1 Global Cryogenic Tank Market Size (Value) and CAGR (2024-2033)
In 2024, the global Cryogenic Tank market was valued at USD 6936.37 million, with a CAGR of 5.73% from 2024 to 2033.
A cryogenic tank is a specialized container designed to store materials at extremely low temperatures, typically below -150°C. These tanks are essential for storing cryogenic liquids such as liquid nitrogen, helium, argon, and even liquefied natural gas (LNG). The ability to maintain such low temperatures is crucial for preserving the integrity of these materials, which are widely used in industrial processes, medical applications, and food preservation.
Figure Global Cryogenic Tank Market Size (M USD) and CAGR 2024-2033
2 Cryogenic Tank Market Drivers
The global cryogenic tank market is experiencing robust growth, primarily driven by increasing demand from various end-use industries. One of the key drivers is the rising demand for liquefied natural gas (LNG) and other cryogenic gases, which are essential for energy production, industrial processes, and healthcare applications. The shift towards cleaner energy sources has led to a surge in the use of LNG, driving the need for efficient storage and transportation solutions provided by cryogenic tanks.
Another significant driver is the growth in the manufacturing sector, particularly in industries such as steel production, where nitrogen and other industrial gases are extensively used. The use of cryogenic tanks for storing and transporting these gases ensures a stable supply, which is crucial for maintaining production efficiency. Additionally, the food and beverage industry relies on cryogenic gases like liquid nitrogen for freezing and preserving products, further boosting the demand for cryogenic tanks.
3 Cryogenic Tank Market Restraints
Despite the promising growth prospects, the cryogenic tank market faces several challenges and restraints. One of the primary challenges is the fluctuation in raw material prices, particularly metals like steel and stainless steel. These materials are essential for manufacturing cryogenic tanks, and their price volatility can significantly impact production costs. Manufacturers often struggle to manage inventory and pricing strategies effectively, which can lead to increased operational costs and reduced profit margins.
Another significant challenge is the high cost of operation and maintenance of cryogenic tanks. These tanks require regular inspections, maintenance, and periodic formal examinations to ensure safety and functionality. The need for trained personnel and specialized equipment adds to the operational costs, which can be a burden for small and medium-sized enterprises (SMEs). Poor maintenance can also lead to leaks and other safety hazards, further complicating the management of these tanks.
4 Global Cryogenic Tank Market Size by Type in 2024
Stationary cryogenic tanks are designed for fixed locations and are primarily used for storage purposes. These tanks are essential in industrial facilities where cryogenic liquids need to be stored for extended periods. In 2024, the market value for stationary cryogenic tanks was $5,218.98 million, accounting for approximately 75.24% of the total market value. This segment is characterized by its large capacity and high demand in industries such as manufacturing, healthcare, and food processing. The growth in these sectors, particularly in regions like Asia-Pacific and North America, has significantly contributed to the market value of stationary cryogenic tanks.
Trailer-type cryogenic tanks, on the other hand, are optimized for transportation. These tanks are mounted on trailers and are used to transport cryogenic gases over long distances. In 2024, the market value for trailer-type cryogenic tanks was $1,717.39 million, representing about 24.76% of the total market value. The demand for these tanks is driven by the need for efficient and safe transportation of gases like liquid nitrogen, oxygen, and LNG. The growth in the energy sector, especially in the LNG market, has been a significant driver for this segment.
Table Global Cryogenic Tank Market Size by Type in 2024
Type | Market Size (M USD) 2024 |
Stationary Cryogenic Tanks | 5218.98 |
Trailer-Type Cryogenic Tanks | 1717.39 |
5 Global Cryogenic Tank Market Size by Application in 2024
In the manufacturing sector, cryogenic tanks are indispensable for storing and transporting industrial gases like nitrogen and argon, which are crucial for processes such as metal fabrication and electronics production. In 2024, the consumption of cryogenic tanks in manufacturing reached 147,020 units, reflecting a steady increase driven by the expansion of industrial activities globally. The growth in this sector is particularly notable in regions with robust manufacturing bases, such as North America and Asia-Pacific.
The healthcare industry also relies heavily on cryogenic tanks for the storage and transportation of medical gases, including liquid oxygen and nitrogen. These gases are essential for medical procedures, cryotherapy, and the preservation of biological samples. In 2024, the healthcare sector consumed 96,780 units of cryogenic tanks, with significant demand from hospitals, research institutions, and pharmaceutical companies. The increasing focus on healthcare infrastructure and advancements in medical technologies continue to drive this segment’s growth.
