Allied Market Research published a research report on the cryogenic fuels market. The findings of the report states that the global market for cryogenic fuels generated $105.6 billion in 2020, and is projected to reach $188.7 billion by 2030, witnessing a CAGR of 6.1% from 2021 to 2030. The report offers valuable information on changing market dynamics, major segments, top investment pockets, and competitive scenario for market players, investors, shareholders, and new entrants.
The report provides detailed insights on drivers, restrains, and opportunities to help the market players in devising several growth strategies. Development of carbon capture technologies, increase in number of M&A activities in the industrial gases industry, and implementation of rapid surface chilling process in the food industry fuel the growth of the global cryogenic fuels market. However, requirement of high initial investment for setting up cryogenic plant for large-scale production impede the growth to some extent. However, surge in number of space and satellite missions creates lucrative opportunities in the future.
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The report provides a detailed scenario of the impact of the Covid-19 pandemic on the cryogenic fuels market globally. The outbreak of the pandemic gave way to strict lockdown measures across the world, which in turn led to a steep decline in demand for cryogenic fuels from the manufacturing and construction sectors, thereby impacting the global cryogenic fuels market negatively. However, the market is projected to get back on track soon.
“The global cryogenic fuels market is expected to head toward expansion in the coming years, owing to rise in demand for cryogenic fuels from manufacturing and aerospace industry. The growing foreign direct investment and rapid industrialization across the developing economies such as China, India, and Brazil, have led to surge in setting up of various manufacturing or production units of various industrial verticals such as automotive, steel, and electrical & electronics across these countries. It is due to availability of raw materials and labourers at lower prices. Due to growing manufacturing industry across these developing economies, the demand for cryogenic fuels is expected to surge significantly during the forecast period. In addition, growing space exploration activities and launching new satellites from countries such U.S., China, Japan and India are likely to surge the demand of cryogenic fuels during the forecast period.” Said Eswara Prasad, Manager, Energy & Power at Allied Market Research.
The report offers detailed segmentation of the global cryogenic fuels market based on product type, end-use industry, and region. These insights are helpful for new as well as existing market players to capitalize on the fastest growing and largest revenue generating segments to accomplish growth in the future.
By type, the liquid air segment accounted for the highest share in 2020, holding more than two-fifths of the total share, and is expected to dominate during the forecast period. However, the liquid hydrogen segment is expected to manifest the largest CAGR of 6.6% from 2021 to 2030.
By end-use industry, the manufacturing segment contributed to the major share in 2020, generating more than half of the global cryogenic fuels market. This segment is also projected to register the fastest CAGR of 6.5% from 2021 to 2030.
By region, Asia-Pacific garnered the major share in 2020, accounting for nearly two-fifths of the total share, and is projected to retain its dominance by 2030. This region is also expected to display the fastest CAGR of 6.6% throughout the forecast period.
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Leading players of the global cryogenic fuels market analyzed in the report include Air Water, Inc., Air Products & Chemicals, Messer Group GmbH, Maine Oxy, SOL Group, Mitsubishi Chemical Holdings (Taiyo Nippon Sanso), Air Liquide, Linde Plc (Praxair Technology, Inc.), Gulf Cryo, and Narco Inc.
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