London, Feb. 22, 2023 (GLOBE NEWSWIRE) -- Increasing preference for LNG as a ship fuel primarily fuels the growth of global cryogenic tanks market. Government regulations centered around environmental sustainability further complement the scenario. A new upcoming study of Fairfield Market Research would provide valued insights into the growth analysis and forecast of global cryogenic tanks market during the next few years. According to the preliminary report findings, cryogenic tanks market is expected to receive strong tailwinds from widespread application across chemical and petrochemical industries, food and beverages industry, and pharmaceutical companies and laboratories. Raw material costs, as well as the costs associated with maintenance and operation of these tanks will however remain prohibitive for the market expansion in long run, says the report.
Significant entities such as Compressed Gas Association (CGA), British Compressed Gas Association (BCGA), American Chemistry Council (ACC), The ASTM International, European Industrial Gases Association (EIGA), Gas Industries Association (India), and Asia Industrial Gases Association play a decisive role in shaping the performance of cryogenic tanks market in long term. The primary report findings suggest the involvement of these bodies in several public policy initiatives will remain a major influencing factor for the overall industrial gases industry. This will in turn bolster the growth prospects of cryogenic tanks market, reports the study.
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Insights into Segmental Analysis
While a majority of demand is generated by industrial gases storage segment, application in cryogenic gas storage has been on the rise. Consistently rising demand for cryogenic tanks for storage and transportation of the various liquefied gases like nitrogen, oxygen, argon, and LNG will keep the cryogenic tanks market afloat. Research shows growing application scope across industries like petrochemical, pharmaceuticals, and food and beverages. On the other side, in terms of cryogenic liquid, LNG may continue to represent the dominant segment on account of ascending demand for liquified gases. In addition, the segment growth will further be complemented by rising application of cryogenic tanks in pharma industry, mounting LNG production, expanding natural gas consumption, and climbing prospects of frozen biological material. Liquified nitrogen, used widely across processed F&B sector, follows as the second leading segment.
Insights into Regional Analysis
The cryogenic tanks market of Asia Pacific is expected to retain the lead in addition to exhibiting exceptional growth through the end of projection period. The market here is reaping the benefit from a flourishing LNG infrastructure. It is also likely to leverage the notably growing demand for cryogenic tanks across both the commercial and industrial sectors. China remains the largest consumer nation when it comes of natural gas, and LNG. Primary report findings suggest besides China, and Japan, lucrative nations like India, and Indonesia will also represent the most significant potential markets for the participants in global cryogenic tanks market. In addition, Asia Pacific has been one of the top LNG importers, which will also be a strong driving factor for the region’s cryogenic tanks market. On the other hand, North America’s cryogenic tanks market is also likely to reflect attractive growth potential in near term. The study attributes this growing market attractiveness of North America to the expanding frozen food sector, as well as investments flowing into pharma R&D.
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Leading Businesses in Global Cryogenic Tanks Market
Auguste Cryogenics, Air Liquide, Cryofab Cryolor, Air Products, BRAM-COR, Chart Industries, Furuise Europe, ELME MESSER L, Linde, Hebei Runfeng Cryogenic Equipment Co., Ltd., INOX India Pvt Ltd, HOYER GmbH, Krison Engineering Works, lapesa, KGW-Isotherm, Matheson Tri-Gas, Inc., MAN Energy Solutions, Praxair Technology, Inc., Wessington Cyogenics, and Super Cryogenic Systems Private Limited represent some of the prominent companies steering the competition landscape of global cryogenic tanks market space. The report would include some of these players in the competitive analysis section.
Key Elements Included In The Study: Global Cryogenic Tanks Market
- Cryogenic Tanks Market by Product/Technology/Grade, Application/End-user, and Region
- Executive Summary (Opportunity Analysis and Key Trends)
- Historical Market Size and Estimates, Value, 2018 - 2021
- Market Value at Regional and Country Level, 2022 - 2029
- Market Dynamics and Economic Overview
- Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
- Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies
- Regional and Product/Grade/Application/End-user Price Trends Analysis
- Value Chain and Five Force’s Analysis
- Regional/Sub-region/Country Market Size and Trend Analysis
- Company Market Share Analysis and Key Player Profiles
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