024.”
The global cryogenic tanks market size in 2019 was USD 6.2 billion in 2019 and is expected to reach USD 8.1 billion by 2024, at a CAGR of 5.5% between 2019 and 2024. The increasing demand for LNG in the energy generation industry primarily triggers the growth of the global cryogenic tanks industry. However, the steel industry is facing a slowdown due to overcapacity, the current economic scenario in China, and declining oil & gas prices. Decrease in global steel production is hampering the growth of the market.
“The steel segment is estimated to lead the cryogenic tanks market, by raw material, during the forecast period.”
Steel is primarily used in the manufacturing of cryogenic tanks. Most of the materials are ductile at room temperature and abruptly lose their ductility when a given threshold is exceeded. They then become brittle even at relatively low temperatures. The austenitic stainless steel is majorly used for working in low temperature range. Carbon and alloy grade steels used for low-temperature service are required to provide the high strength, ductility, and toughness in vehicles, vessels, and structures that are used at –49F and lower. These factors are contributing to the growth of demand for steel in manufacturing of cryogenic tanks.
“Liquid Nitrogen is the fastest-growing cryogenic liquid segment of the cryogenic tanks market.”
Liquid nitrogen is primarily used in the metal processing, food & beverage, electronics, and healthcare industries. The steel manufacturing industry is one of the major consumers of nitrogen. Nitrogen is used in the food & beverage industry for food preservation and packaging applications. The use of liquid nitrogen in this industry enables cost savings during storage and transportation and improves food quality. Liquid nitrogen is used to cool normally soft or heat-sensitive materials, such as plastics, tires, and certain metals. The increasing demand for liquid nitrogen from metal processing, food, and medical industries is expected to drive the market in this segment.
“Metal processing is expected to lead the end-use industry segment of the cryogenic tanks market during the forecast period”
Metal processing was the largest end-use industry of the cryogenic tanks market, in 2018. Cryogenic tanks are increasingly being used in metal-processing industries, especially the steel industry. Huge quantities of nitrogen and other industrial gases are used during the metal manufacturing process. Nitrogen is also known to be largest consumed gas in the industry. It is used as a high pressure gas for laser cutting of steel and metal. The inert properties of nitrogen, facilitates its use as a blanketing gas. Some gases, including hydrogen and oxygen, are also used in the metal processing industry. Cryogenic tanks are commonly used in storage and transportation of these gases in manufacturing plants, which drives the market demand.
“APAC is projected to be the fastest-growing cryogenic tanks market during the forecast period.”
APAC is a high potential market with growing metal processing and energy and petrochemical industries. It is projected to be the fastest-growing market for cryogenic tanks owing to considerable increase in investments in the energy sector in the past five years, creating high demand for cryogenic tanks in the region. It is also witnessing significant developments in energy, power, and technology sectors which further drives the market for cryogenic tanks in the region.
China is witnessing significant growth in the energy sector owing to continuous energy consumption and strong policies supporting economic development. Other developing Asian economies are also expected to create opportunities for natural gas growth in the region, although the sensitivity to policies and price levels remain uncertain. Thus, the developments in the energy sector are expected to drive the cryogenic tanks market, as these tanks are commonly used for storage and transportation of liquefied gases including LNG.
This study was validated through primary interviews conducted with various industry experts worldwide. The primary sources were divided into three categories, namely, company type, designation, and region.
- By Company Type– Tier 1: 57%, Tier 2: 29%, and Tier 3: 14%
- By Designation–C Level: 43%, Director Level: 36%, and Others: 21%
- By Region–Europe: 35%, APAC: 25%, North America: 20%, Middle East & Africa: 12%, and South America: 8%
The report profiles several leading players of the cryogenic tanks market that include 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 report also includes detailed information about various growth strategies adopted by these key players to strengthen their positions in the cryogenic tanks industry.
The report offers insights on cryogenic tanks used in various end-use industries across regions. It aims at estimating the size of the cryogenic tanks market during the forecast period and projects the future growth of the market across the raw material, cryogenic liquid, application, end-use industry, and region segments. The report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help market leaders/new entrants in the cryogenic tanks market by providing them with the closest approximations of the revenues for the overall market and its various sub-segments.
- This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies.
- The report will also help stakeholders understand the pulse of the market and help acquire information on key drivers, restraints, challenges, and opportunities affecting the growth of the cryogenic tanks market.