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Global Cryogenic Fuels Market Size was valued at USD 110.8 Billion in 2022. The Cryogenic Fuels market industry is projected to grow from USD 117.6 Billion in 2023 to USD 194.6 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 6.75% during the forecast period (2023 - 2032). Growth in industrial gas consumption and advancements in cryogenic storage and transportation technology, are the key market drivers enhancing the market growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Due to a number of factors, it is projected that the demand for cryogenic fuels would increase dramatically in the following years. As the world moves towards a low-carbon economy, there is an increasing demand for renewable energy sources including LNG, hydrogen, and biogas. Cryogenic fuels are used to generate, transport, and store these fuels. Industrial gases like nitrogen, oxygen, and argon are used by several enterprises, including those in the healthcare, food and beverage, electronics, chemical, and other industries. The increased need for industrial gases is projected to be a major factor in the demand for cryogenic fuels in the future. Technological advancements in cryogenic storage and transportation are driving the growth of the global market for cryogenic fuels.
Modern cryogenic storage tanks and transportation technology have increased the efficiency and safety of cryogenic fuel transportation. The rise of the industry is expected to be fueled by the construction of infrastructure, such as LNG terminals, pipelines, and storage facilities. The creation of new infrastructure will increase the availability and accessibility of cryogenic fuels. Governments all around the world are putting in place laws and regulations to promote the use of renewable and sustainable energy sources. This is expected to fuel demand for cryogenic fuels in the following years. LNG is getting more and more well-liked as a marine fuel in the shipping industry because of its low emissions and accessibility. As a result, it is projected that the demand for cryogenic fuels in the marine industry would rise. Thus, driving the Cryogenic Fuels market revenue.
The global Cryogenic Fuels market segmentation, based on Type includes liquid nitrogen, liquid air, liquid helium, liquid neon, liquid hydrogen, and liquefied natural gas (LNG). Globally, liquid nitrogen rules the market for cryogenic fuels due to its extremely low atmospheric pressure boiling point. Cryogenic fuels are developed to support low boiling points via vacuum insulation. The rise in demand for liquid nitrogen from a number of industries, including cryogenics, HVAC, beer production, food storage and preservation, and the healthcare industry, is supplementing the demand for cryogenic fuels for nitrogen storage and delivery.
The market for liquefied natural gas is predicted to expand significantly during the projection period. Governments everywhere are focusing on reducing greenhouse gas emissions. The use of natural gas will rise as a result of this factor in a number of production industries, including the chemical and oil & gas sectors.
The global Cryogenic Fuels market segmentation, based on End Use Industry, includes energy, manufacturing, aerospace, biomedical & healthcare, chemical, and others. The end-user segment of the cryogenic fuels market is currently dominated by the manufacturing industry, and this trend is expected to continue during the projected period. The increasing demand for new technological applications across a variety of sectors, including metal, food, chemical, and electronics, will be the main driver of this market segment's growth.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. North America is anticipated to hold a 45.80% market share for cryogenic fuels, with the United States being the largest country in the area. 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. North American companies with a strong presence in the cryogenic fuels market include Air Products and Chemicals, Inc., Linde plc, and Chart Industries, Inc. These organizations are well-established in the region and are investing in R&D to support business innovation. Further, In the North American area, the U.S. Cryogenic Fuels market had the biggest market share, while the Canada Cryogenic Fuels market had the quickest rate of expansion.
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.
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Source: Secondary Research, Primary Research, RESEARCH LAYER Database and Analyst Review
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 high. The development of alternative technologies and fuels, such as cryogenic fuels, is supported by government initiatives that provide funding and resources. Further, In the European region, the German Cryogenic Fuels market had the biggest market share, and the U.K. Cryogenic Fuels market had the quickest rate of growth.
In 2022, Asia-Pacific 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, In the Asia-Pacific region, the Indian Cryogenic Fuels market had the quickest rate of growth while China's Cryogenic Fuels market had the greatest market share.
