Economic Impact of COVID-19 on Cryogenic Tanks Market Trends, Analysis and Forecasts

The Cryogenic Tanks Market – Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.

Cryogenic tanks are used to store natural gases such as argon, nitrogen, helium, liquid oxygen, liquid hydrogen and so on at correct temperature and pressure. The cryogenic tanks are built with high efficiency with respect to working pressure, leakage reduction, and automated decompression to enhance safety during transportation. As cryogenic tanks are used for storage and transportation of liquified gases, it mandates a high-quality jacket and advanced coating to reduce the probability of evaporation and different environmental parameters. The demand for cryogenic tanks is primarily driven by increased demand for transportation of liquid gases fuelled by expanding chemical, pharmaceutical and food & beverages industries.

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With increased demand for processed and frozen food, the cryogenic tank market is anticipated to grow significantly. The demand for liquified natural gas (LNG) has increased significantly during past decade, thereby fuelling the growth of cryogenic tanks market. The tank manufacturers are engaged in product innovation to cater the increased demand. However, high cost associated with manufacturing and raw materials is hindering the growth of cryogenic tank market.

Strong demand for liquid nitrogen to drive the growth of cryogenic tank market

The global cryogenic tanks market is segmented on the basis of raw material, cryogenic liquid, application, end use industry, and geography. Based on cryogenic liquid, the global cryogenic tank market is segmented into liquid nitrogen, liquefied natural gas (LNG), liquid hydrogen, liquid oxygen, and others. The liquid nitrogen segment contributed the largest share to the global cryogenic tank market in 2019 owing to strong demand for storage and transportation of liquid nitrogen across several industry verticals. The liquefied natural gas (LNG) segment is anticipated to witness prominent growth during the forecast period owing to increased demand from emerging countries.

Metal & mining to dominate cryogenic tank demand throughout the forecast period

Based on end use industry, the global cryogenic tanks market is segmented into semiconductor & electronics, metal & mining, food & beverages, energy & utility, healthcare, chemicals, pharmaceuticals, and others. The metal & mining industry contributed a dominating share to the global market in 2019 and is anticipated to witness steady growth during the forecast period. Liquid nitrogen and LNG are extensively used across metal processing applications for cutting, and blanketing, thereby fuelling the demand for cryogenic tanks. Applications of cryogenic tanks across food & beverage industry is anticipated to grow at a prominent CAGR during the forecast period owing to increased demand for food preservation and transportation.

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Based on geography, the global cryogenic tanks market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific contributed the largest share to the global cryogenic tank market in 2019 owing to the presence of leading manufacturers of cryogenic tanks across the region. Expanding manufacturing industry is anticipated to fuel local consumption of cryogenic tanks across Asian countries, with a swift growth in export globally. Hence, fuelling the growth of Asia Pacific cryogenic tank market during the forecast period. Demand from North America and Europe is anticipated to escalate during the forecast period owing to increasing demand from metal food & beverage and processing applications.