Global cryogenic tank market is estimated to grow at a CAGR of over 7% in the next seven years owing to growing requirement for low temperature operations in chemical and food & beverages industries.
Globally, over 250,000 tank units are consumed for storage and transportation of industrial gases, which remains a major application segment for the industry. Cryogenic tanks are specially designed tanks for storage and transportation of liquefied gases such as liquefied natural gas (LNG), liquid nitrogen, liquid oxygen, and liquid argon.
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These gases are stored at extremely low temperatures and high pressures. High demand for these specialty gases in various industries including petrochemical, pharmaceuticals, and food & beverages is estimated to steer market growth over the forecast period. Cryogenic tank demand for storage and transportation of industrial gases is estimated to grow at a CAGR of over 6% in future.
Increasing applications of cryogenics in chemical plants and laboratories coupled with increasing usage of liquid nitrogen and carbon dioxide for transportation of frozen food as well as fruit juices for long distances are the key drivers of cryogenic tanks market. High operating cost involved in fabrication of cryogenic tanks along with rising raw material cost is estimated to hinder industry growth.
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Growing LNG demand coupled with rapidly expanding fleet owing to high natural gas consumption particularly in economies including Qatar, Oman, Japan, China, and India is estimated to expand the industry. Cryogenic tank demand in LNG is anticipated to witness high growth over the next seven years on account of improving trade and upcoming facilities in aforementioned nations.
On the basis of storage type, the market is segmented into stationary and trailer-type cryogenic tanks. Both the product categories have their own significance. Stationary tanks usually have applications in petrochemical or chemical plants for long-term storage of liquefied gases, which usually include liquid nitrogen, oxygen, argon, and carbon dioxide.
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