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Cryogenic Fuels Market

Cryogenic Fuels Market Size and Segmentation by Type (Liquid Nitrogen, Liquid Air, Liquid Helium, Liquid Neon, Liquid Hydrogen, LNG), By End-User Industry (Energy, Manufacturing, Aerospace, Biomedical & Healthcare, Chemical, Others), and by Regions | Global Market Forecast 2023-2030

Report Id: SNS/C&M/1431 | May 2022 | Region: Global | 125 Pages

Report Scope & Overview:

Cryogenic Fuels Market Size was valued at USD 118.64 billion in 2022 and is expected to reach USD 189.10 billion by 2030, and grow at a CAGR of 6% over the forecast period 2023-2030. Cryogenic fuels are liquid fuels that must be stored at extremely low temperatures in order to remain liquid. These fuels are utilised in machinery that functions in space, where standard fuel cannot be used due to the extremely low temperatures frequently found in space and the lack of a combustion-friendly atmosphere. Liquid gases, such as liquid hydrogen, are commonly used as cryogenic fuels.

Cryogenic Fuels Market Revenue 2030

Market Dynamic:


  • Improvements in the Healthcare sector.


  • Weight loss combined with food quality preservation


  • Setting up a cryogenic plant requires a large initial cost.

  • Growing space and satellite missions.

Impact of Covid-19:

The global economy shrank by 3.0 percent in 2020, according to the International Monetary Fund (IMF), due to the advent of new coronavirus (COVID-19). Many countries are under harsh curfews, forcing several industries to shut down operations. Manufacturing has ceased, and demand and production of cryogenic fuels have decreased. According to the United Nations Industrial Development Organization (UNIDO), the Micro, Small & Medium Enterprises (MSME) sector has been hit the most by the COVID-19 outbreak and subsequent shutdown in developing economies like India. The demand for cryogenic fuels in many end-use industries such as construction, automotive, chemicals, and aerospace is predicted to fall as a result.

COVID-19 had a negative impact on liquid air demand in 2020. During the lockdown, building work was temporarily halted, resulting in a decline in the consumption of liquid air such as argon and hydrogen, which are utilised for welding purposes during construction, negatively impacting market growth. However, during the pandemic, the medical industry's need for oxygen for resuscitation and inhalation therapy has surged, boosting the market's growth The COVID-19 outbreak had a severe influence on the aerospace sector, leading it to contract in recent years and damaging liquid helium's growth prospects in aerospace applications.

Key Players:

Air Products & Chemicals, Gulf Cryo, Maine Oxy, Messer Group Gmbh, Narco Inc., Linde Plc (Praxair Technology, Inc.), Sol Group, Air Liquide, Air Water, Inc., and Other Players.

Market Segmentation:

By Type

  • Liquid Nitrogen

  • Liquid Air

  • Liquid Helium

  • Liquid Neon

  • Liquid Hydrogen

  • Liquefied Natural Gas (LNG)

By End-User Industry

  • Energy

  • Manufacturing

  • Aerospace

  • Biomedical & Healthcare

  • Chemical

  • Others

Cryogenic Fuels Market Segment Chart

Regional Analysis:

Asia Pacific, North America, Europe, Latin America, and the Rest of the World are the key regions examined in the worldwide Cryogenic Fuels market analysis. Because of its operations in space exploration and the launch of new satellites, Europe is the world's top region in terms of market share. Over the projected period 2021-2027, Asia-Pacific is likewise expected to have the fastest growth rate. Liquid air, which includes nitrogen, oxygen, and argon, is used in the transportation sector, including tyre manufacturing with pressurised nitrogen, high-pressure argon for airbags, and nitrogen for precise and secure welding, all of which are expected to boost the Cryogenic Fuels market in the Asia-Pacific region.


