The rising spending on satellite and space missions, is expected to drive market expansion in the near future at a CAGR of 6.50% during the forecast period 2023 to 2032

Market Research Future (MRFR) has published a cooked research report on the “Global Cryogenic Fuels Market” that contains information from 2018 to 2032. The cryogenic fuels market is estimated to register a CAGR of 6.50% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global cryogenic fuels market— 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

Market Highlights

The global cryogenic fuels market is accounted to register a CAGR of 6.50% during the forecast period and is estimated to reach USD 194.9 Billion by 2032.

The cryogenic fuel is a fuel that must be kept in storage at extremely low temperatures in order to keep its liquid state. In machinery that runs in space, where regular fuel cannot be used since there isn't an environment that supports combustion, cryogenic fuels are frequently employed. These fuels come in the forms of oxygen, LNG (liquid natural gas), methane, nitrogen, carbon dioxide, krypton, acetylene, xenon, helium, neon, and argon.

Due to their inert nature, these items are in high demand for keeping samples from space in cryogenic gases due to rising spending on satellite and space missions. Additionally, as coal resources are depleted, LNG-based power plants are becoming more popular as a clean source of energy, creating a huge market expansion opportunity for cryogenic equipment. As a result of the growth in the industrial and electricity sectors, the U.S. government has also taken steps to develop 18 GW of new gas-based power plants. This presents a chance for these products to expand. Two crucial industry drivers for cryogenic equipment are rising natural gas usage and improved healthcare around the globe.

Segment Analysis

The global cryogenic fuels market has been segmented based on type and end user.

On the basis of type, the market is segmented into liquid nitrogen, liquid air, liquid helium, liquid neon, liquid hydrogen, and others. The liquid nitrogen segment was attributed to holding the largest market share in 2022.

Based on end use industry, the global cryogenic fuels market has been segmented into energy, manufacturing, aerospace, biomedical & healthcare, chemical, and others. The manufacturing segment was expected to hold the largest market share in 2022.

Regional Analysis

The global cryogenic fuels market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe cryogenic fuels market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Cryogenic Fuels market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Cryogenic Fuels market comprises of Middle East, Africa, and Latin America.

The largest market share for cryogenic fuels was maintained by the North American regional sector. The primary driver of the cryogenic fuels market's expansion in North America is the increased demand for natural gas as a cleaner substitute for traditional fuels. The shale gas revolution in the United States has made natural gas more accessible and desirable as a fuel for both power generation and transportation.

Moreover, in the healthcare industry in Europe, cryogenic fuels are widely used for a variety of purposes, including medical imaging. The need for these applications is increasing, and in the U.K. and Germany, where the cryogenic fuels business is flourishing, this demand is particularly strong. The development of alternative technologies and fuels, such as cryogenic fuels, is supported by government initiatives that provide funding and resources.

Additionally, Asia-Pacific held a sizeable market share in 2022. China supplied a sizable percentage of the region's consumption. India, however, is predicted to expand the quickest in the region. In the Asia-Pacific area, India is the third-largest producer of iron and steel, and the nation's annual output growth rate is relatively rapid.

Furthermore, the rest of the world's cryogenic fuels market is divided into the Middle East, Africa, and Latin America. the cryogenic fuels market in LATAM and MEA is expected to experience significant growth in the coming years, driven by increasing demand for cleaner and more efficient energy sources and growing investments in LNG infrastructure.

Key Findings of the Study

• The global cryogenic fuels market is expected to reach USD 194.9 Billion by 2032, at a CAGR of 6.50% during the forecast period.


• The North America region accounted for the fastest-growing global market due to increased demand for natural gas as a cleaner substitute for traditional fuels


• Based on type, the liquid nitrogen segment was attributed to holding the largest market in 2022, with an approximate market share of 45–65%.


• 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