Cryogenic Tanks Market Poised to Witness High Growth Owing to Increasing Demand from Healthcare Industry
The cryogenic tanks market deals with storage and transportation tanks used for handling cryogenic gases and liquids at temperatures below -150°C. Cryogenic tanks find applications across various industries including healthcare, chemical processing, metallurgy, oil & gas, food & beverage. The demand for cryogenic tanks is increasing for storage and transportation of industrial gases such as liquid nitrogen, oxygen, argon, carbon dioxide and hydrogen. Effective thermal insulation and advanced vacuum insulation panels are commonly used in cryogenic tanks to reduce heat leaks. The rising requirements of cryogenic gases from healthcare facilities, food sector along with growing LNG trade are propelling the growth of cryogenic tanks market. The Global cryogenic tanks market is estimated to be valued at US$ 6.51 Bn in 2024 and is expected to exhibit a CAGR of 5.0% over the forecast period 2023 to 2030. Key Takeaways Key players operating in the cryogenic tanks market are Arcelo...