Summary

The global cryogenic fuels market is set for substantial growth, with projections indicating it will reach US$174.7 billion by 2030, up from US$110.2 billion in 2023. The market is expected to grow at a 6.8% compound annual growth rate (CAGR) from 2023 to 2030, driven by rising demand across multiple industries and increasing focus on cleaner energy sources.

Key Market Highlights

1. The rising demand for cryogenic fuels across various sectors such as power generation, manufacturing, aerospace, healthcare, and chemicals is a key factor boosting market expansion.

2. The growing need for cryogenic gases in research and testing facilities, especially in the pharmaceutical and biotechnology industries, is expected to drive market growth as these gases are crucial for freezing biotech products.

3. The use of technical gases across different sectors to achieve required temperature conditions is also propelling market demand globally.

4. With increasing environmental concerns and the need to curb greenhouse gas emissions, the demand for sustainable and green energy solutions is growing, further supporting market expansion.

5. Liquefied Natural Gas (LNG) remains the leading cryogenic fuel type due to its high energy density, low emissions, and ease of transport, dominating the market in 2023.

6. The Metallurgy and Welding sector is poised to lead the market in terms of share, driven by the extensive use of gases like argon, oxygen, and nitrogen in metallurgical processes.

7. The Asia Pacific region is anticipated to capture the largest market share, thanks to rising investments in space exploration and strong government backing for renewable energy projects.

8. North America is experiencing increased market activity, particularly due to the growing demand for natural gas as an eco-friendlier alternative to conventional fuels.

Retrospective and Future Outlook

In recent years, cryogenic fuels have gained traction, especially in the medical industry, where gases like liquid hydrogen, oxygen, and nitrogen are essential. Liquid nitrogen plays a particularly vital role in transplant surgeries, especially for cryogenic organ preservation. Additionally, economic advancements in developing nations are expected to spur the establishment of new research facilities, further driving market growth in the near future.

The period from 2018 to 2022 saw steady market growth due to the expansion of key application sectors like chemicals, petrochemicals, healthcare, and aerospace. During this time, the demand for cryogenic fuels increased across applications such as aerospace, defense, energy generation, and metallurgy.

The global space industry is also creating new growth avenues for cryogenic fuels. According to the Space Foundation, the global space economy reached $469 billion in 2021, with commercial space activities seeing a 6.4% increase in revenue compared to the previous year. Additionally, more than 1,000 spacecraft were launched into orbit in the first half of 2022, underscoring the growing need for cryogenic fuels in space exploration.

Major Growth Drivers

1. Rising Demand Across Multiple Sectors: The global cryogenic fuels market is being driven by increasing demand across several industries, including energy, power generation, manufacturing, aerospace, and healthcare. For instance, India's aviation sector is projected to become the world's third-largest by 2024, further boosting demand for cryogenic fuels.

2. LNG Demand Growth: The demand for LNG continues to rise due to the increasing adoption of gas-powered plants and the use of LNG as fuel in locomotives and marine transport. According to the World LNG Report 2022, the global LNG market now connects 40 importing countries with 19 exporters, creating significant demand for cryogenic equipment used in LNG storage and transportation.

3. Shift Towards Clean Energy Sources: As countries seek to reduce their carbon footprints, clean energy sources like LNG and hydrogen are becoming more prominent. India, for instance, is focusing on achieving 500 GW of non-fossil fuel energy by 2030, further fueling demand for cryogenic fuels. Similarly, the U.S. installed 17 GW of solar photovoltaic capacity in 2022, emphasizing the growing role of clean energy in the global market.

Key Challenges

1. Fluctuating Raw Material Prices: The production of cryogenic equipment relies heavily on materials like stainless steel, carbon steel, and specialized alloys. Rising raw material costs, particularly for metals like iron and steel, are driving up equipment prices, creating challenges for manufacturers. Additionally, the presence of small-scale producers in countries like China and India is leading to increased competition in the market.

