Cryogenic Tank Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Cryogenic Tank Market is Segmented By Type (Stationary cryogenic tank, Portable cryogenic tank), By Material (Steel, Nickel Alloy, Aluminium Alloy, Composite, Others), By Gas (LNG, Liquid Nitrogen, Liquid Oxygen, Liquid Argon, Liquid Hydrogen, Liquid Ethylene, LPG, Others), By Application (Storage, Transportation), By End-User (Aeronautics, Metal Processing, Energy Generation, Electronics, Medical Technology, Food & Beverage, Others), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2029

Cryogenic Tank Market Overview

Cryogenic tanks are very versatile, allowing for installing a centralized network for the optimal distribution of the various cryogenic gases used. An essential advantage of this type of tank is that there is no gas return to the plant, like other cylinder systems. The gas loading into the cryogenic tanks is done using vaporizers. The major advantage of this system is that the liquid gas passes directly from the production plant to the user, evading sudden movements and improving stability and safety.

Cryogenic Tank Market Scope

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Cryogenic tanks maintain a higher purity level than conventional storage systems because the gas is always kept isolated in a hermetically sealed tank, with no potential for contamination from outside agents. Because the gas is maintained isolated in hermetically sealed, risks are reduced. The structure of a cryogenic tank is separated into two essential parts: A stainless steel inner vessel that can resist extremely low temperatures. A carbon steel outer vessel is used.

Cryogenic Tank Market Dynamics

The global cryogenic tank market is expected to boost with the growing demand for lightweight tanks.

Growing demand for lightweight tanks

Present-day rockets rely on tanks, just pressurized containers needed to store the fuel. Generally, these tanks are made of aluminum alloys or steel or use metal as lining, making them heavy. Cryogenic propellant tanks for space applications must be lightweight but sturdy enough to contain a heavy gas such as helium to naturally push the liquid into the supply line. Tanks also require insulation to prevent the cryogenic fuel from evaporating. Future rockets could fly with lightweight carbon fiber-reinforced plastic tanks, making cryogenic propellants possible. Studies by MT Aerospace in Germany demonstrated a novel design of a small-scale tank made of a carbon fiber reinforced plastic leak-proof with liquid hydrogen and compatible with liquid oxygen without using a metal liner. A tank made solely of CFRP is much lighter than metal, requires fewer parts, and is faster and cheaper to manufacture.

Moreover, NASA completed a space technology development milestone by testing a pressurized, large cryogenic propellant tank made of composite materials. The composite tank will allow the next generation of rockets and spacecraft needed for space exploration. Cryogenic fuels, such as liquid oxygen and liquid hydrogen, traditionally have provided the enormous thrust needed for large rockets and NASA's space shuttle. The 8-foot-diameter composite tank tested at NASA's Marshall Space Flight Center in Huntsville, Ala., is considered game-changing because composite tanks may reduce the cost and weight of launch vehicles and other space missions.

Regulations associated with the use of cryogenic tanks

Common cryogenic liquids of concern include hydrogen, nitrogen, helium, argon, methane, and carbon monoxide. Carbon dioxide and nitrous oxide, which have slightly higher boiling points, are sometimes included in this category. Several hazards are associated with their use that must be adequately controlled to avoid contact with components or liquids or exposure to its gases. The primary hazards of cryogenic liquids include physical hazards such as fire and pressure and health hazards such as chemical toxicity or severe frostbite and asphyxiation. Transportable tanks require periodic inspection and testing, which the National Competent Authority can only carry out by, Department for Transport.

Tanks used to transport cryogenic liquids must comply with the Carriage of Dangerous Goods and Use of Transportable Pressure Equipment Regulations. Cryogenic tanks should be operated and maintained to follow all relevant legislation, for example, the Pressure Systems Safety Regulations for static tanks or the Carriage. Cryogenic tanks have to be managed by designated competent persons. The Regulations demand cryogenic tanks undergo regular inspection, routine maintenance, and formal examination for static tanks. It will include a Written Scheme of Examination, which must be drawn up by a competent person(s) with periodic formal tests conducted following the scheme (BCGA CP 39).

COVID-19 Impact on Cryogenic Tank Market Growth

The demand for global cryogenic tanks has uplifted during COVID-19. Oxygen is essential for several indications at all levels of health care. COVID-19 has resulted in a surge in demand for necessary resources, including medical supplies like oxygen. Hospitals store liquid oxygen in cryogenic tanks and self-vaporize it for supplying it to the piped system. Commercial liquid oxygen plants must periodically replace the tanks. Transport was a significant factor in oxygen delivery to hospitals during the second wave of COVID-19 since commercial plants are located distant from medical facilities and have a limited number of cryogenic tankers.

