Cryogenic Tanks market is likely to witness a healthy CAGR of 5.7% during the forecast period, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Cryogenic Tanks market
Cryogenic Tanks market is likely to witness a healthy CAGR of 5.7% during the forecast period. The increasing demand for LNG, liquid oxygen, liquid nitrogen in various end-use industries, including food and beverage, pharmaceuticals, and petrochemicals, is likely to drive the market for cryogenic tanks during the forecast period.
Asia-Pacific is estimated to be the largest as well as fastest-growing market for cryogenic tanks during the forecast period, with China, India, and Australia being the major countries with promising growth opportunities. The growth of the market is driven by the high demand for cryogenic tanks in the energy & power sector. Easily availability of raw materials and low labor costs make Asia-Pacific a suitable location for the manufacturing of cryogenic tanks.
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Report Scope & Market Segmentation
Cryogenic Tanks Market Share: By Raw Material Type
Based on the raw material type, the market is segmented as steel made cryogenic tanks, nickel alloy made cryogenic tanks, aluminum alloy made cryogenic tanks, and others. Steel made cryogenic tanks governed the market in 2019, and are expected to remain dominant during the forecast period. Various properties of steel including its ductile nature, high strength and toughness are likely to drive the market for steel made cryogenic tanks market during the forecast period.
Cryogenic Tanks Market Share: By Cryogenic Liquid Type
Based on the cryogenic liquid type, the cryogenic tanks market is segmented as LNG, liquid nitrogen, liquid oxygen, liquid hydrogen, and others. Liquid nitrogen dominated the market in 2019, and is also expected to remain the largest and fastest-growing segment during the forecast period. The major factor contributing towards the growth of the liquid nitrogen cryogenic gas market is the high use of this gas in various industries including metal processing, food & beverage, electronics, and healthcare industries.
Cryogenic Tanks Market Share: By Application Type
Based on the application type, the cryogenic tanks market is segmented as storage and transportation. Storage is expected to govern the cryogenic tanks market by application type during the forecast period due to the storage of large volume of industrial gases in cryogenic tanks.
Cryogenic Tanks Market Share: By End-Use Industry Type
Based on the end-use industry type, the market is segmented as metal processing, energy generation, electronics, medical technology, food & beverage, water treatment, and others. Metal processing industry held the largest share of the market in 2019, and is expected to remain the largest and fastest-growing segment during the forecast period, driven by the increasing use of cryogenic tanks in steel industry. Nitrogen, oxygen, hydrogen are the commonly used gases in the industry. These gases are stored and transported through cryogenic tanks.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
What is the impact of COVID-19 on the market forecast?
What are the trends, drivers, and challenges?
How competitive is the market? Who are the market leaders?
What are the key strategies adopted by the market players?
Which segments offer the greatest opportunities?
Which are the most attractive regions?
What are the key success factors for the market players?
How does the business environment impact the market?
Which strategic alliances have taken place recently and their significance?
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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