USD 6.98 Billion
Report ID:
SQMIG20E2100 |
Region:
Global |
Published Date: February, 2025
Pages:
197
|Tables:
91
|Figures:
71
Global Cryogenic Tanks Market size was valued at USD 6.98 Billion in 2023 poised to grow from USD 7.38 Billion in 2024 to USD 11.59 Billion by 2032, growing at a CAGR of 5.8% in the forecast period (2025-2032).
The primary driver behind the market growth of cryogenic tanks is the rising demand in the medical sector, which requires various gases to be stored securely. Cryogenic tanks primarily store medical gases like oxygen, nitrogen, and argon, among others, used for therapeutic and procedural purposes. Factors such as an aging population, rising cases of chronic diseases, and the growing demand for advanced medical technologies and treatments are driving the global healthcare industry's growth. Given the rising demand for medical gases and their applications, cryogenic tanks are becoming essential for healthcare professionals and experts.
Cryogenic tanks enable medical institutions, from hospitals to clinics, to get the gases needed at any moment. Due to this reason, producers and retailers of cryogenic tanks are gaining many orders. With the world health sector being under rapid expansion, analysts forecast continued growth in demand for the said product. Liquefied natural gas (LNG) demand is increasing, which is helping the global cryogenic tanks market grow in the future. Transporting liquefied natural gas (LNG), which is natural gas that has been chilled to a liquid form, is simpler and safer. In cryogenic tanks, liquefied natural gas (LNG) may be safely and conveniently stored and transferred from producers to consumers.
Market snapshot - (2025-2032)
Global Market Size
USD 6.98 Billion
Largest Segment
Steel
Fastest Growth
Nickel Alloy
Growth Rate
5.8% CAGR
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The global cryogenic tanks market is segmented based on raw material, cryogenic liquid, application, and region. In terms of raw material, the market is grouped into steel, nickel alloy, aluminum alloy, and others. Based on the cryogenic liquid, the market is segmented into liquid nitrogen, liquefied natural gas (LNG), liquid hydrogen, liquid oxygen, and others. Based on application, the market is bifurcated into storage and transportation. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Central & South America and the Middle East & Africa.
Analysis by Raw Material
As per categorization by raw material, the market is classified as steel, nickel alloy, aluminum alloy, and others. Among these, steel earned the largest share and continues to hold the dominant global cryogenic tanks market share. Strength, durability, and resistance to extreme temperatures make steel raw material core to the global cryogenic tanks market. Advances focus on advanced alloys and coatings to take steel to new performance levels under cryogenic conditions. Steel’s dominance stems from its cost-effectiveness, structural integrity, and ability to withstand the pressures and temperatures required for storing liquefied gases. Its high tensile strength and thermal conductivity make it the ideal material for ensuring safe, efficient storage and transportation in the cryogenic sector.
Nickel alloys are poised to be the fastest-growing raw material in the global cryogenic tanks market due to their exceptional resistance to corrosion, strength, and performance at extremely low temperatures. These alloys have a much higher durability than the traditional carbon steel and are ideal for the storage of liquefied gases such as LNG and hydrogen, which demand advanced materials for safe containment. The demand for sustainable energy solutions is on the rise, especially in the liquefied natural gas (LNG) industry and hydrogen storage, driving the use of nickel alloys that offer better reliability, less maintenance, and longer lifespans for tanks in cryogenic applications.
Analysis by Cryogenic Liquid
Liquid Nitrogen (LN2) is rapidly gaining prominence in the global cryogenic tanks market due to its versatility and widespread use in various industries, including healthcare, food preservation, and electronics manufacturing. Innovations in the technologies for storage target enhanced insulation and safety in tanks, to meet with the demands of low temperatures by LN2. Its widespread utility follows from its non-toxic and relatively inexpensive character, as well as its ability to efficiently maintain biological samples, be useful for cryogenic cooling in industrial use, and facilitate medical applications such as cryotherapy. Thus, as demand continues to increase in these areas, the position of LN2 as a first-generation cryogenic fluid in most storage tanks is becoming more firmly established.
Liquefied Natural Gas (LNG) is set to be the fastest growing in the global cryogenic tanks market due to its increasing demand as a cleaner energy source for power generation, transportation, and industrial use. In turn, LNG, by reducing carbon emission in the atmosphere, has become more popular around the world. There has been an improved cryogenic tank technology with concerns on safety enhancement, efficiency storage capacity, and increased insulation to keep LNG in good temperature for transportation purposes. The expanding role of LNG in the global market will make the use of cryogenic tanks shoot as governments and other industries look at more sustainable alternatives for energy needs.
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North America is dominating the global cryogenic tanks market, driven by robust demand for liquefied natural gas (LNG) and other cryogenic liquids, along with a strong push toward cleaner energy solutions and industrial advancements. The established infrastructure in North America for the production, storage, and transport of energy, combined with significant investment in LNG export terminals and distribution networks, places it in an excellent position. North America also benefits from technological advancements in the design and safety of cryogenic tanks, along with government policies supporting the utilization of natural gas. These factors collectively position North America as a global leader in the cryogenic tanks industry.
Europe is the fastest-growing region in the global cryogenic tanks market due to its increasing demand for clean energy solutions and a strong commitment to reducing carbon emissions. Aggressive climate targets and increasing investments in renewable energy sources, such as LNG, from the European Union are driving the demand for advanced cryogenic storage technologies. Additionally, the region's extensive infrastructure for importing, distributing, and supplying LNG, along with continuous advancements in cryogenic tank designs, is driving market growth. The cryogenic tanks market is growing rapidly as Europe transitions to greener energy and more sustainable industry practices.
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Drivers
Increasing Demand for LNG
Technological Advancements in Storage Solutions
Restraints
Safety and Regulatory Limitations
international norms, it slows the development and the deployment of tanks, especially in emergent markets.
Environmental Concerns and Logistics Disruption
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The global cryogenic tanks market is considered highly competitive as there are various companies that focus more on technological up-gradation as well as portfolio extension. It consists of large international companies such as Linde Group, Air Liquide, Cryogenmash, McDermott International, and Chart Industries, among others, that invest strongly in R&D to offer advanced cryogenic storage solutions as well as make the products safe, efficient, and durable. The market is also experiencing mergers and increased collaborations, boosting innovation and broadening global markets to keep up with ever-increasing demands in energy and industries.
Top Player’s Company Profiles
Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, the growth in the global cryogenic tanks industry is significant; it is influenced by increasing demand in healthcare, energy, and industrial sectors. The need for medical gases like oxygen and nitrogen is on the rise to be used in hospitals and clinics, while the demand for LNG continues to expand because it acts as a cleaner source of energy. Technological developments on insulation and materials, such as steel and nickel alloys, enhance the tank's strength, efficiency, and safety.
The market is being led by North America and Europe, mainly owing to good energy infrastructure, initiatives for sustainability, and the fact that industries are increasingly using efficient cryogenic storage solutions, so further market expansion will be driven by innovations in design and safety standards for reliable and sustainable solutions for medical, industrial, and energy applications all over the world.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 6.98 Billion |
Market size value in 2032 | USD 11.59 Billion |
Growth Rate | 5.8% |
Base year | 2024 |
Forecast period | (2025-2032) |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Cryogenic Tanks Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cryogenic Tanks Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cryogenic Tanks Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cryogenic Tanks Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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