India Cryogenic Tanker Market Size, Share, Growth, Forecast 2027

Summary

Report Description

India cryogenic tanker market was valued at USD203.82 million in FY2022 and is anticipated to grow at CAGR of 5.65% through FY2028 owing to increasing demand for industrial gases from oil & gas and food & beverage industries, coupled with technological advancements in the cryogenic tanker.

A tank or tanker used to store materials at extremely low temperatures is referred to as a cryotank or cryogenic tanker. The phrase describes the holding of extremely cold fuels, such as liquid oxygen and liquid hydrogen, at temperatures below -150°. Many science fiction films feature cryotanks and cryogenics, however, these technologies are still in its infant stage. The cryogenic tanks are especially made to be utilized for separating the liquid from the vessel's heat. The country's expanding healthcare sector and the pharmaceutical industry's strong R&D expenditures are anticipated to further boost the market growth.

Increasing Demand in Food and Beverage Industry

The national food and beverage industry has been receiving investment thanks to measures taken by the government. In this regard, as part of the Mega Food Park programme, the government has approved the creation of 39 Mega Food Parks (MFPs). There are now only 18 of these MFPs in use, and more are being created. The food processing industry is expected to potentially attract investments totaling up to USD33 billion by 2024. Since, cryogenic tanks are needed for the transportation and storage of beverages, food items, juices, as well as fruits, therefore, demand for cryogenic tanker is high in the country.

Increase in Research & Development and Technological Expansion

The growth of cryogenic tank warehousing and distribution applications represents a strong prospective business opportunity. Tankers also feature cutting-edge technological advancements like single wire submerged arc welding, which boosts product functionality and efficiency and drives market expansion. Many end-use sectors, such as metal processing, healthcare, power, energy, food and beverage, and many others, are using cryogenic tankers frequently. Additionally, the recent COVID-19 spread has created significant growth potential for the healthcare industry. The pharmaceutical industry invested a large amount of money in research and development, which has boosted the demand for cryogenic storage solutions for liquid nitrogen and some other gases and is projected to fuel market growth.

Increasing Investment in the Oil and Gas Sector

In response to the increasing demand for oil and gas, cryogenic tankers are forecast to witness increased demand in the oil & gas sector. By 2030, the Union government has made plans to expand natural gas's share of the country's energy mix from its present level of 6.7% to 15%. Indian Oil Corp. Ltd. (IOCL) announced in January 2022 that it will be investing USD 918.6 million in its city gas distribution (CGD) business. Additionally, the Indian government plans to sell off 50% of its SPR (strategic petroleum reserves) to raise money and construct additional storage tanks to balance out rising oil prices. The development in these operations will spur demand for transportation using cryogenic tanks and hence accelerate market expansion in India.

Driving the Demand for Industrial Gas in End-use Applications

The rise in industrial gas end-use applications is the main factor driving the demand for cryogenic tanks. Industrial gases are transferred through pipelines or appropriate containers, including cryogenic tanks. Gases like liquid nitrogen, argon, and oxygen are stored, handled, and transferred using cryogenic tankers and trailers of various capacities and pressures. Cryogenic tanks are used to carry nitrogen gas in a variety of technical and commercial applications. Another gas that is regularly transported and kept in a cryogenic tanker is liquid oxygen because it is both a potent oxidant and life-sustaining gas. The increasing number of gas liquefaction applications across multiple end-use domains is anticipated to boost the cryogenic tanker industry over the anticipated period. Cryogenic tanks provide liquid transport and storage that is cheaper and more compact than the large gaseous holding of an equivalent volume. Thus, the expansion of industrial applications is fueling the market for cryogenic tankers in India.

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Market Segmentation

The India Cryogenic Tanker Market is segmented based on By Product Type, By Application, By Liquefied Gas, By End User, By Region and By Company. Based on Product Type, the market is further fragmented into Stationary Type and Trailer Type. Based on the Method of Application, the market is segmented into Storage and Transportation. Based on Liquified Gas, the market is segmented into Natural Gas, Nitrogen, Oxygen, and Others. Based on the End user, the market is segmented into Healthcare, Food & Beverage, Petrochemical, and Others. The market analysis also studies the regional segmentation, divided among West India, South India, North India and East India.

Company Profiles

INOX India Pvt Ltd, VRV Asia Pacific Pvt. Ltd, Cryolor Asia Pacific Private Limited (India), Linde India Limited, Cryogas Equipment Private Limited, Vijay Tanks & Vessels Pvt. Ltd, Krison Engineering Works, Precise Vacuum Systems Private Limited, SicgilSol India Private Limited, Super Cryogenic Systems Private Limited are among the major market players in the India platform that lead the market growth of the India Cryogenic tanker.

