by Cryogenic tanks are used for storing liquefied industrial and atmospheric gases at very low temperatures. They find applications in various industries such as metal processing, marine transportation, energy & power, chemicals, healthcare, electronics, and food & beverage. The increasing LNG trade for power generation and transportation across the globe is driving the growth of the cryogenic tanks market. Cryogenic tanks offer advantages such as ease of transportation and efficient storage of cryogenic liquids and gases.
The global Cryogenic Tanks Market is estimated to be valued at US$ 6.51 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the key trends in the cryogenic tanks market is the rise in demand for liquefied natural gas (LNG). LNG trade has increased substantially over the past decade due to the abundant availability of unconventional natural gas reserves and growing share of natural gas in the energy mix. According to International Group of Liquefied Natural Gas Importers, global LNG trade rose from 227 million tonnes in 2010 to 362 million tonnes in 2020. This rising LNG trade is propelling the demand for specialized cryogenic tanks for marine transportation and storage of LNG. Another trend gaining traction in the market is the use of advanced materials such as stainless steel and advanced composite materials for manufacturing cryogenic tanks. These advanced materials enhance strength, reduce weight of tanks, and can withstand extreme cryogenic temperatures.
Porter’s Analysis
Threat of new entrants: The Cryogenic Tanks Market requires high initial capital investments and long lead times to set up manufacturing facilities. This acts as a barrier to entry for new players.
Bargaining power of buyers: Buyers in the Cryogenic Tanks Market have moderate bargaining power due to availability of substitutes and price sensitivity.
Bargaining power of suppliers: A few prominent players control the supply of raw materials used to manufacture cryogenic tanks. This gives them bargaining power over buyers.
Threat of new substitutes: There exists a threat fromsubstitute storage solutions like compressed gas cylinders. However, cryogenic tanks offer efficiencies at large scale.
Competitive rivalry: Being a consolidated market with a few global players, competition is high. Players differentiate based on product quality, technological innovation and customer service.
Key Takeaways
The global Cryogenic Tanks Market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing demand from end-use industries such as metal processing, energy & power, chemicals, and electronics. The market size for 2023 is estimated to be US$ 6.51 Bn.
The Asia Pacific region is expected to dominate the market during the forecast period. This is attributed to growth in core industries and manufacturing activity in countries such as China and India. Furthermore, presence of prominent manufacturers in the region will also drive the regional demand.
Key players operating in the Cryogenic Tanks Market include 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. Linde, Chart Industries, and Taylor-Wharton are identified as the top players based on tank volumes and geographic footprint.
*Note:
1.Source: Coherent Market Insights, Public sources, Desk research
2.We have leveraged AI tools to mine information and compile it
