Table of Contents
Overview
New York, NY – August 19, 2025 – The Global Cryogenic Tanks Market, valued at USD 6.9 billion in 2024, is projected to reach USD 11.9 billion by 2034, growing at a CAGR of 5.6% from 2025 to 2034. The Asia-Pacific region, accounting for 45.9% of the market, has seen significant growth due to increased demand for LNG storage.
Cryogenic tanks are specialized containers designed to store liquefied gases, such as liquid nitrogen, oxygen, argon, LNG, and hydrogen, at extremely low temperatures (below -150°C). Built with high-grade materials and insulating layers, these tanks minimize heat transfer to maintain safe storage and transportation conditions.
Expanding global space programs have increased the need for cryogenic tanks to store propellants. Liquid oxygen and nitrogen are critical for medical procedures, biotechnology research, and vaccine storage, with the COVID-19 vaccine rollout highlighting the need for robust cryogenic infrastructure.
Secured €235 million in public funding to produce and test 100 liquid-hydrogen-powered trucks, alongside leading a USD 3.72 million project for advanced hydrogen storage solutions. Raised USD 150 million in Series C funding, with investors including Airbus and American Airlines, to support hydrogen-based aviation solutions.
The cryogenic tanks market encompasses the global production, distribution, and application of these low-temperature storage systems across various industries. The market is driven by the growing use of liquefied gases in energy, medical, and industrial sectors. The shift toward LNG as a cleaner fuel for transportation and power generation has spurred infrastructure development, including cryogenic storage systems, supported by government initiatives to reduce carbon emissions.
Key Takeaways
- The Global Cryogenic Tanks Market is expected to be worth around USD 11.9 billion by 2034, up from USD 6.9 billion in 2024, and is projected to grow at a CAGR of 5.6% from 2025 to 2034.
- The cryogenic tanks market is largely driven by LNG storage, capturing a dominant 46.8% share globally.
- Storage applications account for 63.9% of the cryogenic tanks market due to expanding industrial gas demand.
- The manufacturing sector leads end-use adoption of cryogenic tanks, holding a 39.6% market share worldwide.
- The Asia-Pacific market was valued at USD 3.1 billion during the same year.
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Report Scope
| Market Value (2024) | USD 6.9 Billion |
| Forecast Revenue (2034) | USD 11.9 Billion |
| CAGR (2025-2034) | 5.6% |
| Segments Covered | By Cryogenic Liquid (Liquefied Nitrogen, Liquid Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen, Others), By Application (Storage, Transportation), By End-use (Manufacturing, Healthcare, Food and Beverages, Others) |
| Competitive Landscape | 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. |
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Key Market Segments
Cryogenic Liquid Analysis
In 2024, Liquid Natural Gas (LNG) led the Cryogenic Liquid segment of the Cryogenic Tanks Market, commanding a 46.8% share. This prominence stems from the global push for cleaner energy and the growing use of LNG as a low-emission fuel in industries like power generation, marine transport, and industrial applications.
The surge in LNG infrastructure projects, particularly in emerging economies, has bolstered the demand for cryogenic tanks tailored for LNG storage and transportation. Energy transition policies and emission regulations have driven investments in LNG terminals, regasification units, and distribution networks, all reliant on advanced cryogenic storage systems.
Application Analysis
In 2024, the Storage segment dominated the Application segment of the Cryogenic Tanks Market with a 63.9% share. This leadership is driven by the rising need for secure, long-term storage of liquefied industrial gases in sectors such as energy, chemicals, and healthcare. Cryogenic storage systems are essential for maintaining gases like LNG, oxygen, nitrogen, and hydrogen at ultra-low temperatures to preserve their properties.
The growth of LNG terminals and industrial gas facilities has heightened the demand for large-scale cryogenic tanks to ensure a consistent supply and effective inventory management. The tanks’ ability to provide stability and insulation for volatile, temperature-sensitive liquids under strict conditions further cements their importance.
