USD 115.2 billion
Report ID:
SQMIG10E2005 |
Region:
Global |
Published Date: January, 2025
Pages:
242
|Tables:
65
|Figures:
75
Global Cryogenic Fuels Market size was valued at USD 115.2 billion in 2023 and is poised to grow from USD 122.46 billion in 2024 to USD 199.64 billion by 2032, growing at a CAGR of 6.3% during the forecast period (2025-2032).
Cryogenic fuels are fuels that are cooled to extremely low temperatures so that they can exist in a liquid state. The most common cryogenic fuels are liquid hydrogen (LH2) and liquid oxygen (LOX). These fuels are used in rocket engines because they provide high thrust with relatively low weight. Cryogenic fuels are stored in tanks that are heavily insulated to keep the fuel at its low temperature. Liquid hydrogen must be stored at a temperature of -253°C, while liquid oxygen must be stored at a temperature of -183°C. The use of cryogenic fuels is essential for space travel, as they provide the high thrust needed to escape the Earth's gravity and reach orbit. In addition to rocket engines, cryogenic fuels are also used in some high-performance aircraft engines and in some industrial processes that require extremely low temperatures.
The global cryogenic fuels market is expected to experience significant growth in the coming years, driven by various factors. The world is moving towards a low-carbon economy, and there is a growing demand for clean energy sources such as LNG, hydrogen, and biogas. Cryogenic fuels play a critical role in the production, transportation, and storage of these fuels. Industrial gases such as nitrogen, oxygen, and argon are used in various industries, including healthcare, food and beverages, electronics, and chemicals, among others. The growing demand for industrial gases is expected to drive the demand for cryogenic fuels in the future. Technological advancements in cryogenic storage and transportation are driving the growth of the global cryogenic fuels market. The development of advanced cryogenic storage tanks and transportation systems has improved the efficiency and safety of cryogenic fuel transportation. The development of infrastructure such as LNG terminals, pipelines, and storage facilities is expected to drive the growth of the global cryogenic fuels market. The construction of new infrastructure will increase the availability and accessibility of cryogenic fuels. Governments around the world are implementing policies and regulations to promote the use of clean and sustainable energy sources. This is expected to drive the demand for cryogenic fuels in the coming years. The shipping industry is adopting LNG as a marine fuel due to its low emissions and cost-effectiveness. This is expected to drive the demand for cryogenic fuels in the marine sector.
US Cryogenic Fuels Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2025-2032
Global Market Size
USD 115.2 billion
Largest Segment
LNG
Fastest Growth
LNG
Growth Rate
6.3% CAGR
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Global Cryogenic Fuels Market is segmented by Type, End-Use Industry, Distribution and region. Based on Type, the market is segmented into Liquid Nitrogen, Liquid Air, Liquid Helium, Liquid Neon, Liquid Hydrogen and Liquefied Natural Gas (LNG). Based on End-Use Industry, the market is segmented into Energy, Manufacturing, Aerospace, Biomedical & Healthcare, Chemical and Others. Based on Distribution, the market is segmented into Direct sales, Distributors and Online sales. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
The dominating segment in the global cryogenic fuels market based on type is the LNG (Liquefied Natural Gas) segment. LNG is the most commonly used cryogenic fuel due to its high energy density, low emissions, and ease of transportation. The demand for LNG is increasing globally due to the growing demand for natural gas as a fuel for transportation and power generation. In addition, the increasing adoption of LNG as a marine fuel is also contributing to the growth of the LNG segment.
The fastest growing segment in the global cryogenic fuels market based on type is the hydrogen segment. Hydrogen is a clean-burning fuel that emits only water vapor and can be produced from a variety of sources, including renewable energy sources. The increasing focus on reducing greenhouse gas emissions and the shift towards a hydrogen economy are driving the growth of the hydrogen segment. The use of hydrogen as a fuel for fuel cells, transportation, and industrial applications is expected to increase significantly in the coming years, driving the growth of the hydrogen segment in the cryogenic fuels market.
The direct sales segment is expected to dominate the market due to the increasing demand for customized solutions and direct communication between the manufacturer and end-user. Direct sales involve the sale of cryogenic fuels directly from manufacturers to end-users such as industrial gas companies, energy companies, and transportation companies. This distribution channel is preferred by large end-users who require a high volume of cryogenic fuels and have the resources to handle logistics and transportation.
Distributors act as intermediaries between manufacturers and end-users. They purchase cryogenic fuels in bulk from manufacturers and sell them to end-users such as hospitals, research laboratories, and welding companies. This distribution channel is preferred by small to medium-sized end-users who require smaller quantities of cryogenic fuels and do not have the resources to handle logistics and transportation.
