PMR Expects the Cryogenic Storage Tanks Market Revenue to Rise High with Increased Adoption by Healthcare Industry, and Rising Demand for Lightweight Tanks for Various Industrial Purposes
Industry: Industrial Automation
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Report Type: Ongoing
Report ID: PMRREP21778
The cryogenic storage tanks market is estimated to reach a valuation of US$11 Bn by the year 2033, at a CAGR of 6.3%, during the forecast period 2024 to 2033.
Key Highlights of the Market
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Attributes |
Key Insights |
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Market Value (2023) |
US$6.7 Bn |
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Market Size (2033) |
US$11 Bn |
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Forecast Growth Rate (CAGR 2024 to 2033) |
6.3% |
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Historical Growth Rate (CAGR 2019 to 2023) |
4.8% |
Cryogenic storage tanks are containers that are specifically engineered to store and transport liquefied gases at extremely low temperatures.
They are designed to withstand extreme cold conditions and maintain the cryogenic temperatures necessary to preserve the liquid state of substances such as liquid oxygen, nitrogen, helium, and argon gas.
The tanks are constructed from materials that provide high thermal insulation properties, such as stainless steel or aluminum, and they incorporate advanced vacuum insulation techniques to minimize heat transfer and maintain low temperatures.
Cryogenic tanks are indispensable in a variety of industries, including healthcare, aerospace, research, and industrial processes, where the storage and handling of cryogenic fluids are critical.
These tanks ensure the safe and efficient storage and distribution of liquefied gases, allowing their use in a multitude of applications.
Growing adoption of cryogenic tanks in healthcare industry is a growing trend driving the market forward. The growing demand for cryogenic storage tanks in the healthcare industry is a major market-driving trend enhancing the cryogenic storage tanks' market share.
Cryogenic storage tanks are used to store and transport medical gases, including oxygen, nitrogen, and argon, which are essential for a variety of medical applications, including anesthesia, respiratory therapy, and other medical procedures.
The healthcare sector is expanding globally due to factors such as an ageing population, an increase in the prevalence of chronic diseases, and the demand for increasingly sophisticated medical technologies and treatments.
Furthermore, the surge in demand for medicinal gases is boosting the need for cryogenic containers, which are utilized to safely and effectively store and transfer gases, ensuring that medical facilities such as hospitals and clinics can always access the necessary gases.
As the global healthcare industry continues to evolve, analysts predict that demand for cryogenic storage tanks will increase, as currently, producers and suppliers of these tanks are witnessing an increase in demand.
The global cryogenic storage tanks market was valued at US$4.8 Bn in the year 2019 and witnessed a growth rate of about 5% during the historical period 2019 to 2023 to reach the valuation of US$6.7 Bn in the year 2023.
The increase in demand for LNG globally along with the improving healthcare medical services in the major emerging economies is said to be one of the major driving elements for the cryogenic storage tanks market.
The metal processing industry was stated to be the largest end user for the cryogenic tanks as per the reports in the year 2019 and are increasingly being used in the metal processing industry even in the current times.
Furthermore, currently huge quantities of nitrogen and other crucial industrial gases are used in the steel manufacturing industries globally.
On the other hand, nitrogen is said to be the largest consumed gas in the global industries, which is predicted to aid the overall growth of the global cryogenic storage tanks market.
Surge in Demand for Lightweight Tanks
Currently, rockets are dependent on tanks, which are merely pressurized containers that are required to hold the fuel in ample amounts for combustion and thrust generation.
Typically, these containers are constructed from steel or aluminium alloys, or they employ metal as a lining, which results in their substantial weight.
For space applications, cryogenic propellant containers must be both lightweight and durable enough to accommodate a heavy gas like helium, which will naturally propel the liquid into the supply line.
The use of lightweight carbon fibre-reinforced plastic containers in future rockets could enable the use of cryogenic propellants.
Further, a tank constructed entirely of CFRP is significantly lighter than metal, necessitates fewer components, and is more cost-effective and efficient to produce, which can be a future advancement in the cryogenic storage tank market.
Temperature-Specific Operations
Cryogenic containers are specifically engineered to maintain a variety of materials at temperatures below -150 degrees Celsius. They provide insulation against the heat of the surrounding environment.
Liquid nitrogen, liquid oxygen, LNG, liquid argon, and other gases may be stored in cryogenic containers at varying pressures.
LNG and other industrial gases are extensively utilized in a variety of industries, including electronics, manufacturing, food and beverage, and power generation, to establish inert environments and maintain the precise temperatures necessary for various manufacturing processes.
Consequently, the global cryogenic storage tanks market is expected to experience growth in the coming years because of the expansion of manufacturing operations that necessitate specific temperatures and controlled environments.
Stringent Regulations
Cryogenic liquids include methane, carbon monoxide, argon, helium, nitrogen, and hydrogen, which occasionally include gases with slightly higher boiling points, such as carbon dioxide and nitrous oxide.
The use of these cryogenic liquids carries several risks that need to be properly managed to prevent coming into touch with parts, liquids, or gasses.
The main risks associated with cryogenic liquids are suffocation and severe frostbite, as well as health risks like chemical toxicity and physical risks like fire and pressure.
Transportable tanks need to be periodically inspected and tested, which can only be done by the Department of Transport, the National Competent Authority.
Regulations governing the use of transportable pressure equipment and the carriage of hazardous materials must be followed when transporting cryogenic liquids in tanks.
All applicable laws, such as the Carriage and Pressure Systems Safety Regulations for static tanks, should be followed when operating and maintaining cryogenic tanks.
According to the regulations, cryogenic tanks must have regular maintenance, inspections, and formal examinations for static tanks.
