Sat. Dec 4th, 2021

High consumption of LNG gas and expansion of healthcare sector is expected to drive the demand for global cryogenic tanker market in the forecast period.

According to TechSci Research report, “Global Cryogenic Tanker Market By Raw Material (Stainless Steel, Nickel Alloy, Aluminium, Others), By Liquid (Liquefied Natural Gas, Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Others), By Application (Storage, Transportation), By End User (Manufacturing, Healthcare, Food Industry, Energy & Power, Others), By Company, By Region, Forecast & Opportunities, 2026”, global cryogenic tanker market is expected to witness steady growth for the next five years. Prominent industries such as food and beverage industry, metal and fabrication industry, electronic industry require cryogenic tankers to store industrial gases including nitrogen, carbon dioxide, among others for various applications in industrial premises. Cryogenic tankers are used for the transportation of liquid cryogens consisting of liquid oxygen, liquid nitrogen, liquid natural gas, and liquid hydrogen liquid to a customer site. Cryogenic tankers are made systematically to fit into open bed trucks and enclosed vehicles. Increase in usage of cryogenic liquid among chemical plants and laboratories and high demand for cryogenic tankers for transportation of frozen food and beverages is a major driver for the growth of the global cryogenic tankers market.

However, high capital requirements and chances of leakage from cryogenic tankers may create hindrance in the cryogenic tanker market growth.

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Global cryogenic tanker market is segmented into raw material, liquid, application, end user, regional distribution, and company. Based on liquid, the market is further divided into liquefied natural gas, liquid nitrogen, liquid oxygen, liquid hydrogen, and others. Liquid nitrogen segment is expected to account for the major market share for the forecast period, 2022-2026. Liquid nitrogen is majorly used in electronic industry for manufacturing and testing process. It is used to create inert environment for metals to prevent the reaction with oxygen to avoid formation of undesirable oxides as end products. Liquid nitrogen depending upon the type of application and end user is stored and shipped in different containers. The most used containers are cryogenic tankers. Surgeries requiring the use of liquid nitrogen are considered effective and are termed as successful. Liquid nitrogen is also used to remove cancer tissues from the suffering patients. Based on application, the market is bifurcated into storage and transportation. Storage segment is expected to dominate the market throughout the forecast period. Increase in on-site designed storage facilities to store liquified natural gas and industrial gases is expected to fuel the demand for cryogenic tankers. Liquified natural gases and industrial gases are stored in cryogenic tankers at trading terminals, on-site industrial facilities, and liquefaction facilities. Continuous technological evolution is expected to accelerate the cryogenic tankers demand for the forecast period. Based on end user, the market is categorized into manufacturing, healthcare, food industry, energy & power, and others. Manufacturing sector is expected to hold major market share during the forecast period. Rising population around the globe is increasing the need for more industries to cater the requirements of growing population. Increasing infrastructural development in developed economies such as North America and commencement of Industry 4.0 in Europe coupled with technology advancements by manufacturers to increase the product demand is influencing the market demand. Liquid nitrogen is used majorly in construction and manufacturing industries to balance the working environment by lowering the temperature. Cryogenic liquid is rotated through the chillers to maintain the temperature in industries.

Chart Industries, Inc., Cryofab Inc, INOX India Pvt. Ltd., Linde PLC, Air Water Inc., Wessington Cryogenics Ltd., Super Cryogenic Systems Pvt Ltd., FIBA Technologies, Inc., Suretank Group Ltd., Eden Cryogenic LLC are the leading players operating in the global cryogenic tanker market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several cryogenic tanker manufacturers are coming up with their technologically advanced offerings.

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“Asia-pacific region is expected to witness fastest incremental growth during the forecast period. Availability of raw materials and presence of low-cost labor are the primary factors to make Asia-pacific the most preferred regional choice for cryogenic tanker manufacturers. Government initiatives for the promotion of energy and power industry is creating huge possibilities for the growth of cryogenic tankers market. APAC region boasts of one of the largest consumers of liquefied natural gas, and high demand for industrial gases from major industries is expected to propel the cryogenic tankers market growth until 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

Global Cryogenic Tanker Market By Raw Material (Stainless Steel, Nickel Alloy, Aluminium, Others), By Liquid (Liquefied Natural Gas, Liquid Nitrogen, Liquid Oxygen, Liquid Hydrogen, Others), By Application (Storage, Transportation), By End User (Manufacturing, Healthcare, Food Industry, Energy & Power, Others), By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of global cryogenic tanker market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global cryogenic tanker market.

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