Asia Pacific cryogenic tanks market share will witness growth owing to increasing investments toward expansion of commercial establishments coupled with upsurge in LNG demand. Accelerating foreign direct investments aimed at setting up of new manufacturing facilities and industrial establishments will augment the business landscape. In addition, increasing investments across healthcare industry primarily across the developing nations will boost the industry growth.

Shifting trends toward gas-based power generation along with stringent regulations to reduce the carbon emissions will drive the natural gas market growth. Introduction of favorable norms coupled with increasing investments toward development of gas infrastructure will boost cryogenic tanks market share. In addition, ongoing government efforts to reduce diesel utilization along with robust growth in chemical industry is set to strengthen the industry dynamics.

Increasing usage of liquid nitrogen and carbon dioxide to transport frozen food along with growing storage requirement for drinks and juices will boost the demand for steel tanks. High durability, strength and toughness makes it a preferable raw material for storage and construction applications. Furthermore, wide scale utilization in tank manufacturing for various end use industries including chemical, oil & gas and power will positively influence the business outlook.

Healthcare industry is anticipated to grow on account of increasing investments toward development of hospitals and other related infrastructure across the emerging nations. Moreover, rising usage of liquid nitrogen to cure ailments, perform surgeries & treatments as it has a prolonged effect is set to amplify the product demand. With the spread of the global pandemic, COVID-19, there is a dire requirement for oxygen cylinders owing to the increasing numbers of patients, which will augment the product demand.

Japan cryogenic tanks market will grow on account of escalating need for cryogenics in chemical plants, pharmaceutical and metal processing industries. Shifting trend toward development of LNG infrastructure followed by rising demand across commercial and industrial establishments will propel the product adoption. Furthermore, ongoing government concern to reduce carbon emission to zero by 2050 will positively sway the business outlook.

Major industry players are making investments toward strengthening their strategic alliances with an aim to expand the market presence. Additionally, the manufacturing companies are focusing on research and development to establish a strong distribution network. The prominent players operating across the market include Cryotech – Asia, Air Liquide, FIBA Technologies, Air Water, Air Products & Chemicals, Chart Industries, Suretank, Beijing Tianhai Industry Co. Ltd., and Linde Plc amongst others.