The global cryogenic equipment market was valued at USD 25,012.9 million in 2024 and is projected to reach USD 36,734.0 million by 2030, growing at a compound annual growth rate (CAGR) of 6.7% from 2025 to 2030. This growth is largely driven by the increasing demand for cryogenic equipment across various industrial sectors, particularly the metallurgy and automotive industries. The unique capabilities of cryogenic technology such as enabling processes at ultra-low temperatures make it indispensable for specialized applications in these sectors.

In the metallurgy industry, there is a rising demand for advanced processing techniques that enhance material properties and overall performance. Cryogenic equipment is essential in this context, especially for metal treatment applications such as cryogenic hardening and tempering, which involve exposing metals to sub-zero temperatures to improve durability, wear resistance, and strength. As industries shift toward producing high-performance alloys and precision components, the need for efficient and reliable cryogenic systems in metal processing and heat treatment plants has grown significantly.

Additionally, the automotive industry is increasingly adopting cryogenic equipment for applications involving metal manufacturing and high-performance parts. This trend is driven by the sector's focus on material strength, efficiency, and lightweighting, which cryogenic processing technologies help achieve.

Key Market Trends & Insights:

• Asia Pacific emerged as the leading regional market in the cryogenic equipment industry, accounting for a 46.6% share of the global market in 2024. This leadership is attributed to rapid industrialization, expansion in the metallurgy and energy sectors, and increasing investments in liquefied natural gas (LNG) infrastructure across countries like China, India, and South Korea.
• Among various product categories, the tank segment held the largest market share, contributing to 32.8% of the global market in 2024. Cryogenic tanks are widely used for storing and transporting liquefied gases such as nitrogen, oxygen, argon, and LNG.
• In terms of cryogen type, the liquefied natural gas (LNG) segment dominated the market with a 31.7% revenue share in 2024. The increasing adoption of LNG as a cleaner energy source has spurred the demand for cryogenic equipment for its storage, regasification, and transport. Meanwhile, the nitrogen segment is expected to register a significant CAGR over the forecast period.
• Based on application, the storage segment led the market in 2024, accounting for 56.2% of the total market share. This is due to the widespread use of cryogenic storage systems across medical, industrial, and energy sectors. The distribution segment is expected to grow at a significant CAGR, driven by increased demand for transportation and handling of cryogenic gases in various end-use industries.
• By end use, the metallurgy segment dominated the market, capturing a 27.1% revenue share in 2024. This segment is projected to continue experiencing notable growth, fueled by the increasing consumption of argon, oxygen, and nitrogen gases in metal manufacturing and treatment processes.

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Market Size & Forecast:

• 2024 Market Size: USD 25,012.9 Million
• 2030 Projected Market Size: USD 36,734.0 Million
• CAGR (2025-2030): 6.7%
• Asia Pacific: Largest market in 2024

Key Companies & Market Share Insights:

Key players in the cryogenic equipment market include Linde plc, Nikkiso Co. Ltd., and Chart Industries, Inc.

• Chart Industries, Inc. is a global manufacturer of advanced cryogenic equipment for energy, industrial gas, and biomedical sectors. Its offerings include storage tanks, transportation vessels, and heat exchangers, supporting applications in LNG, hydrogen, carbon capture, and life sciences.
• Linde plc provides a wide range of cryogenic solutions such as storage tanks, vaporizers, pumps, and distribution systems. Its equipment supports sectors like healthcare, energy, food preservation, and industrial manufacturing, ensuring safe handling of gases like oxygen, nitrogen, and LNG.

Emerging players include Ulvac Technologies, Inc., Cryolor SA, and MAN Energy Solutions SE.

• Ulvac Technologies, Inc. offers cryogenic vacuum pumps, traps, and storage systems, serving semiconductors, aerospace, and energy industries with high-performance solutions.
• Cryolor SA specializes in cryogenic tanks, pressure vessels, and vacuum-insulated piping, supporting the storage and transport of gases like nitrogen, oxygen, and hydrogen across various industrial applications.

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Conclusion:

In conclusion, the global cryogenic equipment market is experiencing steady growth, driven by rising demand in the metallurgy and automotive sectors. The increasing need for advanced metal treatment processes and the growing use of industrial gases such as argon, nitrogen, and oxygen are fueling this demand. Asia Pacific leads the market due to rapid industrialization, while tanks and LNG-based equipment dominate product and cryogen segments. With storage applications and the metallurgy industry showing strong growth potential, the market is set to expand significantly over the forecast period.