The global market for Cryogenic Tanks was estimated at US$6.5 Billion in 2024 and is projected to reach US$9.6 Billion by 2030, growing at a CAGR of 6.7% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Cryogenic Tanks market.
Global Cryogenic Tanks Market - Key Trends & Drivers Summarized
What Are Cryogenic Tanks and Why Are They Fundamental in Modern Industry?
Cryogenic tanks are specialized storage vessels designed to safely store and transport liquefied gases at extremely low temperatures, typically below -150 degrees Celsius. Common gases stored in these tanks include nitrogen, oxygen, argon, liquefied natural gas (LNG), and helium. These tanks are crucial for industries ranging from medical technology, where liquid oxygen is essential for respiratory care, to the energy sector, where LNG is increasingly used as a cleaner fuel alternative. Cryogenic tanks are engineered with advanced materials and technologies to prevent temperature fluctuations and minimize evaporation losses. They feature double-wall construction with insulation between the walls, and some are equipped with vacuum panels for enhanced thermal protection. The integrity of these tanks is vital not only for maintaining the quality and usability of the stored gases but also for ensuring operational safety in handling highly volatile substances.How Technological Innovations Are Enhancing Cryogenic Tank Designs?
Technological advancements are significantly enhancing the design and functionality of cryogenic tanks. New materials and insulation technologies are continually being developed to improve the efficiency and safety of these storage vessels. High-performance composite materials are being used to reduce the weight of the tanks while maintaining strength and improving thermal insulation. Innovations in insulation techniques, such as the use of aerogels and advanced vacuum technologies, have dramatically increased the thermal resistance, reducing the boil-off rate of the liquefied gases and thereby decreasing operational costs. Furthermore, the integration of smart monitoring systems and IoT devices in cryogenic tanks allows for real-time tracking of pressure, temperature, and fill levels, which helps in predictive maintenance and enhances safety by alerting to potential issues before they become critical.What Are the Key Trends Driving Demand for Cryogenic Tanks?
Several trends are currently shaping the demand for cryogenic tanks across various industries. The global shift towards cleaner energy sources has notably increased the demand for LNG, which requires extensive use of cryogenic tanks for storage and transport. Additionally, the expanding healthcare sector globally relies on cryogenic storage solutions for medical gases and biological materials, including vaccines and human tissues, which must be stored at cryogenic temperatures to remain viable. The space exploration sector also utilizes cryogenic tanks to store fuels and oxidizers for rockets, a use that is expanding as interest in space tourism and extraterrestrial exploration grows. Moreover, as global supply chains become more integrated, the need for robust logistic solutions that include cryogenic shipping capabilities for sensitive materials has become more acute.What Drives the Growth of the Cryogenic Tank Market?
The growth in the cryogenic tank market is driven by several factors, including increasing energy needs worldwide and the rising adoption of LNG as a fuel source. The shift from coal and oil to gas-powered plants, coupled with the burgeoning LNG trade, necessitates extensive cryogenic storage and transport infrastructure. Advances in technology that improve the safety, efficiency, and cost-effectiveness of cryogenic tanks are also critical growth drivers, as these innovations make it feasible for more industries to utilize cryogenic substances safely. Furthermore, regulatory changes pushing for reduced emissions in industries like transport and energy are prompting companies to invest in LNG and other gases stored in cryogenic tanks, which are seen as more environmentally friendly. Consumer behavior, particularly the increased demand for high-purity industrial gases across sectors such as electronics manufacturing, healthcare, and food processing, fuels the expansion of the market. These diverse applications highlight the critical role of cryogenic tanks in modern industrial operations, ensuring their market remains robust and expansive.SCOPE OF STUDY:
The report analyzes the Cryogenic Tanks market in terms of units by the following Segments, and Geographic Regions/Countries:- Segments: Cryogenic Liquid (Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Hydrogen, Other Cryogenic Liquids); Application (Storage, Transportation); End-Use (Manufacturing, Healthcare, Food & Beverage, Other End-Uses)
- Geographic Regions/Countries: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Spain; Russia; Rest of Europe; Asia-Pacific; Australia; India; South Korea; Rest of Asia-Pacific; Latin America; Argentina; Brazil; Mexico; Rest of Latin America; Middle East; Iran; Israel; Saudi Arabia; UAE; Rest of Middle East; Africa.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Storage segment, which is expected to reach US$7.9 Billion by 2030 with a CAGR of a 7.0%. The Transportation segment is also set to grow at 5.2% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, valued at $1.5 Billion in 2024, and China, forecasted to grow at an impressive 8.7% CAGR to reach $1.0 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Cryogenic Tanks Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Cryogenic Tanks Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Questions Answered:
- How is the Global Cryogenic Tanks Market expected to evolve by 2030?
