The global cryogenic tanker market is expected to experience significant growth during the forecast period, according to the TechSci Research report “Cryogenic Tanker Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027″. The market is projected to achieve an impressive CAGR of 7.29%, owing to the increasing end users in various sectors, such as manufacturing, healthcare, energy & power, refineries, automotive, and the food industry. The COVID-19 pandemic outbreak has led to a surge in the demand for cryogenic tankers, particularly in countries like India, Africa, and the Caribbean, where oxygen gas was imported through cryogenic tankers.
Recently, the Delhi government in India has initiated a project to establish non-captive oxygen generation plants, with a capacity ranging from 10 MT to 50 MT, and to provide electricity subsidies to these plants. This project is expected to fuel the demand for cryogenic tankers in the forecast period. Moreover, the market is projected to witness a significant growth due to the rising demand for clean energy, with various applications such as transportation, storage, and regasification.
Furthermore, the demand for the global cryogenic tanker market is expected to grow significantly, driven by the development of economies and significant investments in the metallurgical, chemical, and petrochemical sectors. Stainless steel dominates the raw material segment of the global cryogenic tanker market, with a market share of 84.67% in 2021. Liquefied Natural Gas is the dominant segment in the global cryogenic tanker market based on liquid, accounting for a share of 31.63% in 2021.
The global cryogenic tanker market is divided into various segments based on raw material, liquid, application, end user, competitive landscape, and regional distribution. In terms of raw material, the market is further sub-segmented into stainless steel, nickel alloy, and aluminum. Among these, stainless steel holds the largest market share of 84.67% in 2021 and is projected to remain dominant in the coming years. The cryogenic tanker is typically spherical or cylindrical in shape, with an inner vessel made of stainless steel, which provides resistance to temperature, low maintenance, and high tensile strength. The rising demand for high-efficiency stainless steel cryogenic tankers is expected to boost the growth of this segment, which will ultimately drive the global cryogenic tanker market in the upcoming years.
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The market is also segmented by liquid into liquefied natural gas, liquid nitrogen, liquid oxygen, and others such as argon, carbon dioxide, and hydrogen. Among these, the liquefied natural gas segment accounted for the dominant market share of 31.63% in 2021, owing to favorable government policies promoting the use of clean fuel and the growing demand for natural gas in various end-use sectors.
Based on application, the global cryogenic tanker market is categorized into storage and transportation. The storage segment accounted for the dominant market share of 59.29% in 2021. This is primarily due to the fact that liquefied natural gas is stored in large volumes above ground at low pressure, less than one square inch gauge, and then transferred to trailers or transportation tankers for delivery to end-users. This trend is expected to drive the growth of the market.
A list of major market players in the global cryogenic tanker market include:
- Chart Industries, Inc.
- Air Products
- INOX India Pvt. Ltd.
- Linde PLC
- Air Water Inc.
- Wessington Cryogenics Ltd.
- Super Cryogenic Systems Pvt Ltd.
- FIBA Technologies, Inc.
- Suretank Group Ltd.
- Eden Cryogenic LLC
- M1 Engineering
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“Stringent emission norms and favorable government policies are promoting the use of clean fuel in several end-use industries. The growing popularity of liquefied natural gas across the world and the ability of cryogenic tankers to carry LPG even in remote locations where constructing pipelines is not possible is expected to accelerate global cryogenic tanker market growth over the next five years. The Asia- Pacific region is anticipated to register an impressive CAGR of 7.58% over the forecast period owing to an increase in the population in this region expected to rise in the use of coal-based industry to full fill the demand of population and a focus on zero emission carbon dioxide.
The need for cryogenic tankers is being driven by factors including the world’s petrochemical and healthcare industries, as well as the extensive use of cryogenic tankers in the chemical industry. For instance, India is experiencing a variety of economic activities and is altering the healthcare sector to offer its inhabitants high-quality healthcare services. In addition, The Indian government’s Ayushman Bharat program, the largest government-funded program in the world, is driving up demand for gas that can heal patients’ illnesses. Cryogenic tankers are used for the transportation of such gases. The need for cryogenic tankers is anticipated to increase significantly over the forecast years because of the expanding healthcare sector. Mergers and acquisitions with key market players can also be viable strategic recommendations for future brand establishments,” said Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
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