Cryogenic tank is an important storage system, which is commonly used in different industries, such as chemical and pharmaceutical. It is used for the storage of the gases that need to be stored at very low temperature and at high pressure. The liquefied gases such as liquid argon, liquid oxygen, liquid nitrogen and liquefied natural gas (LNG) are stored in the cryogenic tanks. It is used for the transportation of these gases. Cryogenic tanks are generally manufactured by using steel or stainless steel.

Market scope and structure

COVID-19 scenario analysis:

• The demand for cryogenic tank is expected to decrease in 2020 due to low demand from different industries such as chemical, petrochemical and pharmaceutical due to the lockdown imposed by government of many countries.
• COVID-19 pandemic has shut-down the production of various products in the cryogenic tank industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the market growth
• COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.
• The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of corona virus, thereby halting the demand for equipment and machinery.
• Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.
• Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19 infection cases start to decrease.

Top impacting factors:

Several government regulations for environmental protection lead to increase in adoption of LNG as a ship fuel.This increases the demand for cryogenic tanks across the shipping industry. The governments are also encouraging the companies by providing funding to promote the adoption of LNG, thus boosting the market growth.

New product launch to boost the market

In February 2020, Petronet launched its first LNG commercial bus in India. The bus is equipped with 180 Kg cryogenic tank which can drive the bus up to 900 Km in a single filling. Such launches are anticipated to the boost the demand for cryogenic tanks in the market during the forecast period.

Key driving factors for the growth of cryogenic tank market:

Cryogenic tanks are used in many industries such as petrochemical, chemical and food industry. These industries are growing at rapid speed. This is expected to drive the market growth.

Key segments covered:

Key benefits of the report:

• This study presents the analytical depiction of the cryogenic tank market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the cryogenic tank market share.
• The current market is quantitatively analyzed from 2020 to 2027 to highlight the cryogenic tankmarket growth scenario.
• The report provides a detailed cryogenic tankmarket analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the cryogenic tankmarket research report:

• What are the leading market players active in the cryogenic tankmarket?
• What are the driving factors, restraints, and opportunities in thecryogenic tankmarket?
• What are the different segments in cryogenic tankmarket?
• What are the applications of cryogenic tank?