Press release
Key Influencer in the Cryogenic Tanks Market 2025: Surge In LNG Demand Propels Cryogenic Tank Market Expansion Driver
Cryogenic Tanks
The market for cryogenic tanks is influenced greatly by the deepening demand for liquefied natural gas (LNG). The convenient and safe transfer characteristics of LNG, which is natural gas in liquid form, facilitate its rising demand. These cryogenic tanks provide a safe and straightforward means of storing and conveying LNG from original producers to end consumers. Data was unveiled by the International Energy Agency (IEA), an intergovernmental organization based in France that delivers policy suggestions, analysis, and global energy sector data, in February 2023 indicating a 63% rise in LNG cargo shipped to Europe in 2022. Consequently, intensifying demand for liquefied natural gas (LNG) will propel the advancement of the cryogenic tank market.
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What growth opportunities are expected to drive the cryogenic tanks market's CAGR through 2034?
Over the past few years, there has been significant growth in the market size of cryogenic tanks. The market, which was worth $7.34 billion in 2024, is projected to rise to $7.75 billion in 2025, representing a compound annual growth rate (CAGR) of 5.6%. The growth experienced during the historic period was primarily driven by factors such as the expansion of infrastructure over long distances, advancements in space exploration and the aerospace industry, increased long-distance trade and transportation, as well as enhancements in energy storage solutions and the application of metalworking and manufacturing.
The market for cryogenic tanks is anticipated to experience substantial growth in the coming years, reaching a valuation of $10.32 billion in 2029, with a compound annual growth rate (CAGR) of 7.4%. This projected growth during the forecast period can be attributed to factors such as the rapid expansion of infrastructure, the development of a hydrogen economy, escalating utilization in biotechnology and pharmaceutical sectors, advancements made in the field of space exploration, and the growing applicability of medical cryopreservation. Key trends that can be observed during this forecast period involve innovative changes in tank design, technological progress in healthcare, enhancements in tank insulation technologies, a shift towards lighter materials, as well as an increased range of applications in the medical and healthcare fields.
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What are the emerging trends shaping the future of the cryogenic tanks market?
The dominating trend that is emerging in the cryogenic tank market is technological innovation. Main players in this market are concentrating on producing cryogenic tanks that are more resilient and weigh less by using innovative materials and construction methods. For instance, Boeing, an American aircraft manufacturing firm, recently launched a new advanced cryogenic fuel tank without a liner in February 2022. This new lightweight cryogenic tank uses composite technology, which significantly reduces its weight and accommodates an increased payload for aerospace applications by 30 percent, including those for NASA's space launch system. This composite tank, with a diameter of 4.3 meters (14 feet), is roughly the same size as the fuel tanks intended to be used in NASA's Space Launch System (SLS) rocket's upper stage.
Which growth-oriented segments of the cryogenic tanks market are leading the industry's development?
The cryogenic tanks market covered in this report is segmented -
1) By Cryogenic Liquid: Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other Cryogenic Liquids
2) By Raw Material: Steel, Nickel Alloy, Aluminum Alloy, Other Raw Materials
3) By Application: Storage, Transportation
4) By End-User: Manufacturing, Healthcare, Food Industry, Other End-Users
Subsegments:
1) By Liquefied Natural Gas (LNG): LNG Storage Tanks, LNG Transport Tanks
2) By Liquid Nitrogen: Cryogenic Dewars, Bulk Storage Tanks
3) By Liquid Oxygen: Medical Oxygen Tanks, Industrial Oxygen Tanks
4) By Liquid Hydrogen: Cryogenic Hydrogen Tanks, Hydrogen Fuel Tanks
5) By Other Cryogenic Liquids: Liquid Helium, Liquid Argon, Liquid Ethylene, Liquid Carbon Dioxide
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What regions are leading the charge in the cryogenic tanks market?
Asia-Pacific was the largest region in the cryogenic tanks market in 2024. North America is expected to be the fastest-growing region in the global cryogenic tanks market report during the forecast period. The regions covered in the cryogenic tanks market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What companies are at the forefront of innovation in the cryogenic tanks market?
Major companies operating in the cryogenic tanks market include Linde Plc, Air Products And Chemicals Inc., Messer Group GmbH, Chart Industries Inc., Cryolor Asia Pacific Private Limited, INOX India Pvt. Ltd., UIG Holdings Inc., FIBA Technologies Inc., Taylor-Wharton International LLC, Air Water Inc., VRV Asia Pacific Private Limited, Acme Cryogenics Inc., Wessington Cryogenics, Auguste Cryogenics, Gardner Cryogenic Inc., Cryoquip Inc., Super Cryogenic Systems Pvt. Ltd., Technex Limited, Cryofab Inc., Cryomech Inc., Cryeng Group Pty Ltd., CryoVation LLC, Brymill Cryogenic Systems, Cryogas Equipment Private Limited, Herose GmbH, Isisan A.S., Cryostar SAS, Cryo Systems Manufacturing, Cryo Diffusion S.A., FNF Gas Technology Products Pvt. Ltd.
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What Is Covered In The Cryogenic Tanks Global Market Report?
•Market Size Forecast: Examine the cryogenic tanks market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the cryogenic tanks market for a structured understanding.
•Key Players Overview: Analyze major players in the cryogenic tanks market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the cryogenic tanks market.
•Segment Contributions: Evaluate how different segments drive overall growth in the cryogenic tanks market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the cryogenic tanks market.
•Industry Challenges: Identify potential risks and obstacles affecting the cryogenic tanks market.
•Competitive Landscape: Review strategic developments in the cryogenic tanks market, including expansions, agreements, and new product launches.
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