Cryogenic Tanks Market: Growing Demand for LNG and other industrial gases at Global Level
- Cryogenic tanks are designed to store different materials at temperatures below -150 degrees Fahrenheit. Cryogenic tanks are generally made up of stainless steel and carbon shells
- Cryogenic tanks can be made with single, double, or triple wall dewars to provide the best insulation against ambient heat. Products such as liquid oxygen, liquid nitrogen, liquid argon, liquefied natural gas (LNG) and others are stored at different pressure levels in cryogenic tanks
- Rise in production and consumption of LNG has driven the demand for cryogenic tanks which are required to store and transport LNG
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- Also, application of industrial gases in varied industries has steadily increased over the years, which has led to the rise in production of industrial gases. Several plants have been established across the globe to produce industrial gases such as nitrogen, oxygen, argon, helium, and carbon dioxide. Numerous industries have also set on-site production plants of industrial gases.
- Thus, increasing application and production of industrial gases is anticipated to fuel the demand for cryogenic tanks across the globe during the forecast period 2019 to 2027
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LNG Continued To Be Dominant Product Segment
- On the basis of product type, the global cryogenic tanks market is bifurcated into LNG, Nitrogen, Oxygen, and Argon. Among them, LNG held the leading share of more than 35% in 2018, expanding at a CAGR of more than 7% between 2019 to 2027. It is likely remain dominant product type during the forecast period. Increase in production and consumption of LNG for various industrial application coupled with growing LNG trade (exports & imports) among various countries have propelled the demand for cryogenic tanks to transport and store LNG
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Application Insights
- On the basis of application, cryogenic tanks has been bifurcated into storage and transportation. Out of which, storage application dominated the market in 2018 and accounted for more than 80% of the share. Industrial gases are liquefied and stored in cryogenic tanks for long term usage as well as short term usage. LNG is usually stored in cryogenic tanks at liquefaction facilities, trading terminals, and on-site industrial facilities. Thus, storage is one of the important application of cryogenic tanks and is anticipated to continue its dominance between 2019 and 2027
- Also, cryogenic tanks has huge potential in pharmaceutical, biotechnology and Oil & Gas industries. Industries such as healthcare, pharmaceuticals, and biotechnology are expanding considerably across the globe. Industrial gases such as oxygen and nitrogen have numerous applications in these industries. These gases are mostly transported and stored in cryogenic tanks or cylinders. Furthermore, revival in oil & gas sector where cryogenic tanks may be useful to store and transport the industrial gases.
- Thus, increasing activities in healthcare, pharmaceuticals, biotechnology and oil & gas industries is expected to provide an opportunity for cryogenic tanks during the forecast period 2019 to 2027
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