We are excited to bring you the latest news and insights from the “Cryogenic Tanks Market As you may know, the global demand for cryogenic tanks has been steadily increasing over the past few years, driven by the growing adoption of liquefied natural gas (LNG) and the increasing need for the storage and transportation of industrial gases.
In addition to LNG, cryogenic tanks are also used for storing and transporting other industrial gases such as nitrogen, oxygen, and argon. The medical industry is also a key end-user of cryogenic tanks, using them for the storage and transportation of medical gases such as liquid oxygen, nitrogen, and helium.
One of the major trends in the cryogenic tanks market is the increasing adoption of high-capacity tanks. With the growing demand for LNG and other industrial gases, companies are looking for more efficient and cost-effective ways to store and transport these products. High-capacity cryogenic tanks, which can store up to 200,000 gallons of LNG, are becoming increasingly popular, as they can reduce transportation costs and improve supply chain efficiency.
Another trend in the market is the use of advanced materials for cryogenic tank construction. Traditional materials such as steel and aluminum are being replaced by advanced composites and alloys, which offer higher strength-to-weight ratios and improved durability. These materials also offer better resistance to extreme temperatures and corrosive environments, making them ideal for cryogenic tank applications.
Another trend in the market is the use of advanced materials for cryogenic tank construction. Traditional materials such as steel and aluminum are being replaced by advanced composites and alloys, which offer higher strength-to-weight ratios and improved durability. These materials also offer better resistance to extreme temperatures and corrosive environments, making them ideal for cryogenic tank applications.
The global cryogenic tanks market size is projected to grow from USD 6.2 billion in 2019 and expected to reach USD 8.1 billion by 2024, at a CAGR of 5.5%.
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• 121 Market data Tables
• 36 Figures
• 147 Pages and in-depth TOC on Cryogenic Tanks Market
Some of the prominent key players are:
Chart Industries (US), Cryofab (US), INOX India (India), Linde PLC (UK), Air Products (US), Cryolor (France), Air Water (Japan), Wessington Cryogenics (UK), FIBA Technologies (US), ISISAN (Turkey) & Others
In conclusion, the cryogenic tanks market is set to grow rapidly over the next few years, driven by the increasing demand for LNG and industrial gases. Companies that are able to offer high-capacity tanks and advanced materials will be well-positioned to capture a larger share of the market.
