Global Cryogenic Tanks Market

Growing adoption of cryogenic tanks in the healthcare industry is driving the market growth

One major factor propelling the expansion of the cryogenic cylinder market is the rising demand for cryogenic tanks in the healthcare industry. Medical gases including oxygen, nitrogen, and argon, which are necessary for many medical applications such as respiratory therapy, anesthesia, and other medical operations, are stored and transported in cryogenic tanks. Due to reasons like an aging population, an increase in the cases of chronic diseases, and the demand for increasingly sophisticated medical technologies and treatments, the healthcare sector is expanding globally. As a result, the need for cryogenic tanks is rising along with the demand for medicinal gases. 

Medical facilities like hospitals and clinics can always get hold of the gases they need thanks to cryogenic tanks, which are used to store and transfer them safely and effectively. Cryogenic tank producers and suppliers are reporting more demand, and analysts anticipate that the market will rise further as the global healthcare industry develops.

The future expansion of the cryogenic vessels market is being considerably aided by the rise in demand for liquefied natural gas (LNG).Natural gas that has been cooled to a liquid state is liquefied natural gas (LNG), which is easier and more secure to transport. Liquefied natural gas (LNG) is securely and easily stored and transported in cryogenic tanks from producers to users.

For instance, the volume of LNG cargo sent to Europe in 2022 increased by 63%, according to data published in February 2023 by the International Energy Agency (EA), a France-based intergovernmental agency that offers policy advice, analysis, and data on the whole global energy sector. The market for cryogenic tanks will therefore be driven by an increase in demand for liquefied natural gas (LNG).

The liquid hydrogen tanks market's leading trend is technological development. Major players in the cryogenic tank industry are concentrating on employing innovative materials and manufacturing processes to make cryogenic tanks stronger and lighter. For instance, the American airplane manufacturer Boeing created a brand-new liner-free cryogenic fuel tank in February 2022. The new lightweight cryogenic tank uses composite technology to reduce weight and increase payload by 30% for aerospace applications like NASA's space launch system.

The composite tank is comparable in size to the fuel tanks envisioned for use in the upper stage of NASA's Space Launch System (SLS) rocket, measuring 4.3 meters (14 feet) in diameter. Thus, driving the cryogenic tank market revenue.

The Global Cryogenic Tank Market Industry experiences a notable surge in demand for liquefied natural gas (LNG), driven by the global transition towards cleaner energy sources. As countries aim to reduce carbon emissions, LNG serves as a viable alternative to traditional fossil fuels. The market for LNG is projected to expand significantly, contributing to the anticipated growth of the Global Cryogenic Tank Market, which is expected to reach 7.11 USD Billion in 2024. This shift towards LNG not only enhances energy security but also aligns with international climate goals, thereby fostering investments in cryogenic storage solutions.

The Global Cryogenic Tank Market Industry is projected to experience substantial growth in the coming years, with estimates indicating a market value of 7.11 USD Billion in 2024 and a potential increase to 13.0 USD Billion by 2035. This growth trajectory reflects the increasing demand for cryogenic solutions across various sectors, including energy, aerospace, and healthcare. The anticipated CAGR of 5.62% from 2025 to 2035 underscores the market's resilience and adaptability in meeting evolving industry needs. This upward trend highlights the importance of cryogenic technology in supporting global initiatives for sustainability and efficiency.

The aerospace sector plays a pivotal role in propelling the Global Cryogenic Tank Market Industry forward. With the increasing focus on space exploration and satellite launches, the demand for cryogenic tanks is on the rise. These tanks are essential for storing propellants such as liquid hydrogen and liquid oxygen, which are critical for rocket launches. As the aerospace industry continues to innovate and expand, the Global Cryogenic Tank Market is likely to benefit from this trend, with projections indicating a market value of 13.0 USD Billion by 2035. This growth underscores the importance of cryogenic technology in supporting advanced aerospace missions.

