The latest study conducted by Global Market Insights Inc. claims that the global cryogenic tank market size  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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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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