According to the new market research report “Cryogenic Tanks Market by Raw Material (Steel, Nickel Alloy), Cryogenic Liquid (Liquid Nitrogen, LNG), Application (Storage, Transportation), End-use Industry (Metal Processing, Energy Generation, Electronics), and Region – Global Forecast to 2024″, The global cryogenic tanks market size is projected to grow from USD 6.2 billion in 2019 and expected to reach USD 8.1 billion by 2024, at a CAGR of 5.5%.
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Steel is primarily used in the manufacturing of cryogenic tanks. Most of the materials are ductile at room temperature and abruptly lose their ductility when a given threshold is exceeded. They then become brittle even at relatively low temperatures. The austenitic stainless steel is majorly used for working in the low-temperature range. Carbon and alloy grade steels used for low-temperature service are required to provide high strength, ductility, and toughness in vehicles, vessels, and structures that must be used at –49°F and lower. These factors are contributing to the growth in demand for steel for the manufacturing of cryogenic tanks.
Liquid nitrogen is primarily used in metal processing, food & beverage, electronics, and healthcare industries. The steel manufacturing industry is one of the major consumers of nitrogen. Nitrogen is used in the food & beverage industry for food preservation and packaging applications. The use of liquid nitrogen in this industry enables cost savings during storage and transportation and improves food quality. Liquid nitrogen is used to cool normally soft or heat-sensitive materials, such as plastics, tires, and certain metals. The increasing demand for liquid nitrogen from metal processing, food, and medical industries is expected to drive the market in this segment.
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The global cryogenic tanks market size of is estimated at USD 6.2 billion in 2019 and projected to reach USD 8.1 billion by 2024, at a CAGR of 5.5%. The global cryogenic tanks industry is driven by improving healthcare services, especially in the developing economies. Rising demand for LNG in various sectors, such as automotive, domestic & commercial fuel, and power generation is expected to boost natural gas exploration and production, thereby boosting the growth of the cryogenic tanks market.
Cryogenic tanks are used to handle liquefied gases. They are used for storage and transportation of liquid gases such as oxygen, nitrogen, Liquefied Natural Gas (LNG), hydrogen, helium, and argon. They are available in various configurations, including horizontal, vertical, double walled, and insulated and find a wide range of applications in the metal processing, energy generation, electronics, medical technology, food & beverage industry, water treatment, and other industries. The increasing demand for LNG in North America and APAC is boosting the demand for cryogenic tanks. Cryogenic tanks market is witnessing significant growth opportunities from emerging economies, such as Middle East & Africa and South America with increasing spending in the energy sector.
The key players in cryogenic tanks market are Chart Industries (US), Cryofab (US), INOX India (India), Linde PLC (UK), Air Products (US), Cryolor (France), Air Water (Japan), Wessington Cryogenics (UK), FIBA Technologies (US), and ISISAN (Turkey). The cryogenic tanks market report analyzes the key growth strategies adopted by the leading market players between 2013 and 2019, which include expansion, new product launch, and merger & acquisition.
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Chart Industries (US) is a manufacturer of standard and tailor-made products and systems for a variety of cryogenic and heat transfer applications. The company along with its subsidiary VRV (Italy), designs and manufactures pressure equipment for chemical, petrochemical, power, and cryogenic industries. Chart Industries operates through three segments, namely, D&S West, D&S East, and energy and chemicals. Each segment manufactures and markets different cryogenic and gas processing equipment and systems. New product development is its prime strategy to gain share in emerging markets. The acquisition of Thermax (US) in 2015 enhanced its offerings in the distribution & storage segment, which facilitates complete system solutions.
Cryofab (US) manufactures and offers maintenance services for cryogenic storage containers and accessories for industrial, laboratory, medical, biotechnology, homecare, semiconductor, superconductivity, and pharmaceutical applications, worldwide. In January 2015, Cryofab received a certification to sell TPED and PED market liquid helium dewars in Europe and other locations. This development boosted the sale of cryogenic tanks used for the transportation application, especially in Europe.
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