Global Cryogenic Tanks Market Forecast to 2024: Growing Applications in Space Technology & Increasing Spending on Infrastructure
DUBLIN, Nov. 7, 2019 /PRNewswire/ -- 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 market size of cryogenic tanks was USD 5.9 billion in 2018 and is projected to reach USD 8.1 billion by 2024, at a CAGR of 5.5% between 2019 and 2024.
The report offers insights on cryogenic tanks used in various end-use industries across regions. It aims at estimating the size of the cryogenic tanks market during the forecast period and projects the future growth of the market across the raw material, cryogenic liquid, application, end-use industry, and region segments. The report also includes an in-depth competitive analysis of the key players in the market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Liquid nitrogen and LNG transportation and storage is the major application of cryogenic tanks in the metal processing and the energy generation industry. Since a major share of the market is expected to be held by liquid nitrogen and LNG, it is considered to have a significant impact on the cryogenic tanks market in the metal processing and energy generation industry segments.
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 consumption of LNG has increased from 644 billion m3 in 1965 to 3,469 billion m3 by 2015. It is expected to increase further in the future following the demand for cryogenic tanks. In addition, improving healthcare services, especially in developing economies, are also influencing the market positively.
The key players in this market are 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).
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Attractive Opportunities in the Cryogenic Tanks Market
4.2 Cryogenic Tanks Market, By Cryogenic Liquid
4.3 Cryogenic Tanks Market, By Major Countries
4.4 APAC Cryogenic Tanks Market, By End-Use Industry and Country
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for LNG
5.2.1.2 Improving Healthcare Services in Developing Economies
5.2.2 Restraints
5.2.2.1 Decrease in Global Steel Production
5.2.3 Opportunities
5.2.3.1 Growing Applications in Space Technology
5.2.3.2 Development of Cryogenic Energy Storage Systems
5.2.3.3 Increasing Spending on Infrastructure
5.2.4 Challenges
5.2.4.1 Cryogenic Leakage
5.3 Porter's Five Forces Analysis
6 Cryogenic Tanks Market, By Raw Material
6.1 Introduction
6.2 Steel
6.2.1 Austenitic Stainless Steel is Another Commonly Used Raw Material for the Construction of Cryogenic Tanks
6.3 Nickel Alloy
6.3.1 9% Nickel Steel and 5% Nickel Steel are the Most Commonly Used Nickel Alloys for Construction of Cryogenic Tanks
6.4 Aluminum Alloy
6.4.1 Excellent Structural Properties Such as Low Weight, Formability, and Corrosion Resistance are Increasing the Demand for Aluminum Alloys
6.5 Others
7 Cryogenic Tanks Market, By Cryogenic Liquid
7.1 Introduction
7.2 Liquid Nitrogen
7.2.1 Increasing Applications of Liquid Nitrogen From the Metal Processing Industry are Creating High Demand for Cryogenic Tanks
7.3 Liquefied Natural Gas (LNG)
7.3.1 the Use of LNG in Power Generation is Expected to Drive the Market Growth
7.4 Liquid Oxygen
7.4.1 Liquid Oxygen is Among Key Cryogenic Liquids Transported Through Cryogenic Tanks
7.5 Liquid Hydrogen
7.5.1 Liquid Hydrogen Finds Significant Applications in Food, Space, Electronics, and Metal Industries
7.6 Others
8 Cryogenic Tanks Market, By Application
8.1 Introduction
8.2 Storage
8.2.1 Cryogenic Storage Tanks are Mounted in Fixed Locations and Widely Used for Bulk Storage of Liquefied Gases
8.3 Transportation
8.3.1 The High Demand for Transportation Tanks for Conveyance of Cryogenic Liquid From Manufacturers is Driving the Market
9 Cryogenic Tanks Market, By End-Use Industry
9.1 Introduction
9.2 Metal Processing
9.2.1 Metal Processing Requires Cryogens in Huge Quantities, Which Drives the Demand for Cryogenic Tanks
9.3 Energy Generation
9.3.1 The Recent Growth in the LNG Market has Increased the Demand for Cryogenic Tanks
9.4 Electronics
9.4.1 Cryogenic Equipment Such as Semiconductor Grade Vaporizers and Tanks are Extensively Used in the Electronics Industry
9.5 Medical Technology
9.5.1 The Use of Cryogenic Tanks for Fast Freezing of Vaccines and Preserving Biological Samples is Boosting the Market Growth
9.6 Food & Beverage
9.6.1 Cryogenic Tanks are Used in Cooling and Freezing A Wide Variety of Bakery and Related Snack Products
9.7 Water Treatment
9.7.1 The Use of Liquid Oxygen in Water Treatment is Positively Influencing the Demand for Cryogenic Tanks
9.8 Others
10 Cryogenic Tanks Market, By Region
Company Profiles
- Chart Industries
- Cryofab
- INOX India
- Linde PLC
- Air Products
- Cryolor
- Air Water
- Wessington Cryogenics
- FIBA Technologies
- ISISAN
Other Players
- Nikkiso Cryo
- Gardner Cryogenic
- Beijing Tianhai Industry
- Hoover Ferguson
- Universal Industrial Gases
- Vijay Tanks & Vessels
- Auguste Cryogenics
- Macomber Cryogenics
- M1 Engineering
- GTS Group
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