Cryogenic Market Expands at 5.7% CAGR Through 2031 as LNG Infrastructure, Healthcare Cryopreservation & Clean Energy Storage Accelerate Demand

The Cryogenic market is growing at a CAGR of 5.7% from 2024 to 2031.
Market growth is fueled by surging demand for liquefied natural gas (LNG) as a cleaner energy source, expanding applications in healthcare for cryopreservation and medical gases, and rapid industrialization requiring cryogenic storage and handling in metallurgy, chemicals, and electronics. Key drivers include technological advancements in tanks, valves, and pumps for efficient low-temperature operations, rising investments in LNG infrastructure and terminals, and increasing use of cryogens like nitrogen and oxygen in food processing and aerospace. Additionally, the shift toward sustainable energy transitions and stringent regulations for safe gas transportation are accelerating adoption of advanced cryogenic equipment globally.

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United States: Key Industry Developments
✅ November 2025: Cryofab launched a new line of energy-efficient cryogenic storage tanks, deployed in over 200 US industrial facilities to reduce operational costs and support sustainability in metallurgy and healthcare sectors.
✅ October 2025: Chart Industries partnered with renewable energy firms to develop advanced cryogenic energy storage solutions, piloting in Midwest plants for enhanced efficiency in hydrogen and LNG applications.
✅ July 2025: Linde plc expanded production capacity for cryogenic equipment in Texas, targeting growing demand for industrial gases in energy and manufacturing hubs.

Asia Pacific / China: Key Industry Developments
✅ October 2025: Beijing Tianhai Cryogenic Equipment Co., Ltd. scaled manufacturing of high-capacity tanks in Jiangsu, supplying new LNG terminals and supporting China's expanding import infrastructure.
✅ August 2025: Nikkiso Co., Ltd. introduced advanced cryogenic pumps for aerospace and medical applications in Shanghai, boosting efficiency in high-precision cooling systems.

Key Merges and Acquisitions:
✅ Core & Main Inc. - acquired NW Geosynthetics in early 2025, enhancing cryogenic distribution networks for environmental and energy projects in North America.
✅ HUESKER Group - acquired Sineco International in April 2025, expanding cryogenic containment solutions for global infrastructure and waste management.
✅ Linde plc - formed strategic investments in Asian production facilities in 2025, strengthening supply chains for cryogenic gases and equipment in high-growth markets.

Market Segmentation Analysis:
-By Product: Tanks Lead with Dominant Share
Tanks hold approximately 56% market share as of 2024, driven by critical demand for LNG storage, industrial gas holding, and medical cryopreservation, with over 30% of global installations in energy sectors.
This segment dominates due to scalability and insulation advancements, outpacing valves and pumps in volume.
Valves, Vaporizers, Pumps, and Others account for the remaining 44%, with pumps gaining in dynamic transfer applications.
-By Cryogen: LNG Holds Leading Position
LNG commands roughly 35% market share, leveraging growth in clean energy transportation and regasification worldwide.
Nitrogen follows at about 30%, utilized in food freezing and metallurgy; Oxygen, Argon, and Others take the rest, with hydrogen surging for fuel cells.
-By Application: Storage & Distribution Maintain Dominant Share
Storage applications capture approximately 56% market share, essential for safe containment of liquefied gases in terminals and facilities.
Distribution and Processing follow, driven by supply chain needs in energy and healthcare.

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Growth Drivers:
-Escalating global LNG trade and infrastructure, with imports rising in Asia and Europe, necessitating advanced tanks and transfer equipment for efficient liquefaction.
-Rising healthcare demands for cryopreservation, medical oxygen, and tissue storage amid aging populations and biotech advancements.
-Technological innovations in insulation and automation, reducing boil-off losses by 20-30% and enhancing safety in industrial operations.
-Increasing metallurgy and electronics production requiring inert gases like nitrogen and argon for high-purity processes.
-Economic shifts toward clean energy and hydrogen economy, creating jobs in manufacturing and unlocking potentials in emerging renewable applications.

Regional Insights:
-Asia Pacific leads the cryogenic market with the highest regional share, capturing approximately 37-45% of global revenue in 2024-2025, driven by rapid LNG terminal developments in China and India, massive industrial gas consumption, and pharmaceutical growth. This dominance stems from energy import needs, manufacturing hubs, and government investments in clean fuels, positioning the region as the fastest-growing for tanks and pumps.
-North America follows with a significant market share of around 30-35%, bolstered by US LNG exports, healthcare innovations, and metallurgy in established facilities.
-Europe trails with a steady share of 15-20%, projected to expand via green energy transitions; Middle East & Africa and Latin America add growth from oil & gas exports and emerging infrastructure.

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Key Players:
Linde plc | Chart Industries, Inc. | Air Liquide | Nikkiso Co., Ltd. | Cryofab | INOX India Limited | Wessington Cryogenics | Beijing Tianhai Cryogenic Equipment Co., Ltd. | Flowserve Corporation | Herose GmbH
Key Highlights (Top 5 Key Players) for Cryogenic Market:
1. Linde plc reported approximately USD 8.5 billion in industrial gases and cryogenic revenue for fiscal year 2025, driven by global expansions and LNG solutions.
2. Chart Industries, Inc. generated estimated revenues of USD 4.2 billion during 2024-2025 from cryogenic segments, supported by tank and storage innovations.
3. Air Liquide achieved USD 3.8 billion in revenues for FY 2025, driven by strong demand for medical and industrial cryogens.
4. Nikkiso Co., Ltd. recorded USD 2.5 billion in cryogenic equipment sales for 2025, strengthened by pump technologies and aerospace applications.
5. Cryofab posted over USD 1.8 billion in revenue for 2025, supported by custom tank solutions and energy-efficient product launches.

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