Global Cryogenic Tanks Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

• In July 2020, MI Engineering responded to the Coronavirus outbreak by delivering high-payload CARRYMORE oxygen trailers to its clients. Each trailer has a capacity of 36,500 liters and features a four-axle configuration, enabling it to transport 30% more oxygen than a tri-axle model. This move is expected to help the company increase its market share in sectors such as medical infrastructure.

• In March 2020, INOX India Pvt. Ltd. formed a partnership with Shell Energy India Pvt. Ltd. (SEI) to supply LNG to customers not connected to natural gas pipelines. The company plans to source LNG from SEI’s terminal in Hazira, Gujarat, and deliver it via truck. This strategy aims to help INOX India enter the growing city gas distribution market and strengthen its overall market position.

• In September 2019, Chart Industries secured a contract with LGM Engineering to supply four LNG cryogenic tanks for marine fuel gas systems. Each tank, with a capacity of 300 m³, features double stainless-steel shells with vacuum insulation. This contract is anticipated to boost Chart Industries' presence in the global cryogenic tanks market.

The global cryogenic tanks market is segmented by type into atmospheric tanks, mobile tanks, and storage tanks. Atmospheric tanks are widely used for storing cryogenic gases like nitrogen, oxygen, and argon at atmospheric pressure and low temperatures. Mobile tanks, designed for transport, are crucial for the delivery of cryogenic gases to various locations, while storage tanks are used for bulk storage and are typically large, providing long-term storage solutions. The demand for atmospheric tanks is driven by their application in industrial processes and medical fields, while the growth of mobile tanks is fueled by increasing needs for transportation and logistics in the healthcare and manufacturing sectors.

In terms of end-use industries, the cryogenic tanks market is segmented into healthcare, energy, aerospace, chemicals, and others. The healthcare sector uses cryogenic tanks for the storage and transportation of medical gases and cryopreservation of biological samples. The energy sector employs these tanks for storing and handling gases used in energy production and distribution. Aerospace applications include the storage of liquid fuels for spacecraft and satellites. The chemicals sector uses cryogenic tanks for storing various chemicals and gases. The demand from these industries is driven by advancements in technology and increasing applications of cryogenic gases.

The segmentation by material includes stainless steel, aluminum, and others. Stainless steel cryogenic tanks are favored for their durability, resistance to corrosion, and ability to maintain low temperatures. Aluminum tanks are lighter and often used in applications where weight is a critical factor, such as in aerospace and transportation. Other materials, including composite materials, are gaining traction due to their high strength-to-weight ratio and advanced performance characteristics. The choice of material is influenced by factors such as the specific application, cost considerations, and the operating environment of the tanks.

Geographically, the global cryogenic tanks market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America and Europe are leading regions due to advanced industrial infrastructure and high demand in the healthcare and aerospace sectors. Asia Pacific is experiencing significant growth due to rapid industrialization, increasing energy needs, and advancements in technology. Latin America and the Middle East & Africa are expanding markets driven by growing investments in energy and chemical industries. Regional market dynamics are influenced by industrial growth, technological advancements, and regional policies supporting the use of cryogenic technologies.

Global Cryogenic Tanks Segment Analysis

In this report, the Global Cryogenic Tanks Market has been segmented by Raw Material, Cryogenic Liquid, Application, End-Use Industry and Geography.

Global Cryogenic Tanks Market, Segmentation by Raw Material

The Global Cryogenic Tanks Market has been segmented by Raw Material into Steel, Nickel Alloy, Aluminum Alloy, and Others.

Steel is the most commonly used material in cryogenic tanks due to its strength, durability, and relatively low cost. Its high tensile strength ensures that tanks can withstand the high pressures and mechanical stresses associated with storing cryogenic liquids. Additionally, steel's excellent impact resistance and availability make it a popular choice for both industrial and commercial cryogenic tanks. The use of steel is predominant in large-scale applications, including the storage of liquefied natural gas (LNG) and other industrial gases.

Nickel alloys are used in cryogenic tanks where superior performance is required under extremely low temperatures. These alloys maintain their toughness and resistance to brittle fracture even at cryogenic temperatures, making them ideal for applications involving highly corrosive gases or where additional strength is needed. Nickel alloys are often used in specialized applications, such as the aerospace and military sectors, where their exceptional performance justifies their higher cost compared to other materials.

