Global Cryogenic Transportation Services Market Size
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 10.52 Billion |
| Market Size (2029) | USD 14.48 Billion |
| CAGR (2024 - 2029) | 6.75 % |
| Fastest Growing Market | North America |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Global Cryogenic Transportation Services Market Analysis
The Global Cryogenic Transportation Services Market size is estimated at USD 10.52 billion in 2024, and is expected to reach USD 14.48 billion by 2029, growing at a CAGR of 6.75% during the forecast period (2024-2029).
- The cryogenic transportation services market is expected to continue to grow in the coming years, driven by the increasing demand for cryogenic gases and liquids, stringent regulations, and technological advancements. The market is also expected to see consolidation as larger companies acquire smaller players to expand their service offerings and geographic reach. For example, in October 2023, Chart Industries' Cryobiological products business was acquired by Cryoport, a leading provider of cold chain logistics solutions. This acquisition has enabled Cryoport to expand its services to include the transport of biological materials, such as cell and gene therapies, in cryogenic conditions.
- Cryogenic transport is necessary to ensure the safe transportation of biosamples, tissues, and organs utilized in medical research and delivery. As advances in medicines continue, demand for cryogenic transport services is expected to increase. Storage and transport at extreme temperatures are required for a large number of medicinal products, e.g., vaccines, biologics, and some drugs. The demand for cryogenic transport services is expected to increase as new drugs and treatments are developed.
- Research, development, manufacture, and distribution of medicines are the responsibilities of the global pharmaceutical industry. The market was valued at USD 209.85 billion in 2021, and it is expected to grow to US 352.98 billion by 2030. The global pharmaceutical industry generated USD 1.48 trillion in 2022.
Global Cryogenic Transportation Services Market Trends
North America Dominates the Global Market Share in the Coming Years
- Demand for LNG as a cleaner energy source in North America has been growing steadily. Consequently, demand for cryogenic transport of LNG from production sites to storage facilities and end users has been increasing. As of November 2023, the US Energy Information Administration (EIA) expected North America's liquefied natural gas (LNG) export capacity to reach 24.3 billion cubic feet per day (Bcf/d) by 2027. This is more than double the region's current capacity of 11.4 Bcf/d.
- The North American pharmaceutical industry is expanding, requiring storage and transport at extremely low temperatures for many products, such as vaccines and some medicinal products. In 2024, the North American pharmaceutical industry is expected to generate USD 664.4 billion in revenue. The North American active pharmaceutical ingredients (API) market was valued at USD 65,951.06 million in 2022, and it is expected to reach USD 87,662.20 million by 2030.
- Significant technical advances, such as the development of more efficient and secured cold storage tanks and trailers, have taken place within the Cryogenic Transport Industry. These improvements have enabled the industry to transport a larger volume of cryogenic materials over longer distances with greater safety and reliability.
Demand in Chemical Segment is Driving the Market With the Largest Market Share
- Cryogenic liquids are materials with a boiling point of less than – 100 °F (-73 °C). Most cryogenic liquids are below -150°C. Common cryogenic liquids that are concerning include nitrogen, argon, helium, hydrogen, methane, and carbon monoxide. Nitrous oxide and carbon dioxide, which have slightly higher boiling points, are sometimes added to this category as well. Several hazards are associated with the use of these liquids. Therefore, their usage must be properly controlled to avoid any contact with components or liquids or exposure to gases.
- In 2022, the global total exports of chemicals and pharmaceuticals accounted for approximately USD 2.76 trillion, or EUR 1.89 trillion, and the global pharmaceutical industry accounted for EUR 981 billion (USD 1,056.68 billion). Europe was the world's largest chemical importer in 2022. There is also a high demand for chemicals in Asia-Pacific and North America, with imports accounting for USD 603.6 billion and USD 247 billion, respectively.
- In 2022, chemical consumption worldwide accounted for over EUR 5.77 trillion. Overall, regional chemical consumption is expected to grow the most rapidly in Asia in the coming years. Asia plays a notable role in the global chemicals market, accounting for roughly a 60% share of the market in 2022. However, China alone is primarily responsible for the recent increases in Asia’s exports and consumption of chemicals.
Global Cryogenic Transportation Services Industry Overview
The global cryogenic transportation services market is highly fragmented, with a large number of global and local players in the market to cater to the growing demand. The industry is evolving with advancements such as the introduction of solar-powered refrigerated units, multi-temperature trucks, and freight optimization software. Both international and local players like LGT Transport, McCollister's, Hingham Moving, KAG, and numerous others are actively operating in this market. Competitors must focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market.
Global Cryogenic Transportation Services Market Leaders
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LGT Transport
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McCollister's
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Hingham Moving
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Legacy Cryogenic
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US Cryo Carriers
*Disclaimer: Major Players sorted in no particular order
Global Cryogenic Transportation Services Market News
- October 2023: COREX Logistics has officially become a member of the Irish Pharmaceutical Health Association, joining industry giants such as Bayer, GlaxoSmithKline, and Eli Lilly in representing the international research-based pharmaceutical industry in Ireland. The members take an active part in strategy development and implementation, helping to shape policy and public debate across areas such as regulation, access, pricing, and health promotion.
- September 2023: Core Cryolab opened a second state-of-the-art facility. The site replicates our hospital facility's 24-7-365 security monitoring and sophisticated access control systems. Every feature in the new space was designed based on sample safety, including its dual redundant monitoring systems, 9,000-gallon LN2 supply tank, backup generator, and on-site validated emergency backup freezer.
