The global cryogenic fuels market was valued at $105.6 billion in 2020, and is projected to reach $188.7 billion by 2030, growing at a CAGR of 6.1% from 2021 to 2030. Cryogenic fuels are fuels that require storage at extremely low temperatures in order to maintain them in a liquid state. These fuels are used in machinery that operates in space where ordinary fuel cannot be used, due to the very low temperatures often encountered in space, and the absence of an environment that supports combustion. Cryogenic fuels most often constitute liquefied gases such as liquid hydrogen. The global demand for cryogenic fuels market is primarily driven by surge in demand from energy/power generation, manufacturing, aerospace, biomedical & healthcare, chemical industries, and others. The market is witnessing strong demand owing to rise in food safety concerns. Cryogenic nitrogen is increasingly deployed among the food & beverage industry owing to applications, such as freezing meat, poultry, fruits, seafood, vegetables, baked products, and prepared meals. Reduction in weight along with preservation of the quality of food in comparison with traditional mechanical freezing is another factor leading to market growth. Furthermore, recent trend of using LNG as a marine fuel has significantly reduced GHG emissions. Therefore, growth in use of LNG fuel in ships is also expected to drive the growth of the market. However, high initial investment for setting up cryogenic plant for large-scale production of cryogenic fuel is expected to hamper the growth of the cryogenic fuels market during the forecast period. Furthermore, growing space and satellite missions bring opportunities for cryogenic fuel is expected to provide growth opportunities for the cryogenic fuels market during the forecast period. . The global cryogenic fuels market size is segmented on the basis of type, end-use industry, and region. By type, it is analyzed across liquid nitrogen, liquid air, liquid helium, liquid neon, liquid hydrogen, and liquefied natural gas. By end-use industry, it is segmented into energy, manufacturing, aerospace, biomedical & healthcare, chemical, and others. Region-wise, it is studied across North America, Europe, Asia-Pacific, and LAMEA. The major key players operating in the global cryogenic fuels market include Air Liquide, Air Products & Chemicals, Air Water, Inc., Gulf Cryo, Maine Oxy, Messer Group GmbH, Mitsubishi Chemical Holdings (Taiyo Nippon Sanso), Narco Inc., Linde Plc (Praxair Technology, Inc.), and SOL Group. COVID-19 analysis: • According to the International Monetary Fund (IMF), owing to the outbreak of novel coronavirus (COVID-19), the global economy shrunk by 3.0% in 2020. Many countries are under strict lockdowns, which have forced several sectors to shut down their operations. This has halted manufacturing activities and reduced the demand and production of cryogenic fuels. • According to the United Nations Industrial Development Organization (UNIDO), the Micro, Small & Medium Enterprises (MSME) sector across developing economies, such as India, has been worst affected due to the COVID-19 outbreak and the lockdown imposed thereafter. This is expected to decline the demand for cryogenic fuels from various end-use industries such as building & construction, automotive, chemicals, and aerospace. In addition, in the second half of 2020, some countries started to lift restrictions and gradually start business operations in various sectors. Even with the gradual lifting of the lockdown, it is expected to be challenging for the manufacturing sector to get back to normal working conditions. This is expected to subsequently affect the cryogenic fuels market growth in the coming years. • According to the UNIDO, 30.0%–70.0% of pre-COVID-19 workforce of various manufacturing industries, such as automotive, steel, and electrical & electronics, have migrated back to their hometowns due to uncertainties and loss of income during the lockdown. This non-availability or less availability of workforce is expected to directly affect production activities of these industries, thereby resulting in decline in demand for cryogenic fuels. This is expected to decline growth of the market during the forecast period. • The COVID-19 pandemic outbreak is having a huge impact on the automotive and chemical industry. There is a delay in imports and exports of chemical items due to the import-export restriction by the governments in various regions. Automotive manufacturing has been disruptively halted, leading to significant losses in the automobile sector as a whole. According to the European Association of Car Manufacturers, demand for new commercial vehicles across the EU remained low in June 2020 (-20.3%), although the rate of decline slowed compared to April and May. Double-digit percentage decreases were recorded last month by three of the four largest markets in the region: Germany (-30.5 percent), Spain (-24.2 percent), and Italy (-12.8 percent), while France recorded a small increase (+2.2 percent). With the decrease in automotive production, the demand for liquid nitrogen has significantly fallen, which is having a major impact on the demand of liquid nitrogen. • The demand for liquid air was negatively impacted by COVID-19 in 2020. The construction works were on temporary halt during the lockdown, thus led to a decrease in the consumption of liquid air like argon and hydrogen, which are used for welding purposes while construction, thus negatively impacted the market’s growth. However, the demand for oxygen for resuscitation and inhalation therapy has been increased from the medical industry during the pandemic situation, which stimulates the market’s growth. • Due to the COVID-19 outbreak, the aerospace industry took a severe blow, which resulted in the contraction of the aerospace industry in recent times, which negatively affected the growth prospects of liquid helium in aerospace applications. Moreover, aircraft manufacturing companies have also been witnessing a decline in the number of orders compared to previous years, with many aviation companies cutting down on their previous orders. For instance, in July 2020, Avolon canceled its additional 27 Boeing 737 MAX planes order after it already canceled about 75 of the jet orders in April, with the COVID-19 pandemic affecting its operations. Such trends may impact the new orders during the short and medium term as a result of changes in aviation companies’ investment plans. Similarly, the slowing down of R&D activities due to the economic slowdown and lockdowns due to the COVID 19 outbreak has negatively impacted the growth of the electronics and semiconductor industry in the short term, and thereby, the demand for liquid helium has been affected adversely. • The global crisis affected almost every industry’s production, demand and supply chain. The liquid neon gas market was not immune to it. The semiconductor industry which requires liquid neon for its processing has also taken a hit due to the pandemic. The work from home is expected to promote smart home products and thus in this field, the demand is going to surge. In addition, amid lockdown there will be decrease in production of original equipment manufacturing resulting in drop in demand for liquid neon. Furthermore, there is expected to be drop in demand for mobile phones and consumer electronics, due to loss of income and stay-at-home orders. Thus, the production of these products and hence the consumption of liquid neon for processing will be significantly affected. Key benefits for stakeholders • Porter’s five forces analysis helps analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building. • The report outlines the current trends and future scenario of the global cryogenic fuels market from 2020 to 2030 to understand the prevailing opportunities and potential investment pockets. • Major countries in major regions have been mapped according to their individual revenue contribution to the regional market. • The key drivers, restraints, & opportunities and their detailed impact analysis are explained in the global cryogenic fuels market study. • The profiles of key players and with their key strategic developments are enlisted in the global cryogenic fuels market report. Key market segments • By Type • Liquid Nitrogen • Liquid Air • Liquid Helium • Liquid Neon • Liquid Hydrogen • Liquefied Natural Gas (LNG) • By End-Use Industry • Energy • Manufacturing • Aerospace • Biomedical & Healthcare • Chemical • Others • By Region • North America o U.S. o Canada o Mexico • Europe o Germany o France o Italy o Spain o UK o Rest of Europe • Asia-Pacific o China o Japan o South Korea o India o Australia o Rest of Asia-Pacific • LAMEA o Brazil o Saudi Arabia o South Africa o Rest of LAMEA