Cryogenic Gas Market Trends and Forecast
The future of the global cryogenic gas market looks promising with opportunities in the healthcare, manufacturing, metallurgy & glass, food & beverages, retail, and chemicals & energy markets. The global cryogenic gas market is expected to grow with a CAGR of 6.7% from 2025 to 2031. The major drivers for this market are the rising demand for liquefied natural gas, the growing use of cryogenic gases in healthcare & biotechnology, and the increasing industrialization & infrastructure development.
• Lucintel forecasts that, within the product category, LNG is expected to witness the highest growth over the forecast period.
• Within the application category, chemicals & energy is expected to witness the highest growth.
• In terms of region, APAC is expected to witness the highest growth over the forecast period.
Gain valuable insights for your business decisions with our comprehensive 150+ page report. Sample figures with some insights are shown below.
Emerging Trends in the Cryogenic Gas Market
The cryogenic gas market is being influenced by a number of emerging trends that mirror changing needs across different industries and a increased emphasis on sustainability and innovation.
• Increasing Demand for Liquid Hydrogen as a Fuel: One of the key emerging trends is the growing demand for liquid hydrogen as a clean and efficient fuel for transportation, power generation, and industrial applications. Improvements in liquefaction, storage, and transportation technologies are making liquid hydrogen an increasingly attractive energy carrier. This trend is being fueled by worldwide efforts to decarbonize energy systems and the special characteristics of hydrogen as a fuel.
• Growth of Cryogenic Uses of Healthcare: Cryogenic fluids, especially liquid nitrogen, are being used more and more in healthcare, such as in cryotherapy, cryopreservation of biological samples, and cooling of MRIs. Improvements in cryogenic devices and processes are broadening the reach and quality of these applications in medicine, fueled by demands for minimally invasive procedures and sophisticated diagnostic equipment.
• Expanding Applications of Cryogenics in Quantum Computing & Advanced Science: Cryogenic temperatures are needed to operate superconducting quantum computers and other advanced scientific research programs. Accelerating advancements in these areas are stimulating demand for ultra-high purity cryogenic gases such as helium-3 and specialized cryogenic cooling systems with the ability to reach very low temperatures.
• Creation of More Energy Efficient Liquefaction Technologies: Gases liquefied to cryogenic temperatures consume a lot of energy. Increased efforts are underway to create and use more energy-efficient liquefaction technologies to save costs of operations and the carbon footprint of producing cryogenic gas. Improvements in compressor technology, heat exchangers, and process improvement are some areas of emphasis.
• Advances in Cryogenic Storage and Transportation Technology: Safe and efficient cryogenic gas storage and transport are essential for market expansion. Trends on the rise involve creating lighter and larger capacity storage tanks, enhanced insulation, and efficient transport technologies, including specialized cryogenic trailers and ships. The new technologies are focused on minimizing boil-off losses and making the overall cryogenic gas supply logistics better.
These trends are cumulatively redefining the cryogenic gas market by increasing its use in clean energy and advanced technologies, boosting its applications in healthcare and research, and spurring innovation in production and logistics for more efficiency and sustainability. The rising prominence of hydrogen as a fuel and the growth of quantum computing are especially notable in defining the future of this market.
Recent Development in the Cryogenic Gas Market
The cryogenic gas industry is undergoing various significant advancements aimed at maximizing production efficiency, broadening applications, and enhancing the sustainability of cryogenic gas supply chains.
• Establishment of Large-Scale Liquid Hydrogen Production Plants: One important development is growing investment in and development of large-scale liquid hydrogen production plants across the globe. The projects have been established to provide the future demand for liquid hydrogen as a fuel and a feedstock for industrial processes by taking advantage of both electrolysis and steam methane reforming technology with carbon capture wherever necessary.
• Advancements in Cryogenic Carbon Capture Technologies: Cryogenic technologies are being explored and developed for carbon capture from industrial emissions. These methods involve cooling flue gases to cryogenic temperatures to separate CO2, offering a potentially more energy-efficient alternative to traditional capture techniques in certain applications.
• Miniaturization and Portability of Cryogenic Devices: There has been an increased trend towards miniaturization and greater portability of cryogenic devices, like liquid nitrogen generators and cryogenic freezers. This trend is enabled by the possibility of in-site production and localized application of cryogenic gases, lowering shipping costs and making them more accessible for small-scale applications.
• Cryogenic Insulation Materials and Vacuum Technology Advances: Advances in cryogenic insulation materials, including aerogels and next-generation multi-layer insulation, as well as advancements in vacuum technology, are making it more efficient to store and transport cryogenic liquids by reducing heat leak and boil-off losses.
• Cryogenic Energy Storage Development: Cryogenic technologies are being researched for use in energy storage, including liquid air energy storage (LAES). The technology entails the liquefaction of air at cryogenic temperatures and storing it for subsequent regasification to power turbines and produce electricity, providing a possible solution for grid-scale energy storage.
These developments are significantly influencing the cryogenic gas market by laying the ground for a hydrogen economy, providing new solutions for carbon capture, allowing for decentralized production and utilization, enhancing the efficiency of cryogenic logistics, and paving the way for new energy storage approaches. Large-scale production and advancements in insulation stand out among these.