Aluminum alloys are favored for their lightweight properties and good thermal conductivity. In cryogenic tanks, aluminum alloys offer excellent performance at low temperatures while reducing the overall weight of the tank. This makes them suitable for applications where weight reduction is critical, such as in transportable cryogenic tanks used in the aerospace industry. Their resistance to corrosion and ease of fabrication also contribute to their use in various commercial and industrial applications.

The Others segment includes a range of alternative materials used in niche applications. These might involve composites or specialized coatings that enhance performance or provide additional benefits, such as improved insulation or resistance to specific chemicals. The use of these materials often caters to specific needs or emerging technologies in the cryogenic sector, offering customized solutions where traditional materials might fall short. As technology advances, the "Others" category is likely to expand, reflecting ongoing innovation in cryogenic tank materials.

Global Cryogenic Tanks Market, Segmentation by Cryogenic Liquid

The Global Cryogenic Tanks Market has been segmented by Cryogenic Liquid into Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Oxygen, Liquid Hydrogen, and Others.

Liquid Nitrogen is widely used in medical, food processing, and industrial applications. It is essential for cryopreservation, cooling and freezing processes, and as an inert gas for creating an oxygen-free environment. The storage and transportation of liquid nitrogen require specialized cryogenic tanks designed to maintain extremely low temperatures and ensure safety.

Liquefied Natural Gas (LNG) represents a significant portion of the market due to its role as a cleaner alternative to traditional fossil fuels. LNG is used for power generation, transportation, and as a feedstock for industrial processes. Cryogenic tanks for LNG must be equipped to handle its low temperature and high volatility, ensuring efficient and safe storage and transport.

Liquid Oxygen finds applications in medical oxygen supply, steel manufacturing, and aerospace industries. It is critical for life support systems and various chemical processes. The storage tanks for liquid oxygen are designed to maintain low temperatures and high pressure, preventing evaporation and ensuring a continuous supply.

Liquid Hydrogen is increasingly significant in the context of renewable energy and fuel cell technologies. Used in space exploration, hydrogen fuel cells, and various industrial processes, cryogenic tanks for liquid hydrogen need to accommodate its extremely low temperature and high flammability. Safety and efficiency are paramount in the design of these tanks.

Others in the market include cryogenic liquids like liquid helium and argon, each serving niche applications. These segments are tailored to specialized industrial needs, such as superconductors and specialized manufacturing processes, requiring unique storage and handling solutions.

Global Cryogenic Tanks Market, Segmentation by Application

The Global Cryogenic Tanks Market has been segmented by Application into Storage and Transportation.

In the Global Cryogenic Tanks Market, the storage segment plays a crucial role. Cryogenic tanks designed for storage are employed to hold liquefied gases at extremely low temperatures, typically below -150°C. These tanks are essential in various industries, including healthcare, where they store medical gases such as liquid oxygen for hospitals and clinics. Additionally, they are used in the energy sector for the storage of liquefied natural gas (LNG) and other industrial gases, providing a safe and efficient method to manage these materials. The demand for storage tanks is influenced by factors such as industrial growth, advancements in technology, and the increasing need for long-term storage solutions.

The transportation segment of the Global Cryogenic Tanks Market focuses on tanks specifically designed to facilitate the safe and efficient movement of cryogenic liquids. These tanks are critical in sectors where the transport of gases like LNG or liquid nitrogen is required over long distances. They are typically mounted on trucks, railcars, or ships, ensuring that the cryogenic liquids remain at the necessary temperatures throughout transit. The growth in the transportation segment is driven by rising global trade, expanding infrastructure, and the increasing need for transporting gases for various applications, including industrial, medical, and energy sectors.

Global Cryogenic Tanks Market, Segmentation by End-Use Industry

The Global Cryogenic Tanks Market has been segmented by End-Use Industry into Metal Processing, Energy Generation, Electronics, Medical Technology, Food & Beverage, Water Treatment and Others.

In the metal processing industry, cryogenic tanks are employed for the storage and supply of liquefied gases used in metal fabrication, welding, and cutting processes. The extreme cold of cryogenic fluids enhances the quality and precision of metalwork, making these tanks vital for maintaining efficient and effective operations in metallurgy and materials engineering.

Cryogenic tanks are also pivotal in the energy generation sector, particularly for storing LNG and hydrogen. These fluids are integral to energy production, offering cleaner alternatives to traditional fossil fuels. The tanks support the efficient distribution and use of these energy sources, contributing to the development of sustainable and renewable energy solutions.

