Cryogenic Tanks

Global Cryogenic Tanks Market to Reach US$9.6 Billion by 2030

The global market for Cryogenic Tanks estimated at US$6.5 Billion in the year 2024, is expected to reach US$9.6 Billion by 2030, growing at a CAGR of 6.7% over the analysis period 2024-2030. Storage, one of the segments analyzed in the report, is expected to record a 7.0% CAGR and reach US$7.9 Billion by the end of the analysis period. Growth in the Transportation segment is estimated at 5.2% CAGR over the analysis period.

The U.S. Market is Estimated at US$1.5 Billion While China is Forecast to Grow at 8.7% CAGR

The Cryogenic Tanks market in the U.S. is estimated at US$1.5 Billion in the year 2024. China, the world`s second largest economy, is forecast to reach a projected market size of US$1.0 Billion by the year 2030 trailing a CAGR of 8.7% over the analysis period 2024-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 4.5% and 6.6% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 5.0% CAGR.

Global Cryogenic Tanks Market - Key Trends & Drivers Summarized

What Are Cryogenic Tanks and Why Are They Fundamental in Modern Industry?

Cryogenic tanks are specialized storage vessels designed to safely store and transport liquefied gases at extremely low temperatures, typically below -150 degrees Celsius. Common gases stored in these tanks include nitrogen, oxygen, argon, liquefied natural gas (LNG), and helium. These tanks are crucial for industries ranging from medical technology, where liquid oxygen is essential for respiratory care, to the energy sector, where LNG is increasingly used as a cleaner fuel alternative. Cryogenic tanks are engineered with advanced materials and technologies to prevent temperature fluctuations and minimize evaporation losses. They feature double-wall construction with insulation between the walls, and some are equipped with vacuum panels for enhanced thermal protection. The integrity of these tanks is vital not only for maintaining the quality and usability of the stored gases but also for ensuring operational safety in handling highly volatile substances.

How Technological Innovations Are Enhancing Cryogenic Tank Designs?

Technological advancements are significantly enhancing the design and functionality of cryogenic tanks. New materials and insulation technologies are continually being developed to improve the efficiency and safety of these storage vessels. High-performance composite materials are being used to reduce the weight of the tanks while maintaining strength and improving thermal insulation. Innovations in insulation techniques, such as the use of aerogels and advanced vacuum technologies, have dramatically increased the thermal resistance, reducing the boil-off rate of the liquefied gases and thereby decreasing operational costs. Furthermore, the integration of smart monitoring systems and IoT devices in cryogenic tanks allows for real-time tracking of pressure, temperature, and fill levels, which helps in predictive maintenance and enhances safety by alerting to potential issues before they become critical.

What Are the Key Trends Driving Demand for Cryogenic Tanks?

Several trends are currently shaping the demand for cryogenic tanks across various industries. The global shift towards cleaner energy sources has notably increased the demand for LNG, which requires extensive use of cryogenic tanks for storage and transport. Additionally, the expanding healthcare sector globally relies on cryogenic storage solutions for medical gases and biological materials, including vaccines and human tissues, which must be stored at cryogenic temperatures to remain viable. The space exploration sector also utilizes cryogenic tanks to store fuels and oxidizers for rockets, a use that is expanding as interest in space tourism and extraterrestrial exploration grows. Moreover, as global supply chains become more integrated, the need for robust logistic solutions that include cryogenic shipping capabilities for sensitive materials has become more acute.

What Drives the Growth of the Cryogenic Tank Market?

The growth in the cryogenic tank market is driven by several factors, including increasing energy needs worldwide and the rising adoption of LNG as a fuel source. The shift from coal and oil to gas-powered plants, coupled with the burgeoning LNG trade, necessitates extensive cryogenic storage and transport infrastructure. Advances in technology that improve the safety, efficiency, and cost-effectiveness of cryogenic tanks are also critical growth drivers, as these innovations make it feasible for more industries to utilize cryogenic substances safely. Furthermore, regulatory changes pushing for reduced emissions in industries like transport and energy are prompting companies to invest in LNG and other gases stored in cryogenic tanks, which are seen as more environmentally friendly. Consumer behavior, particularly the increased demand for high-purity industrial gases across sectors such as electronics manufacturing, healthcare, and food processing, fuels the expansion of the market. These diverse applications highlight the critical role of cryogenic tanks in modern industrial operations, ensuring their market remains robust and expansive.

SCOPE OF STUDY:

The report analyzes the Cryogenic Tanks market in terms of units by the following Segments, and Geographic Regions/Countries:

Segments:
Cryogenic Liquid (Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Hydrogen, Other Cryogenic Liquids); Application (Storage, Transportation); End-Use (Manufacturing, Healthcare, Food & Beverage, Other End-Uses)

Geographic Regions/Countries:
World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.

Select Competitors (Total 38 Featured) -

• Air Liquide SA
• Linde AG (The Linde Group)
• Worthington Industries, Inc.
• Chart Industries, Inc.
• DCI, Inc.
• McDermott International, Ltd.
• Universal Industrial Gases, Inc.
• China International Marine Containers (Group) Co., Ltd.
• Cryoquip Australia
• Vrv S.P.A
• Hoover CS
• Amalga Composites, Inc.
• Air Products Inc.

TARIFF IMPACT FACTOR

Our new release incorporates impact of tariffs on geographical markets as we predict a shift in competitiveness of companies based on HQ country, manufacturing base, exports and imports (finished goods and OEM). This intricate and multifaceted market reality will impact competitors by artificially increasing the COGS, reducing profitability, reconfiguring supply chains, amongst other micro and macro market dynamics.

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We expect this chaos to play out over the next 2-3 months and a new world order is established with more clarity. We are tracking these developments on a real time basis.

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APRIL 2025: NEGOTIATION PHASE

Our April release addresses the impact of tariffs on the overall global market and presents market adjustments by geography. Our trajectories are based on historic data and evolving market impacting factors.

JULY 2025 FINAL TARIFF RESET

Complimentary Update: Our clients will also receive a complimentary update in July after a final reset is announced between nations. The final updated version incorporates clearly defined Tariff Impact Analyses.

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