August 25, 2020
According to the research report titled ‘Cryogenic Tanks Market Size By Raw Material, By Cryogen, By Application, By End-User, Industry Analysis Report, Regional Outlook, Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026‘, available with Market Study Report LLC, global cryogenic tanks market is estimated to grow exponentially during 2020-2026.
Growing demand for cryogenic tanks from industries like healthcare, rubber & plastics, food & beverage, and chemicals is expected to drive the market growth. Cryogenic tanks are also used for storing liquefied gases like argon, oxygen, hydrogen, nitrogen, and helium at 150 °C or lower temperature. These tanks can also be employed to store gases like nitrous oxide, LNG, and carbon dioxide at higher temperature.
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Cryogenic liquids are utilized in low temperature cooking applications such as food freezing, engineering shrink fitting, and bio-samples storage, hence contributing to the growth of global cryogenic tanks market. However, safety concerns regarding cryogenic liquids, in consort with complications related to manufacturing and expertise for equipment maintenance may restrain the market growth to some extent.
With respect to raw material, global cryogenic tanks market is segmented into nickel alloy, aluminum alloy, steel, and others. Among these, aluminum alloy segment is estimated to gain substantial traction over the coming years, owing to rising investments in development of small-scale organizations and healthcare infrastructure in remote areas.
In terms of end-user scope, the market is segmented into forestry & fishing, power, shipping, agriculture, healthcare, oil & gas industry, metallurgy, chemicals, rubber & plastics, food & beverage, and others. As per the report, rubber & plastics segment is reckoned to witness modest growth through 2026, due to increasing investments by government and private organizations for development of manufacturing industries. Meanwhile, market share from metallurgy segment is expected grow at a rate of 5% during 2020-2026.
From a regional frame of reference, Middle East & Africa cryogenic tanks market is likely to witness notable growth over the analysis timeline, due to rising product demand for transportation & storage of LNG along with industrial infrastructural development in the region. Parallelly, Latin America market is anticipated to grow with a CAGR of 5% over the projected timeframe.
Key players operating in global cryogenic tanks market are IWI Cryogenic Vaporization Systems (India) Pvt. Ltd., Linde plc, Shengjie Cryogenic Equipment Public Limited Company, Air Water Inc., Air Liquide S.A., Vijaya Tanks and Vessels Pvt. Ltd., GTS Group Ltd., Hoover Ferguson Group Limited, Cryogas Equipment Private Limited, Chart Industries Inc., Suretank Group Ltd., ISISAN ISI SAN. VE TIC. A.S., Air Products & Chemicals Inc., Taylor Wharton International LLC, Beijing Tianhai Industry Co. Ltd., Wessington Cryogenics, FIBA Technologies Inc., INOX India Pvt. Ltd., and Cryofab Inc.