CRYOGENIC TANKS MARKET ANALYSIS

Cryogenic Tanks MarketSize and Trends

The global cryogenic tanks market size was valued at US$ 6.51 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 5.0% from 2023 to 2030. The growing demand for gaseous and liquid materials in several end use industries including medical, chemical, and aerospace is largely augmenting the growth of cryogenic tanks market. Moreover, increasing industrialization and booming healthcare sector in the developing economies is further expected to boost the market growth.

Global Cryogenic Tanks Market Trends:

Increasing investment in cryogenic tanks is a recent trend

Increasing investments by key players in the market is a recent trend observed in the market and this is expected to continue in the near future as well. For instance, in March 2023, InoxCVA has set up a manufacturing facility in Vadodara with an investment of Rs 200 crore. The 20,000 tonne per annum plant will come up at Savli. The project follows a MoU signed by the company with the Gujarat government.

Growing popularity of stationary and trailer-type cryogenic tanks

Stationary and trailer-type cryogenic tanks are widely used for the storage of various industrial gases including liquid oxygen, liquid nitrogen, and liquefied natural gas (LNG). Nitrogen is majorly used in production processes for the manufacturing of steel and other metallic products. Oxygen is required for various applications in the pharmaceuticals, food & beverages, and energy & power sectors. Liquid hydrogen is another crucial industrial gas that is stored in the cryogenic tanks for usage in power generation plants and water treatment.