Cryogenic fuels are mainly used in rocket ships and satellites. These fuels include liquid hydrogen, oxygen, methane, LNG, nitrogen, carbon dioxide (CO2), acetylene, helium, xenon, neon, krypton and argon and are stored at extremely low temperatures so that they can be kept in the liquid state.
Furthermore, cryogenic fuels are also used in the above machines due to the absence of the environment that supports combustion.
Furthermore, these fuels are mainly composed of liquefied gases such as liquid hydrogen. The high energy density of these fuels is used to generate thrust in rockets and also to control fuel consumption. Furthermore, cryogenic fuels are also considered more environmentally friendly than gasoline.
The market is seeing strong demand due to the increase in food security problems. Cryogenic nitrogen is increasingly used in the food and beverage industry due to applications such as freezing meat, poultry, fruit, fish, vegetables, baked goods and ready meals.
Weight reduction and preservation of food quality compared to traditional mechanical freezing are another factor that leads to market growth. Furthermore, the recent trend in the use of LNG as a marine fuel has significantly reduced greenhouse gas emissions. The growth in LNG fuel use in ships is also expected to drive market growth. However, the fluctuating prices of petroleum products, gas and steel hamper market growth to some extent.
The report segments the cryogenic fuel market based on type, end user and geography. Depending on the type, it is divided into inert gases, flammable gases and oxygen. The inert gases are further segmented into liquid nitrogen, liquid air, liquid helium and liquid neon. The flammable gases are further divided into liquid hydrogen, liquid natural gas and liquid methane.
Comprehensive competitive analysis and profiles of major market players include:
- Air Liquide
- Air Products and Chemicals
- AIR WATER
- Messer Group
- Praxair Technology
- Advanced Gas Technologies
- Asia Technical Gas
- Gulf Cryo
- Maine Oxy
- Matheson Tri-Gas
- This report provides a quantitative analysis of the current trends and estimations from 2017 to 2023 of the global cryogenic fuels market to identify the prevailing market opportunities.
- Major countries in each region are mapped according to individual market revenue.
- Comprehensive analysis of factors that drive and restrict the market growth is provided.
- An in-depth analysis of current research & clinical developments within the market is provided with key dynamic factors.
- Key players and their key developments in the recent years are listed.
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