Efficiency in the Ice Age: Efficiency and Sustainability in Cryogenic Tanks

Cryogenic Tanks Market is poised to grow by technological advancements in 2030
The growing cryogenic tanks market is in trends by advancements in cryogenic technology. Cryogenic tanks are vacuum insulated storage vessels used to store liquefied gases like nitrogen, oxygen, hydrogen, argon and liquefied natural gas at very low temperatures. Cryogenic tanks allow for safe transportation and storage of industrial and medical gases which find applications in various end-use industries like healthcare, aerospace, electronics and energy. The rising demand for industrial and medical gases from these growing industries is driving the need for cryogenic tanks.

The Global Cryogenic Tanks Market is estimated to be valued at US$ 6.51 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period from 2023 to 2030. Key players operating in the cryogenic tanks market are ArcelorMittal, China Baowu Group, Nippon Steel Corporation, POSCO, Shagang Group, Ansteel Group, Glencore, Sumitomo Metal Mining Company, Linde, INOX India Pvt., Cryofab, FIBA Technologies, Air Products and Chemicals, Inc., M1 Engineering, Chart Industries, Wessington Cryogenics, Isisan, Lapesa, Auguste Cryogenics, and Hoover Ferguson Group, Inc.

Key Takeaways
Key players: Key players operating in the cryogenic tanks market are focusing on developing innovative tanks with improved thermal insulation and safety features. For instance, Chart Industries recently launched next generation cryogenic tanks with advanced insulation technology delivering higher efficiencies.

Growing demand: The demand for cryogenic tanks is growing owing to the expanding applications of industrial gases in end-use industries like healthcare, semiconductor manufacturing, metallurgy and energy. The rising demand from gas processing plants and liquefaction terminals is also driving the cryogenic tanks market.

Global expansion: Leading players are expanding their global footprint to leverage the business opportunities ar