The Global Cryogenic Tanks Market Size was valued at USD 7.42 Billion in 2024 and is anticipated to reach USD 12.03 Billion by 2033 with a CAGR of 5.6% from 2025 to 2033.

Cryogenic tanks are specialized containers designed to store and transport gases at extremely low temperatures, typically below -150°C (-238°F). These tanks are crucial for storing liquefied gases like oxygen, nitrogen, and natural gas, which are used in industries such as healthcare, energy, and aerospace. As the demand for cleaner energy sources increases, cryogenic tanks play a key role in the efficient storage and transportation of liquefied natural gas (LNG).

As per International Veterinary Information Service (IVIS), liquid nitrogen tanks are crucial in veterinary medicine for preserving genetic material, supporting breeding and research. Their growing use in agriculture and biodiversity conservation boosts the demand for cryogenic tanks, driving market growth.

Cryogenic Tanks Market Dynamics

With the global shift toward cleaner energy, the popularity of liquefied natural gas (LNG) is rising, increasing the demand for cryogenic tanks for its storage and transportation. According to the Natural Resources Defense Council (NRDC), this growing demand is largely driven by the belief that LNG is a cleaner alternative to coal-fired power generation and plays a vital role in providing a reliable electricity supply. As a result, countries like the United States and Qatar are expanding their LNG supply and trade, positioning it as a transitional fuel in the global energy market. Cryogenic tanks are crucial for maintaining LNG at extremely low temperatures, ensuring efficiency and safety during handling.

Similarly, as healthcare infrastructure expands in emerging economies, the demand for medical gases such as liquid oxygen and nitrogen has surged, particularly due to the COVID-19 pandemic. The World Health Organization (WHO) reported that over half a million COVID-19 patients in low- and middle-income countries need oxygen daily, highlighting the urgent need for enhanced oxygen supply systems. In response, the Government of India launched 'Project O2 for India,' focusing on setting up small oxygen plants, producing essential equipment like concentrators and ventilators, and ensuring a steady supply of critical materials. Cryogenic tanks are vital in storing these gases in hospitals, labs, and research centers.

However, the high cost of manufacturing and installing cryogenic tanks, due to their specialized insulation and safety requirements, can limit their adoption, particularly for small and medium-sized enterprises.

The growing push for green energy is also driving interest in hydrogen fuel, which requires cryogenic storage solutions. According to the U.S. Department of Energy (DOE), the government announced a $750 million investment in 52 projects across 24 states to reduce the cost of producing clean hydrogen, in line with the Biden administration's goals for economic competitiveness and clean energy. This investment is expected to boost the cryogenic tanks market, as liquefied hydrogen requires specialized cryogenic storage and transport to maintain its ultra-low temperatures.

Global Cryogenic Tanks Market Segment Analysis

Cryogenic Tanks Market By Raw Material

·       Steel

·       Aluminum alloy

·       Nickel alloy

·       Others

According to our cryogenic tanks industry analysis, steel dominates as the primary raw material due to its excellent strength, durability, and ability to withstand the extreme pressures and low temperatures involved in cryogenic storage. It is also cost-effective, making it the preferred choice for large-scale tank production. The material’s resistance to corrosion, coupled with its ability to maintain structural integrity at cryogenic temperatures, makes it highly suitable for long-term storage solutions. As a result, steel remains the leading material for manufacturing cryogenic tanks across various industries.

Cryogenic Tanks Market By Cryogenic Liquid

·       Liquid Nitrogen

·       Liquid Hydrogen

·       Liquid Oxygen

·       Liquified Natural Gas (LNG)

·       Others

Based on cryogenic liquid, natural gas, particularly in its liquefied form (LNG), dominates the industry due to its growing use as a cleaner alternative to coal and oil. LNG requires cryogenic tanks to store and transport it at extremely low temperatures of around -162°C. As global demand for natural gas increases, particularly for energy and industrial use, the need for specialized cryogenic storage solutions also rises. This makes natural gas the leading cryogenic liquid stored in tanks, driving advancements in storage technology and infrastructure.

Cryogenic Tanks Market By Application

·       Transportation

·       Storage

According to application segment, storage applications dominate because of the critical need to safely maintain cryogenic liquids like LNG, oxygen, and nitrogen at ultra-low temperatures for extended periods. Industries such as energy, healthcare, and manufacturing rely heavily on stationary cryogenic tanks for continuous supply and operational efficiency. The demand for long-term, secure storage solutions is especially strong with the rise in LNG usage and medical gas requirements. As a result, storage remains the largest and most essential application segment in the cryogenic tanks market.

Cryogenic Tanks Market By End-User

·       Manufacturing industries

·       Power

·       Oil & gas industry

·       Metallurgy

·       Shipping

·       Healthcare

·       Others

According to our cryogenic tanks market forecast, healthcare dominates as a key end-user in the market due to the critical need for storing medical gases like liquid oxygen, nitrogen, and carbon dioxide. These gases are essential for surgeries, respiratory treatments, cryotherapy, and laboratory research. The surge in healthcare infrastructure, especially after the COVID-19 pandemic, has further amplified the demand for reliable cryogenic storage solutions. As a result, hospitals, clinics, and research facilities are driving significant growth in this sector.

Cryogenic Tanks Market Regional Analysis

Asia-Pacific dominates the market, fueled by rapid industrial growth, increasing LNG consumption, and expanding healthcare infrastructure in countries like China, India, and Japan. For instance, according to the National Medical Products Administration (NMPA), China has outlined key healthcare reform tasks for 2024, focusing on enhancing public healthcare services, advancing the development of public hospitals, and reforming pharmaceutical management. During a national conference on health development and reform held in late June, policymakers and healthcare experts addressed critical issues such as public hospital restructuring, medicine supply systems, and improvements in medical insurance coverage.

North America is fastest-growing in cryogenic tanks market, and Europe is growing rapidly as well, driven by strong investments in green hydrogen projects and strict environmental regulations encouraging clean energy adoption.

In November 2024, INOX India Limited, a manufacturer of cryogenic tanks, announced a major supply order and contract secured from Highview Power, UK. This agreement is tied to Highview Power’s Liquid Air Energy Storage (LAES) facility located in Carrington, Manchester. This can boost the cryogenic tanks market in both Asia-Pacific and Europe, as it reflects growing cross-regional demand for cryogenic solutions in advanced energy storage projects.

Cryogenic Tanks Market Leading Companies

The cryogenic tanks market players profiled in the report is FIBA Technologies, Inc., Cryogas Equipment Private Limited, INOX India Limited, Cryofab Inc., Chart Industries, Air Liquide, Eden Cryogenic LLC, Suretanks Group Limited, Auguste Cryogenics, Linde Plc, Wessington Cryogenics, and Air Products and Chemicals, Inc.

Cryogenic Tanks Market Regions