Brazil Cryogenic Tanks Market Size & Outlook, 2019-2027

Liquefied nitrogen was the largest segment with a revenue share of 32.12% in 2019. Horizon Databook has segmented the Brazil 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.

Brazil is the largest South American economy and is a part of BRICS. Industrial developments across the country have provided new applications for the cryogenic tanks market. The petrochemical industry in Brazil is recovering from recession and economic crisis. According to the Federation of Industries of the State of Rio de Janeiro, 44 offshore production systems are scheduled to be operational by 2030.

Industrial gases such as CO2 is largely used in these systems for the extraction of oil and gas. Rapidly expanding oil & gas sector is anticipated to drive the demand for the storage of cryogenic liquids, thus driving the market for cryogenic tanks in Brazil in the coming years.

The Brazilian food & beverages industry is one of the major contributors to the country’s economy. Brazil is a leading exporter of agricultural products, juices, fruits, and alcohol. The growing export activities in the country promote the use of cryogenic tanks for preservation and cooling purposes, which is likely to propel the demand for cryogenic tanks in the country over the forecast period.