• In April 2022, Hexagon Composites acquired a 40% stake in Cryoshelter GmbH, boosting its strength in cutting‑edge cryogenic tank solutions for renewable LNG and liquid hydrogen.

• In July 2024, Honeywell acquired Air Products’ LNG process and cryogenic equipment unit for 1.81 billion in cash, enhancing its LNG pretreatment and cryogenic systems portfolio.

In this report, the Cryogenic Tanks Market has been segmented by Raw Material, Cryogenic Liquid, Application, End-Use Industry and Geography.

Cryogenic Tanks Market, Segmentation by Raw Material

The Cryogenic Tanks Market has been segmented by Raw Material into Steel, Nickel Alloy, Aluminum Alloy, and Others.

Steel

Steel dominates the cryogenic tanks market, accounting for over 60% of global demand. Its durability, high tensile strength, and thermal stability make it ideal for storing liquefied gases under extreme low temperatures across various industrial applications.

Nickel Alloy

Nickel alloy materials represent approximately 20% of the market. They are preferred in applications requiring corrosion resistance and thermal conductivity, especially in sectors like chemical processing and space research.

Aluminum Alloy

Aluminum alloys account for nearly 12% of the market share. These materials are valued for their lightweight properties and are commonly used in transportation and aerospace sectors where weight reduction is critical.

Others

Other raw materials, comprising about 8% of the market, include specialized composite materials and advanced polymers used in niche applications that demand enhanced thermal insulation and material flexibility.

Cryogenic Tanks Market, Segmentation by Cryogenic Liquid

The Cryogenic Tanks Market has been segmented by Cryogenic Liquid into Liquid Nitrogen, Liquefied Natural Gas (LNG), Liquid Oxygen, Liquid Hydrogen, and Others.

Liquid Nitrogen

Liquid nitrogen holds the largest share of the cryogenic tanks market, accounting for nearly 35% of global demand. It is widely used in medical, food processing, and industrial applications due to its inert properties and ability to preserve biological materials at ultra-low temperatures.

Liquefied Natural Gas (LNG)

LNG constitutes around 28% of the market. Its increasing role as a clean energy source has fueled demand for specialized cryogenic tanks in the energy and transportation sectors, where storage and transport efficiency are crucial.

Liquid Oxygen

Liquid oxygen represents approximately 20% of the market. It is essential in sectors like healthcare, metallurgy, and space exploration due to its oxidizing properties and critical role in life support systems.

Liquid Hydrogen

Liquid hydrogen accounts for about 10% of the global market. It is gaining traction in renewable energy and fuel cell technologies, where its high energy density and clean combustion are key advantages.

Others

The remaining 7% includes cryogenic storage for specialized liquids like liquid helium and argon, which are used in scientific research, semiconductors, and specialized manufacturing applications.

Cryogenic Tanks Market, Segmentation by Application

The Cryogenic Tanks Market has been segmented by Application into Storage and Transportation.

Storage

The storage segment dominates the cryogenic tanks market, contributing over 60% of total demand. These tanks are widely used in industrial facilities, medical centers, and research labs for storing liquefied gases like nitrogen, oxygen, and LNG at extremely low temperatures for prolonged periods.

Transportation

The transportation segment holds around 40% of the market share, driven by the growing need for safe and efficient logistics of cryogenic fluids. Specialized tanks are employed in road tankers, railcars, and marine vessels to ensure secure delivery of gases across long distances without phase loss.

Cryogenic Tanks Market, Segmentation by End-Use Industry

The Cryogenic Tanks Market has been segmented by End-Use Industry into Metal Processing, Energy Generation, Electronics, Medical Technology, Food & Beverage, Water Treatment and Others.

Metal Processing

The metal processing industry accounts for approximately 28% of the cryogenic tanks market. These tanks are essential for handling liquid argon and nitrogen used in metal hardening, welding, and cooling operations in steel and alloy production facilities.

Energy Generation

Energy generation holds nearly 22% market share, with cryogenic tanks being vital in power plants for storing LNG and liquid hydrogen. The demand is fueled by the shift towards clean energy and fuel diversification strategies globally.

Electronics

The electronics segment contributes about 14% to the market. Cryogenic tanks support processes requiring ultra-pure gases for semiconductor manufacturing and cooling sensitive electronic equipment during high-precision production.

Medical Technology

This segment comprises nearly 12% of the cryogenic tank market. Tanks are used in hospitals and clinical labs to store liquid oxygen and nitrogen for respiratory therapy, cryopreservation, and medical gas supply systems.

Food & Beverage

Food & beverage applications account for around 10% of the market, leveraging cryogenic tanks for rapid freezing, chilling, and carbonation. These tanks enhance food safety and shelf life across meat processing and beverage packaging units.

Water Treatment

Water treatment comprises roughly 8% of the market, utilizing cryogenic gases for ozonation and oxidation processes. The adoption is rising in municipal and industrial water systems aiming to improve efficiency and environmental compliance.

Others

The remaining 6% includes applications in research institutions, aerospace, and pharmaceuticals. These sectors use cryogenic tanks for liquid helium storage, vaccine preservation, and space propulsion support.

