The cryogenic fuels market, valued at $105.6 billion in 2020, is projected to reach $188.7 billion by 2030, growing at a CAGR of 6.1% from 2023 to 2030. Cryogenic fuels are characterized by their need for storage at extremely low temperatures to maintain a liquid state. These fuels find wide application in space machinery, where traditional fuels cannot be used due to the absence of a combustion-supporting environment. Cryogenic fuels include liquid nitrogen, liquid air, liquid helium, liquid neon, liquid hydrogen, and liquefied natural gas (LNG).
The COVID-19 pandemic has disrupted industrial manufacturing and space exploration activities worldwide due to government-imposed lockdown measures. Consequently, the demand for cryogenic fuels has declined globally. However, the growth of the cryogenic fuels market is primarily driven by increased demand from the energy/power generation, manufacturing, aerospace, biomedical and healthcare, and chemical industries. The healthcare sector, in particular, has a significant demand for industrial gases like oxygen, liquid oxygen, nitrogen, liquid nitrogen, nitrous oxide, laser mixes, specialty gases, compressed air, and helium. Liquid nitrogen is used in blood bank storage units during transplant procedures and for cryogenic storage of body organs. Additionally, the economic growth of emerging countries is expected to lead to the establishment of new research facilities and institutes, driving the demand for cryogenic gases in the pharmaceutical and biotechnology sectors for freezing biotech products and supporting market growth.
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Key players operating in the global cryogenic fuels industry include Air Liquide, Air Products & Chemicals, Air Water, Inc., Gulf Cryo, Maine Oxy, Messer Group GmbH, Mitsubishi Chemical Holdings (Taiyo Nippon Sanso), Narco Inc., Linde Plc (Praxair Technology, Inc.), and SOL Group.
Global cryogenic fuels market, by type
The liquid air segment held a significant share in the cryogenic fuels market in 2020. Technological advancements in the utilization of different liquid air types have contributed to the market’s growth. Liquid air is increasingly being employed as propellant for launching rockets carrying broadcast, communications, and meteorological satellites into space. Leading companies are also investing in research and development to enhance the production and distribution methods of liquid air on a global scale.
COVID-19 analysis:
According to the International Monetary Fund (IMF), the global economy contracted by 3.0% in 2020 due to the outbreak of the novel coronavirus (COVID-19). Strict lockdown measures imposed in many countries resulted in the shutdown of several sectors, leading to halted manufacturing activities and reduced demand and production of cryogenic fuels.
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Key market segments
By Type
• Liquid Nitrogen
• Liquid Air
• Liquid Helium
• Liquid Neon
• Liquid Hydrogen
• Liquefied Natural Gas (LNG)
By End-Use Industry
• Energy
• Manufacturing
• Aerospace
• Biomedical & Healthcare
• Chemical
• Others
Key benefits for stakeholders
• The analysis of the global cryogenic fuels market includes comprehensive information on major industry participants.
• Porter’s five forces analysis is utilized to assess the potential of buyers and suppliers, as well as the competitive scenario in the industry, aiding in strategy development.
• The revenue contribution of major countries to the regional market is mapped individually.
• The report offers a detailed analysis of the global cryogenic fuels market forecast for the period 2023-2030.
• Current trends in the global cryogenic fuels market and the future scenario from 2020 to 2030 are outlined to understand existing opportunities and potential investment prospects.
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REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global cryogenic fuel market based on various segments. it also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The cryogenic fuel market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting cryogenic fuel market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period, i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for the cryogenic fuel market for each region.
