Global Cryogenic Tanks Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

• In July 2020, MI Engineering responded to the Coronavirus outbreak by delivering high-payload CARRYMORE oxygen trailers to its clients. Each trailer has a capacity of 36,500 liters and features a four-axle configuration, enabling it to transport 30% more oxygen than a tri-axle model. This move is expected to help the company increase its market share in sectors such as medical infrastructure.

• In March 2020, INOX India Pvt. Ltd. formed a partnership with Shell Energy India Pvt. Ltd. (SEI) to supply LNG to customers not connected to natural gas pipelines. The company plans to source LNG from SEI’s terminal in Hazira, Gujarat, and deliver it via truck. This strategy aims to help INOX India enter the growing city gas distribution market and strengthen its overall market position.

• In September 2019, Chart Industries secured a contract with LGM Engineering to supply four LNG cryogenic tanks for marine fuel gas systems. Each tank, with a capacity of 300 m³, features double stainless-steel shells with vacuum insulation. This contract is anticipated to boost Chart Industries' presence in the global cryogenic tanks market.

In this report, the Cryogenic Tanks Market has been segmented by Raw Material, Cryogenic Liquid, Application, End-Use Industry and Geography.

Cryogenic Tanks Market, Segmentation by Raw Material

The Cryogenic Tanks Market has been segmented by Raw Material into Steel, Nickel Alloy, Aluminum Alloy, and Others.

Steel

Steel dominates the cryogenic tanks market, accounting for over 60% of global demand. Its durability, high tensile strength, and thermal stability make it ideal for storing liquefied gases under extreme low temperatures across various industrial applications.

Nickel Alloy

Nickel alloy materials represent approximately 20% of the market. They are preferred in applications requiring corrosion resistance and thermal conductivity, especially in sectors like chemical processing and space research.

Aluminum Alloy

Aluminum alloys account for nearly 12% of the market share. These materials are valued for their lightweight properties and are commonly used in transportation and aerospace sectors where weight reduction is critical.

Others

Other raw materials, comprising about 8% of the market, include specialized composite materials and advanced polymers used in niche applications that demand enhanced thermal insulation and material flexibility.

Cryogenic Tanks Market, Segmentation by Cryogenic Liquid

The Cryogenic Tanks Market has been segmented by Cryogenic Liquid into Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Oxygen, Liquid Hydrogen, and Others.

Liquid Nitrogen

Liquid nitrogen holds the largest share of the cryogenic tanks market, accounting for nearly 35% of global demand. It is widely used in medical, food processing, and industrial applications due to its inert properties and ability to preserve biological materials at ultra-low temperatures.

Liquefied Natural Gas (LNG)

LNG constitutes around 28% of the market. Its increasing role as a clean energy source has fueled demand for specialized cryogenic tanks in the energy and transportation sectors, where storage and transport efficiency are crucial.

Liquid Oxygen

Liquid oxygen represents approximately 20% of the market. It is essential in sectors like healthcare, metallurgy, and space exploration due to its oxidizing properties and critical role in life support systems.

Liquid Hydrogen

Liquid hydrogen accounts for about 10% of the global market. It is gaining traction in renewable energy and fuel cell technologies, where its high energy density and clean combustion are key advantages.

Others

The remaining 7% includes cryogenic storage for specialized liquids like liquid helium and argon, which are used in scientific research, semiconductors, and specialized manufacturing applications.

Cryogenic Tanks Market, Segmentation by Application

The Cryogenic Tanks Market has been segmented by Application into Storage and Transportation.

Storage

The storage segment dominates the cryogenic tanks market, contributing over 60% of total demand. These tanks are widely used in industrial facilities, medical centers, and research labs for storing liquefied gases like nitrogen, oxygen, and LNG at extremely low temperatures for prolonged periods.

Transportation

The transportation segment holds around 40% of the market share, driven by the growing need for safe and efficient logistics of cryogenic fluids. Specialized tanks are employed in road tankers, railcars, and marine vessels to ensure secure delivery of gases across long distances without phase loss.

Cryogenic Tanks Market, Segmentation by End-Use Industry

The Cryogenic Tanks Market has been segmented by End-Use Industry into Metal Processing, Energy Generation, Electronics, Medical Technology, Food & Beverage, Water Treatment and Others.

Metal Processing

The metal processing industry accounts for approximately 28% of the cryogenic tanks market. These tanks are essential for handling liquid argon and nitrogen used in metal hardening, welding, and cooling operations in steel and alloy production facilities.

Energy Generation

Energy generation holds nearly 22% market share, with cryogenic tanks being vital in power plants for storing LNG and liquid hydrogen. The demand is fueled by the shift towards clean energy and fuel diversification strategies globally.

Electronics

The electronics segment contributes about 14% to the market. Cryogenic tanks support processes requiring ultra-pure gases for semiconductor manufacturing and cooling sensitive electronic equipment during high-precision production.

Medical Technology

This segment comprises nearly 12% of the cryogenic tank market. Tanks are used in hospitals and clinical labs to store liquid oxygen and nitrogen for respiratory therapy, cryopreservation, and medical gas supply systems.

Food & Beverage

Food & beverage applications account for around 10% of the market, leveraging cryogenic tanks for rapid freezing, chilling, and carbonation. These tanks enhance food safety and shelf life across meat processing and beverage packaging units.

Water Treatment

Water treatment comprises roughly 8% of the market, utilizing cryogenic gases for ozonation and oxidation processes. The adoption is rising in municipal and industrial water systems aiming to improve efficiency and environmental compliance.

Others

The remaining 6% includes applications in research institutions, aerospace, and pharmaceuticals. These sectors use cryogenic tanks for liquid helium storage, vaccine preservation, and space propulsion support.

Cryogenic Tanks Market, Segmentation by Geography

In this report, the Cryogenic Tanks Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Cryogenic Tanks Market Share (%), by Geographical Region

North America

North America holds nearly 30% of the global cryogenic tanks market, driven by strong demand from the healthcare, energy, and aerospace sectors. The U.S. leads regional growth owing to its robust LNG infrastructure and medical gas storage requirements.

Europe

Europe contributes approximately 25% to the market, supported by stringent environmental regulations and a growing shift towards clean energy. Countries like Germany and the UK are major consumers, especially in industrial gas applications and hydrogen storage.

Asia Pacific

Asia Pacific dominates the market with a share of about 33%, propelled by rapid industrialization and LNG consumption in countries like China, India, and Japan. The expansion of energy infrastructure and medical services significantly boosts demand.

Middle East and Africa

The Middle East and Africa region accounts for nearly 7% of the market. Increasing investments in oil & gas projects and petrochemical expansion are contributing to the steady growth of cryogenic tank usage in this region.

Latin America

Latin America represents around 5% of global market share. Growth is driven by rising healthcare needs and emerging LNG terminals in Brazil, Argentina, and Chile, supporting the use of cryogenic tanks in both transportation and storage segments.

This report provides an in depth analysis of various factors that impact the dynamics of Global Cryogenic Tanks Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers

• Rising industrial gas demand
• Expanding LNG infrastructure projects
• Increasing medical gas usage

• Technological advancements in storage: The global cryogenic tanks market has experienced significant growth, driven by advancements in storage technology and increasing demand for efficient and safe containment of liquefied gases. Technological innovations in cryogenic tank design have focused on enhancing insulation materials, improving structural integrity, and optimizing storage capacities. One of the key advancements is the development of advanced vacuum insulation technologies, which have significantly improved thermal insulation and minimized heat transfer. This innovation ensures that the temperature of the stored cryogenic liquids remains stable, reducing energy consumption and enhancing overall efficiency.

  The integration of smart technologies and automation systems into cryogenic tanks has revolutionized their operation. Modern cryogenic tanks are now equipped with advanced monitoring and control systems that provide real-time data on temperature, pressure, and liquid levels. These systems enable proactive maintenance, early detection of potential issues, and remote monitoring, which enhances safety and operational reliability. The use of IoT and data analytics has further improved the management and optimization of cryogenic storage, allowing for better resource planning and reduced operational costs.

  The ongoing research and development in cryogenic tank materials and manufacturing processes also contribute to market growth. Innovations in composite materials and lightweight alloys have led to the creation of more durable and efficient tanks. These materials offer improved strength-to-weight ratios, allowing for larger storage capacities without compromising safety or structural integrity. As industries such as aerospace, energy, and healthcare continue to expand, the demand for advanced cryogenic tanks is expected to rise, driving further technological advancements and market growth.

Restraints

• High initial investment costs
• Regulatory and safety challenges
• Maintenance and operational expenses

• Limited availability of skilled technicians: The Global Cryogenic Tanks Market faces several challenges, one of which is the limited availability of skilled technicians. Cryogenic tanks, used for the storage of gases at extremely low temperatures, require specialized knowledge for their operation and maintenance. Technicians must have a deep understanding of cryogenic systems, including the handling of liquid gases, insulation techniques, and safety protocols. However, there is a shortage of professionals with the necessary skills and training to work with these sophisticated systems.

  The scarcity of skilled technicians impacts the efficiency and safety of cryogenic tank operations. Maintenance and repair tasks are critical to ensure the tanks operate effectively and do not pose risks such as leaks or failures. Without a sufficient number of trained professionals, companies may experience delays in maintenance, which can lead to operational disruptions or increased risk of safety incidents. Additionally, the shortage can affect the timely execution of new installations and upgrades, potentially slowing market growth.

  To address this challenge, there is a growing need for enhanced training programs and educational initiatives focused on cryogenic technology. Industry stakeholders are increasingly investing in workforce development to build a pool of skilled technicians who can support the expanding cryogenic tanks market. By improving training and educational opportunities, the industry aims to ensure that there is a sufficient number of qualified professionals to meet the demands of the market and maintain high standards of safety and efficiency.

Opportunities

• Growth in renewable energy sector
• Emerging markets expansion
• Innovations in tank design

• Increasing demand for cryogenic fuels: The Global Cryogenic Tanks Market has experienced significant growth due to the increasing demand for cryogenic fuels. Cryogenic tanks, designed to store and transport liquefied gases at extremely low temperatures, are essential in the energy sector, particularly for the storage of liquefied natural gas (LNG) and hydrogen. The surge in demand for cryogenic fuels is driven by the global shift towards cleaner and more sustainable energy sources. As countries strive to reduce their carbon footprints and transition to greener alternatives, the adoption of LNG and hydrogen as cleaner fuels has amplified, boosting the need for efficient cryogenic storage solutions.

  The growth in the cryogenic tanks market is closely linked to advancements in technology and the expanding infrastructure for cryogenic fuel distribution. Modern cryogenic tanks are engineered to offer enhanced safety, efficiency, and storage capacity, meeting the rigorous standards required for handling these low-temperature substances. The development of more robust and cost-effective cryogenic tanks has facilitated the broader adoption of LNG and hydrogen across various industries, including power generation, transportation, and industrial applications. This technological progression ensures that cryogenic tanks can effectively support the increased volume and distribution of these fuels.

  The global emphasis on energy security and the diversification of energy sources have contributed to the rising demand for cryogenic tanks. Governments and private entities are investing heavily in the development of cryogenic infrastructure to support the growing use of LNG and hydrogen. This includes the construction of new storage facilities, refueling stations, and transportation networks. As the world transitions towards a more sustainable energy landscape, the cryogenic tanks market is poised to continue its upward trajectory, driven by the escalating demand for efficient and reliable cryogenic storage solutions.

Key players in Global Cryogenic Tanks Market include:

• Linde plc
• Air Products and Chemicals, Inc
• Cryogenics, Inc
• Chart Industries, Inc
• Nikkiso Co., Ltd
• Wessington Cryogenics Ltd
• Inox Air Products Ltd
• Messer Group GmbH
• Tae Young Industrial Co., Ltd
• Air Liquide S.A

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis