June 18, 2024

Cryogenic Tanks Market Poised to Witness High Growth Owing to Increasing Demand from Healthcare Industry

Cryogenic tanks are vacuum insulated containers used to store gases like oxygen, nitrogen, argon, and others at extremely low temperatures. They are essential for the storage and transportation of liquefied gases in a variety of industries including healthcare, chemical, food processing, metallurgy, and research laboratories. Cryogenic tanks provide reliable containment for cryogenic liquids and gases with minimal heat leakage which helps increase efficiency and reduces costs. The growing use of cryogenic gases in medical applications like cryosurgery and cryoablation as well as increased outsourcing of manufacturing activities is anticipated to drive the demand for cryogenic tanks over the forecast period.

The global cryogenic tanks market is estimated to be valued at US$ 6.51 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the cryogenic tanks market are 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, Isisan, Lapesa, Auguste Cryogenics, and Hoover Ferguson Group, Inc.

The key opportunities in the market include increasing investments by major players to expand production facilities and focus on developing countries where demand is rising rapidly. There is also a growing focus on the development of advanced cryogenic tanks with improved efficiency and safety features.

The cryogenic tanks market is witnessing significant global expansion driven by the development of gas-based economies in Asia Pacific and Middle East countries. Countries like China, India, and Saudi Arabia are witnessing increasing investment in gas infrastructure which will require huge storage and transportation facilities. Other regions like North America and Europe are also seeing growth owing to technological advancements in liquefaction processes.

Market drivers

The primary drivers for increasing demand of cryogenic tanks include rapid growth in the healthcare sector and industrial gas production. Cryogenic medical procedures and treatments are becoming more common globally due to the rising incidence of chronic diseases. This is propelling requirements for storage and transport tanks for medical grade gases. Additionally, as industrial gas manufacturing activities increase worldwide to meet the needs of manufacturing, energy, and other process industries there is a corresponding rise in demand for efficient gas storage vessels as well. Expanding liquefied natural gas trade across regions due to increasing energy needs will also drive tank requirements significantly over the forecast period.

PEST Analysis

  • Political: The cryogenic tank market is regulated by various government agencies that set safety and quality standards for tank design, material handling, transportation, and operations. Compliance with emissions standards also impact the demand for cryogenic tanks used in various industrial applications.
  • Economic: Factors such as global GDP growth, increasing demand from end-use industries like healthcare, energy, electronics have a strong influence on the cryogenic tank market. Rising industrial and infrastructure development also drives the need for cryogenic equipment.
  • Social: Growing population and lifestyle changes fuel the demand for medical gases which relies on cryogenic tanks for storage and distribution. Increased consumption of LNG as a clean fuel also contributes to market expansion.
  • Technological: Advancements in material sciences aid in developing tanks with improved performance, durability and safety. Insulation technologies help optimize tank efficiency while digitization enables remote monitoring of cryogenic equipment.

Geographical regions with high market concentration in terms of value include North America, Europe and Asia Pacific due to widespread industrial infrastructure and established end-use industries in countries like the US, Germany, China, and Japan.

The cryogenic tank market is forecast to grow fastest in Asia over the period of 2023 to 2030. This can be attributed to factors like rising manufacturing activity, expanding LNG import terminals and healthcare infrastructure developments underway in major Asian economies including China and India.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it