Global Cryogenic Transportation Services Market Report - Table of Contents
1. Introduction
1.1 Study Assumptions
1.2 Scope of the Study
2. Research Methodology
3. Executive Summary
4. Market Insights
4.1 Current Market Scenario
4.2 Government Regulations and Initiatives
4.3 Technological Trends and Automation Insights
4.4 Impact of the COVID-19 Pandemic on the Market
5. Market Dynamics
5.1 Market Drivers
5.1.1 Growth of Life Sciences and Healthcare
5.1.2 Expanding Food and Beverage Industry
5.1.3 Growing Focus on Renewable Energy
5.2 Market Restraints
5.2.1 High Initial Investment Costs
5.2.2 Skilled Workforce Shortage
5.2.3 Infrastructure
5.3 Market Opportunities
5.3.1 Technological Advancements
5.3.2 Sustainable Solutions
5.4 Industry Attractiveness - Porter's Five Forces Analysis
5.4.1 Bargaining Power of Suppliers
5.4.2 Bargaining Power of Buyers/consumers
5.4.3 Threat of New Entrants
5.4.4 Threat of Substitutes
5.4.5 intensity of Competitive Rivalry
6. Market Segmentation
6.1 By Type
6.1.1 Trailer Transportation
6.1.2 Truck Transportation
6.2 By Application
6.2.1 Chemicals
6.2.2 Drug
6.2.3 Biological Specimens
6.2.4 Industrial Gases
6.2.5 Other Applications
6.3 By Geography
6.3.1 North America
6.3.1.1 United States
6.3.1.2 Canada
6.3.1.3 Mexico
6.3.2 Europe
6.3.2.1 Germany
6.3.2.2 France
6.3.2.3 Italy
6.3.2.4 United Kingdom
6.3.2.5 Spain
6.3.2.6 Rest of Europe
6.3.3 Asia-Pacific
6.3.3.1 China
6.3.3.2 India
6.3.3.3 Japan
6.3.3.4 Australia
6.3.3.5 Singapore
6.3.3.6 Indonesia
6.3.3.7 South Korea
6.3.3.8 Malaysia
6.3.3.9 Rest of Asia-Pacific
6.3.4 Middle East and Africa
6.3.4.1 Saudi Arabia
6.3.4.2 Qatar
6.3.4.3 Oman
6.3.4.4 Rest of Middle East and Africa
6.3.5 Latin America
6.3.5.1 Brazil
6.3.5.2 Argentina
6.3.5.3 Chile
6.3.5.4 Rest of Latin America
7. Competitive Landscape
7.1 Market Concentration Overview
7.2 Company Profiles
7.2.1 LGT Transport
7.2.2 McCollister's
7.2.3 Hingham Moving
7.2.4 KAG
7.2.5 Legacy Cryogenic
7.2.6 US Cryo Carriers
7.2.7 New England Cryogenic Center
7.2.8 Champion Moving
7.2.9 COREX Logistics
7.2.10 Core Cryolab
7.2.11 Applied Cryo Technologies
7.2.12 GetCryo
7.2.13 Texas Gas Transport*
7.3 Other Companies
8. Future Outlook of the Market
9. Appendix
Global Cryogenic Transportation Services Industry Segmentation
The cryogenic transportation services market refers to the industry that specializes in the transportation of cryogenic products, which are substances that must be kept at extremely low temperatures, typically below -150°C (-238°F). These products include liquefied gases such as nitrogen, oxygen, argon, helium, and natural gas (LNG); medical supplies, such as vaccines, blood plasma, and organs; biological samples for research; and food items that require freezing, such as ice cream and seafood.
The global cryogenic transportation services market is segmented by type (trailer transportation and truck transportation), application (chemicals, drugs, biological specimens, industrial gases, and other applications), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America). The report offers market size and forecast in value (USD) for all the above segments.
Global Cryogenic Transportation Services Market Research FAQs
How big is the Global Cryogenic Transportation Services Market?
The Global Cryogenic Transportation Services Market size is expected to reach USD 10.52 billion in 2024 and grow at a CAGR of 6.75% to reach USD 14.48 billion by 2029.
What is the current Global Cryogenic Transportation Services Market size?
In 2024, the Global Cryogenic Transportation Services Market size is expected to reach USD 10.52 billion.
Who are the key players in Global Cryogenic Transportation Services Market?
LGT Transport, McCollister's, Hingham Moving, Legacy Cryogenic and US Cryo Carriers are the major companies operating in the Global Cryogenic Transportation Services Market.
Which is the fastest growing region in Global Cryogenic Transportation Services Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Cryogenic Transportation Services Market?
In 2024, the Asia Pacific accounts for the largest market share in Global Cryogenic Transportation Services Market.
What years does this Global Cryogenic Transportation Services Market cover, and what was the market size in 2023?
In 2023, the Global Cryogenic Transportation Services Market size was estimated at USD 9.81 billion. The report covers the Global Cryogenic Transportation Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Global Cryogenic Transportation Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Global Cryogenic Transportation Services Industry Report
Statistics for the 2024 Global Cryogenic Transportation Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Cryogenic Transportation Services analysis includes a market forecast outlook and historical overview. Get a sample of this industry analysis as a free report PDF download.
