Increasing demand for storing and transporting cryogenic liquids has made it crucial for industries to induct appropriate storage containers. Cryogenic liquids are hazardous and require storage temperatures as low as -150°C. Storing & transporting such gases can risk the safety and health of people working in the vicinity. Human exposure to such content may cause extreme cold, asphyxiation, and toxicity. Safety hazards may include fire, combustion, and oxygen-enriched air. Therefore, the need to store and transmit gases at cryogenic temperatures with utmost safety has given rise to the demand for cryogenic tanks. These bulk storage tanks are highly versatile as they can resist climatic conditions during transportation. Thereby, the market for cryogenic tanks is expected to flourish with growth opportunities in the coming times.

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Extensive Use of Industrial Gases Plays Significant Role in Ramping Up Demand

As per facts, U.S. oil and natural gas industry contributes a share of 8% to GDP. This shows that an increase in demand for oil and natural gas could boost the country's economy. Manufacturing industries use cryogenic gases on a large scale for steel and metal production. In addition to this, chemical industries also use inert gases to prevent combustion and high-purity gases for microchip production. These factors are expected to drive demand within the global cryogenic tanks market.

Liquid nitrogen and carbon dioxide are universally used for product freezing and maintaining low temperatures. On the other hand, food industries extensively use these gases to keep products fresh during storage, packaging, and distribution. The medical sector also has a separate sub-domain for cryobiology. This part of medical science uses cryogenic gases for surgical treatments, storage of biological samples, and preservation of dead bodies.

Asia Pacific Takes the Lead in Global Cryogenic Tanks Market

Cryogenic tank manufacturers need to abide by specific rules and regulations while production and transit. Additionally, these bulk storage tanks undergo an inspection by authorized departments for quality assurance. Thereby, it requires skilled labor to repair who works in line with codes used while manufacturing these containers.

Asia Pacific regions are leading the market for cryogenic containers, followed by America. The prominent associations include British Compressed Gas Association (BCGA), Gas Industries Association (India), The European Industrial Gases Association (EIGA), Asia Industrial Gases Association, ASTM International, American Chemistry Council (ACC), and Compressed Gas Association (CGA). These associations define the public policies that influence the industry and communicate advocacy posts for industrial gases.

Players Dominating the Cryogenic Tanks Market

Modern-day cryogenic containers are built adhering to international design codes that meet the requirements for storage and transportation. These containers can withstand low temperatures and are highly durable. Moreover, these tanks can be used for transportation, be fixed at a place, or moved as needed. The major competitors in the cryogenic tanks business across the globe are ELME MESSER L, Air Products, Hebei Runfeng Cryogenic Equipment Co., Ltd., Auguste Cryogenics, Air Liquide, BRAM-COR, Cryofab Cryolor, Chart Industries, Furuise Europe, HOYER GmbH, INOX India Pvt Ltd, Krison Engineering Works, KGW-Isotherm, lapesa, Super Cryogenic Systems Private Limited, Linde, MAN Energy Solutions, Wessington Cryogenics, Praxair Technology, Inc., and Matheson Tri-Gas, Inc.

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