The food industry benefits from cryogenic tanks through the use of liquid nitrogen for freezing and preserving food products. This application ensures the quality and safety of perishable goods during transportation and storage. In 2024, the food industry consumed 39,360 units of cryogenic tanks, with demand expected to rise as food processing and distribution networks expand. The growth in this sector is particularly evident in emerging markets where the demand for processed and frozen foods is increasing.
Table Global Cryogenic Tank Market Consumption (K Units) by Application in 2024
Application | Market Consumption (K Units) 2024 |
Manufacturing | 147.02 |
Healthcare | 96.78 |
Food Industry | 39.36 |
6 Global Cryogenic Tank Market Size by Region in 2024
North America, with its well-established industrial and healthcare sectors, remains a significant market for cryogenic tanks. In 2024, the region consumed 85,240 units, driven by the need for reliable storage and transportation solutions in manufacturing and healthcare. The United States, in particular, is a major consumer, supported by its advanced healthcare infrastructure and robust industrial base.
Europe, known for its strong manufacturing and healthcare industries, consumed 77,850 units of cryogenic tanks in 2024. The region’s focus on technological innovation and regulatory compliance has led to a steady demand for high-quality cryogenic tanks. Germany and the United Kingdom are key markets within Europe, with significant demand from industrial and healthcare sectors.
The Asia-Pacific region is emerging as a dominant player in the cryogenic tank market, driven by rapid industrialization and economic growth. In 2024, the region consumed 101,110 units, with China and India leading the demand. The expansion of manufacturing industries, particularly in automotive and electronics, along with the growing healthcare sector, are key drivers for this region.
Figure Global Cryogenic Tank Market Consumption (K Units) by Region in 2024
7 Major Players in Global Cryogenic Tank Market
7.1 Chart Industries
Company Profile: Chart Industries, Inc. is a leading global manufacturer of equipment used in the production, storage, and end-use of hydrocarbon and industrial gases. Established in 1992, Chart Industries operates manufacturing facilities primarily in North America, Europe, and Asia, with a global market distribution network.
Business Overview: Chart Industries specializes in the design and production of vacuum-insulated containment vessels, heat exchangers, cold boxes, and other cryogenic components. The company’s products are widely used in the energy and industrial gas markets, including applications in hydrogen, helium, and LNG storage and transportation.
Product Introduction: Chart Industries offers a comprehensive range of cryogenic tanks, including bulk tank systems designed for various capacities and configurations. Their tanks are engineered with high standards of thermal performance and durability, ensuring efficient storage and transportation of cryogenic liquids. The company also provides customized solutions to meet specific customer requirements.
Recent Financial Performance: In the most recent year, Chart Industries reported a revenue of $398.17 million and a gross margin of 18.87%.
7.2 Linde plc
Company Profile: Linde plc is a global industrial gas and engineering company with a rich history dating back to 1879. The company operates primarily in Europe but has a worldwide market distribution network, providing products and services to customers across various industries.
Business Overview: Linde plc offers a wide range of industrial gases and technologies that help customers improve their economic and environmental performance. The company’s cryogenic tanks are designed for the storage and transportation of liquefied gases, including nitrogen, oxygen, argon, and LNG. Linde’s products are used in metal processing, medical technology, electronics, water treatment, and energy generation.
Product Introduction: Linde’s cryogenic tanks are known for their high-quality standards and customizable solutions. The tanks are available in various capacities and configurations, with standardized working pressures and vacuum-insulated designs to ensure optimal thermal performance. Linde’s tanks are also compliant with international standards such as the European Pressure Equipment Directive (PED) and ASME VIII, Div. 1.
Recent Financial Performance: In the most recent year, Linde plc reported a revenue of $129.00 million and a gross margin of 20.45%.
7.3 INOXCVA
Company Profile: INOXCVA is a globally recognized company offering comprehensive solutions in cryogenic storage, vaporization, and distribution engineering. Established in 1992, INOXCVA is part of the INOX group of companies, with manufacturing facilities primarily in India and the USA. The company serves markets in Asia, the Americas, and Europe.
Business Overview: INOXCVA specializes in the design and manufacture of cryogenic storage tanks and transport tanks for liquefied gases. The company’s products are used in various applications, including metal processing, healthcare, and the food industry. INOXCVA’s commitment to innovation and quality has made it a leading player in the cryogenic tank market.
Product Introduction: INOXCVA offers a complete range of bulk storage tanks for liquefied gases, including nitrogen, oxygen, argon, carbon dioxide, and hydrogen. The company’s tanks are designed with ergonomic piping layouts, stainless steel inner vessels, and high-quality surface finishes to ensure durability and ease of maintenance. INOXCVA also provides custom solutions to meet specific customer requirements.
Recent Financial Performance: In the most recent year, INOXCVA reported a revenue of $75.68 million and a gross margin of 18.69%.