Global Cryogenic Market - 2022-2029

Market Overview

The global Cryogenic market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 5.7% within the forecast period (2022-2029).

Cryogenic processing is known as the production and behavior of a material at a low or ultra-low temperature. Cryogenic technology is used in electrical, oil & gas, medical, electronics, food and beverages. Together with the liquefaction and separation of atmospheric gases, liquefied natural gas (LNG) is one of cryogenics's major and fastest-growing industrial sectors.

The main driving force behind the cryogenic industry has historically been-and continues to be-the densification by condensation and separation by distillation of gases. Examples include the use of liquid oxygen and nitrogen in chemical and metallurgical processes, the cryogenic liquid propellants of rocket engines and the proposed use of hydrogen as a "clean" energy vector in transportation.

Due to improving demand for sourcing, handling, stocking and transferring liquefied gases such as oxygen, natural gas, nitrogen and argon, the storage segment accounts for the highest market share. Storage products include liquid nitrogen freezers and storage accessories, including racks and microtube sealers. For the transportation of liquefied gas, cryogenic trailer-type tanks are also employed. These are meant to maintain the liquid and cool state of the gas.

However, the heat eventually degrades the tanks. The LNG evaporating inside the tanks creates vapor, sometimes called boil-off gas. As a result of this procedure, the pressure inside the tanks increases. Thus, to release pressure from LNG tanks, boil-off gas can be re-liquified. However, this process takes up a lot of space and equipment. The North American cryogenic market holds the majority of the market share.

Market Dynamics

Rising demand for cryogenic processes and equipment in various industries has escalated the Cryogenic market share.

Growth in the construction industry and rising industrial production have escalated the Cryogenic market share

Cryogenic plays a vital role in various industries and rising demand for the process has escalated the market growth in various developed regions. There are several applications for cryogenics. For instance, cryogenics can be used to create cryogenic fields for rockets in liquid helium-using MRI machines that need cryogenic cooling, to store enormous amounts of food, create special effects fog, recycle materials, freeze blood and tissue samples and even chill superconductors.

Furthermore, cryosurgery is a surgery that employs extremely low temperatures to remove tumors or extra tissue. Cryosurgery has historically been used to treat many illnesses, most frequently benign and malignant skin ailments. Because it uses freezing temperatures to kill cells that need to be removed from the body, this kind of surgery is successful. The cells start to develop ice crystals, which eventually rip the cells apart.

In addition, the capacity for materials' electrons to travel freely and with little resistance is provided by the ultra-freezing temperatures that cryogenic fluids can provide, which has significant advantages for both the design of spaceships and superconductors. For instance, oxygen and hydrogen are beneficial sources that can power space rockets when maintained as cryogenic fluids.

Cryogenics is even used to transport gases that are not typically cryogenic. For instance, cryotechnology can convert gases into liquids to make them easier to transport from one location to another. Consider natural gas (LNG), a mixture of gases including ethane and methane. These gases take up much less space when they are liquefied than when they are gaseous. As a result, shipping costs drop and the procedure becomes considerably simpler.

Thus the growing applications have encouraged governments to improve the integration of cryogenics in end-user industries. For instance, on September 26, 2022, The President of India inaugurated HAL's state-of-the-art Integrated Cryogenic Engine Manufacturing Facility (ICMF) in Bengaluru on September 27, 2022.

Lack of skilled professional labor and hazardous leakage from the equipment restrict the growth of the Cryogenic market

Cryogenic processes and related equipment are difficult to handle and require highly skilled labor. However, the market growth led to challenging conditions due to the absence of such qualified laborers in developing countries.

Cryogen leakage and losses are significant issues for equipment manufacturers. The risk of greenhouse emissions and cryogen leaks grows along with the expansion of modular cryogenic processing facilities and It's possible that the equipment won't be able to stop a leak or release cryogen into the atmosphere even after adequate and routine checks. These cryogens are not eco-friendly and, if discharged in a confined space, may cause a lack of oxygen.

The impact of cryogenic liquids, cold vapors and gases on the skin can be comparable to thermal burns. Even brief exposures that wouldn't harm the skin of the user's hands or face can harm delicate tissues like the eyes. Frostbite can be brought on by prolonged skin exposure or contact with cold surfaces. The skin looks yellow-waxy.

There is no pain at first, but when the frozen tissue thaws, there is excruciating pain. Skin without protection will stick to metal chilled by cryogenic fluid. When the skin is dragged away, it may tear. At low temperatures, it is harmful to contact even non-metallic things. Long-term exposure to excessively cold air might harm the lungs.

Furthermore, according to U.S. EPA, major leaks and compressor venting are to blame for cryogenic equipment's emissions. Thus, manufacturers must use better leak detection technology to identify any leaks or emissions during operations to prompt remedial action.

COVID-19 Impact Analysis

The global cryogenic market experienced a decline in 2020 owing to COVID-19's impact. The governments took measures to curb the spread of the emerging COVID-19 pandemic. The imposition of strict lockdowns and movement restrictions of varying durations has hampered the growth of various industries. Operations across various industries, including manufacturing, energy & power, automotive and IT, have been drastically and quickly reduced due to the COVID-19 pandemic's effects and measures taken by corporations and governments to stop the virus' spread.

As of March 10, 2022, the pandemic has affected 220 countries. During the early stages of the pandemic, the governments of particular nations imposed nationwide lockdowns and curfews to stop the virus' spread; this had a significant negative impact on transportation and allied industries, which further had a detrimental effect on the oil and gas sector and, as a result, on the need for cryogenic equipment.

Furthermore, healthcare remained unaffected during the COVID-19 outbreak and some domains of the sector have seen unprecedented growth. The healthcare sector is now receiving extraordinary efforts and attention due to COVID-19. The pandemic breakout and its effects have increased the need for liquid nitrogen and cryogenic tanks in the healthcare sector, a vital industry that continually discovers new uses for cryogenics.

