Global Cryogenic Tanks Market Size, Share, And Business Benefits By Cryogenic Liquid (Liquefied Nitrogen, Liquid Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen, Others), By Application (Storage, Transportation), By End-use (Manufacturing, Healthcare, Food and Beverages, Others), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2025-2034

Report Overview

The Global Cryogenic Tanks Market is expected to be worth around USD 11.9 billion by 2034, up from USD 6.9 billion in 2024, and is projected to grow at a CAGR of 5.6% from 2025 to 2034. Strong demand for LNG storage boosted cryogenic tank installations across the Asia-Pacific 45.9% region.

Cryogenic tanks are specialized storage containers designed to hold liquefied gases at extremely low temperatures. These tanks are used to store substances like liquid nitrogen, oxygen, argon, LNG (liquefied natural gas), and hydrogen at cryogenic temperatures, often below -150°C. Constructed using high-grade materials with insulating layers, cryogenic tanks ensure minimal heat transfer and maintain the required low temperature for safe storage and transportation.

The cryogenic tanks market refers to the global demand and supply ecosystem for these low-temperature storage systems. It encompasses the manufacturing, distribution, and usage of cryogenic tanks across various industrial verticals. As industries increasingly rely on liquefied gases for energy, medical, and industrial applications, the market for cryogenic tanks has gained strong traction. According to an industry report, Daimler has secured €235 million in public funding to support the production and testing of 100 liquid-hydrogen-powered trucks.

Growth in the market can be attributed to the rising consumption of LNG as a cleaner fuel alternative in transportation and power generation. Governments in several regions are promoting natural gas to reduce carbon emissions, which is pushing infrastructure development, including cryogenic storage systems. Additionally, the expanding space and satellite programs globally are fueling demand for cryogenic tanks used in propellant storage. According to an industry report, the company has also taken a leading role in a $3.72 million project focused on developing advanced hydrogen storage solutions.

Demand for cryogenic tanks is also supported by the healthcare industry, where liquid oxygen and nitrogen are vital for medical procedures, biotechnology research, and vaccine storage. The need for efficient cold storage solutions during the COVID-19 vaccine rollout highlighted the importance of cryogenic infrastructure, triggering long-term investments in this space. According to an industry report, ZeroAvia successfully closed its Series C funding round with $150 million, featuring investors such as Airbus and American Airlines.

Key Takeaways

• The Global Cryogenic Tanks Market is expected to be worth around USD 11.9 billion by 2034, up from USD 6.9 billion in 2024, and is projected to grow at a CAGR of 5.6% from 2025 to 2034.
• The cryogenic tanks market is largely driven by LNG storage, capturing a dominant 46.8% share globally.
• Storage applications account for 63.9% of the cryogenic tanks market due to expanding industrial gas demand.
• The manufacturing sector leads end-use adoption of cryogenic tanks, holding a 39.6% market share worldwide.
• The Asia-Pacific market was valued at USD 3.1 billion during the same year.

By Cryogenic Liquid Analysis

Cryogenic tanks mainly store LNG, holding a 46.8% market share.

In 2024, Liquid Natural Gas (LNG) held a dominant market position in the By Cryogenic Liquid segment of the Cryogenic Tanks Market, with a 46.8% share. This dominance is primarily driven by the increasing global shift towards cleaner energy sources and the rising adoption of LNG as a low-emission fuel alternative across various industries. The steady demand for LNG in power generation, marine transport, and industrial fuel applications has significantly boosted the deployment of cryogenic tanks designed specifically for LNG storage and transport.

The expansion of LNG infrastructure projects, especially in emerging economies, has further supported the segment’s growth. Countries focusing on energy transition policies and emission control regulations are investing heavily in LNG terminals, regasification units, and distribution networks—all of which rely on efficient cryogenic storage systems.

Moreover, LNG’s viability as a cost-effective and energy-dense fuel has attracted interest from the transportation sector, including heavy-duty trucking and shipping, increasing the demand for portable and stationary LNG cryogenic tanks.

By Application Analysis

Storage dominates the cryogenic tanks market with a strong 63.9% share.