Attribute	Details
Market size value in FY2022	USD203.82 million
Revenue Forecast in FY2028	USD280.22 million
Growth Rate	5.65%
Base Year	FY2022
Historical Years	FY2018 – FY2021
Estimated Year	FY2023
Forecast Period	FY2024 – FY2028
Quantitative Units	Revenue in (USD million), and CAGR for FY2018-FY2022 and FY2023-FY2028
Report Coverage	· Revenue forecast, company share, competitive landscape, growth factors, and trends
Segments Covered	· Product Type · Application · Liquefied Gas · End User
Regional Scope	West India, South India, North India, East India
Key Companies Profiled	INOX India Pvt Ltd, VRV Asia Pacific Pvt. Ltd, Cryolor Asia Pacific Private Limited (India), Linde India Limited, Cryogas Equipment Private Limited, Vijay Tanks & Vessels Pvt. Ltd, Krison Engineering Works, Precise Vacuum Systems Private Limited, SicgilSol India Private Limited, Super Cryogenic Systems Private Limited.
Customization Scope	10% free report customization with purchase. Addition or alteration to country, regional & segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs. Explore purchase options
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request)

Report Scope:

In this report, India Cryogenic tanker has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

· India Cryogenic Tanker Market, By Product Type:

o Stationary Type

o Trailer Type

India Cryogenic Tanker Market, By Application:

o Storage

o Transportation

· India Cryogenic Tanker Market, By Liquefied Gas:

o Natural Gas

o Nitrogen

o Oxygen

o Others

· India Cryogenic Tanker Market, By End User:

o Healthcare

o Food & Beverage

o Petrochemical

o Others

· India Cryogenic Tanker Market, By Region:

West
South
North
East

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India Cryogenic tanker

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Table of content

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Impact of COVID-19 on India Cryogenic Tanker Market

5. Voice of Customer

5.1. Brand Awareness

5.2. Factors Influencing Choice of Cryogenic Tanker Brand

5.3. Factors Considered for Choosing Cryogenic Tanker

5.4. Challenges /Unmet Needs

6. India Cryogenic Tanker Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value & Volume

6.2. Market Share & Forecast

6.2.1. By Product Type (Stationary Type, Trailer Type)

6.2.2. By Application (Storage, Transportation)

6.2.3. By Liquefied Gas (Natural Gas, Nitrogen, Oxygen, Others)

6.2.4. By End User (Healthcare, Food & Beverage, Petrochemical, Others)

6.2.5. By Region

6.2.6. By Company (FY2022)

6.3. Market Map (By Product Type, By Application, By Liquefied Gas, By End User, By Region)

7. West India Cryogenic Tanker Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value & Volume

7.2. Market Share & Forecast

7.2.1. By Product Type

7.2.2. By Application

7.2.3. By Liquefied Gas

7.2.4. By End User

8. South India Cryogenic Tanker Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value & Volume

8.2. Market Share & Forecast

8.2.1. By Product Type

8.2.2. By Application

8.2.3. By Liquefied Gas

8.2.4. By End User

9. North India Cryogenic Tanker Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value & Volume

9.2. Market Share & Forecast

9.2.1. By Product Type

9.2.2. By Application

9.2.3. By Liquefied Gas

9.2.4. By End User

10. East India Cryogenic Tanker Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value & Volume

10.2. Market Share & Forecast

10.2.1. By Product Type

10.2.2. By Application

10.2.3. By Liquefied Gas

10.2.4. By End User

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends and Developments

13. Policy and Regulatory Landscape

14. Supply Chain Analysis

15. India Economic Profile

16. Company Profiles

16.1. INOX India Pvt Ltd

16.2. VRV Asia Pacific Pvt. Ltd

16.3. Cryolor Asia Pacific Private Limited (India)

16.4. Linde India Limited

16.5. Cryogas Equipment Private Limited

16.6. Vijay Tanks & Vessels Pvt. Ltd.

16.7. Krison Engineering Works

16.8. Precise Vacuum Systems Private Limited

16.9. SicgilSol India Private Limited

16.10. Super Cryogenic Systems Private Limited

17. Strategic Recommendations

18. About Us & Disclaimer

Figures and Tables

Figure 1: India Cryogenic Tanker Market Size, By Value (USD Million), FY2018-FY2028F

Figure 2: India Cryogenic Tanker Market Size, By Volume (Units), FY2018-FY2028F

Figure 3: India Cryogenic Tanker Market Share, By Product Type, By Value, FY2018-FY2028F

Figure 4: India Cryogenic Tanker Market Share, By Application, By Value, FY2018-FY2028F

Figure 5: India Cryogenic Tanker Market Share, By Liquefied Gas, By Value, FY2018-FY2028F

Figure 6: India Cryogenic Tanker Market Share, By End User, By Value, FY2018-FY2028F

Figure 7: India Cryogenic Tanker Market Share, By Region, By Value, FY2018-FY2028F

Figure 8: India Cryogenic Tanker Market Share, By Company, By Value, FY2022

Figure 9: India Cryogenic Tanker Market Map, By Product Type , Market Size (USD Million) & Growth Rate (%), FY2022

