Press release
Surge In LNG Demand Propels Cryogenic Tank Market Expansion: A Key Driver Powering Cryogenic Tanks Market Growth In 2025
Cryogenic Tanks
How Big Is the Cryogenic Tanks Market Size Expected to Be by 2034?
In recent times, there has been significant expansion in the cryogenic tanks market as it is poised to increase from $7.34 billion in 2024 to $7.75 billion in 2025, indicating a compound annual growth rate (CAGR) of 5.6%. Factors leading to this growth during the historic era encompass extended infrastructure development, advancements in the space exploration and aerospace sectors, an uptick in long trade and transportation, the rise of energy storage solutions, and the applications in metalworking and manufacturing industries.
The market size for cryogenic tanks is anticipated to witness robust growth in the foreseeable future. The market is projected to reach $10.32 billion in 2029, with a compound annual growth rate (CAGR) of 7.4%. Factors contributing to this growth include the swift expansion of long infrastructure, the evolution of the hydrogen economy, increasing utilization in the biotechnology and pharmaceutical sectors, advances in space exploration, and the widening scope of medical cryopreservation applications. Key trends during this forecast period involve technological advancements in tank construction, progression in healthcare technologies, improvements in tank insulation technologies, emphasis on the development of lightweight materials, and the increasing use in the medical and healthcare sectors.
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What Are the Emerging Segments Within the Cryogenic Tanks Market?
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 Long-Term Drivers Are Shaping Cryogenic Tanks Market Trends?
The cryogenic tank market is witnessing significant growth due to increased demand for liquefied natural gas (LNG). This version of natural gas, which is in a liquified form, provides a safer and more convenient mode of transference. Cryogenic tanks come into play as they ensure the secure storage and transportation of LNG from the suppliers to the consumers. Supporting this claim, the International Energy Agency (IEA), a France-based intergovernmental firm offering policy advice, data, and analysis on global energy affairs, released data in February 2023 that showed a whopping 63% increase in the volume of LNG cargos shipped to Europe in the year 2022 indicating the surge in demand. The growing demand for LNG is anticipated to further fuel the growth of the cryogenic tank market.
Who Are the Top Competitors in Key Cryogenic Tanks Market Segments?
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.
What Are the Major Trends Shaping the Cryogenic Tanks Market?
The increase in technological developments is a significant trend in the cryogenic tank sector. To make cryogenic tanks more robust and lighter, main players in the market are investing in new materials and production techniques. As a recent example, in February 2022, Boeing, an American airplane maker, introduced a new liner-less cryogenic fuel tank. This advanced, lighter tank uses composite technology to reduce its weight and increase its payload capacity by 30 percent for aerospace applications like NASA's space launch system. The composite tank, with a diameter of 4.3 meters (14 feet), has comparable dimensions to those intended for use in the upper stage of NASA's Space Launch System (SLS) rocket.
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Which Regions Are Becoming Hubs for Cryogenic Tanks Market Innovation?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Cryogenic Tanks Market?
2. What is the CAGR expected in the Cryogenic Tanks Market?
3. What Are the Key Innovations Transforming the Cryogenic Tanks Industry?
4. Which Region Is Leading the Cryogenic Tanks Market?
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