DUBLIN--(BUSINESS WIRE)--The "Cryogenic Tanks Market by Raw Material (Steel, Nickel Alloy), Cryogenic Liquid (Liquid Nitrogen, LNG), Application (Storage, Transportation), End-use Industry (Metal Processing, Energy Generation, Electronics), and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.
The Global Cryogenic Tanks Market Size in 2019 was USD 6.2 Billion in 2019 and is Expected to Reach USD 8.1 Billion by 2024, at a CAGR of 5.5% between 2019 and 2024.
The increasing demand for LNG in the energy generation industry primarily triggers the growth of the global cryogenic tanks industry. However, the steel industry is facing a slowdown due to overcapacity, the current economic scenario in China, and declining oil & gas prices. The decrease in global steel production is hampering the growth of the market.
The steel segment is estimated to lead the cryogenic tanks market, by raw material, during the forecast period.
Steel is primarily used in the manufacturing of cryogenic tanks. Most of the materials are ductile at room temperature and abruptly lose their ductility when a given threshold is exceeded. They then become brittle even at relatively low temperatures. The austenitic stainless steel is majorly used for working in a low-temperature range. Carbon and alloy grade steels used for low-temperature service are required to provide the high strength, ductility, and toughness in vehicles, vessels, and structures that are used at -49F and lower. These factors are contributing to the growth of demand for steel in the manufacturing of cryogenic tanks.
Liquid Nitrogen is the fastest-growing cryogenic liquid segment of the cryogenic tanks market.
Liquid nitrogen is primarily used in metal processing, food & beverage, electronics, and healthcare industries. The steel manufacturing industry is one of the major consumers of nitrogen. Nitrogen is used in the food & beverage industry for food preservation and packaging applications. The use of liquid nitrogen in this industry enables cost savings during storage and transportation and improves food quality. Liquid nitrogen is used to cool normally soft or heat-sensitive materials, such as plastics, tires, and certain metals. The increasing demand for liquid nitrogen from metal processing, food, and medical industries is expected to drive the market in this segment.
Metal processing is expected to lead the end-use industry segment of the cryogenic tanks market during the forecast period
Metal processing was the largest end-use industry of the cryogenic tanks market, in 2018. Cryogenic tanks are increasingly being used in metal-processing industries, especially the steel industry. Huge quantities of nitrogen and other industrial gases are used during the metal manufacturing process. Nitrogen is also known to be largest consumed gas in the industry. It is used as a high-pressure gas for laser cutting of steel and metal. The inert properties of nitrogen, facilitates its use as a blanketing gas. Some gases, including hydrogen and oxygen, are also used in the metal processing industry. Cryogenic tanks are commonly used in the storage and transportation of these gases in manufacturing plants, which drives the market demand.
APAC is projected to be the fastest-growing cryogenic tank market during the forecast period.
APAC is a high potential market with growing metal processing and energy and petrochemical industries. It is projected to be the fastest-growing market for cryogenic tanks owing to a considerable increase in investments in the energy sector in the past five years, creating a high demand for cryogenic tanks in the region. It is also witnessing significant developments in energy, power, and technology sectors which further drives the market for cryogenic tanks in the region.
China is witnessing significant growth in the energy sector owing to continuous energy consumption and strong policies supporting economic development. Other developing Asian economies are also expected to create opportunities for natural gas growth in the region, although the sensitivity to policies and price levels remain uncertain. Thus, the developments in the energy sector are expected to drive the cryogenic tanks market, as these tanks are commonly used for storage and transportation of liquefied gases including LNG.
The report profiles several leading players of the cryogenic tanks market that include Chart Industries (US), Cryofab (US), INOX India (India), Linde PLC (UK), Air Products (US), Cryolor (France), Air Water (Japan), Wessington Cryogenics (UK), FIBA Technologies (US), and ISISAN (Turkey).
- Increasing Demand for LNG
- Improving Healthcare Services in Developing Economies
- Decrease in Global Steel Production
- Growing Applications in Space Technology
- Development of Cryogenic Energy Storage Systems
- Increasing Spending on Infrastructure
- Cryogenic Leakage
- Air Products
- Air Water
- Auguste Cryogenics
- Beijing Tianhai Industry
- Chart Industries
- FIBA Technologies
- Gardner Cryogenic
- GTS Group
- Hoover Ferguson
- INOX India
- Linde PLC
- M1 Engineering
- Macomber Cryogenics
- Nikkiso Cryo
- Universal Industrial Gases
- Vijay Tanks & Vessels
- Wessington Cryogenics
For more information about this report visit https://www.researchandmarkets.com/r/necwwz