In 2024, Storage held a dominant market position in the By Application segment of the Cryogenic Tanks Market, with a 63.9% share. This strong market presence can be attributed to the growing need for safe and long-term containment of liquefied industrial gases across various sectors. Industries such as energy, chemicals, and healthcare heavily rely on cryogenic storage systems to maintain gases like LNG, oxygen, nitrogen, and hydrogen at ultra-low temperatures to preserve their physical and chemical properties.

The dominance of the storage application is further reinforced by the rising number of infrastructure developments for LNG terminals and industrial gas facilities, which require large-scale cryogenic tanks for uninterrupted supply and inventory management. Additionally, the stability and insulation provided by cryogenic tanks make them the preferred choice for storing volatile and temperature-sensitive liquids under regulated conditions.

With increasing focus on energy efficiency, fuel transition, and medical oxygen supply, the demand for high-performance cryogenic storage solutions continues to rise. The 63.9% market share captured by the storage segment in 2024 reflects its critical role in ensuring safety, reliability, and efficiency in industrial operations.

By End-use Analysis

Manufacturing leads end-use with a 39.6% share in cryogenic tanks.

In 2024, Manufacturing held a dominant market position in the end-use segment of the Cryogenic Tanks Market, with a 39.6% share. This leading position is primarily driven by the extensive use of cryogenic tanks in various manufacturing processes that require the handling and storage of industrial gases under ultra-low temperatures. Sectors such as metal processing, electronics, and chemical manufacturing frequently use gases like nitrogen, argon, and oxygen, which are stored in cryogenic tanks to maintain their stability and efficiency during production.

The dominance of the manufacturing sector also reflects the growing emphasis on precision, safety, and operational efficiency across modern industrial plants. As manufacturing facilities continue to adopt advanced technologies, the demand for reliable cryogenic storage systems has increased to support continuous operations and maintain product quality. These tanks play a vital role in processes such as welding, cooling, and controlled atmosphere treatments, which are integral to industrial productivity.

The 39.6% market share held by the manufacturing segment in 2024 underlines the sector’s dependency on cryogenic infrastructure. As industrial output rises globally, and with manufacturers focusing on optimizing energy use and resource handling, cryogenic tanks remain an essential component in ensuring smooth and efficient manufacturing workflows.

Key Market Segments

By Cryogenic Liquid

• Liquefied Nitrogen
• Liquid Natural Gas (LNG)
• Liquid Hydrogen
• Liquid Oxygen
• Others

By Application

• Storage
• Transportation

By End-use

• Manufacturing
• Healthcare
• Food and Beverages
• Others

Driving Factors

Rising Use of LNG as Clean Fuel Option

One of the main driving factors for the cryogenic tanks market is the increasing use of liquefied natural gas (LNG) as a clean and low-emission fuel. Many countries are shifting away from coal and oil to reduce carbon emissions, and LNG is becoming a preferred alternative. LNG needs to be stored and transported at extremely low temperatures, which increases the demand for cryogenic tanks.

These tanks ensure safe storage and handling during shipping, fueling, and industrial use. With more LNG terminals, distribution stations, and energy projects being developed across the world, the need for advanced cryogenic tank systems is rising. This trend is expected to support steady market growth in the coming years, especially in the energy and transportation sectors.

Restraining Factors

High Cost of Manufacturing and Installation Process

A major restraining factor in the cryogenic tanks market is the high cost involved in manufacturing and installing these tanks. Cryogenic tanks are made with special materials and advanced insulation systems to store gases at extremely low temperatures. This requires complex engineering, strict safety standards, and precision in design, all of which increase production costs.

Additionally, setting up cryogenic tank systems involves a high initial investment, regular maintenance, and trained professionals for handling. These factors make it difficult for small and medium-scale industries to adopt cryogenic storage solutions. The high cost barrier can slow down market growth, especially in developing regions where industries may not have enough resources to invest in such advanced infrastructure.

Growth Opportunity

Growing Hydrogen Economy Creates New Market Opportunity

The global push towards clean energy has opened up a major growth opportunity for the cryogenic tanks market through the rising demand for hydrogen fuel. Hydrogen needs to be stored and transported at extremely low temperatures in liquid form, which makes cryogenic tanks essential. As countries invest in hydrogen infrastructure—such as fueling stations, storage terminals, and transport systems—the need for advanced cryogenic tanks is increasing.

Governments and industries are also promoting hydrogen-powered vehicles and clean energy systems to reduce carbon emissions. This shift is creating long-term demand for safe and reliable cryogenic solutions. The growing hydrogen economy is expected to drive new investments and expand the use of cryogenic tanks across transportation, power, and industrial applications.

