Press Release

Cryogenic Tanker Market to Reach a Market Value of USD3223.23 Million till 2027

The growing concerns about the increasing demand for liquid nitrogen gas, the development of healthcare centers, and the rising demand for clean energy sources are expected to propel the demand for cryogenic tankers, hence driving the growth of the global cryogenic tanker market over the forecast period

According to the TechSci Research report, “Cryogenic Tanker Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, the global cryogenic tanker market will flourish with an impressive CAGR of 7.29% during the forecast period due to its growing end users in manufacturing, healthcare, the food industry, energy & power, refineries, automotive, etc. The demand for cryogenic tankers elevated considerably in recent months due to the COVID-19 pandemic outbreak. For instance, many countries like India, Africa, and the Caribbean imported oxygens gas through cryogenic tankers.

Recently, the Delhi government in India set a goal to establish non-captive oxygen generation plants with a minimum capacity of 10 MT and a maximum capacity of 50 MT, and to supply the generation plant with electricity subsidies. This kind of project enhances the market for a cryogenic tanker in the forecast period. The rising demand for clean energy is forecast to boost the market in the upcoming years. There are many applications for generating clean energy, which help to hold the growth of the market, for instance, transportation, storage, and regasification.

Additionally, developing economies & significant investment in the metallurgical and chemical & petrochemical sectors would propel the demand for the global cryogenic tanker market.

Based on raw material, the Global Cryogenic Tanker Market is dominated by stainless steel, with a market share of 84.67% in 2021. Based on Liquid, Liquefied Natural Gas is the dominant segment in the global cryogenic tanker market, accounting for a share of 31.63% in 2021.

Browse over 132 market data Figures spread through 110 Pages and an in-depth TOC on "Global Cryogenic Tanker Market"

The global cryogenic tanker market is segmented by raw material, liquid, application, end user, competitional landscape, and regional distribution.

 Based on raw material, the market is further segmented into stainless steel, nickel alloy, and aluminum. Among these, stainless steel held the largest market share of 84.67% in 2021 and is estimated to remain dominant in the coming years. The cryogenic tanker is spherical or cylindrical in shape, and the inner vessel is made up of stainless steel, which helps in resisting the temperature, low maintenance, and high tensile strength. The escalating demand for high-efficiency stainless steel cryogenic tankers is anticipated to augment the segment’s growth, which will eventually drive the global cryogenic tanker market in the upcoming years

By Liquid, the market is segmented into liquefied natural gas, liquid nitrogen, liquid oxygen and others which include argon, carbon dioxide, hydrogen etc. Among these, the liquefied natural gas segment accounted for the dominating market share of 31.63% in 2021 owing to favorable government policies regarding clean fuel usage and growing demand for natural gas in several end-use sectors.


Based on the application, the global cryogenic tanker market is fragmented into storage and transportation. The storage segment accounted for the dominating market share of 59.29% in 2021. This is primarily due to the liquefied natural gas being stored in large volumes above the ground with low pressure which is less than per square inch gauge, then transferred to trailers or transportation tankers to its end users., which is raising the market growth.

A list of major market players in the global cryogenic tanker market include:

  • Chart Industries, Inc.
  • Air Products
  • INOX India Pvt. Ltd.
  • Linde PLC
  • Air Water Inc.
  • Wessington Cryogenics Ltd.
  • Super Cryogenic Systems Pvt Ltd.
  • FIBA Technologies, Inc.
  •  Suretank Group Ltd.
  • Eden Cryogenic LLC
  • M1 Engineering

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“Stringent emission norms and favorable government policies are promoting the use of clean fuel in several end-use industries. The growing popularity of liquefied natural gas across the world and the ability of cryogenic tankers to carry LPG even in remote locations where constructing pipelines is not possible is expected to accelerate global cryogenic tanker market growth over the next five years. The Asia- Pacific region is anticipated to register an impressive CAGR of 7.58% over the forecast period owing to an increase in the population in this region expected to rise in the use of coal-based industry to full fill the demand of population and a focus on zero emission carbon dioxide.


The need for cryogenic tankers is being driven by factors including the world's petrochemical and healthcare industries, as well as the extensive use of cryogenic tankers in the chemical industry. For instance, India is experiencing a variety of economic activities and is altering the healthcare sector to offer its inhabitants high-quality healthcare services. In addition, The Indian government's Ayushman Bharat program, the largest government-funded program in the world, is driving up demand for gas that can heal patients' illnesses. Cryogenic tankers are used for the transportation of such gases. The need for cryogenic tankers is anticipated to increase significantly over the forecast years because of the expanding healthcare sector. Mergers and acquisitions with key market players can also be viable strategic recommendations for future brand establishments,” said Mr Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Mr. Ken Mathews

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Cryogenic Tanker Market – Global Industry Size, Share, Trends, Opportunity and Forecast, 2017-2027 Segmented By Raw Material (Stainless Steel, Aluminum, Nickel Alloy), By Liquid (Liquefied Natural Gas, Liquid Nitrogen, Liquid Oxygen, Others), By Application (Storage, Transportation), By End User (Manufacturing, Healthcare, Food Industry, and Others), By Region

Infrastructure | Feb, 2022

Growing demand for natural gas, the growing power sector, and a positive outlook in healthcare, chemical & food processing industries, etc. to drive the growth of the Global Cryogenic Tanker Market in the forecast period.

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