Latin America Cryogenic Tanks Market Size & Outlook
Latin America cryogenic tanks market, 2016-2027 (US$M)
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Latin America cryogenic tanks market highlights
- The Latin America cryogenic tanks market generated a revenue of USD 538.9 million in 2019.
- The market is expected to grow at a CAGR of 3.4% from 2020 to 2027.
- In terms of segment, liquefied nitrogen 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, Brazil is expected to register the highest CAGR from 2020 to 2027.
Latin America data book summary
| Market revenue in 2019 | USD 538.9 million |
| Market revenue in 2027 | USD 704.5 million |
| Growth rate | 3.4% (CAGR from 2019 to 2027) |
| Largest segment | Liquefied nitrogen |
| 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, Latin America region accounted for 9.5% 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.
Liquefied nitrogen was the largest segment with a revenue share of 31.38% in 2019. Horizon Databook has segmented the Latin America 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 expansion of the oil & gas industry on account of rising foreign investments, coupled with growing government investments, is anticipated to promote the growth of the Central & South American cryogenic tanks market over the forecast period.
In addition, the growth of the healthcare industry in countries, such as Brazil and Argentina, is projected to further promote the use of cryogenic liquid for various medical purposes, which is expected to drive the market growth over the forecast period.
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Cryogenic Tanks Market Scope
Cryogenic Tanks Market Companies
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Latin America cryogenic tanks market size, by country, 2016-2027 (US$M)
Latin America Cryogenic Tanks Market Outlook Share, 2019 & 2027 (US$M)
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