ALBANY, New York, November 22, 2016 /PRNewswire/ --

Transparency Market Research has published a new report titled "Cryogenic Tanks Market By Product Type (LNG, Nitrogen, Oxygen, and Argon), and By Application (Storage and Transportation) - Global Industry Analysis, Size, Share, Growth Trends and Forecast, 2016-2024" According to the report, the global cryogenic tanks market was valued at US$ 740.2 Mn in 2015 and is expected to reach US$ 1,433.0 Mn in 2024, expanding at a CAGR of 7.7% between 2016 and 2024.

Cryogenic tanks are double walled tanks. The outer shell of tank is constructed out of carbon steel whereas inner shell of tank is constructed of stainless steel. The space between the walls (shells) is filled with insulation material such as foamed glass on the bottom, expanded perlite on the walls and roof perlite is also used for insulation of these tanks Cryogenic tanks are employed for the storage and transportation of liquefied gases such as nitrogen, liquefied natural gas (LNG), oxygen, and argon among others. These liquefied gases are stored and transported in cryogenic tanks at very low temperatures and specified pressure ratings. Different working pressures are maintained in cryogenic tanks ranging from 3 to 45 bar. Cryogenic tanks are constructed as per certain standards and certified according to European Pressure Equipment Directive (PED), ASME standards, and LITS tanks (Leading International Tank Standard) among others. Cryogenic tanks are constructed in various capacities ranging from 300 liters to 500,000 liters.

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The global cryogenic tanks market is segmented on the basis of product type and application. On the basis of product type, global cryogenic tanks market is segmented into liquefied natural gas (LNG), nitrogen, oxygen, and argon. On the basis of application, global cryogenic tanks market is segmented into storage and transportation applications.

On the basis of product type, LNG is the dominant product type segment which accounted for more than 35% market share in terms of cryogenic tanks sales revenue in 2015. Nitrogen Oxygen and Argon also held significant market share of the global cryogenic tanks market In terms of sales revenue in 2015. Increasing production capacity, consumption rate, and trade volume of LNG are some of the factors likely to boost the demand for cryogenic tanks for LNG product type segment during the forecast period.

On the basis of application, storage application dominated the global cryogenic tanks market with more than 80% market share. Cryogenic tanks are utilized for short term as well as long term storage of industrial gases and LNG among others. Increasing on-site production of industrial gases and planned (strategic) storage of LNG are some of the factors which are expected to boost storage application segment during the forecast period. Transportation also had significant share 2015. Cryogenic tanks could be utilized for inland as well as offshore transportation of LNG and liquefied industrial gases. Transportation of liquefied industrial gases and LNG is usually carried out by vessels, ships, tankers, trailers, and containers under strict regulations and safety protocols.

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In terms of geography, Asia Pacific dominated the demand for cryogenic tanks in terms of volume and revenue in 2015. North America and Europe also had significant demand for cryogenic tanks in 2015 owing the increasing demand for LNG from various industries.

In recent years, the cryogenic tanks landscape is witnessing enhanced activities by various market participants, including Cryogas Equipment Private Ltd., VRV S.p.A, Cryoquip Australia, Eden Cryogenics LLC, Cryofab Inc., FNF Gas Technology Products Private Ltd., Gardner Cryogenics, INOX India Pvt. Ltd., Linde AG, and Suretank Group Ltd. among others.

Global Cryogenic Tanks Market: Regional Analysis 

North America  

• The U.S.
• Canada

Europe 

• The U.K.
• Germany
• France
• Rest of Europe

Asia Pacific  

• China
• India
• Japan
• Australia
• Rest of Asia Pacific

Middle East & Africa  

• Qatar
• Oman
• UAE
• Egypt
• Rest of Middle East & Africa

Latin America 

• Brazil
• Mexico
• Rest of Latin America

Global Cryogenic Tanks Market: By Product Type 

• Liquefied Natural Gas (LNG)
• Nitrogen
• Oxygen
• Argon

Global Cryogenic Tanks Market: By Application 

• Storage
• Transportation

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