Like other industries negatively impacted by ongoing technological advancements and the COVID-19 problem, the cryogenic industry is about to undergo a significant shift based on the sector's predicted continued expansion.

Segment Analysis

The global Cryogenic market is segmented by product, end-user and region.

Cryogenic is utilized by petrochemical and oil refineries for various activities, which escalates the market growth for the oil & gas sector

The global Cryogenic market based on end-user is segmented into food & beverages, metallurgical, oil & gas, energy/power, healthcare, chemicals and others. Out of the mentioned end-users, oil & gas holds a dominating position in the cryogenic market. Over the past, there has been a noticeable increase in the demand for gas as a cleaner energy source and feedstock for petrochemicals. It is estimated to continue for the foreseeable future. Gas must be transported long distances from the source to the market, necessitating major expenditures in transportation and storage infrastructure.

Liquefied natural gas (LNG) and liquefied petroleum gas (LPG) value chains, which comprise liquefaction, transfer to transportation in export and import terminals, carriers & bunkering, employ cryogenic seals throughout their complex journeys. In challenging applications like cryogenic valve transfer equipment, where dependability is essential to prevent any downtime, PTFE seals are used.

The changes along the LNG market's value chain necessitate cryogenic systems for LNG handling, storage and transportation, which drives the cryogenic market's demand. The need to increase oil yield through improved oil recovery and hydraulic fracturing will drive demand for these items across the oil & gas market.

Cryogenic is also utilized by petrochemical and oil refineries for various activities, such as evacuating oxygen and humidity from tanks and pipes, ensuring safety and efficient resource usage.

Geographical Analysis

Due to rapid economic development and industrialization, the demand from various industries for cryogenics in Asia-Pacific will likely increase in the coming years

Asia-Pacific is a rapidly industrializing region that is experiencing high economic growth. Due to cheap labor and industry-friendly policies, major international brands shifted production in the region in the late 1990s. Therefore, Asia-Pacific has become the primary manufacturing hub of the world.

The region is experiencing a major increase in energy demand, particularly from China and India. Both countries have recently ramped up LPG and LNG imports to meet the growing clean energy demand. Both countries are scaling up LNG storage infrastructure. For instance, in August 2022, Petronet LNG Ltd, an Indian operator of LNG terminals, announced plans to set up an LNG terminal at Gopalpur in Odisha, eastern India, to cater to rising LNG imports. In October 2022, China received its first LNG shipment from Qatargas at the newly inaugurated Jiangsu-Binhai LNG Terminal in Binhai port, eastern China.

Other countries are also building new LNG terminals to facilitate increased imports. For example, in June 2022, Thailand received its first LNG shipment at the newly commissioned Nong Fab LNG terminal. In August 2022, AG&P, a Singapore-based gas company, announced that the Philippines' first LNG terminal would be operational by December 2022.

Asia-Pacific is a major player in the global pharmaceutical industry, with India and China among the leading producers. Japan, Thailand and South Korea also have well-developed pharmaceutical industries. Cryogenics are utilized to stabilize, preserve and store various specialized formulations.

Competitive Landscape

The global Cryogenic market is highly competitive with local and global key players. The key players contributing to the market's growth are Acme Cryo, Wessington Cryogenics, Linde AG, Nikkiso Co., Ltd., Beijing Tianhai Cryogenic Equipment Co., Ltd., Air Liquide, Cryofab, INOX India Limited, Chart Industries, Flowserve Corporation among others.

The major companies are adopting several growth strategies, such as product launches, acquisitions and collaborations, contributing to the global growth of the Cryogenic market.

• On December 23, 2021, Dover Corporation acquired Acme Cryogenics for US$ 295 million to enhance Dover's clean-energy offering.
• On April 4, 2022, Wessington Cryogenics Ltd. increased its manufacturing potential due to a contract with Robertson Campbell Investments. To increase manufacturing capacity and new product development, Wessington plans to take advantage of the collaboration and the several new tenders the company has recently received.

Linde AG

Overview: Linde AG is an engineering and industrial gas company. Food and beverage, chemicals and energy, electronics, healthcare, metals and mining and manufacturing are among the end markets served by the company. Linde AG was established in 2017 and is currently headquartered in Dublin, Ireland. The company's industrial gases are used in many applications, including life-saving oxygen for hospitals, high-purity and specialty gases for electronics manufacturing, hydrogen for clean fuels and many more.

Linde AG has set up a program to track hydrogen production, allowing it to certify the hydrogen molecules' carbon intensity. Each plant has undergone an independent, third-party assessment to determine the carbon intensity of the hydrogen produced.

Product Portfolio: Cryogenic Storage: The company manufactures a wide array of cryogenic storage solutions such as Vapor Series 190, MVE CryoCyl Series, MVE Lab Series, MVE XC Series, MVE Vapor Shipper and IATA Shippers.

Key Development

• In 2021, Linde AG and Bluefors partnered to create cooling options for large quantum computers. While Linde brings a wealth of experience to the table as the industry pioneer in large cryogenic installations, Quantum computing depends on the Bluefors ultra-low temperature interface. The company expects the combined effort to support this emerging industry by ensuring cryogenics are ready for the next phases of large-scale quantum computing in terms of cooling power, efficiency and durability.

Why Purchase the Report?

• Visualize the global Cryogenic market segmentation by product, end-user and region, highlighting key commercial assets and players.
• Identify commercial opportunities in the Cryogenic market by analyzing trends and co-development deals.
• Excel data sheet with thousands of global Cryogenic market-level 4/5 segmentation points.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global Cryogenic market report would provide approximately 50 market data tables, 45 figures and 211 pages.

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