Growth Trajectory of Cryogenic Tank Market Forecasted at 5.6% Compound Annual Growth Rate (CAGR) through 2034
The global Cryogenic Tanks Market is projected to expand at a compound annual growth rate (CAGR) of 5.6% from 2025 to 2034, reaching a market size of approximately USD 11.9 billion by 2034[1]. This growth is primarily driven by the increasing demand for liquefied natural gas (LNG) storage, which holds a dominant 46.8% share of the cryogenic liquids segment[1].
In 2024, the Asia-Pacific region accounted for 45.9% of the global cryogenic tanks market, followed by the North America region, which is expected to exhibit steady growth supported by expanding LNG terminals and increased use of cryogenic gases in manufacturing and healthcare[1]. Europe is anticipated to show strong demand in 2025, driven by industrial gas applications and clean energy transition programs[1].
The Asia-Pacific region is projected to continue leading the global Cryogenic Tanks Market with a 45.9% share in 2025[1]. The Middle East & Africa region is expected to experience gradual growth due to efforts in gas-based energy diversification, while the Latin America region is projected to show moderate progress, supported by rising investments in energy and industrial sectors[1].
Cryogenic tanks are extensively used for storage applications, which represent about 63.9% of the market[1]. In 2024, Liquid Natural Gas (LNG) led the Cryogenic Liquid segment of the Cryogenic Tanks Market with a 46.8% share[1]. Companies like Cryofab, Inc. have introduced lightweight, high-capacity cryogenic tanks for medical and industrial gas storage. Linde PLC has developed AI-powered cryogenic tank monitoring systems, and Chart Industries has expanded its cryogenic tank offerings with advanced hydrogen storage solutions[1].
The market encompasses the global production, distribution, and application of low-temperature storage systems, with key players continuously innovating to meet the growing demands of various sectors. Air Products and Chemicals, Inc. has unveiled modular cryogenic tanks for small-scale LNG applications. Expanding global space programs have increased the need for cryogenic tanks to store propellants[1].
The growing use of liquefied gases in energy, medical, and industrial sectors is driving the market. The manufacturing sector held the leading position in the End-use segment with a 39.6% share in 2024[1]. The market is expected to continue growing, reflecting steady demand amid expanding LNG utilization and industrial gas applications[1].
[1] Source: Market Research Report, [Year], [Publisher] [2] Source: Market Research Report, [Year], [Publisher] (for related markets) [4] Source: Market Research Report, [Year], [Publisher] (for different growth rates and sizes)
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