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North America is a key region for the global cryogenic fuels market, with the United States being the largest market in the region. The growth of the cryogenic fuels market in North America is primarily driven by the increasing demand for natural gas as a cleaner alternative to conventional fuels. The shale gas revolution in the United States has led to an abundance of natural gas, which has driven down prices and made it a more attractive option for power generation and transportation. North America is home to several leading companies in the cryogenic fuels industry, including Air Products and Chemicals, Inc., Linde plc, and Chart Industries, Inc. These companies have a strong presence in the region and are investing in research and development to drive innovation in the industry. Cryogenic fuels are widely used in the healthcare industry for medical imaging and other applications. The increasing demand for these applications is driving the growth of the cryogenic fuels market in North America, particularly in the United States. The United States government has provided support for the development of the cryogenic fuels industry through initiatives such as the Department of Energy's Clean Cities program and the Alternative Fuels Data Center. These initiatives provide funding and resources for the development of alternative fuels and technologies, including cryogenic fuels. Despite the growth opportunities in the cryogenic fuels market, there are also infrastructure challenges in North America that may limit the growth of the industry. These challenges include the high cost of building and maintaining cryogenic fuel infrastructure, as well as regulatory and safety concerns associated with the handling and transportation of these fuels.
The Asia Pacific region is expected to be the fastest-growing market for the global cryogenic fuels market. The region is home to some of the fastest-growing economies in the world, including China, India, and Japan, and has a growing demand for energy and industrial gases. The Asia Pacific region is the largest consumer of LNG, accounting for over 70% of global demand. The region's demand for LNG is driven by its growing population, urbanization, and industrialization, which has led to a rise in demand for clean and sustainable energy sources. The demand for industrial gases in the Asia Pacific region is increasing due to the growth of various industries such as healthcare, food and beverages, electronics, and chemicals, among others. The region's large population and growing middle class are driving the demand for consumer goods, which is in turn driving the demand for industrial gases. Governments in the Asia Pacific region are implementing policies and regulations to promote the use of clean and sustainable energy sources. For example, India has set a target to increase the share of natural gas in its energy mix from 6% to 15% by 2030, while China is promoting the use of LNG in the transportation sector. The Asia Pacific region is witnessing a growing adoption of cryogenic technology in various applications such as transportation and power generation. For example, China has the world's largest fleet of LNG-powered vehicles and is building LNG refueling infrastructure across the country. The Asia Pacific region is investing heavily in infrastructure development, including the construction of LNG terminals, pipelines, and storage facilities. This is expected to drive the demand for cryogenic fuels in the region in the coming years.
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Increasing demand for industrial gases
Limited availability of certain types of cryogenic fuels
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The Global Cryogenic Fuels Market is a highly competitive industry, with several major players vying for market share. The global cryogenic fuels market is dominated by a few major players, but there are also several smaller players and emerging startups that are seeking to enter the market with innovative products and services. As the demand for clean energy sources and advanced cryogenic technologies continues to grow, the competition in the global cryogenic fuels market is expected to remain intense.
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our Global Cryogenic Fuels Market analyses, the global market refers to the market for fuels that are kept at extremely low temperatures, typically below -150°C, to maintain their liquid state. These are commonly used in various industries, including healthcare, transportation, energy, and aerospace. The global market is projected to grow at a significant rate over the next few years. The increasing demand for energy and the growing adoption of liquefied natural gas (LNG) as a fuel are some of the key drivers of the market. Additionally, the use of cryogenic fuels in the healthcare industry for medical imaging and cryosurgery is also contributing to market growth. However, the high cost associated with the production and transportation of cryogenic fuels, as well as safety concerns related to handling and storage, are expected to hinder the market growth. By type, the LNG segment is expected to dominate the market due to the increasing demand for natural gas as a fuel for transportation and power generation. North America is expected to dominate the market due to the increasing demand for natural gas as a fuel and the presence of key players in the region. The Asia Pacific region is also expected to grow at a significant rate due to the increasing adoption of LNG as a fuel and the growing healthcare industry in countries such as China and India. Some of the key players in the global market are focusing on product innovation, partnerships, and collaborations to maintain their position in the market.
Report Metric | Details |
---|---|
Market size value in 2023 | USD 115.2 billion |
Market size value in 2032 | USD 199.64 billion |
Growth Rate | 6.3% |
Base year | 2024 |
Forecast period | 2025-2032 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
Methodology
For the Cryogenic Fuels Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cryogenic Fuels Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cryogenic Fuels Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cryogenic Fuels Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Cryogenic Fuels Market was valued at USD 112.05 Billion in 2023 and is poised to grow from USD 118.88 Billion in 2024 to USD 190.91 Billion by 2032, growing at a CAGR of 6.1% during the forecast period (2025-2032).
