China Cryogenic Tanks Market Size & Outlook, 2019-2027

Liquid natural gas (lng) was the largest segment with a revenue share of 42.01% in 2019. Horizon Databook has segmented the China 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.

China is a major consumer of cryogenic tanks in the world. Despite the current slowdown in the Chinese economy, the region is still a lucrative market for investments as compared to Western economies. Continuous investments in the country’s industrial sector are expected to sustain economic growth.

The demand for industrial gases is directionally proportional to the economic growth, thus the growing manufacturing and other industries in China are likely to propel the consumption of industrial gas and natural gas over the forecast period, thus driving the demand for the storage of cryogenic liquids. China is also recognized as a hub for the manufacturing of electronic products.

The growing electronic industry in the country can be attributed to supportive government policies coupled with strong domestic demand and increasing opportunities in international markets. Thus, the growing electronics industry in China is expected to drive the demand for liquid nitrogen and other cryogenic liquid, which is expected to eventually drive the demand for cryogenic tanks for the storage and transportation of these liquids.