The electronics industry relies on cryogenic tanks for the storage of gases such as nitrogen, which is used in semiconductor manufacturing and cooling applications. Cryogenic technology aids in the production of high-performance electronic components by providing stable and controlled environments, which are crucial for achieving the desired quality and performance of electronic devices.

In the medical field, cryogenic tanks are essential for storing and transporting medical gases like oxygen and nitrous oxide, as well as for cryopreservation of biological samples. These tanks ensure the safe and reliable delivery of medical gases and materials, supporting a wide range of healthcare applications, from emergency response to research and treatment.

The food and beverage industry utilizes cryogenic tanks for the storage of carbon dioxide and nitrogen, which are used in carbonation processes and food preservation. These tanks help in maintaining product freshness, extending shelf life, and ensuring the quality of food and beverage products.

In water treatment, cryogenic tanks are used for storing oxygen and ozone, which are applied in various purification processes. These tanks support the efficient and effective treatment of water, helping to improve water quality and support environmental sustainability.

The Others category encompasses additional sectors such as aerospace, automotive, and research and development, where cryogenic tanks play a role in specialized applications. Each sector benefits from the versatility and advanced technology of cryogenic storage solutions, highlighting the broad utility of these tanks across different industries.

Global Cryogenic Tanks Market, Segmentation by Geography

In this report, the Global Cryogenic Tanks Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Cryogenic Tanks Market Share (%), by Geographical Region, 2024

The North American market for cryogenic tanks is substantial, driven by the region's advanced industrial infrastructure and high demand for energy-efficient solutions. The United States and Canada are the primary contributors to this market, with significant investments in oil and gas, healthcare, and industrial gases. The increasing adoption of cryogenic tanks in the LNG (liquefied natural gas) sector and advancements in medical cryogenics for storage and transportation are key growth drivers. Additionally, the presence of major players and ongoing technological innovations further enhance the market potential in this region.

Europe is a prominent market for cryogenic tanks, supported by stringent regulations and a strong focus on sustainability and energy efficiency. Countries like Germany, the United Kingdom, and France are leading in the adoption of cryogenic technologies, driven by their emphasis on reducing carbon emissions and promoting cleaner energy sources. The region's growth is also fueled by investments in research and development for new applications in industries such as automotive, aerospace, and healthcare. The European Union's initiatives towards energy transition and environmental protection bolster the demand for advanced cryogenic storage solutions.

The Asia Pacific region represents one of the fastest-growing markets for cryogenic tanks, largely due to rapid industrialization and urbanization. China, India, and Japan are the key contributors, with substantial investments in infrastructure development and industrial activities. The rising demand for LNG as an energy source, coupled with expanding industrial gas applications, drives market growth. Additionally, the region's focus on expanding its healthcare sector and improving energy efficiency in various industries supports the increasing adoption of cryogenic tanks. The growing number of manufacturing facilities and increasing industrial output further stimulate market expansion.

In the Middle East and Africa, the cryogenic tanks market is driven by significant investments in the oil and gas sector, where cryogenic technologies are crucial for LNG storage and transportation. The Gulf Cooperation Council (GCC) countries, including Saudi Arabia and the UAE, are major players due to their extensive oil and gas reserves and ongoing energy projects. The growing focus on infrastructure development and industrial expansion in these regions supports the demand for cryogenic tanks. Additionally, emerging applications in healthcare and industrial processes contribute to market growth, despite the challenges posed by economic fluctuations and political instability.

The Latin American market for cryogenic tanks is characterized by emerging opportunities, particularly in countries like Brazil and Argentina. The growth is primarily driven by the expansion of the oil and gas sector and increasing investments in infrastructure development. The rising demand for LNG and industrial gases supports the adoption of cryogenic tanks, while governmental initiatives to promote industrialization and energy efficiency further enhance market prospects. Although the market is still developing compared to other regions, the ongoing advancements in technology and increasing industrial activities are likely to spur future growth.

This report provides an in depth analysis of various factors that impact the dynamics of Global Cryogenic Tanks Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers

• Rising industrial gas demand
• Expanding LNG infrastructure projects
• Increasing medical gas usage

• Technological advancements in storage: The global cryogenic tanks market has experienced significant growth, driven by advancements in storage technology and increasing demand for efficient and safe containment of liquefied gases. Technological innovations in cryogenic tank design have focused on enhancing insulation materials, improving structural integrity, and optimizing storage capacities. One of the key advancements is the development of advanced vacuum insulation technologies, which have significantly improved thermal insulation and minimized heat transfer. This innovation ensures that the temperature of the stored cryogenic liquids remains stable, reducing energy consumption and enhancing overall efficiency.

