Cryogenic Tank Market Growth Outlook with Industry Review & Forecasts 2023-2032

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Cryogenic Tanks Market is expected to be USD 13.5
Billion by 2032
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Industry Overview

• Cryogenic Tank Market is set to record massive
  gains between 2023 and 2032, primarily owing to
  the increasing investments in various industries
  such as chemical, healthcare, and food
  processing. According to official sources, an
  India-based cryogenic liquid storage tanks maker-
  INOXCVA inked an MoU with the Gujarat Government
  to build a new facility in Vadodara with an
  investment of USD 24.2 million.
• Overall, the cryogenic tank market has been
  segmented in terms of raw material, cryogenic
  liquid, application, end-user, and region.
• Based on raw material, the aluminum alloy segment
  is anticipated to be valued at more than USD 800
  million by 2032. The segmental growth will result
  from certain advantages of aluminum such as
  lightweight and resistance to corrosion, which
  makes it a suitable material to produce tanks.
• In terms of cryogenic liquid, the market is
  likely to be characterized by the natural gas
  segment which will grow noticeably during the
  next ten years. The expansion can be attributed
  to the lower pollution rate of natural gas and
  the ongoing attempts by various governments to
  reduce carbon emissions.

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Continue

• For instance, in 2022, the executive arm of the
  European Union proposed new pollution standards,
  Euro 7 standards. These standards aim at lowering
  emissions from brakes, tailpipes, and tires of
  all vans, buses, cars, and trucks. According to
  EU officials, the new guidelines will reduce
  nitrogen oxide emissions by vans and cars by 35
  and by 56 from heavy trucks and buses.
• In the context of the application, the
  distribution segment is set to witness
  significant traction by 2032, driven by the
  increasing investments across the shipping,
  healthcare, and chemical industries. As per
  sources, the health sector in India received more
  than USD 1.5 billion in investment in 2022.
• On the basis of end-user, the oil gas industry
  is anticipated to grow robustly through
  2023-2032. Introduction to favorable state-backed
  policies, aimed at developing the oil and gas
  transportation infrastructure, and the rising
  demand for LNG especially in developing
  countries, will add impetus to the market.

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Cryogenic Tanks Market

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