2. Supply Chain Disruptions Due to the Russia-Ukraine Conflict: The ongoing conflict between Russia and Ukraine has severely impacted the global LNG market, leading to higher prices and disrupted supply chains. Europe's reliance on Russian gas has diminished, resulting in a 60% increase in LNG imports in 2022. This shift has caused global LNG prices to soar, presenting further challenges to the cryogenic fuels market.

Emerging Opportunities and Trends

1. Cryogenic Electronics Applications: The use of cryogenic gases in electronics manufacturing is expanding, particularly in the production and testing of semiconductors. Liquid nitrogen is commonly used to cool electronics during manufacturing, improving performance and reducing energy consumption. Cryogenic electronics are also essential in quantum computing, where maintaining temperatures close to absolute zero is critical.

2. Advancements in Medical Applications: The medical sector is increasingly reliant on cryogenic fuels, particularly for organ transplants and the storage of biological materials. Liquid nitrogen is vital for cryopreservation in medical procedures. Economic growth in developing regions is expected to lead to the establishment of new research facilities, further driving demand for cryogenic gases in the healthcare sector.

3. Expanding Space Missions and Innovations in Cryo-Electronics: The space sector is seeing rapid advancements, with new technologies such as reusable launch vehicles and semi-cryogenic engines gaining traction. For instance, India’s Liquid Propulsion Systems Centre recently announced the development of semi-cryogenic technology aimed at improving rocket performance while reducing costs. These innovations are expected to create significant demand for cryogenic fuels in space exploration.

Regulatory Environment and Market Impact

Environmental regulations are playing an increasingly important role in shaping the cryogenic fuels market. The European Union has committed to reducing greenhouse gas emissions, and the shipping industry is being urged to adopt cleaner fuel alternatives like LNG, LPG, and methanol. These low-carbon fuels are seen as key transitional solutions while longer-term alternatives like hydrogen and ammonia are developed.

Segmental Analysis

1. LNG Dominance: The LNG segment led the cryogenic fuels market in 2023. LNG’s high energy efficiency, low emissions, and convenient transportability make it a top choice in the cryogenic industry. As global demand for cleaner energy rises, LNG will likely continue to dominate the market.

2. Metallurgy and Welding Growth: The metallurgy and welding sector is expected to maintain a strong market position, with growing demand for industrial gases like nitrogen and oxygen used in various metallurgical processes. Additionally, the food and beverage industry is witnessing increased demand for cryogenic technology in food preservation, further driving market growth.

Regional Insights

1. Asia Pacific Leading the Market: The Asia Pacific region is expected to account for the largest share of the cryogenic fuels market. Investments in space exploration and rising demand for industrial gases across sectors such as steel and iron production are key drivers of regional growth.

2. North America’s LNG Growth: North America, particularly the U.S. and Canada, is poised for strong market growth, fueled by the rise in LNG exports and increased adoption of gas-based power plants. The U.S. government's focus on expanding gas infrastructure will further support market expansion in the region.

Competitive Analysis

The global cryogenic fuels market is highly competitive, with key players including Air Liquide, Linde plc, Air Products and Chemicals, Inc., Chart Industries, Messer Group, and Wessington Cryogenics. As demand for clean energy solutions grows, competition is expected to intensify, with more market consolidation likely in the coming years.