Strategic Growth Opportunities in the Cryogenic Gas Market
There are various strategic growth opportunities for the cryogenic gas market in different application areas, owing to the special nature of these very cold gases.
• Clean Energy (Hydrogen and LNG): The growing worldwide emphasis on clean energy shifts is a huge growth prospect for cryogenic gases. Liquid hydrogen is becoming an important fuel for transportation and power generation, which needs massive cryogenic infrastructure. Likewise, the use of liquefied natural gas (LNG) as a cleaner substitute for other fossil fuels keeps increasing, necessitating cryogenic liquefaction, storage, and transportation.
• Healthcare (Cryotherapy and Cryopreservation): The healthcare industry has significant growth prospects for cryogenic gases, specifically liquid nitrogen. Uses in cryotherapy to cure a range of medical ailments and the cryopreservation of biological samples, tissues, and organs are growing with the push coming from improvements in medical technology and rising demand for these treatments.
• Metal Treatment and Electronics (Manufacturing): Cryogenic temperatures play key roles in the manufacturing of goods, such as metal hardening, shrink fitting, and electronics cooling. Growing demand for products from advanced manufacturing industries, for example, the aerospace and semiconductor manufacturing industries, is fueling demand for liquid nitrogen and other cryogenic products.
• Food and Beverage (Freezing and Preservation): Cryogenic freezing with liquid nitrogen and carbon dioxide provides efficient and effective preservation of food, ensuring product quality and shelf life extension. Growing demand for frozen foods and a rising food processing industry are driving growth opportunities for cryogenic gases in this application.
• Aerospace and Research (Superconductivity and Propellants): Liquid oxygen and liquid hydrogen are critical rocket propellants used in the aerospace industry. Cryogenic temperatures are also necessary for superconductivity research and applications such as MRI magnets and particle accelerators. The advances in space travel and advanced scientific research ensure that demand for these gases remains strong.
These strategic growth prospects in major applications are influencing the cryogenic gas market by promoting innovation in production, storage, and application technologies. The growing significance of hydrogen as a clean energy carrier and the expanding utilization of cryogenics in advanced medical and industrial processes are especially important in determining the future growth of this market.
Cryogenic Gas Market Driver and Challenges
The cryogenic gas industry is driven by a multifaceted interplay of factors that both drive its growth and pose some challenges to its growth. These drivers and challenges include technological innovation, economic factors, regulatory environments, and changing industry requirements.
The factors responsible for driving the cryogenic gas market include:
1. Growing Demand for Clean Energy Sources: Global demand for decarbonization and shifting to cleaner energy sources is a key driver for the cryogenic gas market, especially for liquid hydrogen and LNG. The prospects of hydrogen as a fuel and LNG as a bridging fuel are driving heavy investments and demand.
2. End-Use Industry Growth: Growth in major end-use industries like healthcare, manufacturing, food and beverage, and aerospace directly induces demand for different cryogenic gases such as liquid nitrogen, oxygen, and helium that each plays a unique function in various processes of these industries.
3. Technological Advances in Cryogenics: Ongoing innovation in cryogenic technologies, such as advancements in liquefaction efficiency, improved storage and transportation, and new applications development, is a key market growth and cryogenic gas usage expansion driver.
4. Stringent Environmental Regulations: Increasing environmental regulations on emissions and the necessity for cleaner industrial processes are fueling the use of cryogenic solutions in processes such as carbon capture and in place of more polluting technologies.
5. Industrialization and Globalization: The growing global supply chain and the fast industrialization in emerging economies are generating increased demand for cryogenic gases in different industries to facilitate manufacturing, infrastructure construction, and health care services.
Challenges in the cryogenic gas market are:
1. High Energy Consumption of Liquefaction: The liquefaction process to cryogenic temperatures is highly energy-intensive and expensive, affecting the overall economics of the cryogenic gas market, especially for gases like hydrogen.
2. Infrastructure Restraints to Storage and Transport: The absence of extensive infrastructure for the storage and transport of some cryogenic gases, such as liquid hydrogen, is a serious restraint on market expansion and general use of these gases as energy carriers.
3. Safety Issues Relating to Dealing with Cryogenic Substances: The very low temperatures and special characteristics of cryogenic gases make very specific safety procedures and special training necessary for dealing with and transporting them, which can increase costs and complexity of operations.
Overall, the cryogenic gas market is largely influenced by the growing demand for clean energy, the expansion of end-use industries, the development of cryogenic technology, environmental regulations, and globalization. Challenges that involve high energy consumption during liquefaction, limits in infrastructure, and safety issues must be resolved to facilitate long-term and broad-based market growth.
List of Cryogenic Gas Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. With these strategies cryogenic gas companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the cryogenic gas companies profiled in this report include-
• Linde
• Honeywell International
• Emerson Electric
• Acall-Gas
• Acme Cryogenics
• INOXCVA
• Nikkiso
• Sumitomo Heavy Industries
• Cryofab
• Wessington Cryogenics
Cryogenic Gas Market by Segment
The study includes a forecast for the global cryogenic gas market by product, application, and region.
