Cryogenic Fuels Market Growing at 6.93% CAGR during 2017-2021

According to the cryogenic fuels market report, one driver in the market is rise in food safety concerns. Cryogenic nitrogen is beneficial in the food processing industry as it is used for applications such as freezing meat, poultry, fruits, seafood, vegetables, pasta, baked products, dairy goods, and prepared meals. The advantage of cryogenic low-temperature freezing is that it reduces weight when compared with traditional mechanical freezing apart from preserving the quality. Another advantage of nitrogen is that it is environment friendly. As nitrogen has an extremely low temperature, the cryogenic system can freeze food immediately when compared with the traditional refrigeration systems that take hours.

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The analysts forecast global cryogenic fuels market to grow at a CAGR of 6.93% during the period 2017-2021. Cryogenic fuels are in the gaseous form when they are at normal atmospheric conditions. These gases are cooled till they reach boiling point so as to store them as low-temperature liquids. Liquid hydrogen, oxygen, methane, LNG, nitrogen, carbon dioxide (CO2), acetylene, helium, xenon, neon, krypton, and argon are some of the prominent cryogenic fuels. Cryogenic fuels are in gaseous form when they are in ambient condition. These gases are cooled to their boiling point to store as liquids for future use.

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One trend in the cryogenic fuels market is growing LNG bunkering fuel market. The demand for LNG, a marine fuel, is increasing significantly. Being odorless, non-toxic, and non-corrosive, it is used to reduce GHG emissions. It also evaporates quickly when exposed to air, leaving no residue behind. While oil-based fuel still serve as the main fuel type for vessels, the number of ships that are using LNG as a fuel is also increasing fast.

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Further, the report states that one challenge in the market is uncertainties associated with low crude oil prices. Crude oil is an unstable commodity and its pricing is hard to predict because it has a complex value chain and supply chain. The price of crude oil has registered several rise and fall in the past. It has vaguely followed a trend over the past few years, which is now identified as the crude oil price cycle. However, the correct estimation of highs and lows in the crude oil prices are yet to be seen. The crude oil prices reached historical highs in the follow-up to the global financial meltdown in 2009. After that it crashed sharply owing to weak global economic factors. Recently the crude oil prices crashed from $100/barrel in mid-2014 to around $ 50/barrel in December 2016. This reinforces the volatile nature of the global crude oil market.

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