Latest Trends

Use of Smart Monitoring Systems in Tanks

One of the latest trends in the cryogenic tanks market is the growing use of smart monitoring systems. These advanced systems allow real-time tracking of temperature, pressure, and liquid levels inside the tanks. With the help of sensors and digital technology, users can monitor tank performance remotely and receive alerts if there are any safety issues.

This helps reduce the risk of accidents, improves efficiency, and extends the life of the tanks. Industries such as healthcare, energy, and chemicals are adopting these smart features to ensure better control over cryogenic storage. As technology becomes more affordable and user-friendly, more companies are expected to upgrade to smart tanks for safer and more efficient operations in the coming years.

Regional Analysis

In 2024, the Asia-Pacific dominated the cryogenic tanks market with a 45.9% share.

In 2024, Asia-Pacific held the dominant position in the global cryogenic tanks market, capturing a 45.9% share and reaching a market value of USD 3.1 billion. The region’s strong performance is mainly driven by growing industrialization, increasing energy demand, and rising adoption of LNG as a cleaner fuel source.

Countries such as China, India, Japan, and South Korea are heavily investing in LNG infrastructure, industrial gas distribution, and clean energy applications, which in turn is accelerating the demand for cryogenic storage solutions.

North America followed with steady growth, supported by the expansion of LNG terminals and rising usage of cryogenic gases in manufacturing and healthcare sectors. Europe also demonstrated considerable demand due to industrial gas applications and clean energy transition programs.

Meanwhile, the Middle East & Africa region is witnessing a gradual rise in demand owing to its focus on gas-based energy diversification. Latin America is showing moderate growth, with increasing investments in energy and industrial sectors contributing to cryogenic tank adoption.

Key Regions and Countries

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of MEA

Key Players Analysis

In 2024, Chart Industries continued to assert its leadership within the global cryogenic tanks sector. The company benefited from a diversified portfolio in both storage and transport applications, supporting energy and industrial clients across major geographies. Its engineering capabilities and modular tank designs facilitated rapid deployment in LNG and hydrogen storage projects, reinforcing its position as a trusted provider.

Cryofab, Inc. solidified its niche reputation by focusing on mobile and specialized cryogenic tank systems. Its strength lies in custom-designed solutions tailored to medical, industrial, and transport uses. This adaptability supported consistent demand from healthcare and regional gas distribution channels, contributing to its prominence as a specialist manufacturer.

INOX India Limited leveraged its strong domestic presence in India with substantial production capacity and an expanding service network. The company’s extensive liquid gas infrastructure and operations positioned it as a key regional provider of cryogenic storage and transport solutions. Its local manufacturing and integrated logistics enabled it to serve diverse end-use industries effectively.

Linde PLC maintained a significant global footprint through its broad industrial gas business and integrated cryogenic equipment offerings. As a leading industrial gas supplier, Linde’s capabilities in designing, producing, and servicing cryogenic systems for gases such as LNG, oxygen, nitrogen, and hydrogen were critical to its sustained competitiveness. Its engineering expertise and global operations facilitated wide adoption across energy, healthcare, and manufacturing sectors.

Top Key Players in the Market

• Chart Industries
• Cryofab, Inc.
• INOX India Limited
• Linde PLC
• Air Products and Chemicals, Inc.
• Cryolor
• AIR WATER INC
• Wessington Cryogenics
• Super Cryogenic Systems Pvt Ltd.
• FIBA Technologies, Inc.

Recent Developments

• In July 2025, Baker Hughes announced its acquisition of Chart Industries in an all‑cash deal valued at USD  13.6  billion. This strategic move aims to integrate Chart’s cryogenic tanks and engineering capabilities into Baker Hughes’ energy and LNG services portfolio. The transaction is expected to close by mid‑2026 .
• In December 2024, Cryofab, Inc. acquired Cryocomp Inc., a California-based supplier of cryogenic valves and vacuum valve assemblies. Cryocomp continues to operate under its name as a wholly owned subsidiary. This acquisition expanded Cryofab’s capabilities in valve products, including bayonet fittings, vacuum relief valves, and helium-control components, enhancing its cryogenic equipment portfolio.

Report Scope