Cryogenic Gas Market by Product [Value from 2019 to 2031]:
• Nitrogen
• Oxygen
• Argon
• LNG
• Others
Cryogenic Gas Market by Application [Value from 2019 to 2031]:
• Healthcare
• Manufacturing
• Metallurgy & Glass
• Food & Beverages
• Retail
• Chemicals & Energy
• Others
Cryogenic Gas Market by Region [Value from 2019 to 2031]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Cryogenic Gas Market
The cryogenic gas industry is witnessing high growth and evolution, spurred by growing demand in various sectors such as healthcare, manufacturing, energy, and aerospace. Recent trends are distinguished by the improvement of gas liquefaction and storage technologies, the increasing application of cryogenic gases in new applications like hydrogen fuel and quantum computing cryogenics, and a shifting emphasis on sustainable and energy-saving production and transportation processes. In addition, regional economic development and specialized industrial demands are influencing the market environment in major countries.
• United States: The United States cryogenic gas market is strong due to the established healthcare and manufacturing industries. New developments involve the large-scale investments in liquid hydrogen production facilities and infrastructure to aid the growing hydrogen economy. Demand for liquid nitrogen in food processing and preservation, along with helium for research and semiconductor production, is also on the rise. Developments in cryogenic storage and transport equipment are also seen.
• China: China is a fast-growing market for cryogenic gases driven by its surging manufacturing industries and expanding healthcare sector. The recent trends are characterized by the high growth of liquid oxygen requirements for industrial processes and healthcare and heavy investments in liquid natural gas (LNG) infrastructure to ensure energy security. The indigenous development of cryogenic technology and equipment manufacturing capacities is also one of the focal areas.
• Germany: GermanyÄX%$%Xs cryogenic gas market is dominated by a focus on technological innovation and high-quality industrial gas production. New developments include improved cryogenic storage and transportation of LNG and liquid hydrogen to enable the countryÄX%$%Xs energy transition strategy. Liquid nitrogen demand is also strong for advanced manufacturing and research, as well as helium for unique industrial and scientific applications.
• India: The Indian cryogenic gas market is seeing sizeable growth on account of the growing healthcare industry and rising industrial activity. Recent trends include growing demand for liquid oxygen for hospitals as well as for industrial applications such as steel production. LNG import terminal and distribution network investments are also noteworthy. The market is defined by an increasing demand for cost-effective and stable cryogenic gas supply.
• Japan: JapanÄX%$%Xs market for cryogenic gases is established and directed at high-grade and technologically oriented applications. Emerging trends have included a concerted drive towards using liquid hydrogen as a clean source of energy, including investments in ancillary infrastructure and research. In addition, liquid nitrogen has constant demand within the electronics manufacturing industry and for preserving food, along with helium due to its central role in scientific research and leading-edge technologies.
Features of the Global Cryogenic Gas Market
Market Size Estimates: Cryogenic gas market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2019 to 2024) and forecast (2025 to 2031) by various segments and regions.
Segmentation Analysis: Cryogenic gas market size by product, application, and region in terms of value ($B).
Regional Analysis: Cryogenic gas market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different product, application, and regions for the cryogenic gas market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the cryogenic gas market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
FAQ
Q1. What is the growth forecast for cryogenic gas market?
Answer: The global cryogenic gas market is expected to grow with a CAGR of 6.7% from 2025 to 2031.
Q2. What are the major drivers influencing the growth of the cryogenic gas market?
Answer: The major drivers for this market are the rising demand for liquefied natural gas, the growing use of cryogenic gases in healthcare & biotechnology, and the increasing industrialization & infrastructure development.
Q3. What are the major segments for cryogenic gas market?
Answer: The future of the cryogenic gas market looks promising with opportunities in the healthcare, manufacturing, metallurgy & glass, food & beverages, retail, and chemicals & energy markets.
Q4. Who are the key cryogenic gas market companies?
Answer: Some of the key cryogenic gas companies are as follows:
• Linde
• Honeywell International
• Emerson Electric
• Acall-Gas
• Acme Cryogenics
• INOXCVA
• Nikkiso
• Sumitomo Heavy Industries
• Cryofab
• Wessington Cryogenics
Q5. Which cryogenic gas market segment will be the largest in future?
Answer: Lucintel forecasts that, within the product category, LNG is expected to witness the highest growth over the forecast period.
Q6. In cryogenic gas market, which region is expected to be the largest in next 5 years?
Answer: In terms of region, APAC is expected to witness the highest growth over the forecast period.
Q7. Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the cryogenic gas market by product (nitrogen, oxygen, argon, LNG, and others), application (healthcare, manufacturing, metallurgy & glass, food & beverages, retail, chemicals & energy, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Cryogenic Gas Market, Cryogenic Gas Market Size, Cryogenic Gas Market Growth, Cryogenic Gas Market Analysis, Cryogenic Gas Market Report, Cryogenic Gas Market Share, Cryogenic Gas Market Trends, Cryogenic Gas Market Forecast, Cryogenic Gas Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.