The cryogenic tanks market is expected to grow at a CAGR over 7% in the forecast period. This is mainly due to increasing requirement for low temperature operations in the chemicals and food & beverages industries.
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Across the world, more than 2, 50, 000 tank units are utilized for transporting and storing industrial gases. Cryogenic tanks are made for transporting and storing liquefied gases like liquid argon, liquefied natural gas (LNG), liquid oxygen, and liquid nitrogen. These gases are stored at high pressures and extremely low temperatures.
Boosting demand for industrial gases in food & beverages, petrochemicals, and pharmaceuticals sectors is likely to further the cryogenic tanks market in the upcoming years. Industrial gases are a leading market application. The other applications include chemical plants and laboratories. Expansion in both these sectors would also drive the market.
Also, escalating usage of carbon dioxide and liquid nitrogen in fruit juices and transportation of frozen food is anticipated to push market sales. Demand for cryogenic tanks in LNG will undergo huge growth in the seven years ahead. High operating costs in the production of these tanks may hamper the cryogenic tanks market.
Rapidly expanding fleet, coupled with LNG demand, is said to be affecting the market. This is due to high consumption of natural gas in Oman, China, Qatar, India, and Japan. Better trade and forthcoming amenities in these nations would positively impact the market.
Based on storages, the cryogenic tanks market is divided into trailer and stationery. Stationery tanks find use in petrochemical or chemical plants for the long-term storage of liquefied gases.
With regard to geographies, the region of Asia Pacific captured over 35% of the market volume in 2014. Significant expansion in LNG infrastructure in India, Japan, Indonesia, and China contributed to this share.
Rising demand for LNG and industrial gases in China, Brazil, Qatar, India, and Australia is also reported to propel the market. The major participants in the worldwide cryogenic tanks market include FNF Gas Technology Products Private Ltd, INOX (India) Ltd., Cryogas Equipment Private Ltd., and Linde AG.
They have contributed over 50% market share in the past. Some of the measures taken by participants are backward integration and tactical partnerships. These measures have allowed players to increase their shares.
Information Source: Grand View Research
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