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Demand for liquefied natural gas (LNG) is likely to promote innovation in cryogenic tank manufacturing, propelling the market during the forecast period.

The global cryogenic tanks market is expected to grow from $6.67 billion in 2022 to $7.04 billion in 2023 at a compound annual growth rate (CAGR) of 5.45%. The global cryogenic tanks market size is expected to reach $8.96 billion in 2027 at a CAGR of 6.22%.

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Global Cryogenic Tanks Market Segments Include:

• By Cryogenic Liquid: Liquefied Natural Gas (LNG), Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Other Cryogenic Liquids
• By Raw Material: Steel, Nickel Alloy, Aluminium Alloy, Other Raw Materials
• By Application: Storage, Transportation
• By End-User: Manufacturing, Healthcare, Food Industry, Other End-Users
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global cryogenic tanks market in 2021.

Major Market Players in the cryogenic tanks market include Air Products And Chemicals Inc., Air Water Inc., Chart Industries Inc., Cryofab Inc., Cryolor, FIBA Technologies Inc., INOX India Pvt. Ltd., ISISAN A.S, Linde Plc, Wessington Cryogenics.

Technological advancement is the most prevalent trend in the cryogenic tank industry. Major cryogenic tank manufacturers are concentrating on making cryogenic tanks more robust and lightweight by utilising new materials and manufacturing techniques. For example, Boeing, a US-based aeroplane manufacturer, created a new liner-less cryogenic fuel tank in February 2022. The new lightweight cryogenic tank incorporates composite technology, which reduces weight while adding 30% more payload for aerospace applications such as NASA’s space launch system. The 4.3 metre (14 foot) diameter composite tank is similar in size to the fuel tanks intended for use in NASA’s Space Launch System (SLS) rocket’s upper stage.

The Cryogenic Tanks Global Market Report 2023  provides a cryogenic tanks market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cryogenic tanks market forecast analyzes cryogenic tanks market size, cryogenic tanks market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Cryogenic tanks are specialised containers designed to store cryogenic fluids at extremely low temperatures. Cryogenic tanks allow for the long-term supply or transfer of cryogenic fluids and gases.

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