Technavio’s market research report predicts that the global cryogenic fuels market will grow at a CAGR of nearly 7% during forecast period. Improvements in the healthcare sector is one of the primary drivers for market growth. There is a huge demand for industrial gases such as oxygen, liquid oxygen, nitrogen, liquid nitrogen, nitrous oxide, laser mixes, specialty gases, compressed air, and helium in the healthcare sector. Liquid nitrogen is used during transplant procedures in blood bank storage units and for the cryogenic storage of body organs. Furthermore, the economic growth of the emerging countries is anticipated to result in the establishment of new research facilities and institutes over the next four years. This rise in the research and testing facilities, especially in the field of pharmaceuticals and biotechnology, will propel the demand for cryogenic gases for freezing biotechnology products, in turn, augmenting market growth.
One of the latest trends that will gain traction in the global cryogenic fuels market is the development of carbon capture technologies. The greenhouse gases such as CO₂, sulfur dioxides, nitrogen dioxides, and other toxic materials such as mercury emitted from power plants and other industries, should be captured pre-and/or post combustion process to cut down on the harsh environment impacts. In addition, these gases should also follow the government regulations and energy solutions have been working on the development of cryogenic carbon capture processes that can be applied to both new and existent sources of harmful emissions. This technique has wide range of applications and can also be used in natural gas processing before pipeline transport since it has the capability to capture sour gases and natural gas liquids.
Competitive analysis and key vendors
The global cryogenic fuels market is largely competitive and consists of key vendors competing in terms of price, quality, and market presence. The market has a rising number of global vendors concentrating on R&D activities in the new market areas like hydrogen fuel research. To gain a significant share of the cryogenic fuel market, companies are setting up complete infrastructure solutions ranging from capturing hydrogen gas, cryogenic packaging, and delivering it through retail outlets. Furthermore, to raise the market shares and enhance their geographical presence, vendors are following strategies such as M&A and are also adopting acquisitions and partnerships with effective product launches.
Key vendors in the market are:
Air Products and Chemicals
Other prominent vendors include Advanced Gas Technologies, Asia Technical Gas, Gulf Cryo, Maine Oxy, Matheson Tri-Gas, Norco, SOL Group, and TAIYO NIPPON SANSO (Mitsubishi Chemical Holdings Group).
Segmentation by end-user and analysis of the cryogenic fuels market
During 2016, the manufacturing industry dominated the end-user segment of the cryogenic fuels market and is expected to continue its dominance over the next four years. The rising requirement for new technological applications across various industries such as metal, food, chemical, and electronics, will be the major factor fueling the growth of this market segment.
Geographical segmentation and analysis of the cryogenic fuels market
In terms of geography, APAC led the cryogenic fuels market during 2016 and is anticipated to continue its dominance during the forecast period. The growing demand from the energy, healthcare, and food industries is the primary reason for the growth of the cryogenic fuels market in APAC, where countries such as China, South Korea, Taiwan, and India will be the major revenue contributors.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global cryogenic fuels market?
What are the key market trends impacting the growth of the global cryogenic fuels market?
What are the challenges to market growth?
Who are the key vendors in the global cryogenic fuels market?
What are the market opportunities and threats faced by the vendors in the global cryogenic fuels market?
Trending factors influencing the market shares of the Americas, APAC, and EMEA.
What are the key outcomes of the five forces analysis of the global cryogenic fuels market?
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