Cryogenic Tanks Market, Segmentation by Geography

In this report, the Cryogenic Tanks Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Cryogenic Tanks Market Share (%), by Geographical Region

North America

North America holds nearly 30% of the cryogenic tanks market, driven by strong demand from the healthcare, energy, and aerospace sectors. The U.S. leads regional growth owing to its robust LNG infrastructure and medical gas storage requirements.

Europe

Europe contributes approximately 25% to the market, supported by stringent environmental regulations and a growing shift towards clean energy. Countries like Germany and the UK are major consumers, especially in industrial gas applications and hydrogen storage.

Asia Pacific

Asia Pacific dominates the market with a share of about 33%, propelled by rapid industrialization and LNG consumption in countries like China, India, and Japan. The expansion of energy infrastructure and medical services significantly boosts demand.

Middle East and Africa

The Middle East and Africa region accounts for nearly 7% of the market. Increasing investments in oil & gas projects and petrochemical expansion are contributing to the steady growth of cryogenic tank usage in this region.

Latin America

Latin America represents around 5% of global market share. Growth is driven by rising healthcare needs and emerging LNG terminals in Brazil, Argentina, and Chile, supporting the use of cryogenic tanks in both transportation and storage segments.

This report provides an in depth analysis of various factors that impact the dynamics of Cryogenic Tanks Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Drivers

• Surge in global LNG trade volume
• Growing demand from medical gas storage
• Rising investments in industrial gas production

• Expansion in space and aerospace programs - Playing a significant role in driving the demand for cryogenic tanks. These industries require high-performance storage systems capable of holding liquid hydrogen and liquid oxygen at extremely low temperatures for use in rocket propulsion systems and satellite launches. The global push for space exploration has created a surge in demand for customized cryogenic infrastructure.

  National agencies and private players like NASA, SpaceX, and Blue Origin are investing in next-generation fuel systems that depend heavily on cryogenic storage. Cryogenic tanks used in these applications must offer lightweight construction, thermal insulation, and pressure stability to maintain mission safety and efficiency. As space missions become more frequent, the need for reliable cryogenic containment has intensified.

  Furthermore, the aerospace sector increasingly relies on cryogenic cooling technologies to support advanced avionics and fuel systems. This expands the scope of cryogenic tank applications beyond launch vehicles to include unmanned aerial systems and orbital platforms. These innovations demand tanks with precise temperature control and material durability under dynamic conditions.

  The continued expansion of both government and private aerospace initiatives is expected to elevate the role of cryogenic tank manufacturers. Companies that invest in space-certified materials and technologically adaptive designs are well-positioned to tap into this growing segment of the market.

Restraints

• High manufacturing and operational costs
• Complex regulatory and safety compliance
• Material challenges at extreme cryogenic temperatures

• Limited infrastructure in developing regions - Significantly hampers the growth of the cryogenic tanks market. Many low- and middle-income countries face a lack of supportive logistics, qualified installation teams, and maintenance services necessary for deploying and operating cryogenic systems. This results in slower adoption rates across key end-use industries such as energy, healthcare, and manufacturing.

  The challenges include insufficient LNG terminals, inadequate distribution pipelines, and a lack of cold storage networks essential for reliable cryogenic transportation. Additionally, existing facilities often lack advanced safety features or the capacity to handle high-pressure, low-temperature gases. This leads to operational risks and lower market viability.

  Another critical issue is the absence of regulatory alignment with international safety codes, which complicates the import and commissioning of cryogenic equipment. The result is an increase in project costs, delayed deployment, and limited confidence among investors seeking to introduce cryogenic storage capabilities in these markets.

  Addressing this gap will require a combination of government incentives, public-private partnerships, and foreign direct investment to develop the necessary infrastructure backbone. Until such systems are in place, the growth potential in developing regions remains largely underutilized.

Opportunities

• Advancements in tank insulation technology
• Emergence of hydrogen-based energy applications
• Deployment in offshore LNG terminals

• Government funding for clean fuel storage solutions - Creating significant growth potential in the cryogenic tanks market. As nations shift towards low-emission energy systems, cryogenic storage has become vital for the deployment of liquefied natural gas (LNG) and liquid hydrogen. These fuels require highly specialized thermal insulation systems for safe and efficient storage.

  Policies promoting decarbonization and climate neutrality are driving direct investments in infrastructure development for cryogenic fuels. Programs offering tax credits, subsidies, and R&D grants are encouraging manufacturers to expand capacity and innovate on storage tank designs. This not only improves market penetration but also accelerates the commercial viability of alternative energy systems.

  Governments in regions like the EU, North America, and Asia-Pacific are funding hydrogen hubs and LNG corridors where cryogenic tanks serve as critical enablers. These developments are catalyzing collaboration between public institutions, energy providers, and equipment suppliers to deliver turnkey storage solutions.

  Companies that align with national energy transition goals and offer compliant, high-performance tank systems will be best positioned to secure government contracts and benefit from long-term funding cycles. This represents a vital opportunity to scale cryogenic technologies globally while contributing to clean energy initiatives.

Key players in Cryogenic Tanks Market include:

• Linde plc
• Air Products and Chemicals, Inc
• Cryogenics, Inc
• Chart Industries, Inc
• Nikkiso Co., Ltd
• Wessington Cryogenics Ltd
• Inox Air Products Ltd
• Messer Group GmbH
• Tae Young Industrial Co., Ltd
• Air Liquide S.A

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Market Share Analysis
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis