Cryogenic Tanks Market Size By Raw Material (Steel, Nickel Alloy, Aluminum Alloy), By Cryogen (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-User (O&G Industry, Power, Food & Beverage, Chemical, Rubber & Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Forestry & Fishing), Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
The cryogenic tanks market is anticipated to foresee commendable growth owing to increasing demand from industries such as food & beverage, healthcare, chemicals, rubber & plastics, etc. Cryogenic tanks are utilized for storing cryogenic liquids. The cryogenic liquids are generally liquefied gases at -150 °C or may be lower.
The most standard products comprise of helium, nitrogen, hydrogen, oxygen, and argon. These tanks are also utilized for storing gases at high temperatures, the examples include carbon dioxide, LNG (liquefied natural gas), and nitrous oxide.
These thus become a part of gas supply systems which are utilized in a wide array of applications, which includes food industry, water treatment, medical technology, electronics, metal processing, and energy generation.
The cryogenic liquids are further utilized for low temperature cooling applications, like food freezing, the storage of bio-samples, and engineering shrink fitting.
Any modification or repair to a cryogenic tank is to be done by an experienced repairer in line with the design codes using which it was manufactured, keeping in mind the present need in legislation & regulations. In addition, such modifications or repairs should not influence its integrity or the operation of any protective tool. Moreover, all the repairs as well as modifications need to documented and the records are to be saved for the life of the cryogenic tanks.
The cryogenic tanks market is segmented in terms of raw material, cryogen, application, end-user, and regional landscape.
Based on raw material, the cryogenic tanks market is classified into aluminum alloy, nickel alloy, steel, and others. Increasing investments toward development of small-scale industries and healthcare infrastructure across rural and remote areas will enhance the product demand for aluminum alloy.
In terms of end-user, the cryogenic tanks market is bifurcated in terms of agriculture, forestry & fishing, healthcare, shipping, metallurgy, rubber & plastics, chemicals, food & beverage, power, oil & gas Industry, and other industries. The rubber & plastics end-user segment will witness growth owing to the increasing investments by government and private organizations toward development of manufacturing industries. The metallurgy end-user segment will grow at a rate of over 5% over the projected time period.
From a regional frame of reference, the increasing demand for storage and transportation of LNG along with development of industrial infrastructure will propel the business growth in Middle East & Africa. The Latin America market will grow at a rate of over 5% over the projected timeframe.
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