Market segmentation:

Global Cryogenic Fuels Market is Segmented as Below:

By Fuel Type:

• Liquid Air Liquid

• Liquid Nitrogen

• Liquid Neon

• Liquid Hydrogen

• Liquefied Natural Gas (LNG)

• Liquid Helium

By End Use:

• Aerospace and Defense

• Healthcare and Medical

• Energy and Power Generation

• Metallurgy and Welding

• Chemicals and Petrochemicals

By Geographic Coverage:

• North America

o The U.S.

o Canada

• Europe

o Germany

o U.K.

o France

o Italy

o Turkey

o Russia

o Rest of Europe

• Asia Pacific

o China

o Japan

o South Korea

o India

o Southeast Asia

o Rest of Asia Pacific

• Latin America

o Brazil

o Mexico

o Argentina

o Rest of Latin America

• Middle East & Africa

o GCC

o South Africa

o Egypt

o Nigeria

o Rest of the Middle East & Africa

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Table of Contents

1. Executive Summary
1.1. Global Cryogenic Fuels Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value, 2022
1.5. Analyst Recommendations

2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis
2.5. Covid-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis

3. Global Cryogenic Fuels Market Outlook, 2018 - 2030
3.1. Global Cryogenic Fuels Market Outlook, by Fuel Type, Value (US$ Mn), 2018 - 2030
3.1.1. Key Highlights
3.1.1.1. Liquid Air Liquid
3.1.1.2. Liquid Nitrogen
3.1.1.3. Liquid Neon
3.1.1.4. Liquid Hydrogen
3.1.1.5. Liquefied Natural Gas (LNG)
3.1.1.6. Liquid Helium
3.2. Global Cryogenic Fuels Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
3.2.1. Key Highlights
3.2.1.1. Aerospace and Défense
3.2.1.2. Healthcare and Medical
3.2.1.3. Energy and Power Generation
3.2.1.4. Metallurgy and Welding
3.2.1.5. Chemicals and Petrochemicals
3.2.1.6. Misc.
3.3. Global Cryogenic Fuels Market Outlook, by Region, Value (US$ Mn), 2018 - 2030
3.3.1. Key Highlights
3.3.1.1. North America
3.3.1.2. Europe
3.3.1.3. Asia Pacific
3.3.1.4. Latin America
3.3.1.5. Middle East & Africa

4. North America Cryogenic Fuels Market Outlook, 2018 - 2030
4.1. North America Cryogenic Fuels Market Outlook, by Fuel Type, Value (US$ Mn), 2018 - 2030
4.1.1. Key Highlights
4.1.1.1. Liquid Air Liquid
4.1.1.2. Liquid Nitrogen
4.1.1.3. Liquid Neon
4.1.1.4. Liquid Hydrogen
4.1.1.5. Liquefied Natural Gas (LNG)
4.1.1.6. Liquid Helium
4.2. North America Cryogenic Fuels Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
4.2.1. Key Highlights
4.2.1.1. Aerospace and Défense
4.2.1.2. Healthcare and Medical
4.2.1.3. Energy and Power Generation
4.2.1.4. Metallurgy and Welding
4.2.1.5. Chemicals and Petrochemicals
4.2.1.6. Misc.
4.2.2. BPS Analysis/Market Attractiveness Analysis
4.3. North America Cryogenic Fuels Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
4.3.1. Key Highlights
4.3.1.1. U.S. Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
4.3.1.2. U.S. Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
4.3.1.3. Canada Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
4.3.1.4. Canada Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
4.3.2. BPS Analysis/Market Attractiveness Analysis

5. Europe Cryogenic Fuels Market Outlook, 2018 - 2030
5.1. Europe Cryogenic Fuels Market Outlook, by Fuel Type, Value (US$ Mn), 2018 - 2030
5.1.1. Key Highlights
5.1.1.1. Liquid Air Liquid
5.1.1.2. Liquid Nitrogen
5.1.1.3. Liquid Neon
5.1.1.4. Liquid Hydrogen
5.1.1.5. Liquefied Natural Gas (LNG)
5.1.1.6. Liquid Helium
5.2. Europe Cryogenic Fuels Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
5.2.1. Key Highlights
5.2.1.1. Aerospace and Défense
5.2.1.2. Healthcare and Medical
5.2.1.3. Energy and Power Generation
5.2.1.4. Metallurgy and Welding
5.2.1.5. Chemicals and Petrochemicals
5.2.1.6. Misc.
5.2.2. BPS Analysis/Market Attractiveness Analysis
5.3. Europe Cryogenic Fuels Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
5.3.1. Key Highlights
5.3.1.1. Germany Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
5.3.1.2. Germany Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
5.3.1.3. U.K. Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
5.3.1.4. U.K. Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
5.3.1.5. France Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
5.3.1.6. France Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
5.3.1.7. Italy Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
5.3.1.8. Italy Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
5.3.1.9. Turkey Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
5.3.1.10. Turkey Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
5.3.1.11. Russia Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
5.3.1.12. Russia Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
5.3.1.13. Rest of Europe Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
5.3.1.14. Rest of Europe Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
5.3.2. BPS Analysis/Market Attractiveness Analysis