Increasing Demand for Temperature-Specific Operations
Several materials can be stored in cryogenic storage tanks that are specifically made to withstand temperatures as low as -150 degrees Celsius, as the tank provides insulation from the surrounding heat.
Cryogenic tanks could hold liquid nitrogen, liquid oxygen, LNG, liquid argon, and other gases at different pressures. LNG, and other industrial gases are widely used in several industries.
The key industries majorly employing cryogenic tanks include electronics, food and beverage, manufacturing, and power production, to generate the inert conditions and precise temperatures needed for different manufacturing processes.
Therefore, in the coming years, the growth of the global cryogenic tanks market is probably going to be driven by the expansion of manufacturing processes that need temperatures, and regulated environments.
Liquid Nitrogen Leads with 26.5% Market Share
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Market Segment by Liquid Type |
Market Value Share |
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Liquid Nitrogen |
26% |
Based on liquid type used, the cryogenic storage tanks market is further segmented into liquid nitrogen and liquefied natural gas, where the liquid nitrogen segment dominates the market share.
With the biggest market share in the cryogenic storage tanks sector, the liquid nitrogen segment has become the leading player.
The dominant position of this segment is attributed to several causes, such as the widespread usage of liquid nitrogen in a variety of industries, including metallurgy, electronics, food and beverage, and healthcare.
Cryogenic grinding, cryosurgery, cryopreservation, inert gas purging, fast freezing, and cooling in industrial processes are only a few of its uses.
Cryogenic tanks and liquid nitrogen have become more popular due to the growing need for nitrogen gas across several industries, especially the food and beverage sector for freezing and packaging needs.
Liquid nitrogen is a flexible option for a range of applications due to its low temperature, inertness, and ease of conversion into gas, among its other benefits.
Furthermore, developments in the design and insulation of cryogenic tanks have improved the efficiency of liquid nitrogen storage and transportation, hence increasing its market share.
Liquid nitrogen's versatility, and intrinsic advantages have largely driven its market domination in cryogenic tanks.
Application Remains Highest in Storage, Market Share Extends up to 64.8%
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Market Segment by Type |
Market Value Share |
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Storage |
64% |
Based on application of cryogenic tanks, the market is further bifurcated into storage and transportation, where the storage application has the major market share.
With the biggest market share, the storage segment has become the dominant force in the cryogenic storage tanks market. Liquid gases like oxygen, nitrogen, helium, and argon must be stored for use in a variety of industrial processes, aircraft, and healthcare settings.
The need for cryogenic tanks in the storage sector has increased due to the necessity of dependable and effective storage solutions to sustain the cryogenic temperatures necessary for these chemicals.
Furthermore, the need for cryogenic storage tanks to transport and store LNG has increased due to the expanding use of LNG as a greener energy source.
The expansion of LNG infrastructure and the growing use of cryogenic storage tanks in developing nations have also contributed to the growth of the storage market.
The storage capacity and dependability of cryogenic tanks have also been improved by technological developments in tank design, insulating materials, and safety features, solidifying the storage segment's leadership in the cryogenic storage tanks market.
Asia Pacific Continues to March Ahead
The Asia Pacific region dominates the global market share for the cryogenic storage tanks market owing to the presence of major emerging economies like India, China and Japan.
Further, the strong economic growth in the Asia Pacific region has resulted in increased industrialization and a higher demand for cryogenic storage tanks.
Countries such as China, India, Japan, and South Korea have made significant investments in LNG infrastructure, resulting in a sharp increase in the use of cryogenic tanks for storing and transporting LNG.
The region's rapid urbanization, and the growing middle-class population have stimulated the need for cryogenic tanks in the healthcare, food processing, and electronics sectors.
The Asia Pacific region has experienced an increased usage of cryogenic tanks due to advantageous government policies, including energy diversification initiatives and environmental restrictions that encourage the use of clean energy sources.
Moreover, the dominance of the region in the cryogenic storage tanks market share is further reinforced by the presence of major market competitors and continuous technical advances.
On the other side, developed western regions like Europe, and North America will also be prominent regions over the forecast period due to the increasing demand from end use industries, such as food, and pharmaceuticals.
The developing markets of Latin America, and Middle East & Africa (MEA) will account for less than a 15% share in the overall market, owing to a smaller population, and fewer industries.
September 2022 –
Blue Energy Motors, one of the leading automobile manufacturer from India, introduced its first green vehicle powered by Liquefied Natural Gas, which is a major development in the industry.
June 2022 –
Airbus, a leading aviation company globally announced its business expansion with a new plant construction in the United Kingdom.
February 2022 –
Air Liquide, a major competitor in the industry, signed a collaboration deal with Airbus, Korean Air Incheon to establish a new hydrogen utilization center to facilitate hydrogen ecosystem.
The major competitors in the cryogenic storage tanks market are primarily evaluated based on their product or service offerings, their financial statements, developments and the approaches implemented, the company's position in the global market scenario and its geographical reach.
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Attributes |
Details |
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Forecast Period |
2024 - 2033 |
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Historical Data Available for |
2019 - 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Countries Covered |
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Key Companies Profiled |
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Pricing |
Available upon request |
By Product Type
By Material
By Application
By End use
By Region
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The global cryogenic storage tanks market size was valued at US$6.7 billion as of 2023.
Asia Pacific holds the major market share.
Asia Pacific is predicted to exhibit the highest growth rate during the forecast period.
Inox India Private Limited, Cryofab Inc., Linde AG, Chart Industries, and VRV SPA are the top five players in this industry.
The storage segment continues to hold a dominant share of the market.
