Cryogenic Gases Market to Reach USD 110.3 Billion by 2030, Driven by LNG Adoption and Expanding Healthcare Applications

The global cryogenic gases market is projected to reach USD 110.3 billion by 2030, growing from an estimated USD 79.85 billion in 2025, at a compound annual growth rate (CAGR) of 6.7%. This expansion is largely driven by the increasing shift toward liquefied natural gas (LNG) as a cleaner alternative to conventional fossil fuels. LNG adoption, particularly in Asia-Pacific and North America, is accelerating due to rising energy demands and stringent emission regulations, fostering heavy investment in LNG infrastructure and cryogenic storage technologies.

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Market Challenges

Despite strong demand, the cryogenic gases industry faces challenges in terms of high capital and operational costs. The installation of advanced equipment and systems can be cost-prohibitive for small and medium-sized enterprises. Ongoing maintenance, energy usage, and the need for specialized personnel can further impact profitability, particularly in price-sensitive industries.

Product Insights

  • Oxygen leads the market, accounting for 63.8% of global revenue in 2024. Its widespread use in medical treatments, steelmaking, and chemical processing is driving consistent demand.

  • Nitrogen is also gaining ground due to its diverse applications in food preservation, pharmaceuticals, and electronics. Its inert properties make it essential for cryopreservation and safety-critical environments.

  • Application Insights

    • Healthcare accounts for the largest market share (26.9% in 2024), fueled by growing utilization in respiratory therapy, cryotherapy, biobanking, and biotechnology.

    • Chemical and energy sectors are key contributors, using cryogenic gases for combustion optimization, cooling, inerting, and LNG production. Rising adoption of clean fuels is further boosting demand in these segments.

    • Regional Outlook

      • Asia Pacific is the fastest-growing regional market, driven by rapid industrialization in China, India, and Southeast Asia. Investments in manufacturing, clean energy, and cryogenic machining continue to rise.

      • China remains a key market within the region, with strong demand across metallurgy, chemicals, and food processing. Government support for industrial growth and clean technologies is propelling market expansion.

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