6. Asia Pacific Cryogenic Fuels Market Outlook, 2018 - 2030
6.1. Asia Pacific Cryogenic Fuels Market Outlook, by Fuel Type, Value (US$ Mn), 2018 - 2030
6.1.1. Key Highlights
6.1.1.1. Liquid Air Liquid
6.1.1.2. Liquid Nitrogen
6.1.1.3. Liquid Neon
6.1.1.4. Liquid Hydrogen
6.1.1.5. Liquefied Natural Gas (LNG)
6.1.1.6. Liquid Helium
6.2. Asia Pacific Cryogenic Fuels Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
6.2.1. Key Highlights
6.2.1.1. Aerospace and Défense
6.2.1.2. Healthcare and Medical
6.2.1.3. Energy and Power Generation
6.2.1.4. Metallurgy and Welding
6.2.1.5. Chemicals and Petrochemicals
6.2.1.6. Misc.
6.2.2. BPS Analysis/Market Attractiveness Analysis
6.3. Asia Pacific Cryogenic Fuels Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
6.3.1. Key Highlights
6.3.1.1. China Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
6.3.1.2. China Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
6.3.1.3. Japan Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
6.3.1.4. Japan Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
6.3.1.5. South Korea Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
6.3.1.6. South Korea Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
6.3.1.7. India Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
6.3.1.8. India Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
6.3.1.9. Southeast Asia Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
6.3.1.10. Southeast Asia Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
6.3.1.11. Rest of Asia Pacific Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
6.3.1.12. Rest of Asia Pacific Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
6.3.2. BPS Analysis/Market Attractiveness Analysis