  • North America

    • USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America


Cryogenic Fuels Market Report Scope:
Report Attributes Details
Market Size in 2022 USD 118.64 Billion
Market Size by 2030 US$ 189.10 Billion
CAGR CAGR of 6% From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2020-2021
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • By Type (Liquid Nitrogen, Liquid Air, Liquid Helium, Liquid Neon, Liquid Hydrogen, LNG)
• By End-Use Industry (Energy, Manufacturing, Aerospace, Biomedical & Healthcare, Chemical, Others)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles Air Products & Chemicals, Gulf Cryo, Maine Oxy, Messer Group Gmbh, Narco Inc., Linde Plc (Praxair Technology, Inc.), Sol Group, Air Liquide, Air Water, Inc., and Other Players.
DRIVERS • Improvements in the Healthcare sector.
RESTRAINTS • Weight loss combined with food quality preservation

Frequently Asked Questions (FAQ) :

Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.


Ans: Air Products & Chemicals, Gulf Cryo, Maine Oxy, Messer Group Gmbh, Narco Inc., Linde Plc (Praxair Technology, Inc.), Sol Group, Air Liquide, Air Water, Inc., Messer Group Gmbh and Messer Group Gmbh are the major key players of Cryogenic Fuels Market.

Ans: Setting up a cryogenic plant requires a large initial cost and Growing space and satellite missions  are the opportunity for Cryogenic Fuels Market.

Ans: Improvements in the Healthcare sector are the drivers for Cryogenic Fuels Market.

Ans:  Global Cryogenic Fuels Market Size was valued at USD 111.93 billion in 2021, and expected to reach USD 168.31 billion by 2028, and grow at a CAGR of 6% over the forecast period 2022-2028.


Table of Contents


1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions


2. Research Methodology


3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges


4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

4.3.1 Introduction

4.3.2 Impact on major economies US Canada Germany France United Kingdom China Japan South Korea Rest of the World


5. Value Chain Analysis


6. Porter’s 5 forces model


7.  PEST Analysis


8. Global Cryogenic Fuels Market Segment, By Type

                8.1 Liquid Nitrogen

                8.2 Liquid Air

                8.3 Liquid Helium

                8.4 Liquid Neon

                8.5 Liquid Hydrogen

                8.6 Liquefied Natural Gas (LNG)


9. Global Cryogenic Fuels Market Segment, By End-User Industry

                9.1 Energy

                9.2 Manufacturing

                9.3 Aerospace

                9.4 Biomedical & Healthcare

                9.5 Chemical

                9.6 Others


10. Regional Analysis

10.1 Introduction

10.2 North America

10.2.1 USA

10.2.2    Canada

10.2.3    Mexico

10.3 Europe

10.3.1    Germany

10.3.2    UK

10.3.3    France

10.3.4    Italy

10.3.5    Spain

10.3.6    The Netherlands

10.3.7    Rest of Europe

10.4 Asia-Pacific

10.4.1    Japan

10.4.2    South Korea

10.4.3    China

10.4.4    India

10.4.5    Australia

10.4.6    Rest of Asia-Pacific

10.5 The Middle East & Africa

10.5.1    Israel

10.5.2    UAE

10.5.3    South Africa

10.5.4    Rest

10.6 Latin America

10.6.1    Brazil

10.6.2    Argentina

10.6.3    Rest of Latin America


11.Company Profiles

                11.1 Air Liquide

                                11.1.1 Financial

                                11.1.2 Products/ Services Offered

                                11.1.3 SWOT Analysis

                                11.1.4 The SNS view

                11.2 Air Products & Chemicals

                11.3 Air Water, Inc.

                11.4 Gulf Cryo

                11.5 Maine Oxy

                11.6 Messer Group Gmbh

                11.7 Mitsubishi Chemical Holdings (Taiyo Nippon Sanso)

                11.8 Narco Inc.

                11.9 Linde Plc (Praxair Technology, Inc.)

                11.10 Sol Group


12.Competitive Landscape

12.1 Competitive Benchmark

12.2 Market Share analysis

12.3 Recent Developments


13. Conclusion



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Secondary Research

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