Leading industry companies are making significant R&D investments in order to diversify their product offerings, which will drive the Cryogenic Fuels market's expansion. Important market developments include new product releases, contractual agreements, mergers and acquisitions, greater investments, and collaboration with other organizations. Market participants are also engaging in a number of strategic actions to increase their global footprint. The Cryogenic Fuels sector needs to provide affordable products if it wants to grow and thrive in a more competitive and challenging market environment.
One of the primary business strategies employed by manufacturers in the worldwide Aerospace Foam industry to assist customers and expand the market sector is local manufacturing to reduce operational costs. Some of the biggest benefits to medicine have recently come from the Cryogenic Fuels sector. 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.
Chart Industries Inc. produces engineered equipment. In order to be used in the value chain of the supply of liquid gas, it designs and manufactures engineered cryogenic equipment. The business offers a range of goods, including fans and equipment for ambient temperature, cold boxes, liquefaction process units, heat exchangers, vacuum-insulated confinement vessels, and other cryogenic parts. Products from Chart are used in the production, liquefaction, storage, delivery, and use of industrial, hydrocarbon, and atmospheric gases. Some of the brands that the business uses to market its products include 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. The company has operations in the Americas, Europe, and Asia. American-based business Georgia's Ball Ground is where Chart is based. Inox India announced the building of a new manufacturing facility in the US in 2021 to produce cryogenic parts and equipment for the North American market. In addition, Inox India has been working with a number of partners to develop innovative cryogenic applications for the healthcare, transportation, and energy sectors.
Air Liquide SA (Air Liquide), a supplier of gases, technology, and services, provides its products and services to the industrial and healthcare sectors. The company also manufactures additional gases like oxygen, nitrogen, and hydrogen in addition to argon and other rare gases. This company provides these gases to clients in a range of sectors, including steel, food and pharmaceuticals, chemicals, electronics, automotive, and manufacturing. Additionally, the company builds processing facilities and related infrastructure. Air Liquide provides antiseptics, skin disinfectants, and medical equipment disinfection chemicals. The company uses regional facilities, tanker trucks, and cylinders to deliver its products. It operates across the Asia-Pacific, the Americas, Europe, Africa, and the Middle East. The Air Liquide corporate headquarters are in Paris, Ile-de-France, France. Cryoconcept is a French company that specializes in cryogenic goods and services. In 2020, Air Liquide acquired Cryoconcept for 80% of its equity. Air Liquide and GE Aviation collaborated to develop hydrogen-based fuel cell systems for the aviation industry.
· 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.)
· SOL Group
July 2020: To build and manage a new liquid hydrogen production facility in China, Linde plc and China National Offshore Oil Corporation (CNOOC) established a joint venture. A brand-new cryogenic freezer from Linde, the CRYOWAVE, combines advanced technologies to improve food product freezing.
February 2021: Chart Industries has acquired Cryogenic Gas Technologies, a manufacturer of liquefied natural gas (LNG) equipment and services. In addition, Chart Industries and ExxonMobil collaborated to develop state-of-the-art cryogenic tools and techniques for the advancement of novel carbon capture technologies.
· Liquid Nitrogen
· Liquid Air
· Liquid Helium
· Liquid Neon
· Liquid Hydrogen
· Liquefied Natural Gas (LNG)
· Energy
· Manufacturing
· Aerospace
· Biomedical & Healthcare
· Chemical
· Others
· North America
- U.S.
- Canada
· Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
· Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
· Rest of the World
- Middle East
- Africa
- Latin America
|
Report Attribute/Metric |
Details |
|
Market Size 2022 |
USD 110.8 Billion |
|
Market Size 2023 |
USD 117.6 Billion |
|
Market Size 2032 |
USD 194.6 Billion |
|
Compound Annual Growth Rate (CAGR) |
6.75% (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 |
The global Cryogenic Fuels Market was valued at USD 110.8 billion in 2022, and it is estimated to reach USD 194.6 billion by 2032.
The global market is projected to grow at a CAGR of 6.75% 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.
Report Code :
RL65105
Published on :
Aug 2023
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