Technological advancements in cryogenic tank design and manufacturing are significantly influencing the Global Cryogenic Tank Market Industry. Innovations such as improved insulation materials and enhanced safety features are making cryogenic tanks more efficient and reliable. These advancements not only reduce operational costs but also increase the lifespan of the tanks, making them more attractive to end-users. As industries seek to optimize their operations, the demand for state-of-the-art cryogenic tanks is expected to rise. The market is projected to grow at a CAGR of 5.62% from 2025 to 2035, reflecting the positive impact of these technological developments.

The healthcare sector is increasingly adopting cryogenic tanks for various applications, including the storage of biological samples and pharmaceuticals. The Global Cryogenic Tank Market Industry is witnessing growth as hospitals and research institutions recognize the importance of cryogenic preservation in maintaining the integrity of sensitive materials. This trend is particularly relevant in the context of biobanking and vaccine storage, where temperature control is crucial. As the healthcare industry continues to expand, the demand for cryogenic storage solutions is likely to increase, further driving the growth of the market.

The expansion of industrial applications for cryogenic tanks is a key driver of the Global Cryogenic Tank Market Industry. Industries such as food and beverage, chemicals, and metallurgy are increasingly utilizing cryogenic technology for various processes, including freezing, transportation, and storage. This diversification of applications is fostering a broader acceptance of cryogenic tanks across different sectors. As industries seek to enhance efficiency and product quality, the demand for cryogenic tanks is expected to rise, contributing to the overall growth of the market.

By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American cryogenic tank market area will dominate this market because of the rise in the need for liquefied natural gas (LNG) and the widespread use of cryogenic technology in sectors including electronics, healthcare, and the energy industry. Because of the expansion of the energy and healthcare sectors, the United States is North America's largest market for cryogenic tanks.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Cryogenic Tank Market Share By Region 2022 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe cryogenic tank market accounts for the second-largest market share. The need for cryogenic tanks throughout Europe will be complemented by strict government regulations requiring the efficient use of clean energy sources. The existence of famous enterprises with expertise in the use of cryogenic tanks and favorable regulatory regulations for the development of low emission systems would significantly boost the development of local businesses. Further, the German cryogenic tank market held the largest market share, and the UK cryogenic tank market was the fastest growing market in the European region

The Asia-Pacific Cryogenic Tank Market is expected to grow at the fastest CAGR from 2023 to 2032 due to an increase in industrial gas demand from various end-use sectors in countries like China and India. The expanding metalworking, electronics, and automotive sectors in both developed and developing nations are anticipated to drive up demand in the manufacturing sector. Moreover, China’s cryogenic tank market held the largest market share, and the Indian cryogenic tank market was the fastest growing market in the Asia-Pacific region.

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the cryogenic storage tank market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, cryogenic tank industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global cryogenic tank industry to benefit clients and increase the market sector. In recent years, the cryogenic tank industry has offered some of the most significant advantages to medicine. Major players in the storage of liquid nitrogen market are attempting to increase market demand by investing in research and development operations includes Chart Industries; Cryofab; INOX India; Linde plc; Air Products; Wessington Cryogenics; FIBA Technologies; and ISISAN.

Industrial gas and engineering firm Linde plc (Linde). It provides process, speciality, and industrial gases. Atmospheric gases including oxygen, nitrogen, and argon, as well as process gases like carbon dioxide, helium, hydrogen, electronic gases, and acetylene, are among the company's goods. Along with providing a variety of services for gas production and processing, Linde also designs, manufactures, and installs machinery that generates gases for internal use.

India's top producer of industrial and medical gases is INOX Air Products. The business has 45 active locations and has a sizable liquid gas manufacturing capacity of more than 3250 TPD. It also provides a distinctive array of gases, equipment, and services. INOX Air Products supports more than 1800 small, medium, and large manufacturing enterprises across dozens of sectors with the help of our enormous network of operations and a hugely diverse client ecosystem, enabling and empowering them to realize their vision.