Global Cryogenic Fuels Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2022-2028- Increasing space exploration activities, rising improvements in the medical field, and growing development of carbon capture technologies are some of the major factors driving the growth of the Global Cryogenic Fuels Market.
Global Cryogenic Fuels Market is valued at USD 109.65 Billion in 2021 and expected to reach USD 167.07 Billion by 2028 with the CAGR of 6.2% over the forecast period.
Cryogenic fuels are fuels that require storage at extremely low temperatures to maintain a liquid state. These fuels are used in machinery operating in space (e.g., rockets and satellites) where normal fuels cannot be used, due to the extremely low temperatures and lack of atmosphere in space to support combustion. These fuels include liquid nitrogen, liquid air, liquid helium, liquid neon, liquid hydrogen, and liquefied natural gas (LNG). Cryogenic fuels often form liquefied gases such as liquid hydrogen. Cryogenic fuels can be placed into two categories: inert & flammable or combustible. Both types exploit the large liquid-to-gas ratio that occurs during liquid-to-gas phase transitions.
The Covid-19 pandemic has shown a negative impact on the growth of the global cryogenic fuels market. Many countries are under strict lockdown, forcing many sectors to shut down their operations. This has halted production activities and reduced demand and production of cryogenic fuel. Due to the decline in automotive production, the demand for liquid nitrogen has decreased significantly, which is having a major impact on the demand for liquid nitrogen. However, post-pandemic the market is expected to grow for the forecast period.
The global cryogenic fuels market is segmented on the basis of type, end-use and region & country level. Based on type, the global cryogenic fuels market is segmented into liquefied natural gas, liquid nitrogen, liquid helium, liquid air, liquid neon, and liquid hydrogen. By end-use, the global cryogenic fuels market is segmented into biomedical & healthcare, energy, chemical, manufacturing, aerospace, and others.
The regions covered in the global cryogenic fuels market report are North America, Europe, Asia-Pacific, Latin America, and the rest of the World. Based on country level, the market of global cryogenic fuels is sub divided into U.S., Mexico, Canada, U.K., France, Germany, China, Italy, India, Japan, Southeast Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Some major key players for the global cryogenic fuels market report cover prominent players like -
One of the major factors driving the growth of the cryogenic fuels market is the increasing space exploration activities. Competition among space agencies is significantly higher, which has been evident for decades. Even in the current scenario, many nations are investing heavily in space launch activities to achieve milestones in space research and R&D, which can help them become pioneers in new space technologies. During the forecast period, the same trend is expected to continue and countries are expected to spend heavily on space research activities. This is especially so due to the many ambitious space programs lined up over the next few years. NASA's plan to launch a rover to Mars, ISRO's plan to send a manned spacecraft into space, and similar projects by several other space agencies are expected to attract huge investments in the space launch industry, which will boost the cryogenic fuel market. For instance; according to Economics Times, on September 6th, 2022; SpaceX launched its 40th mission of the year, setting a record for the number of rockets launched.
In addition, the rising improvements in the medical field are boosting the growth of the cryogenic fuels market. This sector has a high demand for liquid hydrogen, oxygen, nitrogen, and many other industrial gases. Liquid nitrogen is primarily used during the transplant process, especially for cryogenic storage of body organs. Additionally, economic growth in developing countries is expected to create new research institutes and facilities in the coming years. This growth in research and testing facilities, especially in the fields of biotechnology and pharmaceuticals, is expected to drive the demand for cryogenic gases for freezing biotechnology products, thereby supporting the growth of the cryogenic fuel market. For instance; according to June 5th, 2020; the federal government funds the national Medicare program for adults age 65 and older and people with certain disabilities, as well as a variety of programs for veterans and low-income people, including Medicaid and the Children's Health Insurance Program. Therefore, rising government funding in the medical field is expected to fuel the market.
Moreover, the growing development of carbon capture technologies is also supplementing the cryogenic fuels market growth. For instance; on June 15th, 2022; Ecospray launched three new carbon capture technologies for the shipping industry. However, the high initial investment associated with cryogenic fuels may hinder the growth of the global cryogenic fuels market. Despite that, increasing space and satellite missions may create more opportunities for th further growth of the global cryogenic fuels market.
Geographically, Asia Pacific is expected to show a significant growth in the global cryogenic fuels market within the forecast period due to the increasing investment in space exploration activities, rising technological advancement, and growing demand for iron and steel from various industries in this region. Increasing investment in space exploration activities is also driving the growth of the market. For instance; according to Economics Times, on June 6th, 2018; the government committed Rs 10,469 crore to the Indian Space Agency to build 40 rockets over the next five years, including ten heavy rockets or the Geo Synchronous Satellite Launch Vehicle (GSLVMk-III) that launch 4-tonne communication satellites into space. In addition, the rising number of technological advancements are also supplementing the market growth in this region. For instance; on November 29th, 2021; Skyroot successfully test fires India's first privately developed cryogenic rocket engine.
|2015 - 2020
|2021 - 2027
|Market Size in 2021:
|USD 109.65 Billion
|Base year considered
|Forecast Period CAGR %:
|Market Size Expected in 2028:
|USD 167.07 Billion
|Tables, Charts & Figures:
|Air Products & Chemicals, Gulf Cryo, Maine Oxy, Messer Group GmbH, Mitsubishi Chemical Holdings (Taiyo Nippon Sanso), Narco Inc., SOL Group, Air Water, Inc., Linde Plc (Praxair Technology, Inc.), and others.
|By End-Use, By Type
|North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa
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