Cryogenic Tanks Market to Grow at 6.9% CAGR, Reaching $10 Billion by 2029

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Cryogenic Tanks Market Outlook: How is the Market Expected to Grow by 2025?
The size of the cryogenic tanks market has witnessed consistent growth over the recent years. The market, which was valued at $7.34 billion in 2024, is predicted to expand to $7.64 billion in 2025, with a compound annual growth rate (CAGR) of 4.2%. The historic growth of this market can be ascribed to the development of vast infrastructure, the expansion of space exploration and the growth of the aerospace industry, an increase in long-distance trade and transportation, the emergence of energy storage solutions, and applications in metalworking and manufacturing sectors.

Cryogenic Tanks Market Forecast: What Size Will It Reach By 2029?
The market for cryogenic tanks is anticipated to experience robust growth in the coming years, with a projection to reach $10 billion in 2029, reflecting a compound annual growth rate (CAGR) of 6.9%. The expansion in the forecast period can be credited to the swift growth of extensive infrastructure, the advent of the hydrogen economy, escalating use in biotechnology and pharmaceuticals, advancements in space exploration, and the broadening of medical cryopreservation applications. Key trends in the forecast period encompass innovations in tank design technology, progressing healthcare technologies, evolutions in tank insulation technologies, emphasis on lightweight materials and the increasing applications in the medical and healthcare sectors.

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Which Key Market Drivers Will Shape Cryogenic Tanks Industry Trends in 2025-2029?
The cryogenic tank market is experiencing significant growth, largely driven by the rising demand for liquefied natural gas (LNG). LNG is natural gas that has been chilled to a liquid state, making it safer and more efficient to transport. These cryogenic tanks serve as storage and transportation mediums for LNG, ensuring its safe delivery from producers to consumers. For example, in February 2023, the France-based International Energy Agency (IEA), a body that offers policy advice, analysis and data across the global energy sector, revealed that the quantity of LNG shipments to Europe escalated by 63% in 2022. Thus, the burgeoning demand for LNG is a major factor propelling the cryogenic tank market forward.

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What Are the High-Growth Segments in 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

Which Global Trends Are Driving Cryogenic Tanks Market Expansion?
Technological innovations are becoming a dominant trend in the cryogenic tank industry. The major players in this sector are striving to produce lighter, more resilient cryogenic tanks by experimenting with novel materials and production methods. For example, Boeing, an American airplane manufacturer, created a linerless cryogenic fuel tank in February 2022. This new lightweight cryogenic tank uses composite technology to reduce its weight and increase its payload capacity by 30 percent for aerospace uses, such as NASA's space launch system. This composite tank shares the same size, 4.3 meters (14 feet) in diameter, like the fuel tanks designed for use in NASA's Space Launch System (SLS) rocket's upper level.

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Who Are the Fastest-Growing Companies in the Cryogenic Tanks Industry?
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 Is the Regional Outlook for the Cryogenic Tanks Market by 2029?
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.

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