Cryogenic tanks are vacuum or fully insulated vessels used to store liquefied gases at very low temperatures, typically below -150°C (-238°F). They find applications across industries such as energy & power, chemicals, metallurgy, electronics, healthcare, and biomedical for storing liquefied gases such as hydrogen, nitrogen, oxygen, argon, and natural gas. Cryogenic tanks offer advantages such as preventing boil-off, minimizing heat transfer to the product contained inside, easy transport of liquefied gases over long distances, and maintaining the cryogenic state of gases. The increasing consumption of liquefied natural gas and rising need for its storage and transportation is driving significant demand for cryogenic tanks.
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 rising demand for small-scale portable cryogenic tanks for diverse applications. Small cryogenic tanks ranging from 250 liters to 1,000 liters are witnessing growing adoption for on-site storage of liquefied gases in various industries including healthcare, metallurgy, general manufacturing, and food & beverage. Their compact size and mobility enable flexible on-demand gas supply. Manufacturers are developing advanced insulation methods to reduce heat transfer and increase payload capacity of portable cryogenic tanks. This is expected to further drive the demand. Another major trend is the use of composite cryogenic tanks made of carbon fiber or fiberglass composite materials. Composite tanks offer benefits such as lightweight, corrosion resistance, durability, and ability to withstand high pressures.
Threat of new entrants: The Cryogenic Tanks Market has high capital requirements and threat of established players with strong brand presence, limiting the threat of new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and differentiated products from competitors.
Bargaining power of suppliers: Suppliers have moderate bargaining power due lack of product differentiation and availability of substitutes.
Threat of new substitutes: Threat of substitutes is low due to lack of viable alternatives providing cost and performance benefits.
Competitive rivalry: The market has high competitive rivalry due to presence of large number of global and regional players.
The global Cryogenic Tanks Market is expected to witness high growth.
Regional analysis: Asia Pacific region witnessing fastest growth due to increasing industrial production and storage demand in countries like India and China. Europe and North America regions are also growing significantly.
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. Cryofab and Chart Industries are the market leaders.