New York, September 4, 2025 – The global cryogenic pump market, valued at USD 1.94 billion in 2024, is projected to grow steadily from USD 2.07 billion in 2025 to USD 3.51 billion by 2033, achieving a compound annual growth rate (CAGR) of 6.8% during the forecast period (2025–2033). This growth is driven by rising demand for cryogenic pumps in the chemical, petrochemical, and oil & gas industries, supported by favorable government policies and increasing industrial investments.
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Market Overview
Cryogenic pumps, essential for handling gases with boiling points below -150°C, such as oxygen, nitrogen, hydrogen, and helium, are critical in applications like gas extraction, storage, and transportation. The dynamic pump segment dominates the market due to its efficiency, minimal maintenance, and fewer moving parts, making it ideal for large-scale industrial applications, including liquefied natural gas (LNG) terminals and chemical processing.
Key Growth Drivers
- Surging Demand in Chemical and Petrochemical Industries: Cryogenic pumps are extensively used in sulfur recovery, coal gasification, and catalyst regeneration, fueled by rising global demand for chemical and petrochemical products, particularly in Asia-Pacific and the Middle East.
- Widescale LPG Consumption: The global LPG market, which expanded to 354.7 metric tons in 2019, continues to drive demand for cryogenic pumps used in converting gasoline to LPG for storage and transportation. Supportive government policies aimed at reducing carbon emissions further bolster this trend.
- Growing Industrial Investments: Increased foreign direct investment (FDI) in sectors like metallurgy, healthcare, and electronics, particularly in Asia (USD 473.8 billion in 2019), is boosting the need for cryogenic gases and pumps.
Market Challenges
Fluctuations in raw material prices, particularly steel, due to greenhouse gas emission regulations, pose challenges to cryogenic pump production. However, continuous advancements in pump technology and materials are mitigating these constraints.
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Market Opportunities
Supportive government policies and subsidies for cryogenic pump manufacturers and distributors create significant growth opportunities. These initiatives encourage the adoption of efficient cryogenic solutions in chemical and petrochemical plants, driving market expansion.
Regional Insights
- Asia-Pacific: Leading the market with a projected CAGR of 6.8%, driven by rapid industrialization in China, India, and Japan. China remains the largest contributor, fueled by its robust manufacturing sector.
- Europe: The fastest-growing region with a CAGR of 6.9%, expected to reach USD 752 million by 2030, driven by new LNG terminals and gas-based power plants, particularly in the United Kingdom.
- North America: High demand from pharmaceuticals and fertilizers, coupled with reliance on natural gas, supports market growth in the U.S. and Canada.
- Middle East & Africa and Latin America: Rising energy needs and investments in LNG infrastructure are driving demand for cryogenic pumps.
Market Segmentation
- By Type: Dynamic pumps hold the largest share, growing at a CAGR of 4.8%, while positive displacement pumps are critical for applications like cryogenic cylinder filling.
- By End-User: The oil & gas sector leads with a CAGR of 5.8%, followed by chemicals and healthcare, driven by diverse industrial applications.
Key Players
Leading companies in the cryogenic pump market include Nikkiso Cryogenic Industries, Atlas Copco, Elliott Group, KSB SE & Co, SHI Cryogenics Group, and Ebara Corporation. Recent developments include Atlas Copco’s acquisition of a German vacuum equipment producer and the Elliott Group’s CO2 compressor pump solution in 2022.
Conclusion
The global cryogenic pump market is poised for steady growth, driven by increasing industrial applications, supportive policies, and rising investments. With a strong presence in Asia-Pacific, Europe, and North America, the market offers significant opportunities for manufacturers and stakeholders.
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