Cryogenic Tanks Market Size, Share, Growth, Trends, and Global Industry Analysis: By Material Type (Aluminum Alloy, Nickel Alloy, Steel, Others), By Cryogenic Liquid (Liquid Hydrogen, Liquid Oxygen, Liquid Nitrogen, Liquefied Natural Gas (LNG), Others), By Application (Transportation, Storage), By End User Industry (Electronics, Energy Generation, Metal Processing, Food & Beverage, Medical Technology, Others) and Region Forecast 2020-2031

Cryogenic Tanks Market size was valued at US$ 7393.8 million in 2024 and is expected to reach US$ 11044.4 million by 2031, growing at a significant CAGR of 5.9% from 2025-2031. Cryogenic Tanks are designed and manufactured to a high specification following international design codes. They have very efficient insulation to maintain the liquid at its cold temperature. They are available for static, mobile, or transportable applications. The key factors fueling the market growth include increasing demand for metal processing, medical technology, rising demand for liquefied natural gas, development of the LNG infrastructure, and increasing applications in industrial gases. Moreover, cryogenic tanks have noteworthy applications in the metal industries owing to their capability to handle and store resources at extremely low temperatures. These tanks are used in several ways to augment metal dispensation and manufacturing processes.

Additionally, high spendings in developing healthcare systems are anticipated to upsurge the demand for cryogenic tanks during the forecasted period. Moreover, the collaboration between the manufacturing industries and the leading market players is anticipated to drive the market in the upcoming years. However, high cost associated with the operational procedures and maintenance, high energy requirement for regeneration, and more possibility for process blockage, over time cryogenic tanks may decorate owing to aging and fatigue are anticipated to hinder market growth. Nevertheless, the growing technological funds in cryogenic energy storage system development and the rising deployment of hydrogen as an energy source are anticipated to generate huge opportunities for the market over the forecast period.

Key Developments:

• In 2021, Chart industries. Inc, launched a novel line of cryogenic tanks called the isotherm express, these tanks are designed to deliver LNG and other cryogenic liquids over the long distances. The isotherm express tanks provide safety topographies.
• In March 2023, INOXCVA, a wage-earner of solutions for cryogenic molten storage, delivery, and re-gasification, expanded its novel engineering facility in Savli, Vadodara, Gujarat. Spanning 35 acres, this green-field project is set to become India's largest manufacturing facility for cryogenic equipment. The facility can fabricate over 20,000 metric tons per year with its advanced capabilities.