The global cryogenic tank market, valued at USD XX million in 2016, is projected to reach USD XX million by 2022, registering a CAGR of XX%, during 2017-2022 (the forecast period). Exploring the Market for New Business 2017-2022
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The high demand for specialty liquefied gases, in various industries such as health care, petrochemical and food & beverages, is expected to fuel the market growth, over the forecast period.
Cryogenic tanks are designed to safely store a variety of products, including oxygen, argon, nitrogen, helium and natural gas, at temperatures below -150 degrees Fahrenheit. Liquefied gases are used in a wide-range of applications, including electronics, water treatment, metal processing, medical diagnostics, energy generation, food processing and others.
The industrial gases that are in liquid form at cryogenic temperatures can be stored on the site of end-user industries in the tanks for future use.
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The global cryogenic tank market, based on the application type, is segmented into storage and transportation. The storage application segment is expected to constitute a significant part of the global cryogenic tank market.
The flexibility of cryogenic tank enables the liquid gas producers and users to use them for short-term as well as long-term storage of industrial gases and LNG. The technological advancements in the industrial cryogenics found significance in space applications, for instance, the Indian Space Research Organization (ISRO) developed an indigenous cryogenic engine, which helps in carrying heavier payloads and increases the use of cryogenic tanks in the aerospace industry.
The planned storage facilities of LNG and increased production of industrial gases are some of the factors, expected to accelerate the storage application segment, during 2017-2022 (the forecast period).
Global cryogenic tank market, based on the product type, is segmented into LNG, nitrogen, oxygen, carbon dioxide and argon. Among all, LNG is the leading product type segment, which accounted for the largest market share with respect to sales of cryogenic tanks.
Development of planned liquefaction plants, the increase in consumption rate and production capacity of LNG, coupled with the expansion of the global infrastructure to enable the production and transport of natural gas, are some of the factors, expected to steer the growth in demand for cryogenic tanks, during the forecast period. Further, the nitrogen product type segment holds the significant share of the global cryogenic tank market.
Increased use of nitrogen blanketing method in the storage purposes for chemicals, fuels, pharmaceuticals, photographic chemicals, inks, adhesives and soaps, is driving the demand for nitrogen. The increased demand for nitrogen in the food & beverage industry, to cool, chill, freeze and preserve, are some major factors driving the growth of the cryogenic tank market, during the forecast period.
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The market, based on the geographic area, is segmented into North America, Europe, Asia-Pacific and rest of the world. In 2016, Asia-Pacific led the global cryogenic tank market, with the largest share in terms of sales, owing to the increased demand for the air separation plants, followed by North America and Europe.
The growth of Asia-Pacific can be attributed to the rapid industrialization, the presence of manufacturing facilities of the dominant market players, increasing sales of the cryogenic tank for liquid industrial gases and the significant rise in the LNG consumption in the region. Emerging countries such as Japan, India and China are undergoing infrastructural development, thereby, driving the demand for steel.
Steel industries use a large amount of oxygen for primary steel making process, which is expected to propel the demand for cryogenic tanks in the countries of Asia-Pacific region. Moreover, Asia-Pacific is projected to remain the dominant regional market for the cryogenic tank, during the forecast period.
The Key Players Operating in the Global Cryogenic Tank Market are:
- Chart Industries
- Cryofab Inc.
- Cryogas Equipment Private Ltd.
- Cryoquip Australia
- Eden Cryogenics, LLC
- FIBA Technologies, Inc.
- FNF Gas Technology Products Private Ltd.
- Gardner Cryogenic
- INOX India Pvt. Ltd.
- Linde AG
- Suretank Group Ltd.
- VRV S.p.A.
- Wessington Cryogenics
Key Deliverables in the Study
- Market overview - market analysis and identification of key drivers, restraints and opportunities
- Major trends and economic outlook
- Value chain analysis
- Porterâ€™s five force analysis
- Comprehensive summary on the industry sectors and regions poised for the fastest growth
- Cryogenic tank market analysis by product type, application, region and industries served
- Future outlook of the market
- Extensively researched competitive landscape section with profiles of major companies, along with their estimated market shares
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