Energia
Cryogenic Tanks Market Worth $8.1 Billion by 2024 - Exclusive Report by MarketsandMarkets™
Metal-processing industry was the largest end-use industry for the cryogenic tanks industry. Cryogenic tanks are increasingly being used in the metal processing industry, especially steel the industry. Huge quantities of nitrogen and other industrial gases are used during the steel manufacturing process. Nitrogen is also known to be largest consumed gas in the industry. It is used as a high-pressure gas for laser cutting of steel and metal. The inert properties of nitrogen facilitates its use as a blanketing gas. Some gases, including hydrogen and oxygen, are also used in the metal processing industry. Cryogenic tanks are commonly used in the storage and transportation of these gases in manufacturing plants, which drives the market demand.
APAC is the fastest-growing market, in terms of both production and demand. Higher domestic demand, easy availability of raw materials, and low-cost labor make APAC the most preferred destination for the manufacturers of cryogenic tanks. The cryogenic tanks market in India , China , and Australia is expected to witness significant growth during the forecast period. The market is primarily driven by the demand from the energy & power sector. APAC is emerging as a leading consumer of cryogenic tanks, owing to the increasing demand from domestic as well as international markets.
The key players in 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), and ISISAN ( Turkey ). These players have established a strong foothold in the market by adopting strategies, such as expansion, new product launch, and merger & acquisition.
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by Type (PU & PIR, Cellular Glass, Polystyrene, Fiberglass, Perlite), Cryogenic Equipment (Tanks, Valves), End-Use Industry (Energy & Power, Chemicals, Metallurgical, Electronics, Shipping) - Global Forecast to 2023
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