7. Latin America Cryogenic Fuels Market Outlook, 2018 - 2030
7.1. Latin America Cryogenic Fuels Market Outlook, by Fuel Type, Value (US$ Mn), 2018 - 2030
7.1.1. Key Highlights
7.1.1.1. Liquid Air Liquid
7.1.1.2. Liquid Nitrogen
7.1.1.3. Liquid Neon
7.1.1.4. Liquid Hydrogen
7.1.1.5. Liquefied Natural Gas (LNG)
7.1.1.6. Liquid Helium
7.2. Latin America Cryogenic Fuels Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
7.2.1. Key Highlights
7.2.1.1. Aerospace and Défense
7.2.1.2. Healthcare and Medical
7.2.1.3. Energy and Power Generation
7.2.1.4. Metallurgy and Welding
7.2.1.5. Chemicals and Petrochemicals
7.2.1.6. Misc.
7.2.2. BPS Analysis/Market Attractiveness Analysis
7.3. Latin America Cryogenic Fuels Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
7.3.1. Key Highlights
7.3.1.1. Brazil Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
7.3.1.2. Brazil Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
7.3.1.3. Mexico Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
7.3.1.4. Mexico Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
7.3.1.5. Argentina Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
7.3.1.6. Argentina Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
7.3.1.7. Rest of Latin America Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
7.3.1.8. Rest of Latin America Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Middle East & Africa Cryogenic Fuels Market Outlook, 2018 - 2030
8.1. Middle East & Africa Cryogenic Fuels Market Outlook, by Fuel Type, Value (US$ Mn), 2018 - 2030
8.1.1. Key Highlights
8.1.1.1. Liquid Air Liquid
8.1.1.2. Liquid Nitrogen
8.1.1.3. Liquid Neon
8.1.1.4. Liquid Hydrogen
8.1.1.5. Liquefied Natural Gas (LNG)
8.1.1.6. Liquid Helium
8.2. Middle East & Africa Cryogenic Fuels Market Outlook, by End Use, Value (US$ Mn), 2018 - 2030
8.2.1. Key Highlights
8.2.1.1. Aerospace and Défense
8.2.1.2. Healthcare and Medical
8.2.1.3. Energy and Power Generation
8.2.1.4. Metallurgy and Welding
8.2.1.5. Chemicals and Petrochemicals
8.2.1.6. Misc.
8.2.2. BPS Analysis/Market Attractiveness Analysis
8.3. Middle East & Africa Cryogenic Fuels Market Outlook, by Country, Value (US$ Mn), 2018 - 2030
8.3.1. Key Highlights
8.3.1.1. GCC Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
8.3.1.2. GCC Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
8.3.1.3. South Africa Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
8.3.1.4. South Africa Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
8.3.1.5. Egypt Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
8.3.1.6. Egypt Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
8.3.1.7. Nigeria Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
8.3.1.8. Nigeria Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
8.3.1.9. Rest of Middle East & Africa Cryogenic Fuels Market by Fuel Type, Value (US$ Mn), 2018 - 2030
8.3.1.10. Rest of Middle East & Africa Cryogenic Fuels Market End Use, Value (US$ Mn), 2018 - 2030
8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Competitive Landscape
9.1. Capacity vs End Use Heatmap
9.2. Manufacturer vs End Use Heatmap
9.3. Company Market Share Analysis, 2022
9.4. Competitive Dashboard
9.5. Company Profiles
9.5.1. Air Liquide
9.5.1.1. Company Overview
9.5.1.2. Product Portfolio
9.5.1.3. Financial Overview
9.5.1.4. Business Strategies and Development
9.5.2. Linde plc (formerly known as Praxair)
9.5.2.1. Company Overview
9.5.2.2. Product Portfolio
9.5.2.3. Financial Overview
9.5.2.4. Business Strategies and Development
9.5.3. Air Products and Chemicals, Inc.
9.5.3.1. Company Overview
9.5.3.2. Product Portfolio
9.5.3.3. Financial Overview
9.5.3.4. Business Strategies and Development
9.5.4. Chart Industries
9.5.4.1. Company Overview
9.5.4.2. Product Portfolio
9.5.4.3. Financial Overview
9.5.4.4. Business Strategies and Development
9.5.5. Messer Group
9.5.5.1. Company Overview
9.5.5.2. Product Portfolio
9.5.5.3. Financial Overview
9.5.5.4. Business Strategies and Development
9.5.6. Praxair
9.5.6.1. Company Overview
9.5.6.2. Product Portfolio
9.5.6.3. Financial Overview
9.5.6.4. Business Strategies and Development
9.5.7. Wessington Cryogenics
9.5.7.1. Company Overview
9.5.7.2. Product Portfolio
9.5.7.3. Financial Overview
9.5.7.4. Business Strategies and Development
9.5.8. VRV S.p.A
9.5.8.1. Company Overview
9.5.8.2. Product Portfolio
9.5.8.3. Financial Overview
9.5.8.4. Business Strategies and Development
9.5.9. Inoxcva
9.5.9.1. Company Overview
9.5.9.2. Product Portfolio
9.5.9.3. Business Strategies and Development
9.5.10. Messser Garoup GmbH
9.5.10.1. Company Overview
9.5.10.2. Product Portfolio
9.5.10.3. Financial Overview
9.5.10.4. Business Strategies and Development
9.5.11. SOL Group
9.5.11.1. Company Overview
9.5.11.2. Product Portfolio
9.5.11.3. Financial Overview
9.5.11.4. Business Strategies and Development
9.5.11.5.

10. Appendix
10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations