Cryogenic Tank Market worth $11.09 billion by 2029 - Exclusive Report by Brandessence Market Research - Seite 3

Which is the dominant end use segment in this business sphere?

The food & beverages segment is currently dominating the market, attributing to the escalating demand for frozen food across the globe.

Comparing the historical outlook and ongoing trends of this market

This business sphere has been amassing notable gains over the forecast duration as it is being positively influenced by various expansion propellants.

There has been an elevating demand for lightweight tanks for space applications. Rockets or other space-based vehicles require ample fuel to operate for a long duration once they are launched into space. But due to various factors, they cannot accommodate heavy containers. This had led to the advent of light weight cryogenic tanks which are made of carbon fiber reinforced plastics (CFRP) instead of aluminum alloy or steel. CFRP-based cryogenic tanks are not only lighter but are also strong enough to push gases like helium into the supply line of the space vehicle. These factors are stimulating the overall dynamics of this industry.

The surging adoption of these tanks in the food & beverage industry is another growth catalyst for the Global Cryogenic Tank Market. Various food manufacturers use carbon dioxide and liquid nitrogen to freeze edibles, maintain adequate temperature levels to store food and ensure its freshness, and to increase the shelf life of consumables. Moreover, carbon dioxide is predominantly used in the beverage industry to prevent bacterial growth in them and keep their freshness intact for a long duration. This in turn has accelerated the demand for cryogenic tanks for the effective storage of carbon dioxide and nitrogen in the food & beverages sector.

On Special Requirement Cryogenic Tank Market Report is also available for below region:

North America

• U.S, Canada

Europe

• Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe

Asia-Pacific

• South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC

Latin America

• Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America

Middle East and Africa

• Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA

Major Developments