Figure 10: India Cryogenic Tanker Market Map, By Application, Market Size (USD Million) & Growth Rate (%), FY2022

Figure 11: India Cryogenic Tanker Market Map, By Liquefied Gas, Market Size (USD Million) & Growth Rate (%), FY2022

Figure 12: India Cryogenic Tanker Market Map, By End User, Market Size (USD Million) & Growth Rate (%), FY2022

Figure 13: India Cryogenic Tanker Market Map, By Region, Market Size (USD Million) & Growth Rate (%), FY2022

Figure 14: West India Cryogenic Tanker Market Size, By Value (USD Million), FY2018-FY2028F

Figure 15: West India Cryogenic Tanker Market Size, By Volume (Units), FY2018-FY2028F

Figure 16: West India Cryogenic Tanker Market Share, By Product Type, By Value, FY2018-FY2028F

Figure 17: West India Cryogenic Tanker Market Share, By Application, By Value, FY2018-FY2028F

Figure 18: West India Cryogenic Tanker Market Share, By Liquefied Gas, By Value, FY2018-FY2028F

Figure 19: West India Cryogenic Tanker Market Share, By End User, By Value, FY2018-FY2028F

Figure 20: South India Cryogenic Tanker Market Size, By Value (USD Million), FY2018-FY2028F

Figure 21: South India Cryogenic Tanker Market Size, By Volume (Units), FY2018-FY2028F

Figure 22: South India Cryogenic Tanker Market Share, By Product Type, By Value, FY2018-FY2028F

Figure 23: South India Cryogenic Tanker Market Share, By Application, By Value, FY2018-FY2028F

Figure 24: South India Cryogenic Tanker Market Share, By Liquefied Gas, By Value, FY2018-FY2028F

Figure 25: South India Cryogenic Tanker Market Share, By End User, By Value, FY2018-FY2028F

Figure 26: North India Cryogenic Tanker Market Size, By Value (USD Million), FY2018-FY2028F

Figure 27: North India Cryogenic Tanker Market Size, By Volume (Units), FY2018-FY2028F

Figure 28: North India Cryogenic Tanker Market Share, By Product Type, By Value, FY2018-FY2028F

Figure 29: North India Cryogenic Tanker Market Share, By Application, By Value, FY2018-FY2028F

Figure 30: North India Cryogenic Tanker Market Share, By Liquefied Gas, By Value, FY2018-FY2028F

Figure 31: North India Cryogenic Tanker Market Share, By End User, By Value, FY2018-FY2028F

Figure 32: East India Cryogenic Tanker Market Size, By Value (USD Million), FY2018-FY2028F

Figure 33: East India Cryogenic Tanker Market Size, By Volume (Units), FY2018-FY2028F

Figure 34: East India Cryogenic Tanker Market Share, By Product Type, By Value, FY2018-FY2028F

Figure 35: East India Cryogenic Tanker Market Share, By Application, By Value, FY2018-FY2028F

Figure 36: East India Cryogenic Tanker Market Share, By Liquefied Gas, By Value, FY2018-FY2028F

Figure 37: East India Cryogenic Tanker Market Share, By End User, By Value, FY2018-FY2028F

Frequently asked questions

What was the market size of the India Cryogenic Tanker in FY2022?

The market size of the India Cryogenic tanker was estimated to be USD203.82 million in FY2022.

Which was the dominant segment by End user in the India Cryogenic Tanker Market in FY2022?

With a share of 32.59 percent in the India Cryogenic Tanker Market in 2021, the Petrochemical Industry is likely to continue to lead the market due to the rising supply of cryogenics in the nation via the Indian Petrochemical Industry.

Which is the dominant segment, by region in the India Cryogenic Tanker Market?

West India dominates the India Cryogenic Tanker Market. With a market share of 35.35% in the year FY202, due to the rising industrial sector in the region such as Gujarat & Maharashtra has various industrial & clusters. As of 2018, The Gujarat Industrial Development Corporation (GIDC) has over 182 industrial parks in operation while Maharashtra has over 26,393 industries.

What are the major drivers for the India Cryogenic tanker Market?

Growing Demand in Petrochemical Industry & Chemical Industry and Increasing Demand in Healthcare Sector are the major drivers for the India Cryogenic Tanker Market.

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Press Release

India Cryogenic Tanker Market to grow at a CAGR of 5.65% through 2028

Jul, 2022

Rising demand for gas storage in end user industries to drive the growth of the India cryogenic tanker market over the forecast period.

India Cryogenic Tanker Market by Product Type (Stationary Type, Trailer Type), By Application (Storage, Transportation), By Liquefied Gas (Natural Gas, Nitrogen, Oxygen, Others), By End User (Healthcare, Food & Beverage, Petrochemical, Others), By Region, 2017-2027

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