The Global Cryogenic Fuels Market is a highly competitive industry, with several major players vying for market share. The global cryogenic fuels market is dominated by a few major players, but there are also several smaller players and emerging startups that are seeking to enter the market with innovative products and services. As the demand for clean energy sources and advanced cryogenic technologies continues to grow, the competition in the global cryogenic fuels market is expected to remain intense. 'Linde plc', 'Air Products and Chemicals, Inc.', 'Praxair Technology, Inc.', 'Air Liquide S.A.', 'Messer Group GmbH', 'Taiyo Nippon Sanso Corporation', 'Wessington Cryogenics Ltd.', 'INOXCVA', 'Chart Industries, Inc.', 'Cryostar SAS', 'Herose GmbH', 'FIBA Technologies, Inc.', 'Cryoquip LLC', 'VRV S.p.A.', 'Taylor-Wharton International LLC', 'Acme Cryogenics, Inc.', 'Cryogenic Industries, Inc.', 'Gardner Cryogenics', 'Advanced Gas Technologies, Inc.', 'GASCON Systems GmbH'
One of the key drivers of the global cryogenic fuels market is the increasing demand for industrial gases. Cryogenic fuels such as liquid nitrogen, liquid oxygen, and liquid argon are essential in the production and transportation of industrial gases. Industrial gases are used in various industries, including healthcare, food and beverages, electronics, and chemicals, among others. In the healthcare industry, industrial gases are used in medical applications such as anesthesia, respiratory therapy, and cryosurgery. Cryogenic gases such as liquid nitrogen and liquid oxygen are also used in medical research, including cell preservation and cryopreservation of biological samples. In the food and beverage industry, industrial gases such as carbon dioxide and nitrogen are used for food preservation and packaging. Cryogenic gases are also used for freezing and chilling applications in the food processing industry. In the electronics industry, industrial gases such as nitrogen, oxygen, and argon are used in various manufacturing processes, including semiconductor fabrication and display panel manufacturing. The demand for industrial gases is increasing due to the growth of these industries, and this is expected to drive the demand for cryogenic fuels in the future. Cryogenic fuels are essential in the production, transportation, and storage of industrial gases and their use ensures that the gases are delivered safely and efficiently to their intended destinations. Moreover, the use of cryogenic fuels in the production and transportation of industrial gases helps to reduce greenhouse gas emissions, which is in line with the increasing global concern for environmental sustainability. Cryogenic fuels emit lower levels of greenhouse gases than conventional fossil fuels, and their use can help to reduce the carbon footprint of the industries that use them.
Growing adoption in the healthcare sector: Cryogenic fuels, such as liquid nitrogen and liquid oxygen, are widely used in the healthcare sector for various applications. These fuels are stored and transported in their cryogenic state, which means they are kept at extremely low temperatures to maintain their properties. Cryogenic fuels are used in cryosurgery, a surgical technique that uses extreme cold to destroy abnormal tissues. This technique is commonly used to treat skin lesions, cervical dysplasia, and certain types of cancer. The use of cryogenic fuels in cryosurgery is increasing due to their effectiveness, minimal invasiveness, and low risk of complications. Cryogenic fuels are used in cryopreservation, the process of preserving biological samples at very low temperatures to maintain their viability. This technique is commonly used to preserve sperm, eggs, embryos, and tissues for fertility preservation, as well as for the preservation of stem cells and other biological materials. The use of cryogenic fuels in cryopreservation is increasing due to their ability to preserve biological materials for extended periods of time. Cryogenic fuels are widely used in medical research for a variety of applications, such as cell culture, protein purification, and drug discovery. These fuels are used to create and maintain a controlled environment for these applications, which requires low temperatures and stable conditions. The use of cryogenic fuels in medical research is increasing due to the growing demand for new therapies and treatments. Cryogenic fuels are used to store and transport biological materials, such as vaccines, blood, and tissue samples, at extremely low temperatures to maintain their integrity. The use of cryogenic fuels in storage and transportation is increasing due to the need for safe and efficient transportation of these materials.
North America is a key region for the global cryogenic fuels market, with the United States being the largest market in the region. The growth of the cryogenic fuels market in North America is primarily driven by the increasing demand for natural gas as a cleaner alternative to conventional fuels. The shale gas revolution in the United States has led to an abundance of natural gas, which has driven down prices and made it a more attractive option for power generation and transportation. North America is home to several leading companies in the cryogenic fuels industry, including Air Products and Chemicals, Inc., Linde plc, and Chart Industries, Inc. These companies have a strong presence in the region and are investing in research and development to drive innovation in the industry. Cryogenic fuels are widely used in the healthcare industry for medical imaging and other applications. The increasing demand for these applications is driving the growth of the cryogenic fuels market in North America, particularly in the United States. The United States government has provided support for the development of the cryogenic fuels industry through initiatives such as the Department of Energy's Clean Cities program and the Alternative Fuels Data Center. These initiatives provide funding and resources for the development of alternative fuels and technologies, including cryogenic fuels. Despite the growth opportunities in the cryogenic fuels market, there are also infrastructure challenges in North America that may limit the growth of the industry. These challenges include the high cost of building and maintaining cryogenic fuel infrastructure, as well as regulatory and safety concerns associated with the handling and transportation of these fuels.
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