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Asia Pacific Cryogenic Tanks Market Trends

Report ID: GMI6606
Published Date: Sep 2023
Report Format: PDF

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Asia Pacific Cryogenic Tanks Market Trends

Asia Pacific Cryogenic Tanks Market Size, By Cryogenic Liquid, 2022 - 2032 (USD Billion)

Expanding LNG infrastructure to facilitate storage, transport, and distribution of LNG along with increasing investments toward power and chemical sector will propel the business outlook. Similarly, ongoing collaborations between engineering firms, tank manufacturers, and gas suppliers were common have also enhanced the product adoption. These collaborations aimed to provide end-to-end solutions that met the specific needs of various industries. Stringent safety regulations and standards are driving the development of tanks with advanced safety features. Ensuring compliance with these regulations have been crucial for businesses operating in the cryogenic storage sector.

Authors: Ankit Gupta, Abhishek Chopra

Frequently Asked Questions (FAQ) :

The market size of cryogenic tanks in APAC was reached USD 2.8 billion in 2023 and will witness 6.1% CAGR from 2024 to 2032, due to the rising demand for LNG coupled with robust investments toward healthcare establishments.

Asia Pacific liquid nitrogen cryogenic tanks market size crossed USD 800 million in 2022 driven by the increasing investments toward food & beverage, healthcare, transportation, pharmaceutical & biotechnology industry in the region.

China cryogenic tanks industry size is projected to reach USD 1.2 billion by 2032 due to the rapid surge in urbanization and the concurrent rise in per capita incomes.

Few of the major cryogenic tank suppliers in APAC include INOX, Linde PLC, Chart Industries, Cryolor, Beijing Tianhai Industry, Cryoequip, Acme Cryogenics, Air Products and Chemicals, Air Water Inc, Cryogas Equipment Private Limited, FIBA Technologies, Inc, and Vijay Tanks & Vessels (P) Limited.