Global Cryogenic Tanks Market to Reach USD 11.4 Billion by 2032, Growing at a CAGR of 5.3%

FAIRFIELD, N.J. - Oct. 28, 2025 - PRLog -- Global Cryogenic Tanks Market is poised for steady growth, driven by increasing industrialization, energy demand, and advancements in cryogenic technology. According to a recent report by Acumen Research and Consulting, market is expected to grow from USD 6.9 billion in 2022 to USD 11.4 billion by 2032, expanding at a CAGR of 5.3% during forecast period.

Cryogenic Tanks Market Overview

Cryogenic tanks are specialized containers designed to store and transport liquefied gases at extremely low temperatures, typically below -150°C. These tanks are essential for industries such as energy, chemicals, food processing, healthcare, and metallurgy, where storage and transportation of gases like liquid nitrogen, oxygen, argon, and natural gas are critical.

Cryogenic Tanks Market Highlights:

• Market Size (2022): USD 6.9 billion
• Forecast Market Size (2032): USD 11.4 billion
• CAGR (2023–2032): 5.3%
• Asia Pacific Market Share (2022): Over 36%
• North America CAGR (2023–2032): Approximately 5.9%

Cryogenic Tanks Market Drivers

Prominent growth drivers of cryogenic tanks market include:

• Rising Demand for Liquefied Natural Gas (LNG): Global shift towards cleaner energy sources has led to an increased demand for LNG, driving need for efficient storage and transportation solutions.
• Advancements in Cryogenic Technology: Innovations in insulation materials, tank designs, and safety features are enhancing efficiency and safety of cryogenic tanks.

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Cryogenic Tanks Market Segmentation

Cryogenic tanks market is segmented as below:

• By Type: Liquid Nitrogen Tanks, Liquid Oxygen Tanks, Liquid Argon Tanks, LNG Tanks, and Others.
• By Application: Storage and Transportation.
• By End-User Industry: Energy, Chemicals, Food Processing, Healthcare, Metallurgy, and Others.
• By Region: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Cryogenic Tanks Market Regional Insights

• Asia Pacific: Asia Pacific region held largest share of the cryogenic tanks market in 2022, accounting for more than 36% of the total market. The region's growth is driven by increasing industrial activities and infrastructure development.
• North America: North American cryogenic tanks market is expected to expand at a CAGR of around 5.9% from 2023 to 2032, supported by advancements in technology and a strong industrial base.

Competitive Landscape

Cryogenic tanks market players include:

• Linde Plc
• Air Liquide
• Air Products and Chemicals, Inc.
• Chart Industries
• Cryofab Inc.
• FIBA Technologies, Inc.
• INOX India Limited
• Air Water Inc.
• Wessington Cryogenics
• Auguste Cryogenics

Read Full News at Globenewswire: https://www.globenewswire.com/news-release/2023/09/26/2749095/0/en/Cryogenic-Tanks-Market-Size-Estimated-to-Reach-USD-11-4-Billion-by-2032-Growing-at-a-CAGR-of-5-3.html