Cryogenic Fuels Market Trends & Research Insights by 2030

The global cryogenic fuels market was valued at $105.6 billion in 2020, and is projected to reach $188.7 billion by 2030, growing at a CAGR of 6.1% from 2021 to 2030. Cryogenic fuels are fuels that are stored and transported at very low temperatures, typically below -150 degrees Celsius (-238 degrees Fahrenheit). These fuels are used in applications where high energy density and low weight are important, such as rocket propulsion, space exploration, and high-performance vehicles.

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Two of the most common cryogenic fuels are liquid hydrogen (LH2) and liquid oxygen (LOX). LH2 has a high energy density and a low molecular weight, making it an attractive fuel for rockets and space vehicles. LOX is used as an oxidizer to support the combustion of fuels such as hydrogen, kerosene, and methane.

Cryogenic fuels are typically stored in insulated tanks to keep them at low temperatures and prevent them from boiling off or evaporating. They are also subject to strict safety regulations and handling procedures, as they can be extremely flammable and pose a risk of explosion if not handled properly.

The major players studied and profiled in the global cryogenic fuels 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.

In 2020, Asia-Pacific dominated the global cryogenic fuels market with around 37.0% share, in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 6.6% in terms of value.

The liquid air segment dominated the global cryogenic fuels market with around 41.2% of the share in terms of revenue.

The liquid hydrogen segment is projected to grow at the highest CAGR of 6.6% in terms of revenue.

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The manufacturing segment dominated the global cryogenic fuels market with around 53.1% of the share in terms of revenue. In addition, it is also projected to grow at the highest CAGR of 6.5% in terms of value.

By end-use industry, the global cryogenic fuels market is studied across energy, manufacturing, aerospace, biomedical & healthcare, chemical, and others. The manufacturing segment emerged as the leader in 2020, owing to growing consumption of cryogenic fuels from automotive and steel industry. The manufacturing segment dominated the global cryogenic fuels market with more than half of the total market share in 2020.

By type, the global cryogenic fuels market size is studied across liquid nitrogen, liquid air, liquid helium, liquid neon, liquid hydrogen, and liquefied natural gas (LNG). The liquid air segment accounted for the largest market share in 2020, owing to surge in its demand from aerospace, medical industry, and welding industry. The liquid air segment dominated the global cryogenic fuels market with more than two-fifths of the total market share in 2020.

Demand for cryogenic fuels has witnessed tremendous growth driven by increasing penetration in industries such as energy, manufacturing, aerospace, biomedical & healthcare, and chemical. All industry players are investing heavily to find new commercial avenues for their product segments via strategic production and business expansion. Some of the major factors that drive the demand for cryogenic fuels include growing usage of cryogenic fuels in the development of carbon capture technologies, increasing number of M&A activities in the industrial gases industry, and the development of the rapid surface chilling process for the food industry.

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