Cryogenic tanks are insulated containers used for storing liquefied gases like oxygen, nitrogen, argon, and natural gas at very low temperatures. They are used across industries such as healthcare, metals, food, energy power, chemicals, electronics, and others. In the healthcare sector, cryogenic tanks are used for storing samples, blood, biomaterials, liquid nitrogen, and other medical gases. They provide reliable and safe storage of temperature sensitive materials.

The cryogenic tanks market is estimated to be valued at US$ 6.51 Bn in 2023 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The rising demand for cryogenic tanks from the healthcare industry is expected to be a major driver for the market growth over the forecast period. According to the U.S. Centers for Disease Control and Prevention, blood collection and distribution in the U.S. exceeds 20 million units annually. Moreover, the growing geriatric population globally is increasing the demand for effective healthcare facilities and medical treatments which require long-term sample storage. This is augmenting the cryogenic tanks market. Additionally, increasing industrial gas production and metals manufacturing is also boosting the adoption of cryogenic tanks for storage and transportation of industrial gases like oxygen and nitrogen. However, high costs associated with cryogenic tanks and stringent safety regulations for transportation of hazardous cryogenic liquids may restrain the market growth.

SWOT Analysis
Strength: Cryogenic tanks are specially designed storage vessels used for storing cryogenic liquids and gases like liquefied natural gas (LNG), liquefied petroleum gas (LPG), nitrogen, oxygen, argon, and carbon dioxide at very low temperatures. Cryogenic tanks provide high energy efficiency, cost-effective operations, and ensure safety during transport and storage of cryogenic fluids.
Weakness: High initial investment cost for setting up cryogenic storage and transportation infrastructure. Strict regulations regarding the design, fabrication, and commissioning of cryogenic storage tanks increases compliance cost.
Opportunity: Growing demand for LNG as a cleaner alternative fuel is driving the need for LNG carriers as well as on-land LNG storage terminals. Rising consumption of industrial gases across manufacturing hubs creates opportunities for cryogenic tank manufacturers.
Threats: Fluctuations in raw material prices can squeeze profit margins for cryogenic tank manufacturers. Stringent quality standards and certification requirements from regulatory bodies increase compliance challenges.

Key Takeaways
The global cryogenic tanks market is expected to witness high growth, exhibiting CAGR of 5.0% over the forecast period, due to increasing consumption of LNG as an environment-friendly fuel for power generation and transportation.

Regional analysis: Asia Pacific dominates the cryogenic tanks market and is expected to witness the fastest growth, attributed to rapid industrialization and rising demand for LNG in China, India and other Southeast Asian countries. North America and Europe are other major markets driven by widespread application of cryogenic technologies across various industries.

Key players analysis: Key players operating in the cryogenic tanks market are ArcelorMittal, China Baowu Group, Nippon Steel Corporation, POSCO, Shagang Group, Ansteel Group, Linde, INOX India Pvt., Cryofab, FIBA Technologies, Air Products and Chemicals, Inc., Chart Industries. These players are focusing on expansion of manufacturing facilities and partnerships with raw material suppliers and end-use industries to strengthen their presence across regions.