Cryogenic Tanks Market worth $8.1 billion by 2024 | Key players Chart Industries, Cryofab, Linde PLC, Air Products, FIBA Technologies

According to recent market research the "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 to USD 8.1 billion by 2024, at a CAGR of 5.5% from 2019 to 2024. The global industry for cryogenic tanks is driven primarily by the increasing demand for LNG. An increase in infrastructure spending, space applications for cryogenic technologies, and cryogenic energy storage systems represent promising growth opportunities for the market. Improving healthcare services in the developing economies is boosting the cryogenic tanks market.

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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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Metal-processing industry was the largest end-use industry for the cryogenic tanks industry. Cryogenic tanks are increasingly being used in the metal processing industry, especially steel the industry. Huge quantities of nitrogen and other industrial gases are used during the steel manufacturing process. Nitrogen is also known to be largest consumed gas in the industry. It is used as a high-pressure gas for laser cutting of steel and metal. The inert property of nitrogen facilitates its use as a blanketing gas. Some gases, including hydrogen and oxygen, are also used in the metal processing industry. Cryogenic tanks are commonly used in the storage and transportation of these gases in manufacturing plants, which drives the market demand.

APAC is the fastest-growing market, in terms of both production and demand. Higher domestic demand, easy availability of raw materials, and low-cost labor make APAC the most preferred destination for the manufacturers of cryogenic tanks. The cryogenic tanks market in India, China, and Australia is expected to witness significant growth during the forecast period. The market is primarily driven by the demand from the energy & power sector. APAC is emerging as a leading consumer of cryogenic tanks, owing to the increasing demand from domestic as well as international markets.

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). These players have established a strong foothold in the market by adopting strategies, such as 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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