According to the Graphical Research new growth forecast report titled “Asia Pacific Cryogenic Tanks Market Size By Raw Material (Steel, Nickel Alloy, Aluminum Alloy), By Cryogen (Nitrogen, Oxygen, Natural Gas, Argon), By Application (Storage, Distribution), By End-User (O&G Industry, Power, Food & Beverage, Chemical, Rubber & Plastics, Metallurgy, Healthcare, Shipping, Agriculture, Forestry & Fishing), Industry Analysis Report, Country Outlook, (China, India, Japan, Malaysia, South Korea) Application Potential, Price Trend, Competitive Market Share & Forecast, 2020 – 2026”, to Grow Rapidly between 2020 and 2026.
Asia-Pacific Cryogenic Tanks Market will grow on account of rising inclination toward gas-based power plants along with increasing investments toward development of healthcare infrastructure across the emerging economies. Accelerating need for oxygen cylinders to treat numerous COVID-19 patients is set to augment the industry outlook. Rising capital funding for aerospace sector along with robust technological improvements in space industry will further complement the business landscape.
Liquid nitrogen will witness growth owing to surging development of electronics, food & beverages, and metal processing industries. Increasing need for economical storage couple with transportation of food and beverages is set strengthen the industry outlook. Rising usage of cryogen in healthcare centers to remove cancer tissues coupled with its prolonged effect to cure ailment will boost the market size. Moreover, rising need to store and preserve organs, human blood and other biological samples will fuel the product demand.
Escalating spending toward development of LNG infrastructure along with growing trade is anticipated to drive the storage application. Surging requirement for stocking, handling and transfer of liquified gases is stimulating government spending toward establishment of storage facilities. In addition, upsurge in private and public investments coupled with ongoing government initiatives to develop healthcare system will drive the Asia Pacific cryogenic tanks market.
Power application is anticipated to experience growth on account of shifting trend toward gas based power plants followed by competitive gas pricing and sustainable energy policies. Ongoing regulatory reforms to limit coal utilization has further provided a favorable scenario for industry expansion. The world economy has been hit hard by the novel coronavirus which has led to lockdown in various countries. However, the government across the nations are now permitting to reopen industries and commercial establishments, which will boost the product demand.
Malaysia market will witness an upsurge owing to robust investments across commercial and industrial establishments along with expansion of LNG infrastructure. In addition, accelerating usage of liquid nitrogen in manufacturing process of electronic products will augment the product adoption. The increasing usage of LNG as a ship fuel in line with government norms and policies toward environment protection will propel the business outlook. Furthermore, the ongoing public & private investments to enhance the use of LNG as a fuel will boost the industry growth.
The major players are making huge investments toward joint venture and acquisition to strengthen and expand their business operations. The prominent players operating across Asia-Pacific cryogenic tanks market includes Air Liquide, Air Water, Cryotech – Asia, Air Products, Suretank, Chart Industries, Linde Plc and Beijing Tianhai amongst others.