Cryogenic Fuels Market Size was valued at USD 110.6 Billion in 2022. The Cryogenic Fuels Market is projected to grow from USD 117.8 Billion in 2023 to USD 194.9 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.50% during the forecast period (2023 - 2032). Industrial gas demand growth and cryogenic storage and transportation technology developments, are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
In the upcoming years, the demand for cryogenic fuels is anticipated to rise significantly due to a number of variables. The need for renewable energy sources like LNG, hydrogen, and biogas is rising as the globe transitions to a low-carbon economy. These fuels are produced, transported, and stored with the help of cryogenic fuels. Numerous businesses, including those in the healthcare, food and beverage, electronics, and chemical industries, among others, use industrial gases including nitrogen, oxygen, and argon. Future demand for cryogenic fuels is anticipated to be driven by the rising need for industrial gases. The development of the worldwide Cryogenic Fuels Market is being driven by technological developments in cryogenic storage and transportation.
The effectiveness and safety of cryogenic fuel transportation have increased with the introduction of cutting-edge cryogenic storage tanks and transportation technologies. The construction of infrastructure, including LNG terminals, pipelines, and storage facilities, is anticipated to fuel the market's expansion. The development of new infrastructure will expand the supply and reach of cryogenic fuels. Governments all across the world are putting policies and rules into place to encourage the use of sustainable and renewable energy sources. In the upcoming years, this is anticipated to feed demand for cryogenic fuels. Due to its low emissions and affordability, LNG is becoming more and more popular as a marine fuel in the shipping industry. The need for cryogenic fuels in the marine industry is anticipated to increase as a result. Thus, driving the Cryogenic Fuels Market revenue.
The Cryogenic Fuels Market segmentation, based on Type includes liquid nitrogen, liquid air, liquid helium, liquid neon, liquid hydrogen, and others. Since liquid nitrogen has an incredibly low boiling point at atmospheric pressure, it dominates the market for cryogenic fuels globally. By utilizing vacuum insulation, cryogenic fuels are created to sustain low boiling points. The demand for cryogenic fuels for nitrogen storage and transportation is being supplemented by the increased demand for liquid nitrogen from a variety of industries, including cryogenics, HVAC, beer production, food storage and preservation, and the healthcare sector.
During the projection period, the segment for liquefied natural gas is anticipated to experience a noteworthy growth. Globally, governments are concentrating on lowering greenhouse gas emissions. This factor will increase the use of natural gas across a range of production sectors, including the chemical and oil & gas industries.
The Cryogenic Fuels Market segmentation, based on End Use Industry, includes energy, manufacturing, aerospace, biomedical & healthcare, chemical, and others. The manufacturing sector now dominates the Cryogenic Fuels Market's end-user segment, and this trend is anticipated to last during the forecast period. The primary driver of this market segment's growth will be the increasing demand for new technical applications across numerous industries, including metal, food, chemical, and electronics.
Figure 1: Cryogenic Fuels Market, by End Use Industry, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The market for cryogenic fuels is predicted to be dominated by North America (45.80%), with the United States being the biggest market in the region. The rising demand for natural gas as a cleaner alternative to conventional fuels is the main factor fueling the growth of the Cryogenic Fuels Market in North America. Natural gas is now more affordable and more appealing as a fuel for transportation and power generation because to the shale gas revolution in the United States. Several top firms in the cryogenic fuels sector are based in North America, including Air Products and Chemicals, Inc., Linde plc, and Chart Industries, Inc. These businesses are well-established in the area and are making research and development investments to promote industry innovation. Further, the U.S. Cryogenic Fuels Market held the largest market share, and the Canada Cryogenic Fuels Market was the fastest growing market in the North America region.
Further, the major countries studied in the market report are The U.S., Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: Cryogenic Fuels Market Share By Region 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
The Europe Cryogenic Fuels Market held the second largest share in the market. Cryogenic fuels are widely employed in Europe's healthcare sector for several applications, including medical imaging. The need for these applications is growing, and this demand is particularly strong in the U.K. and Germany, where the cryogenic fuels industry is expanding. Government programs offer funds and resources for the creation of alternative technologies and fuels, such as cryogenic fuels. Further, the German Cryogenic Fuels Market held the largest market share, and the UK Cryogenic Fuels Market was the fastest growing market in the European region.
In 2022, Asia-Pacific Cryogenic Fuels Market had a sizable market share. A significant portion of the region's consumption came from China. India, however, is anticipated to experience the fastest growth in the area. India is the third-largest producer of iron and steel in the Asia-Pacific region, and the country's annual output growth rate is quite quick. Cryogenic fuels, such as liquid air, which contains the gases nitrogen, oxygen, and argon, are also used in the transportation industry. Examples include the production of tires using pressurized nitrogen, the production of airbags using high-pressure argon, and the use of nitrogen for accurate and secure welding. Further, China’s Cryogenic Fuels Market held the largest market share, and the Indian Cryogenic Fuels Market was the fastest growing market in the Asia-Pacific region.
