Asia Pacific Cryogenic Tanks Market Size & Outlook
Asia Pacific cryogenic tanks market, 2016-2027 (US$M)
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Asia Pacific cryogenic tanks market highlights
- The Asia Pacific cryogenic tanks market generated a revenue of USD 1,891.4 million in 2019.
- The market is expected to grow at a CAGR of 6.4% from 2020 to 2027.
- In terms of segment, liquid natural gas (lng) was the largest revenue generating cryogenic liquid in 2019.
- Liquefied Nitrogen is the most lucrative cryogenic liquid segment registering the fastest growth during the forecast period.
- Country-wise, China is expected to register the highest CAGR from 2020 to 2027.
Asia Pacific data book summary
| Market revenue in 2019 | USD 1,891.4 million |
| Market revenue in 2027 | USD 3,107.2 million |
| Growth rate | 6.4% (CAGR from 2019 to 2027) |
| Largest segment | Liquid natural gas (lng) |
| Fastest growing segment | Liquefied Nitrogen |
| Historical data covered | 2016 - 2018 |
| Base year for estimation | 2019 |
| Forecast period covered | 2020 - 2027 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Liquefied Nitrogen, Liquid Natural Gas (LNG), Liquid Hydrogen, Liquid Oxygen |
| Key market players worldwide | Chart Industries Inc, INOX India Pvt Ltd, Linde PLC, Air Products & Chemicals Inc, Cryolor, Air Water Inc, Wessington Cryogenics, Cryofab, Super Cryogenic Systems, FIBA Technologies, Inc., Suretank Group, Eden Cryogenics |
Other key industry trends
- In terms of revenue, Asia Pacific region accounted for 33.2% of the global cryogenic tanks market in 2019.
- Globally, Asia Pacific is projected to lead the regional market in terms of revenue in 2027.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 3,107.2 million by 2027.
Liquid natural gas (lng) was the largest segment with a revenue share of 36.18% in 2019. Horizon Databook has segmented the Asia Pacific cryogenic tanks market based on liquefied nitrogen, liquid natural gas (lng), liquid hydrogen, liquid oxygen covering the revenue growth of each sub-segment from 2016 to 2027.
The increasing demand for cryogenic tanks in Asia Pacific can be attributed to the growth and expansion of end-use industries for cryogenic tanks in China, India, Australia, and Japan. These countries are the key markets for cryogenic tanks both globally and in Asia Pacific.
The manufacturing industry is among the leading end-use application segments in the region, followed by healthcare and food & beverage. The rapid industrialization in Asia Pacific has promoted the use of LNG and industrial gases such as liquid nitrogen and liquid hydrogen.
China and India are among the largest markets for cryogenic tanks owing to a wide range of end-use applications in the region, while the demand for cryogenic tanks from Japan and Australia is also expected to grow, which is expected to drive the demand for cryogenic tanks for LNG storage and industrial gas storage.
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Cryogenic Tanks Market Scope
Cryogenic Tanks Market Companies
| Name | Profile | # Employees | HQ | Website |
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Asia Pacific cryogenic tanks market size, by country, 2016-2027 (US$M)
Asia Pacific Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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