Various countries have imported cryogenic tanks with a rising need for oxygen. For instance, the Indian Air Force brought four cryogenic tanks to transport oxygen from Singapore as the country scrambled to fulfill the demand for medical oxygen amid a surge in COVID-19 infections. The containers were airlifted from Singapore by the C17 heavy-lift aircraft of the IAF.

Cryogenic Tank Market Segment and Shares Analysis

The global cryogenic tank market is segmented based on material, product, gas, application, and region.

The rising use of hydrogen as a cleaner fuel alternative will boost the demand for cryogenic tanks

Based on gas, the global cryogenic tank market is segmented into LNG, liquid nitrogen, liquid oxygen, liquid argon, liquid hydrogen, liquid ethylene, LPG, and Others.

The CO2 emissions from aircraft reached 10% between 2014 and 2017. By 2050, aircraft aim to cut their CO2 emissions by 50%. The increasing use of hydrogen for electricity or as a direct fuel. The advantage of hydrogen is that it is light, making it possible to reduce the aircraft's weight. Hydrogen has a very low density at ambient temperature and pressure and is difficult to store.

Hydrogen will be considered an intermediate energy source for producing electricity in aeronautics. This process will be virtuous since hydrogen will be created from green electricity produced from solar panels and wind power. The companies are considering liquefying hydrogen at a temperature below -253°C. The cryogenic tank is subjected to lower pressure because a liquid is less compressible than a gas. Several materials are being considered for the cryogenic hydrogen tank. The material includes steel, which is too heavy and therefore not recommended; titanium alloys are too expensive; carbon fiber composite, which is non-recyclable and expensive but very light and aluminum, which is light, resistant, and less expensive than composite.

Cryogenic Tank Market Geographical Analysis

A growing number of cryogenic tanks manufacturers will boost demand in Asia-Pacific

The expanding metals and fabrication, food & beverage, and electronics industries will boost the market demand since they require cryogenic tanks to store industrial gases for application in their manufacturing facilities. The shift toward gas-based power generation plants will provide market opportunities. Extensive investments in cryogenic tanks by the countries during the Covid-19 pandemic will positively influence the market. In 2021, Megha Engineering and Infrastructures Ltd imported three cryogenic oxygen tanks from Singapore to bridge the gap between the demand and supply of medical oxygen in the fight against the Covid-19 pandemic. Each cryogenic tank has a capacity of 1.4 crore liters of medical oxygen that will meet the present and future needs of the States.

The trade of cryogenic tanks has seen high growth in the region. In 2021, Nantong CIMC Energy Equipment Co Ltd delivered a consignment of T75 cryogenic tanks to a Japanese client, an order seen as a critical step towards entering that country's lucrative market. The cryogenic container is developed to cost-effectively provide a flexible and user-friendly means of transporting liquefied CO2.

In 2021, Hindustan Aeronautics Limited delivered the heaviest semi-cryogenic propellant tank ever fabricated to the Indian Space Research Organization. The tank is expected to use the Mk-III launch vehicle for future missions.

Cryogenic Tank Companies and Competitive Landscape

The global cryogenic tank market is moderately competitive and the degree of fragmentation will accelerate during the forecast period Major players in the market include Boeing, Cryofab, INOX India, Linde PLC, Air Products, Cryolor, Air Water, Wessington Cryogenics, FIBA Technologies, Hindustan Aeronautics Limited, among others. The major players in the market are known to incorporate numerous market strategies to achieve growth in the global cryogenic tank market; these include acquisitions and collaborations.

Boeing

Overview: As a major global aerospace company, Boeing manufactures and services commercial airplanes, space systems, and defense products for customers in more than 150 countries. The company is a primary exporter in the U.S. The company’s diverse team is committed to innovating new products and living the company’s core values of quality, safety, and integrity.

Product Portfolio: The company designs and manufactures cryogenic tanks based on the customer’s specifications.

Key Development: In April 2021, The Boeing Company completed successful series of tests with its space-focused cryogenic fuel tank. The tests of the composite tank took place at the NASA Marshall Flight Space Center in Huntsville, Ala.

Why Purchase the Report?

• To visualize the global cryogenic tank market segmentation by type, material, gas, application, end-user, and region and understand key commercial assets and players.
• Identify commercial opportunities in the global cryogenic tank market by analyzing trends and co-development.
• Excel data sheet with numerous cryogenic tank market-level data points with four segments.
• PDF report consisting of cogently put together market analysis after exhaustive qualitative interviews and in-depth market study.
• Product mapping available in excel consists of key products of all the major market players

The global cryogenic tank market report would provide approximately 77 tables, 81 figures, and almost 180 pages.

Target Audience 2023

• Service Providers/ Buyers
• Raw Material Providers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Tank Manufacturers
• Rocket Agencies
• Logistics companies
• Distributors