- What are the main drivers and restraints affecting the market?
- Which market segments will grow the most over the forecast period?
- How will market shares for different regions and segments change by 2030?
- Who are the leading players in the market, and what are their prospects?
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of players such as Air Liquide SA, Linde AG (The Linde Group), Worthington Industries, Inc., Chart Industries, Inc., DCI, Inc. and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Some of the 38 companies featured in this Cryogenic Tanks market report include:
- Air Liquide SA
- Linde AG (The Linde Group)
- Worthington Industries, Inc.
- Chart Industries, Inc.
- DCI, Inc.
- McDermott International, Ltd.
- Universal Industrial Gases, Inc.
- China International Marine Containers (Group) Co., Ltd.
- Cryoquip Australia
- Vrv S.P.A
- Hoover CS
- Amalga Composites, Inc.
- Air Products Inc.
This edition integrates the latest global trade and economic shifts as of June 2025 into comprehensive market analysis. Key updates include:
- Tariff and Trade Impact: Insights into global tariff negotiations across 180+ countries, with analysis of supply chain turbulence, sourcing disruptions, and geographic realignment. Special focus on 2025 as a pivotal year for trade tensions, including updated perspectives on the Trump-era tariffs.
- Adjusted Forecasts and Analytics: Revised global and regional market forecasts through 2030, incorporating tariff effects, economic uncertainty, and structural changes in globalization. Includes segmentation by product, technology, type, material, distribution channel, application, and end-use, with historical analysis since 2015.
- Strategic Market Dynamics: Evaluation of revised market prospects, regional outlooks, and key economic indicators such as population and urbanization trends.
- Innovation & Technology Trends: Latest developments in product and process innovation, emerging technologies, and key industry drivers shaping the competitive landscape.
- Competitive Intelligence: Updated global market share estimates for 2025, competitive positioning of major players (Strong/Active/Niche/Trivial), and refined focus on leading global brands and core players.
- Expert Insight & Commentary: Strategic analysis from economists, trade experts, and domain specialists to contextualize market shifts and identify emerging opportunities.
- Complimentary Update: Buyers receive a free July 2025 update with finalized tariff impacts, new trade agreement effects, revised projections, and expanded country-level coverage.
Table of Contents
I. METHODOLOGYII. EXECUTIVE SUMMARY2. FOCUS ON SELECT PLAYERSIII. MARKET ANALYSISCANADAITALYSPAINRUSSIAREST OF EUROPESOUTH KOREAREST OF ASIA-PACIFICARGENTINABRAZILMEXICOREST OF LATIN AMERICAIRANISRAELSAUDI ARABIAUNITED ARAB EMIRATESREST OF MIDDLE EASTIV. COMPETITION
1. MARKET OVERVIEW
3. MARKET TRENDS & DRIVERS
4. GLOBAL MARKET PERSPECTIVE
UNITED STATES
JAPAN
CHINA
EUROPE
FRANCE
GERMANY
UNITED KINGDOM
ASIA-PACIFIC
AUSTRALIA
INDIA
LATIN AMERICA
MIDDLE EAST
AFRICA
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Air Liquide SA
- Linde AG (The Linde Group)
- Worthington Industries, Inc.
- Chart Industries, Inc.
- DCI, Inc.
- McDermott International, Ltd.
- Universal Industrial Gases, Inc.
- China International Marine Containers (Group) Co., Ltd.
- Cryoquip Australia
- Vrv S.P.A
- Hoover CS
- Amalga Composites, Inc.
- Air Products Inc.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 546 |
Published | June 2025 |
Forecast Period | 2024 - 2030 |
Estimated Market Value ( USD | $ 6.5 Billion |
Forecasted Market Value ( USD | $ 9.6 Billion |
Compound Annual Growth Rate | 6.7% |
Regions Covered | Global |