End-Use Analysis
In 2024, the Manufacturing sector held the leading position in the End-use segment of the Cryogenic Tanks Market, capturing a 39.6% share. This dominance is driven by the widespread use of cryogenic tanks in manufacturing processes that require precise handling and storage of industrial gases at ultra-low temperatures. Industries such as metal processing, electronics, and chemical manufacturing rely heavily on gases like nitrogen, argon, and oxygen, stored in cryogenic tanks to ensure stability and efficiency.
Regional Analysis
In 2024, the Asia-Pacific region led the global Cryogenic Tanks Market with a 45.9% share, achieving a market value of USD 3.1 billion. This dominance is fueled by rapid industrialization, rising energy demand, and widespread adoption of LNG as a cleaner fuel source. Countries like China, India, Japan, and South Korea are investing significantly in LNG infrastructure, industrial gas distribution, and clean energy initiatives, driving the need for cryogenic storage solutions.
North America saw steady growth, supported by expanding LNG terminals and increased use of cryogenic gases in manufacturing and healthcare. Europe also exhibited strong demand, driven by industrial gas applications and clean energy transition programs. The Middle East & Africa region is experiencing gradual growth due to efforts in gas-based energy diversification, while Latin America shows moderate progress, supported by rising investments in energy and industrial sectors.
Top Use Cases
- LNG Storage and Transportation: Cryogenic tanks store and transport liquefied natural gas (LNG) at very low temperatures, enabling cleaner energy use in power plants and vehicles. Their advanced insulation ensures minimal gas loss, supporting the global shift to sustainable energy sources, especially in regions like the Asia-Pacific with high LNG demand.
- Medical Oxygen Storage: Cryogenic tanks safely hold liquid oxygen for healthcare facilities, ensuring a steady supply for respiratory treatments and surgeries. They played a key role during the COVID-19 vaccine rollout, storing medical supplies at ultra-low temperatures, driving demand in hospitals and clinics worldwide.
- Space Exploration Propellant Storage: These tanks store liquid hydrogen and oxygen, critical fuels for rocket propulsion. Their robust design prevents heat leaks, ensuring safe and efficient fuel storage for space missions, supporting the growing space industry and satellite programs globally.
- Hydrogen Fuel for Transportation: Cryogenic tanks store liquid hydrogen for fuel-cell vehicles, like trucks and buses, offering a zero-emission alternative. With investments in hydrogen infrastructure, these tanks are vital for clean transportation solutions.
- Biomedical Sample Preservation: Cryogenic tanks preserve biological samples, like blood and vaccines, at ultra-low temperatures for medical research and treatments. Their ability to maintain stable conditions ensures sample integrity, supporting advancements in the biotechnology and pharmaceutical industries globally.
Recent Developments
1. Chart Industries
Chart Industries has expanded its cryogenic tank offerings with advanced hydrogen storage solutions, supporting the clean energy transition. Their “How2Hydrogen” initiative focuses on large-scale liquid hydrogen tanks for aerospace and transportation. Recent projects include partnerships with NASA and major energy firms. Chart also acquired Howden, enhancing its cryogenic technology portfolio.
2. Cryofab, Inc.
Cryofab introduced lightweight, high-capacity cryogenic tanks for medical and industrial gas storage. Their recent CFM Series features improved vacuum insulation for extended holding times. They also expanded production to meet rising demand in biotechnology and LNG transport.
3. INOX India Limited
INOX India launched next-gen ISO container tanks for global LNG transport, enhancing safety and efficiency. They secured contracts with European gas suppliers and expanded their Aerospace Division for cryogenic fuel tanks in ISRO’s missions.
4. Linde PLC
Linde developed AI-powered cryogenic tank monitoring systems to optimize storage efficiency. They also deployed large-scale liquid hydrogen tanks in Germany and the U.S., supporting green energy projects.
5. Air Products and Chemicals, Inc.
Air Products unveiled modular cryogenic tanks for small-scale LNG applications, targeting remote industries. Their “Hydrogen for Mobility” initiative includes mobile refueling tanks for fuel-cell vehicles.
Conclusion
The Cryogenic Tanks Market is growing steadily due to rising demand for LNG, medical oxygen, and industrial gases across energy, healthcare, manufacturing, food, and space sectors. Their ability to safely store and transport ultra-cold liquids drives their importance. With global focus on clean energy and advanced technologies, the market is set to expand significantly.
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