According to the research report titled ‘Global Cryogenic Fuels Market Size study, by Type (Liquid Nitrogen, Liquid Air, Liquid Helium, Liquid Neon, Liquefied Natural Gas, Liquefied Natural Gas), By End-Use (Energy, Manufacturing, Aerospace, Biomedical & Healthcare, Chemical, Others) and Regional Forecasts 2021-2027’, available with the MarketStudyReport global cryogenic fuels market was worth USD 105.6 billion in 2020 and is expected to register 6% CAGR during the study period, eventually amassing USD 158.78 billion in valuation by the year 2027.
 

The growth of global cryogenic fuels market is driven rising development of carbon capture technology and the rapid expansion of the aerospace sector. Increasing number of space and satellite missions has also augmented the adoption of cryogenic fuels across the globe.
 

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For those unaware, cryogenic fuels are basically liquid fuels that are required to be stored at extremely low temperatures to stay in liquid form. On the contrary, high initial investment for seting up cryogenic plants for large-scale production is likely to limit the market growth during the forecast period.
 

By type, the market is bifurcated into liquefied natural gas, liquid hydrogen, liquid neon, liquid helium, liquid air, liquid nitrogen. In terms of end-user range, the market is classified into chemical, biomedical & healthcare, aerospace, manufacturing, energy, and others.
 

The geographical analysis of this business space involves Europe, North America, Asia-Pacific, Latin America, and the rest of the world with key emphasis on countries like Germany, France, Italy, Spain, the U.K, the U.S, Canada, India, China, Japan, Australia, South Korea, Brazil, and Mexico.
 

Among these regions, Europe is expected to capture majority market share by 2027, owing to increasing launch of new satellites and growing on-space exploration activities.
 

Asia-Pacific cryogenic fuels industry, on the other hand, is expected to grow at a rapid pace between 2021 and 2027. Widespread adoption of liquid air in the transportation sector, tire manufacturing, airbags, and precise and secure welding are stimulating the regional industry outlook.
 

The major companies operating worldwide cryogenic fuels industry are SOL Group, Praxair Inc., NARCO Inc., Taiyo Nippon Sanso Corporation, Messer Group GmbH, Maine Oxy, Gulf Cryo, Air Water Inc., Air Products and Chemicals Inc., and Air Liquide S.A.