  The integration of smart technologies and automation systems into cryogenic tanks has revolutionized their operation. Modern cryogenic tanks are now equipped with advanced monitoring and control systems that provide real-time data on temperature, pressure, and liquid levels. These systems enable proactive maintenance, early detection of potential issues, and remote monitoring, which enhances safety and operational reliability. The use of IoT and data analytics has further improved the management and optimization of cryogenic storage, allowing for better resource planning and reduced operational costs.

  The ongoing research and development in cryogenic tank materials and manufacturing processes also contribute to market growth. Innovations in composite materials and lightweight alloys have led to the creation of more durable and efficient tanks. These materials offer improved strength-to-weight ratios, allowing for larger storage capacities without compromising safety or structural integrity. As industries such as aerospace, energy, and healthcare continue to expand, the demand for advanced cryogenic tanks is expected to rise, driving further technological advancements and market growth.

Restraints

• High initial investment costs
• Regulatory and safety challenges
• Maintenance and operational expenses

• Limited availability of skilled technicians: The Global Cryogenic Tanks Market faces several challenges, one of which is the limited availability of skilled technicians. Cryogenic tanks, used for the storage of gases at extremely low temperatures, require specialized knowledge for their operation and maintenance. Technicians must have a deep understanding of cryogenic systems, including the handling of liquid gases, insulation techniques, and safety protocols. However, there is a shortage of professionals with the necessary skills and training to work with these sophisticated systems.

  The scarcity of skilled technicians impacts the efficiency and safety of cryogenic tank operations. Maintenance and repair tasks are critical to ensure the tanks operate effectively and do not pose risks such as leaks or failures. Without a sufficient number of trained professionals, companies may experience delays in maintenance, which can lead to operational disruptions or increased risk of safety incidents. Additionally, the shortage can affect the timely execution of new installations and upgrades, potentially slowing market growth.

  To address this challenge, there is a growing need for enhanced training programs and educational initiatives focused on cryogenic technology. Industry stakeholders are increasingly investing in workforce development to build a pool of skilled technicians who can support the expanding cryogenic tanks market. By improving training and educational opportunities, the industry aims to ensure that there is a sufficient number of qualified professionals to meet the demands of the market and maintain high standards of safety and efficiency.

Opportunities

• Growth in renewable energy sector
• Emerging markets expansion
• Innovations in tank design

• Increasing demand for cryogenic fuels: The Global Cryogenic Tanks Market has experienced significant growth due to the increasing demand for cryogenic fuels. Cryogenic tanks, designed to store and transport liquefied gases at extremely low temperatures, are essential in the energy sector, particularly for the storage of liquefied natural gas (LNG) and hydrogen. The surge in demand for cryogenic fuels is driven by the global shift towards cleaner and more sustainable energy sources. As countries strive to reduce their carbon footprints and transition to greener alternatives, the adoption of LNG and hydrogen as cleaner fuels has amplified, boosting the need for efficient cryogenic storage solutions.

  The growth in the cryogenic tanks market is closely linked to advancements in technology and the expanding infrastructure for cryogenic fuel distribution. Modern cryogenic tanks are engineered to offer enhanced safety, efficiency, and storage capacity, meeting the rigorous standards required for handling these low-temperature substances. The development of more robust and cost-effective cryogenic tanks has facilitated the broader adoption of LNG and hydrogen across various industries, including power generation, transportation, and industrial applications. This technological progression ensures that cryogenic tanks can effectively support the increased volume and distribution of these fuels.

  The global emphasis on energy security and the diversification of energy sources have contributed to the rising demand for cryogenic tanks. Governments and private entities are investing heavily in the development of cryogenic infrastructure to support the growing use of LNG and hydrogen. This includes the construction of new storage facilities, refueling stations, and transportation networks. As the world transitions towards a more sustainable energy landscape, the cryogenic tanks market is poised to continue its upward trajectory, driven by the escalating demand for efficient and reliable cryogenic storage solutions.

Key players in Global Cryogenic Tanks Market include:

• Linde plc
• Air Products and Chemicals, Inc
• Cryogenics, Inc
• Chart Industries, Inc
• Nikkiso Co., Ltd
• Wessington Cryogenics Ltd
• Inox Air Products Ltd
• Messer Group GmbH
• Tae Young Industrial Co., Ltd
• Air Liquide S.A

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis