Cryogenic Tanks Industry

The global cryogenic tanks market size is expected to reach USD 9.77 billion by 2030, registering a CAGR of 5.4% from 2025 to 2030, according to a new report by Grand View Research, Inc. The market is driven growing demand for cryogenic tanks from various end-use industries such as metal processing, food, healthcare, and others. Growth in transportation and storage applications for cryogenic technologies represents a capable growth prospect for the market.

Cryogenics is a leading-edge technology that involves particular detailed technical expertise and components used for manufacturing. Therefore, various regulations and procedures must be followed to manufacture and retail cryogenic tanks in the market. Hence, the manufacturing costs for these cryogenic tanks have been increased, which has ultimately led to leasing and retrofitting of cryogenic tanks. It is one of the significant factors which may restrict the sales during the estimated period.

Growing manufacturing industries in both mature and developing economies are providing an opportunity for market to rise over the next seven years. Increasing use of industrial gases such as LN2 for cooling the electronic products during the manufacturing process is projected to propel the industry growth from 2020 to 2027. Moreover, recent outbreak of pandemic has created immense opportunity for growth in healthcare sector. Huge investment is made in R&D in pharmaceutical industry which has created rise in demand for cryogenic storage option of liquid nitrogen and other gases which is further expected to propel the market growth.

In November 2018, Chart Industries, Inc., a global manufacturer of highly engineered equipment for the industrial gas, biomedical, and energy industries, acquired VRV S.r.l. and its subsidiary companies to accomplish a substantial cost interaction that is related to sourcing and operational efficiencies. Various key players are operating globally to attain clients through mergers and acquisitions. Owing to limited expansion in the higher-tier sector coupled with the failure of niche players to breakdown the market penetration and led to the customers' dependence on the service provider's skill dominants the suppliers' end.

Gather more insights about the market drivers, restrains and growth of the Global Cryogenic Tanks market

Cryogenic Tanks Market Segments Highlights:

  • Liquid Natural Gas (LNG) segment dominated the global cryogenic tanks industry with a revenue share of 33.2% in 2024. This segment is mainly driven by factors such as the increasing focus of multiple industries on effective storage, utilization, and transport of liquefied natural gas.
  • The storage segment held the largest revenue share of the cryogenic tanks market in 2024. This is attributed to factors such as the increasing focus of multiple industries on utilizing liquid nitrogen and LNG in processes such as freezing and more.
  • The manufacturing segment dominated the global cryogenic tanks industry in 2024. This is attributed to factors such as the increasing utilization of multiple gases in industry processes.
  • Asia Pacific cryogenic tanks market dominated the global industry with a revenue share of 35.8 % in 2024. This is attributed to the increasing demand for cryogenic tanks from the healthcare industry in countries such as India and a strong industrial environment in countries such as China.

Cryogenic Tanks Market Report Segmentation

Grand View Research has segmented global cryogenic tanks market report based on cryogenic liquid, application, end-use, and region:

Cryogenic Tanks Cryogenic Liquid Outlook (Revenue, USD Million, 2018 - 2030)

  • Liquefied Nitrogen
  • Liquid Natural Gas (LNG)
  • Liquid Hydrogen
  • Liquid Oxygen
  • Others

Cryogenic Tanks Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Storage
  • Transportation

Cryogenic Tanks End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Manufacturing
  • Healthcare
  • Food & Beverages
  • Others

Cryogenic Tanks Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • Russia
    • UK
    • Italy
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
  • Latin America
    • Brazil
    • Argentina
  • MEA
    • UAE
    • Saudi Arabia

Key Cryogenic Tanks Company Insights

  • Chart Industries
  • Cryofab, Inc.
  • INOX India Limited
  • Linde PLC
  • Air Products and Chemicals, Inc.
  • Cryolor
  • AIR WATER INC
  • Wessington Cryogenics
  • Super Cryogenic Systems Pvt Ltd.
  • FIBA Technologies, Inc.
  • ISISAN A.?.
  • SURETANK
  • Eden Cryogenic LLC

Order a free sample PDF of the Cryogenic Tanks Market Intelligence Study, published by Grand View Research.