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The global cryogenic tank market is expected to cross USD 13 billion valuation by 2032 impelled by increasing industrialization and an upsurge in consumer product demand.
Overview
The latest study conducted by Global Market Insights Inc. claims that the ** [global cryogenic tank market size] (https://www.gminsights.com/industry-analysis/cryogenic-tanks-market)** could exceed USD 13 billion by 2032. Increasing industrialization and an upsurge in consumer product demand are among the key factors driving market growth.
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| Required Fields | Format |
|---|---|
| Market Size in 2022 | USD 7.9 Billion |
| Value Projection by 2032 | USD 13 Billion |
| **Compound Annual Growth Rate (CAGR) ** | 5.5% |
| ** Chemical segment size in 2032** | USD 800 Million |
| Nickel alloy segment in 2032 | 5.5% CAGR |
| North America in 2032 | 5% CAGR |
| No. Of Tables | 699 |
| Figures & Charts | 35 |
| No. Of Report Pages | 520 |
| Countries covered in the report | North America, U.S., Canada, Mexico, Europe, UK, Germany, Italy, France, Spain, Poland, Russia, Norway, Netherlands, Asia Pacific, China, India, Japan, South Korea, Indonesia, Thailand, Malaysia, Philippines, Australia, Middle East & Africa, Turkey, Kuwait, Oman, Saudi Arabia, UAE, Qatar, Egypt, South Africa, Latin America, Brazil, Argentina, Peru. |
| Segments covered | Raw Material, Cryogenic Liquid, Application, End-User |
| Companies covered in the report | Cryofab, FIBA Technologies Inc., Air Liquide, Air Products and Chemicals, Inc., Air Water Inc., Cryogas Equipment Private Limited, Chart Industries, Taylor-Wharton, INOX India Limited, Linde plc, SURETANK, and Auguste Cryogenics. |
Highlighting some of the major trends streamlining cryogenic tanks industry growth through 2032
Rising environmental concerns
Climate change caused by the rising carbon footprint has fostered the demand for LNG to replace toxic gases. Increasing awareness regarding the environmental restraints of chemicals on water streams and the atmosphere has encouraged many governments to push the use of sustainable gases, promoting product uptake. The European Commission collaborated with a US Task Force to import LNG in alignment with its climate objectives in March 2022. With this, the country aims to reduce its dependence on Russian fossil fuel resources and spur the use of natural gas.
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Growing use of industrial gases
The surging demand for liquid nitrogen and liquid oxygen for medical purposes, such as cryotherapy, cryosurgery, and biological sample preservation, is stimulating product demand in the healthcare sector. Moreover, the increasing uptake of cryogenic tanks to store and transport liquid gases for electronic manufacturing is also set to complement the cryogenic tank market outlook. For instance, cryogenic nitrogen and LNG are used to eliminate heat and purge unwanted gases throughout the semiconductor manufacturing and testing process.
Booming aerospace and automotive industries
The aerospace and automotive industries are increasingly using cryogenic tanks for various reasons including propulsion systems and fuel storage. Moreover, the growing demand for space exploration and satellite launches is expected to spur product adoption. In February 2022, Boeing introduced a new fully composite large lineless cryogenic fuel tank designed for use in NASA’s Space Launch System rocket. The new composite technology is expected to help in weight saving and increase payload by 30%.
Favorable investments in developing countries
Prominent investments in emerging economies, such as China, India, and Brazil, due to rapid industrialization and urbanization are fueling the industrial gases demand. Ina recent instance, in February 2023, InoxCVA, a subsidiary of financial services company INOX Leasing and Financing, announced an investment of Rs. 200 crores (~USD 2 billion) in a cryogenic tank manufacturing facility in Gujrat, India to aid supply liquid medical oxygen to hospitals in the country.
Some key manufacturers in the cryogenic tank market are Chart Industries, SURETANK, SHENGJIE CRYOGENIC EQUIPMENT PUBLIC LIMITED COMPANY, Air Liquide, Air Products and Chemicals, Inc., Cryogas Equipment Private Limited, FIBA Technologies, Inc., Linde plc, INOX India Limited, Wessington Cryogenics, and Auguste Cryogenics, among others. These firms are engaging in strategic partnerships and acquisitions to boost their industry position.
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About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Corporate Sales, USA
Global Market Insights Inc.
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