The global cryogenic fuels market to grow at a CAGR of 6.93% during the period 2017-2021.
The report covers the present scenario and the growth prospects of the global cryogenic fuels market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The report also includes a discussion of the key vendors operating in this market.
One trend in the market is growing LNG bunkering fuel market. The demand for LNG, a marine fuel, is increasing significantly. Being odorless, non-toxic, and non-corrosive, it is used to reduce GHG emissions. It also evaporates quickly when exposed to air, leaving no residue behind. While oil-based fuel still serve as the main fuel type for vessels, the number of ships that are using LNG as a fuel is also increasing fast.
According to the report, one driver in the market is rise in food safety concerns. Cryogenic nitrogen is beneficial in the food processing industry as it is used for applications such as freezing meat, poultry, fruits, seafood, vegetables, pasta, baked products, dairy goods, and prepared meals. The advantage of cryogenic low-temperature freezing is that it reduces weight when compared with traditional mechanical freezing apart from preserving the quality. Another advantage of nitrogen is that it is environment friendly. As nitrogen has an extremely low temperature, the cryogenic system can freeze food immediately when compared with the traditional refrigeration systems that take hours.
Air Products and Chemicals
Other prominent vendors
Advanced Gas Technologies
Asia Technical Gas
TAIYO NIPPON SANSO (Mitsubishi Chemical Holdings Group)