by The Cryogenic Tanks Market is estimated to be valued at US$ 6.84 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cryogenic tanks are double-walled storage vessels that are used to store liquefied gases at very low temperatures. They are used to store industrial and medical gases like argon, liquid nitrogen, oxygen, and hydrogen for various applications. Cryogenic tanks offer advantages such as ease of transportation and storage of cryogenic liquids.
Market key trends:
Rising demand for medical gases in healthcare facilities is expected to drive the cryogenic tanks market growth. According to Coherent Market Insights analysis, the healthcare sector accounted for more than 35% of the global cryogenic gases market in 2021. Liquid oxygen and liquid nitrogen find wide application in cryosurgery, respiratory therapies, and biomedical research. Growing pharmaceutical industry and increasing number of hospitals is further augmenting the demand for cryogenic gases which is positively impacting the cryogenic tanks market. Innovations in tank designs to improve transportability and reduce heat leakage is another key trend observed in the cryogenic tanks market.
Porter’s Analysis
Threat of new entrants: The cryogenic tanks market requires high capital investment and has stringent safety regulations which acts as a barrier for new players.
Bargaining power of buyers: The presence of large manufacturing companies gives buyers higher bargaining power regarding pricing and delivery terms.
Bargaining power of suppliers: Specialized components and manufacturing skills are required to produce cryogenic tanks which gives existing suppliers higher bargaining power.
Threat of new substitutes: There exists no close substitutes for cryogenic storage of industrial gases, LNG and other cryogenic liquids.
Competitive rivalry: Intense competition exists among established players to gain market share through product differentiation and pricing.
SWOT Analysis
Strengths: Cryogenic tanks have wide industrial applications in oil & gas, metallurgy and healthcare sectors. Leading players have established global supply chain and service network.
Weaknesses: Production is capital intensive and vulnerable to fluctuations in raw material prices. Strict compliance to safety standards increases operational costs.
Opportunities: Rising demand for LNG as transportation fuel and rapid industrialization in Asia Pacific and Middle East offers scope for expansion. Cryogenic energy storage is an emerging application area.
Threats: Economic slowdowns can negatively impact consumption of industrial gases. Stringent environmental regulations pose compliance challenges.
Key Takeaways
Global Cryogenic Tanks Market Size is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing consumption of LNG as an alternative to diesel and petrol. The largest LNG producers including Qatar, Australia and United States are major markets.
Regional analysis: Asia Pacific dominates the cryogenic tanks market and is expected to grow at the fastest rate during the forecast period. Countries like China, India and Southeast Asian nations are driving the demand for LNG and industrial gases with extensive industrialization.
Key players: Key players operating in the cryogenic tanks market include ArcelorMittal, China Baowu Group, Nippon Steel Corporation, POSCO, Shagang Group, Ansteel Group, Linde, INOX India Pvt., Cryofab, Chart Industries, and Hoover Ferguson Group, Inc. Major players are focused on geographic expansion, mergers and acquisitions to strengthen their product portfolio and distribution network.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