Leading market players are investing heavily in research and development in order to expand their Product lines, which will help the Cryogenic Fuels Market, grow even more. Market participants are also undertaking a variety of strategic activities to expand their global footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, Cryogenic Fuels industry must offer cost-effective items.
Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the global Cryogenic Fuels industry to benefit clients and increase the market sector. In recent years, the Cryogenic Fuels industry has offered some of the most significant advantages to medicine. Major players in the Cryogenic Fuels Market, including 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, are attempting to increase market demand by investing in research and development operations.
Engineered equipment is produced by Chart Industries Inc. It creates and produces engineered cryogenic equipment for use in the value chain of the liquid gas supply. The company sells a variety of products, such as ambient temperature fans and equipment, cold boxes, liquefaction process units, heat exchangers, vacuum insulated confinement vessels, and other cryogenic components. The manufacture, liquefaction, storage, delivery, and use of industrial, hydrocarbon, and atmospheric gases all involve the usage of Chart products. Air-X-Changers, BlueInGreen, Chart China, Chart Ferox, Cofimco, Cryo Technologies, Flow, Gofa, Hudson, Industrie Meccaniche di Bagnolo (IMB), Smithco, SES Innovation, VCT Vogel, and VRV are some of the brands under which the company sells its goods. The business conducts business in the Americas, Asia, and Europe. United States-based company Chart is based in Ball Ground, Georgia. The opening of a new manufacturing facility in the United States to produce cryogenic components and equipment for the North American market was announced by Inox India in 2021. Inox India has also been collaborating with a number of partners to create fresh cryogenic applications for the energy, transportation, and healthcare industries.
The industrial and healthcare industries are served by Air Liquide SA (Air Liquide), a provider of gases, technologies, and services. Along with argon and other rare gases, the company also produces gases such as oxygen, nitrogen, and hydrogen. Customers in a variety of industries, including steel, food and pharmaceuticals, chemicals, electronics, automotive, and manufacturing, are served by this company's supply of these gases. The business also creates processing facilities and associated infrastructure. Skin disinfectants, antiseptics, and medical device disinfection products are offered by Air Liquide. The business distributes its goods via local facilities, tanker trucks, and cylinders. It operates in the Americas, Europe, Africa, the Middle East, and Asia-Pacific. The headquarters of Air Liquide are located in Paris, Ile-de-France, France. 2020 saw Air Liquide buy out Cryoconcept, a French business that specializes in cryogenic products and services, for 80% of its stock. To create hydrogen-based fuel cell solutions for the aviation sector, Air Liquide also joined forces with GE Aviation.
July 2020:Â A joint venture between Linde plc. and China National Offshore Oil Corporation (CNOOC) was launched in order to construct and run a new liquid hydrogen production facility in China. The CRYOWAVE, a brand-new cryogenic freezer from Linde, uses proprietary technology to enhance the freezing of food products.
February 2021:Â Liquefied natural gas (LNG) equipment and service provider Cryogenic Gas Technologies was purchased by Chart Industries. Additionally, Chart Industries and ExxonMobil joined together to create cutting-edge cryogenic tools and procedures for the development of new carbon capture technology.
| Report Attribute/Metric | Details |
| Market Size 2022 | USD 110.6 Billion |
| Market Size 2023 | USD 117.8 Billion |
| Market Size 2032 | USD 194.9 Billion |
| Compound Annual Growth Rate (CAGR) | 6.50% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, End Use Industry, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the World |
| Countries Covered | The U.S., Canada, German, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | 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. |
| Key Market Opportunities | The development of infrastructure such as LNG terminals, pipelines, and storage facilities |
| Key Market Dynamics | The growing demand for industrial gases and technological advancements in cryogenic storage and transportation |
Cryogenic Fuels Market Highlights:
Frequently Asked Questions (FAQ) :
The Cryogenic Fuels Market size was valued at USD 110.6 Billion in 2022.
The global market is projected to grow at a CAGR of 6.50% during the forecast period, 2023-2032.
North America had the largest share in the global market
The key players in the market are 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.
The Liquid Nitrogen Type dominated the market in 2022.
The Manufacturing End Use Industry had the largest share in the global market.
Team Lead - Research Anshula mandaokar holds an academic degree in chemical engineering and has been contributing to the field for more than 5 years. she has expertise in market research and business consulting and serves as a team lead for a reputed market research firm under the chemicals and materials domain spectrum. she has worked on multiple projects, generating explicit results in a quick turnaround time. her understanding of data interpretation justifies her role as a leader.
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