Cryogenic Tanks - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Cryogenic Tanks Market is accounted for $6.32 billion in 2019 and is expected to reach $11.27 billion by 2027 growing at a CAGR of 7.5% during the forecast period. Improving healthcare services in developing economies and growing demand for LNG are the major factors propelling the market growth. However, decrease in global steel production is hampering the market growth.
Cryogenic tanks are mainly designed tanks for carrying and storage of liquefied gases, for instance, liquid argon, liquid nitrogen, and liquid oxygen. Improved recognition and command for these particular gases in dissimilar industries which include petrochemical, and food & beverages sectors has improved the fame of these tanks.
Based on the cryogenic liquid, the liquid nitrogen segment is estimated to have a lucrative growth due to the use of liquid nitrogen in this production enables cost investments during transportation and develop food quality. It is used to cool generally heat-sensitive materials, such as plastics, and certain metals. The growing command for liquid nitrogen from metal processing, and medical industries is likely to impel the market in this segment.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the rising demand from the domestic as well as international markets. It is the fastest-growing market, in terms of both production and demand. Higher domestic demand, simple availability of raw materials, and low-cost labour make this region the most preferred destination for the manufacturers of cryogenic tanks.
Some of the key players profiled in the Cryogenic Tanks Market include Cryofab, INOX India, Linde PLC, Cryolor, Wessington Cryogenics, FIBA Technologies, Chart Industries, Nikkiso Cryo, Gardner Cryogenic, Universal Industrial Gases, Vijay Tanks & Vessels, Beijing Tianhai Industry and Hoover Ferguson.
Raw Materials Covered:
• Aluminum Alloy
• Nickel Alloy
Cryogenic Liquids Covered:
• Liquefied Natural Gas (LNG)
• Liquid Hydrogen
• Liquid Nitrogen
• Liquid Oxygen
• Liquid Argon
• Liquid Helium
End Users Covered:
• Energy Generation
• Food & Beverage
• Medical Technology
• Metal Processing
• Water Treatment
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2018, 2019, 2020, 2024 and 2027
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Best in class reports with high standard of research integrity
24X7 Research Support
Continuous support to ensure the best customer experience.
Adding more values to your product of interest.
Safe & Secure Access
Providing a secured environment for all online transactions.
Trusted by 600+ Brands
Serving the most reputed brands across the world.